The Wrap🌯 21 Apr 2024 | Macro Mayhem

Your weekly digest of everything important in Indian Stock Market

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Macro jitters, IT index takes a beating, Earnings continue to roll in

Market Breadth as of week ending 21st April 2024

Click here to read about how to understand and interpret the above grid.

The top focus for the market this past week was the war in Middle East. Amid the chaos, Indian markets performed relatively well and showcased resilience.

Most of the market indices ended the week in positive, with minor losses on the others. IT Index however took a beating and ended the week with a negative return of 4.36%. Soft commentary from Infosys and weak topline growth in line with results of TCS from last week were the culprit. The pain for IT service companies will last a couple more quarters as demand in the North American market remains weak.

Now, compare this to performance by US market. All major indices of the mother market were down with Nasdaq 100 index ending the week at 5.86%.

The poster child of rally in US (Nvidia), was down 13.59% this week.

On the other hand macro indicators like Gold and Dollar Index continue to advance. Gold ended the week up by another 2% at USD 2391.77/OZ and Dollar Index is back above its 105. US bond yields too continue to hold up at above 4.62% for 10Yr.

Against this backdrop, the resilience in Indian market continues to shine. Our resilience so far has been protected by the earnings growth. If we do miss even a single quarter of this growth, chances are the market will correct.

Probability of such a fall seems low as ongoing capex both by public and private sector is chugging our economy at an incredible GDP growth rate of 7%+.

Speaking of earnings growth, below are the few good ones that were declared this week.

*Sales Growth is QoQ for SW Solar and EBIT Growth is QoQ for SG Mart for better representation

As represented above, a wide variety of companies continue to display healthy bottom as well as topline growth.

Finally, to answer your question - what am I doing with my portfolio in this trouble brewing macro environment?

Absolutely nothing - apart from looking at earnings and hunting for my next fat pitch.

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Charts for Upcoming Week

1. Ashiana Housing

   Highest weekly volumes combined with price momentum

2. Marksans Pharma

   Rising weekly volumes and price momentum

3. Morepen Labs

   Price took support at 40Week EMA and rising past its resistance zone

4. PNB Housing

   Rising volumes and price momentum

5. Refex Industries

   Price picking up momentum with a slight rise in volumes

6. Repco Home Finance

   Price broke out of its resistance set 5 years ago

7. Saregama

   Rising volumes and price momentum combined with breakout of its trendline

8. Swelect Energy Systems

   Rising volumes and price momentum combined with stock price at all time high

9. Techno Electric & Engineering

   Rising weekly volumes and price momentum

10. Universal Cables

    Strong Price momentum and all time highs

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This week’s important insider trades:

Buying

1. Lyka Labs: Promoters bought 8.82% of the company worth 36.27cr

2. Imagicaaworld: Promoters bough 5.63% of the company worth 222.33cr

Selling

1. Teamo Productions: Promoters sold 1.3% of the company worth 1.4cr

Notes from Tar on this week’s Announcements 📝

Over 8713 filings were made by companies on NSE and BSE combined this week, what you see below are ~94 handpicked announcements (~1.08% of total filed) after filtering out all the noise.

Further, there are 27⭐ announcements (~0.3% of total filed) that you should absolutely do not miss. The ⭐ is decided based on the impact of the announcement on the company.

⭐ denotes must read corporate filings

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Capacity Expansion / New Ventures

1. Varun Beverages commences production of soft and energy drinks from its new plant⭐

2. SEPC to set up compressed biogas plants based on patented technology⭐

3. Brigade to invest 400cr in developing office space in Chennai

4. Thermax inaugurates its new wastewater treatment solutions facility

5. Steel Strips Wheels starts supplying aluminum wheels⭐

6. Kirloskar Ferrous Industries resumes operations of blast furnace at its Hiriyur plant

7. Endurance Technologies to expand its aluminum and die casting capacity

8. Vesuvius India inaugurates its new mould flux manufacturing plant

9. Rajoo Engineers inaugurates its new manufacturing facility in Rajkot⭐

10. Rushil Decor commences production from its new plywood factory

Joint Ventures / Collaborations

1. Jio Financial Services to set up a wealth management and broking business with Blackrock⭐

2. Ajooni Biotech inks a new contract with national dairy development board

3. Adani Enterprises to set up a joint venture with Singapore based King Power International and venture into duty free retail business⭐

4. Sasken Technologies enter into a strategic partnership with Joynext

5. Veranda enters into a strategic partnership with Pearson

6. Airtel to merge its Sri Lanka operations with Axiata group

7. Sterling Tools signs an MoU with South Korea based Yongin for EV components facility⭐

8. Dixon Technologies enter into an agreement with Longcheer to manufacture smart phones⭐

Order Wins

1. Deep Industries receives a new order worth 81cr from Oil India

2. ITCONS E-Solutions receives a new order worth 9.16 lakhs

3. Meson Valves receives a new export order worth 7.03cr

4. Happy Forgings receives a new order worth 500cr⭐

5. Insolation Energy receives solar modules new order worth 55.71cr

6. Intellect Design Arena wins a new deal from National Bank of Kuwait

7. Ramkrishna Forgings receives a new order worth 270cr⭐

8. ITCONS E-Solutions receive a new order worth 5.9 lakhs

9. Maestros Electronics & Telecommunications receives a new order worth 4.46cr

10. Remsons Industries receive a new order worth 30cr

11. Powergrid wins a new transmission order

12. Dynacons Systems & Solutions receive a new order worth 233cr from NABARD⭐

13. Pantabyte Technologies receive a new order worth ~19 lakhs

14. Sonalis Consumer Products receive a new order worth 35.1cr

15. Gulshan Polyols receive a new order to set up a PCC plant

16. Power Mech Projects receive new orders worth 232.03cr⭐

17. Talbros Auto JV receives new orders worth 1000cr⭐

18. Ramkrishna Forgings to supply power train components to US based EV company⭐

19. DJ Mediaprint & Logistics receive a new order worth 6cr

20. RVNL receives a new order worth 440cr⭐

21. Kranti Industries receive new order worth 70.76 lakhs

22. Inox Wind receives a new order for 210 MW of wind turbine generators⭐

Acquisitions

1. Uma Exports acquires Swastik Oil Refinery from bankruptcy court

2. Mercury EV Tech acquires majority stake in an electronic motor cycle manufacturing company⭐

3. Cipla acquires a beauty and personal care business

4. Ambuja cement to acquire a cement grinding unit for 413.75cr

5. Hinduja Global Solutions acquires a majority stake in a broadband company

6. Infosys acquires an engineering R&D company

7. ITC acquires a cloud consulting company

8. Happiest Minds acquires businesses of Macmillian Learning India

9. Indo Count Industries acquires a US e-commerce brand⭐

USFDA / Regulatory

1. Jubilant Pharmova receives VAI report in a USFDA audit

2. Marksans Pharma receives 5 observations in a USFDA audit

3. Caplin Point Labs receive a USFDA approval for its new drug

Merger / Spin-offs

1. Oriental Carbon & Chemicals Demerger approved⭐

2. Gorani Industries and Blow Hot Kitchens merger is cancelled

3. Ujjivan Financial Services and Ujjivan Small Finance Bank merger is approved by NCLT

4. Aditya Birla Fashion and Retail demerger update

Open Offers / Takeovers

1. Kinetic Trust

2. Sueryaa Knitwear

3. Suncity Synthetics

4. Vikalp Securities

5. Fortis Malar Hospitals

Stock Split

1. Premier Explosives

Delisting

1. Uniply Decor

2. Inspirisys Solutions

Rights Issue

1. Yug Decor

2. Edvenswa Enterprises

3. Sobhagya Mercantile

4. Tractors India⭐

5. IIFL Finance

6. Banas Finance

Exchange Migration

1. Knowledge Marine and Engineering

Name Change

1.  IM+Capitals to Fedders Holding

Fund Raising

1. Dhampure Speciality Sugars raises 7.36cr via preferential issue of warrants to promoters

2. Hazoor Multi Projects raises 486cr via preferential issue of shares

3. Star Housing Finance raises 25cr in loans from LIC Housing Finance

4. Manappuram Finance to raise upto USD 500 Million⭐

5.  Motilal Oswal Financial Services to raise 1000cr via NCDs⭐

6. Reetech International Cargo raises 2.1cr in loans from Axis Bank

7. Arfin India raises 52.5cr via preferential issue of shares

8. Natural Biocon to raise 19.45cr via preferential issue of shares

9. Ace Software Exports to raise 45cr

10. Sterlite Technologies raises 1000cr via QIP⭐

11. HB Estate Developers raises ~23cr via preferential issue of warrants

12. IFCI raises 500cr via preferential issue of shares to Govt of India⭐

13. Lancor Holdings raises 55.47cr via preferential issue of shares

14. Marsons Ltd raises 80.25cr via preferential issue of shares

15. Harshil Agrotech raises 44cr via issuance of convertible warrants

16. Permier Explosives to raise upto 400cr⭐

First Presentation or Concall

1. First Presentation, KP Green Engineering Ltd

2. First Presentation, South West Pinnacle Exploration Ltd

Other Important Announcements

1. Reliance Naval Engineering to relist on exchange post takeover by Swan Energy⭐

2. Axiscades Technologies receive a credit ratings upgrade

3. Biocon secures exclusive supply agreement for Ozempic in Brazil⭐

4. Hindustan Zinc is now world's third largest producer of silver from integrated operations

Between 100cr to 300cr Market Cap

1. DCG Cables & Wires Ltd: A wires and cables company

2. Teerth Gopicon Ltd: An EPC company

1. Sunil Singhania Interview

2. China’s Shipbuilding Industry

3. How drones are taking over War

4. Why the largest hotel chains do not own most of their properties

Tell us how we are doing?
Let me know in comments, your feedback helps me keep improving this newsletter.

See you next Sunday!

Peace ✌️
Tar

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