Morning Update – 18th December 2023

SSL Research Morning Update 18th December 2023

Equity Market Update

Expect a flat opening for our market today

Indian benchmark indices hit lifetime highs for the second consecutive week with Nifty and Sensex crossing 21,450
and 71,500 levels respectively for the first time. For the week, Nifty and Sensex gained 2.3% and 2.4% respectively
continuing the momentum of the previous week. Broader markets also closed in-line with the benchmarks as BSE
Midcap and SmallCap gained 2.6% and 2.4% respectively. Global markets including India rallied post the dovish US
Fed monetary policy signalling at least 3 rate cuts in CY24. The rally was further aided by US 10 Yr Treasury yield
dropping sharply to sub 4.0% levels, strong FII buying and Dollar index declining to ~102 levels. Sectorally, BSE Metals,
IT and Realty gained 7.0%, 4.9% and 3.5% WoW respectively.

Dow and Nasdaq ended positive whereas S&P closed flat on Friday. The New York Fed president John Williams
commented that it was too soon to be talking about rate cuts which dampened some of the day’s optimism. The
Asian markets are trading mixed. We expect a flat opening for our market today.

Key Actionable

• Zee Entertainment Enterprises: The company has requested Culver Max Entertainment Pvt. Ltd. — formerly
known as Sony Pictures Networks India Pvt. Ltd. — and Bangla Entertainment Pvt. Ltd. to extend the timeline
required to make their merger effective- Neutral to negative in short term

• Mankind Pharma: The company acquired an additional 1.3% stake in Actimed Therapeutics for about
£999,900. The company’s stake rises to 10.19%- Neutral to positive in long term

• NBCC: The company conducted an auction for the sale of 2.23 lakh square feet in the World Trade Centre
and sold commercial inventory worth Rs 905 crore. Total sales of commercial inventory through e-auction
stand at Rs 9,656.6 crore- Positive in short to medium term

• Tata Power: The company signed Rs 418 crore pacts for supplying 152 MWp DCR solar PV modules to NTPC-
Positive in long term

• Lupin: The pharma major received approval from the United States Food and Drug Administration for its
abbreviated new drug application for Allopurinol Tablets USP and Sitagliptin Tablets USP- Positive in short
term

• Mahindra & Mahindra: The company's unit incorporated a wholly owned subsidiary named Migos Hybren
Pvt. for power and electricity generation- Neutral to positive in long term

• Adani Green: The company unit incorporated two wholly owned subsidiaries, namely, Adani Renewable
Energy Fifty-Eight and Adani Renewable Energy Sixty-One- Neutral to positive in long term

• Sumitomo Chemical: The company acquired an 85% stake in Barrix Agro Sciences for Rs 78.2 crore- Neutral
to positive in long term

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 • Mazagon Dock Shipbuilders: The company signed individual shipbuilding contracts with the European client
for the construction of three units of 7,500 DWT multi-purpose hybrid-powered vessels for $42 million-
Positive in medium term

• Kokuyo Camlin: The company approved the acquisition of land and a building adjacent to the company’s
existing factory at Samba, Jammu for Rs 4.60 crore- Neutral in short term

• United Spirits: The company gets a claim worth Rs 365.33 crore from an institutional customer in relation to
a previously concluded settlement with the customer. The company cannot determine the financial
implications of this claim- Positive in long term

• IRB Infrastructure Developers: IRB Infrastructure Trust (the Trust) has received Letter of Award from National
Highways Authority of India for the project of Tolling, Operation, Maintenance and Transfer of Kota Bypass
and Cable Stay Bridge- Positive in short term

• Solar Industries India: The company had an explosion incident occurred on Dec 17, around 9:00 a.m. in one
of the processes Building No. HRCPCH-2 (Pallet Casting House). The incident has resulted in loss of lives of 9
workmen working in the plant- Negative in short term

• Welspun Corp: The Company's wholly owned subsidiary Sintex BAPL has finalised an investment of upto Rs
807 crore to set up manufacturing unit in the state of Telangana through a wholly owned step-down
subsidiary- Positive in long term

• Zydus Life: The Company received approval from USFDA to initiate Phase II clinical trial of ZYIL1 in patients
with Parkinson’s disease- Positive in long term

• Granules India: US FDA has completed GMP inspection at Granules India’s Virginia arm with 5
observations- Marginally negative in short term

• Sugar Stocks: OMCs to revise allocation of quotas to buy ethanol made from cane sugar and B-heavy
molasses. Sugar mills to supply ethanol as per revised quantity- Neutral for Sugar companies in short term

IPO Offerings

• DOMS Industries: The pencil-maker’s public issue was subscribed 93.52 times on its third and final day. The
bids were led by institutional investors (115.97 times), retail investors (69.67 times), non-institutional
investors (66.51 times) and portions reserved for employees (29.21 times).

• Inox India: The cryogenic tank maker’s public issue was subscribed 7.14 times on its second day. The bids
were led by non-institutional investors (13.75 times), retail investors (8.71 times) and institutional investors
(0.4 times).

• India Shelter Finance: The company's public issue was subscribed 36.71 times on its third and final day.
The bids were led by institutional investors (89.7 times), non-institutional investors (28.51 times), and retail
investors (9.95 times)

Block Deals

• PVR Inox: Plenty Private Equity Fund sold 18.38 lakh shares (1.86%), Plenty CI Fund sold 2.49 lakh shares
(0.24%) and Multiples Private Equity Fund sold 1.99 lakh (0.20%) at Rs 1,753 per share. The Government of
Singapore bought 3.5 lakh shares (0.36%), Norges Bank bought 6.66 lakh shares (0.67%), and Morgan Stanley
Asia Singapore bought 57,225 shares (0.05%), among others, at Rs 1,753 per share.

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 • Swan Energy: Albula Investment Fund sold 12 lakh shares (0.45%) at Rs 508.5 per share and Kasturi Vintrade
sold 2 lakh shares (0.07%) at Rs 503.25 per share. Arial Holdings 1 bought 12 lakh shares (0.45%) at Rs 508.5
per share and Samco Mutual Fund bought 2 lakh shares (0.07%) at Rs 503.25 per share.

Bulk Deals

• PB Fintech: SVF Python II Cayman sold 1.14 crore shares (2.53%) at 800.05 per share. Goldman Sachs
bought 1.75 lakh shares (0.03%), Best Investment Corporation bought 11.27 lakh shares (0.25%), and New
World Fund bought 16.38 lakh shares (0.36%), among others, at Rs 800.05 per share.

• KFin Technologies: General Atlantic Singapore Fund sold 1.7 crore shares (10%) at Rs 500.5 per share. ICICI
Prudential Life Insurance bought 9 lakh shares (0.52%), ICICI Prudential Mutual Fund bought 13.77 lakh
shares (0.81%), Societe Generale bought 22.64 lakh shares (1.33%) at Rs 500 per share and Unifi Capital
bought 25 lakh shares (1.47%) at Rs 500 per share.

• Sterling and Wilson Renewable Energy: Shapoorji Pallonji and company sold 39.14 lakh shares (2.06%) at
Rs 415.46 per share and Plutus Wealth Management LLP bought 25 lakh shares at Rs 410 per share.

• GMR Power and Urban Infra: ASN Investments sold 35 lakh shares (0.57%) at 52.25 per share.

Insider Trades

• Medplus Health Services: Promoter Lone Furrow Investments bought 13,888 shares on Dec. 13 and 14.
Promoter Group sold TS Balaraman 15,685 shares on Dec. 13.
• Zen Technologies: Promoter group Tara Dutt Atluri sold 15 lakh shares on Dec. 14. Kishore Dutt Atluri and
Ravi Kumar Midathala sold 2.5 lakh shares on Dec. 14.
• Steel Strips Wheels: Promoter Sunena Garg sold 2.93 lakh shares on Dec. 14.
• Wonderla Holidays: Promoter group Priya Sarah Cheeran Joseph bought 4,050 shares on Dec. 14.
• Advanced Enzyme Technology: Promoter group Advanced Vital Enzymes sold 3.33 lakh shares on Dec. 14.
• Paisalo Digital: Promoter group Equilibrated Venture CFLOW bought 5.05 lakh shares on Dec. 15.
• Thirumalai Chemicals: Promoter group Narayan Santhanam sold 10,775 shares between Dec. 14 and 15.
• Bharat Bijlee: Promoter group Anand J. Danani sold 461 shares on Dec. 14.
• Sasken Technologies: Promoter group Dipak Harkisan Desai bought 300 shares on Dec. 14.

Trading Tweaks

• Price band revised from 20% to 10%: PTC India Financial Services.
• Price band revised from 2% to 5%: Sical Logistics.
• Moved into a short-term ASM framework: TVS Holdings.
• Moved Out of short-term ASM framework: Inox Wind, New Delhi Television, Sastasundar Ventures, TV18
Broadcast.

Management Meetings

• Shoppers Stop: To meet investors and analysts on Dec. 20.

• Camlin Fine Sciences: To meet investors and analysts on Dec. 19.
• Aavas Financiers: To meet investors and analysts on Dec. 20.
• Jindal Saw: To meet investors and analysts on Dec. 20.
• Polycab: To meet investors and analysts on Dec. 20.
• DCX Systems: To meet investors and analysts on Dec. 20.

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 • Advanced Enzymes: To meet investors and analysts on Dec. 20 and Jan 19.
• Dollar Industries: To meet investors and analysts on Dec. 19 and 20.
• Sula Vineyards: To meet investors and analysts on Dec. 21.
• V-Mart Retail: To meet investors and analysts on Dec. 21 and 22.

Fund Flows – Cash Market

• FII (Rs cr): + 9,239.4

• DII (Rs cr): -3,077.4

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
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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

For other Disclosures please visit: https://bit.ly/R_disclaimer02

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