The trends of the major indices in the course of the week’s trading are given in the table below:
As the final market day of FY23-24 concluded, Indian markets experienced one of their best years, with the Nifty ranking among the top-performing markets in Asia, yielding nearly 29% USD return (second only to Japan). Conversely, China and Hong Kong faced significant underperformance.
Within India, the Mid and Small-cap Index stood out, delivering remarkable returns compared to the Nifty, almost 2.2-2.4 times higher, despite experiencing some corrections in the last month. Foreign Institutional Investors (FIIs) remained active on both sides of the market concluded the year on a positive note. Domestic Institutional Investors (DIIs), who injected a substantial amount of funds into the market, also contributed significantly.
As attention shifts to full-year earnings in the coming months, sectors such as banking and IT companies will remain in the spotlight. While periodic corrections may provide opportunities for investors to reassess mid and small-cap stocks, the allure of large-cap stocks is expected to grow in the foreseeable future.
New Ventures/ Capacity Expansion
Alkem Laboratories has incorporated Wholly Owned Subsidiary (WOS) of the Company in the name of ‘Alkem Medtech’.
Dr. Reddy's Laboratories has entered into an exclusive partnership with Sanofi Healthcare India (SHIPL) to promote and distribute their vaccine brands across private markets in India.
Biocon has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide (6mg/ml solution for injection in pre-filled pen), which was filed through its European partner, Zentiva.
GOCL Corporation has inked an initial pact with Hyderabad-based Squarespace Builders to initiate the strategic monetization of approximately 264.50 acres of prime land located in Kukatpally for Rs3,402 crore.
Jindal Stainless and IIT Kharagpur partnered to jointly work on metallurgical projects like primary alloy production and materials characterisation.
Tejas Networks had signed a Memorandum of Understanding (MoU) with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency) and NTI (National Telecom Institute) to replicate its experience of implementing Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
IPCA Laboratories entered into a Technology Transfer Agreement with Omexa Formulary for a biosimilar clone, process development and knowledge transfer for the global market. Under this agreement, IPCA will grant to Omexa a non-exclusive right to research, develop, manufacture and market a anti-cancer biosimilar for global market
HCL Technologies was selected by Oriola Corporation, a leading health and wellbeing company operating in the Nordic region, to accelerate Oriola’s digital transformation journey and deliver enhanced customer experiences.
Shakti Pumps (India) received a patent for inventing ‘methods & apparatus for soft starting and stopping a motor’.
AstraZeneca Pharma India has received permission to import for sale and distribution of Trastuzumab deruxtecan lyophilized powder for concentrate for solution for infusion 100mg (Enhertu) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India.
Caplin Point Laboratories’ subsidiary -- Caplin Steriles has been granted final approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Ketorolac tromethamine Ophthalmic Solution 0.5% (eye drops), a generic therapeutic equivalent version of (RLD), ACULAR Ophthalmic Solution of Allergan Inc.
Order Wins
DroneAcharya Aerial Innovations has secured prestigious work order from one of the Artilleries of the Eastern Command of the Indian Army. The contract entails the supply of cutting-edge FPV (first person view) drones equipped with night vision capabilities, marking a significant advancement in its collaboration with the Indian Army.
Larsen & Toubro’s (L&T) construction arm -- L&T construction has secured multiple orders in the domestic and international markets for its buildings & factories business.
NTPC inked a pact with a Japanese agency for sourcing foreign currency loans of $200 million (JPY 30 billion or around Rs1,650 crore). Japan Bank for International Cooperation (JBIC), a government policy-based financial institution, will provide 60 per cent of the facility amount and the balance amount will be provided by other commercial banks under JBIC guarantee.
Astra Microwave Products has bagged order worth Rs385.58 crore for supply of MPR sub-systems from Bharat Electronics (BEL), Ghaziabad.
Bharat Heavy Electricals (BHEL) has received an order worth Rs4,000 crore from Adani Power.
Investments/ Acquisitions/ Mergers/ Stake sale
Solara Active Pharma Sciences received approval from board of directors to sell 100% shareholding in SeQuent Penems.
Adani Ports and Special Economic Zone (APSEZ) entered into a definitive agreement to acquire 95% stake of Gopalpur Ports (GPL) from the existing shareholders.
Tata Steel raised Rs2,700 crore through allotment of 2,70,000 - 7.79% fixed rate, unsecured, redeemable, rated, listed, non-convertible debentures (NCDs) having face value Rs1,00,000 each, for cash, for a tenor of 3 years, to identified investors on private placement basis.
Adani Power has received approval from Fair trade regulator Competition Commission of India (CCI) for acquisition of Lanco Amarkantak Power.
Wipro’s wholly-owned subsidiary -- Wipro Holdings (UK) has transferred its entire shareholding in Wipro Gulf LLC (step-down subsidiary) to Wipro IT Services UK Societas (wholly-owned subsidiary).
Tech Mahindra has planned to merge its two wholly-owned subsidiaries, Born Group and Tech Mahindra (Americas), to synergise business operations, optimise operational cost, and reduce compliance risks.
Kotak Mahindra Bank has acquired 100% issued and paid up capital of Sonata Finance for Rs537 crore. Sonata is operating in 10 states through 549 branches and has an Asset Under Management (AUM) of approximately Rs2,620 crore.
DLF’s wholly owned subsidiary -- DLF Home Developers (DHDL) has received approval for the allotment of 60,000 non-convertible debentures (NCDs), having face value of Rs1 lakh each, for an aggregate principal amount of Rs600 crore on a private placement basis to eligible investors.
Spandana Sphoorty Financial has raised Rs50 crore through the allotment of 5,000 Secured, Rated, Listed, Redeemable, Transferable Non-Convertible Debentures having face value of Rs1,00,000 each at par, on private placement basis.
KAMA Holdings has sold 675000 of equity shares capital of SRF which is its subsidiary company. Consequently, the shareholding of the Company in SRF has reduced to 50.25%.
UltraTech Cement has entered into Energy Supply agreement and Share Subscription and Shareholders agreement to acquire 26% equity shares of M/s O2 Renewable Energy XXII, a company engaged in generation and transmission of renewable energy.
Zaggle Prepaid Ocean Services has received approval for the acquisition of 9,00,000 Equity Shares of face value of Rs10 each at a price of Rs275 per share (including a premium of Rs265 per share) constituting 45% stake in Span Across IT Solutions (Span Across) Consequent to which Span Across will become an associate of the Company.
Info Edge (India) has planned to invest an amount of Rs30 crore in Naukri Internet Services, wholly-owned subsidiary of the company.
Other Announcements
Maruti Suzuki India recalled over 16,000 units of Baleno and WagonR to fix a possible defect in a part of the fuel pump motor.
Insider Trades
Bharat Wire Ropes promoter bought net 42,000 shares through open market. Ugar Sugar works promoter bought net 22,521 shares through open market. Krishana Phoschem promoter bought net 10,301 shares through open market. Smartlink Holdings promoter bought net 13,550 shares through open market. Medicamen Biotech promoter sold net 200,000 shares through open market. Shrenik promoter sold net 6,590,000 shares through open market. Deepak Fertilizers and Petrochemicals Corporation promoter bought net 31,000 shares through open market. Firstsource Solutions insiders bought net 100,000 shares through open market. Pidilite Industries Promoter sold net 186,249 shares through open market. Sundaram Finance Holdings Promoter bought net 250,000 shares through open market. Gokul Agro Resources Promoter bought net 150,500 shares through open market. Nagarjuna Fertilizers and Chemicals Promoter sold net 50,000 shares through open market. Sapphire Foods India Promoter sold net 36,439 shares through open market. Ganga Forging Promoter sold net 400,000 shares through open market. Jsw Steel insiders sold net 86,471 shares through open market. Dhampur Bio Organics Promoter bought net 40,000 shares through open market. Pennar Industries Promoter bought net 15,800 shares through open market. Zydus Lifesciences Promoter sold net 583,000 shares through open market. Choice International Promoter bought net 219,000 shares through open market. Ncl Industries Director sold net 60,000 shares through open market. Dr Lal Path Labs Director sold net 7,500 shares through open market.
Top Gainers and Losers of the major indices for the week are given in the table below:
