Morning Update – 22nd September 2022

SSL Research Morning Update – 22nd September 2022

Equity Market Update

Lower opening expected amid Fed's hawkish monetary policy

The Indian equities market ended lower in yesterday's trade led by weak global cues ahead of the Fed's interest
rate decision. The sentiments were further hurt by Russia's escalation over the Ukraine conflict which again
spooked fears of rising inflation. Sectorally, FMCG was the only sector to gain while Metal, Realty and Pharma
sectors lost the most ground on NSE.

Meanwhile, the US market closed with loss of more than 1.7% overnight digesting the Fed's hawkish stance. The
US Fed hiked interest rate by 75 bps which was largely expected and projected inflation to be at 4.4% by 2022 end.
The European markets ended positive while the Asian markets are currently trading in red. The Indian market may
open lower today but we might see some recovery in the later part of the trade.

Key Actionables

 Ashoka Buildcon: The company has received a contract for construction of new BG line, from South
Western Railway as it has letter of acceptance (LOA) from South Western Railway for the project. The
accepted bid project cost for the project is Rs 258 cr; Completion period is 24 months – Positive for Ashoka
Buildcon in medium term

 PB Fintech: The company will invest Rs 650 crore in subsidiary Policybazaar Insurance Brokers, and also
invest Rs 250 crore in another subsidiary Paisabazaar Marketing And Consulting - Positive in long term;
Neutral in short term

 CRISIL Report update: Gross non-performing assets (GNPAs) of banks - a key indicator of asset quality - is
expected to improve 90 basis points (bps) to ~5% this fiscal on-year, and another 100 bps to a decadal low
of ~4% by March 31, 2024, riding on post-pandemic economic recovery and higher credit growth - Positive
for entire listed Banking pace

 Venus Pipes & Tubes Ltd (Mcap: Rs 1136 cr): Has approved a capacity expansion of Rs 50 cr for bigger
diameter Tube Mill to manufacture stainless steel welded pipes. This new line will increase the existing
welded pipes range to maximum 20" inch (508mm) diameter and thickness up to SCH80s with a capacity
by 700 mt per month. Commercial production is expected to start by Q1 FY24 - Positive for Venus Pipes in
long term

 Gujarat Alkalies and Chemicals Ltd: Commissioned expansion of Caustic Soda Plant (from 785 TPD to 1310
TPD and 65 MW Coal based Power Plant) at Dahej Complex and started production on 20th September,
2022 from newly installed facility - Positive for GACL

 Adani Ports And Special Economic Zone: The company has won a Rs 25,000 crore project to the Tajpur
deep sea port in West Bengal. The greenfield project will see Rs 15,000 crore utilised toward port
development and the rest toward building related infrastructure. Meanwhile, Avantika Singh Aulakh, VC
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 and CEO, Gujarat Maritime Board, has resigned from Adani Port’s board – Positive for Adani Ports in short
to medium term

 SpiceJet: Aviation regulator DGCA has extended the 50% limit on SpiceJet’s number of flight departures
until Oct. 29 as a matter of ‘abundant caution’. The airline will be subjected to "enhanced surveillance"
during this period, DGCA said – Negative for SpiceJet

 Vedanta: The Union Cabinet has approved tweaks in the scheme for semiconductors and display
manufacturing ecosystem. Under the modified program an uniform fiscal support of 50% of project cost
shall be provided for semiconductor fabs across all technology nodes. The reformed scheme will also
provide fiscal support of 50% of capital expenditure for setting up of compound semiconductors/silicon
photonics/sensors/discrete semiconductors fabs – Positive for Vedanta in medium term

 Reliance Industries/Adani Enterprises/Tata Power: The Union Cabinet approved a Rs 19,500-crore

production linked incentive scheme on 'national programme on high efficiency solar PV modules' with an
aim to attract Rs 94,000 crore investment in the sector – Positive for companies like RIL, Adani Enterprises,
Tata Power, etc.

 Heritage Foods: The board of the company will meet on Sept. 30 to consider and approve raising of funds
by way of issue of equity shares on a rights issue basis – Positive in short term

 KPI Green Energy: The company has a new received a new order from Greenlab Diamonds, Surat for
executing wind-solar hybrid power project of 5.40 MW capacity under the 'captive power producer
business segment – Positive for KPI Green Energy in short to medium term

Pledged Share Details

 Uflex: Promoter Group Flex International revoked a pledge of 25,000 shares on Sept. 20.

Insider Trades

 Mangalam Cement: Promoter Pilani Investment and Industries Corporation bought 4 lakh shares between
Sept. 16 and Sept. 19., Promoter Vidula Consultancy Services bought 1 lakh shares on Sept. 20.
 Adani Enterprises: Promoter Spitze Trade and Investment bought 3 lakh shares on Sept. 19.
 Vaibhav Global: Promoter Group Brett Enterprises bought 4,000 shares on Sept. 20
 Man Infraconstruction: Promoter Parag K Shah bought 1.84 lakh shares between Sept. 19 and Sept. 20.
 Advanced Enzyme Technologies: Promoter Groups Advanced Vital Enzymes sold 25.88 lakh shares, Savita
Chandrakumar Rathi sold 3.71 lakh shares, Piyush Chandrakumar Rathi sold 23,500 shares and Radhika
Ashish Pujara sold 31,500 shares on Sept. 19.
 Godrej Agrovet: Promoter Godrej Industries bought 9,360 shares on Sept. 16.
 Adani Green Energy: Promoter Group Spitze Trade and Investment bought 10 lakh shares between Sept.
16 and Sept. 19.

Bulk Deals

 Dodla Dairy: Bharat Biotech International bought 20.26 lakh shares (3.41%), and TPG Dodla Dairy Holdings
sold 18.31 lakh shares (3.08%) at Rs 525 each.
 Triveni Turbine: Abu Dhabi Investment Authority bought 40.58 lakh shares (1.26%), Aditya Birla Sun Life
Mutual Fund bought 37.74 lakh shares (1.16%), Government of Singapore bought 41.98 lakh shares (1.3%),

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 Plutus Wealth Management bought 20.38 lakh shares (0.63%), SBI Mutual Fund bought 75.46 lakh shares
(2.33%), The Nomura Trust and Banking Co. Ltd as the trustee of Nomura Indian Stock Mother Fund bought
31.99 lakh shares (0.99%) at Rs 226.7 each, Rati Sawhney bought 3.23 crore shares (10%) at Rs 229 per
share, Triveni Engineering And Industries sold 7.06 crore shares (21.85%) at Rs 227.75 per share.

Block Deals

 Dodla Dairy: Bharat Biotech International bought 20.26 lakh shares (3.41%), TPG Dodla Dairy Holdings sold
18.31 lakh shares (3.08%) and Sunil Reddy Dodla sold 1.95 lakh shares (0.33%) at Rs 525 each.
 Triveni Turbine: Plutus Wealth Management bought 20.38 lakh shares (0.63%), Nomura India Investment
Fund Mother Fund - The MTBJ AC Nomura India Inves FD bought 9.99 lakh shares (0.31%), Nomura Funds
Ireland Public Limited Company - Nomura Funds Ireland - India Equity bought 13.7 lakh shares (0.42%), Abu
Dhabi Investment Authority bought 40.58 lakh shares (1.26%), Aditya Birla Sun Life Mutual Fund bought
48.52 lakh shares (1.5%), Government of Singapore bought 41.98 lakh shares (1.3%), Invesco Mutual Fund
bought 28.67 lakh shares (0.89%), Monetary Authority of Singapore bought 8.75 lakh shares (0.27%), The
Nomura Trust and Banking Co. Ltd as the trustee of Nomura Indian Stock Mother Fund bought 31.99 lakh
shares (0.99%), SBI Mutual Fund bought 90.43 lakh shares (2.8%), Sundaram Mutual Fund bought 37.49
lakh shares (1.16%), Employees Provident Fund managed by Nomura Asset Management bought 10.8 lakh
shares (0.32%) at Rs 226.7 each, Rati Sawhney bought 3.23 crore shares (10%) at Rs 229 per share, Triveni
Engineering And Industries sold 7.06 crore shares (21.85%) at Rs 227.75 per share.

Trading tweaks/Corporate actions

 Record-Date Bonus: eClerx Services

 Ex-Date Interim Dividend: Aegis Logistics, Bajaj Holdings And Investment, Maharashtra Scooters
 Ex-Date Final Dividend: Asian Star Co, Aditya Vision, Bajaj Healthcare, Brightcom Group, Mrs. Bectors Food
Specialities, Bodal Chemicals, Confidence Petroleum India, Dilip Buildcon, Mold-Tek Packaging, Polyplex
Corp, Power Mech Projects, RailTel Corporation of India, Rail Vikas Nigam, Sangam (India), Satia Industries,
Shankar Lal Rampal Dye-Chem, Steel Strips Wheels, Vakrangee, Vidhi Specialty Food Ingredients
 Ex-Date Bonus: Choice International
 Ex-Date Dividend: Ganesha Ecosphere, Gujarat Mineral Development Corporation, HFCL, Marathon
Nextgen Realty, Paisalo Digital, Rajesh Exports, Shipping corporation of India, Texmaco Rail and
Engineering
 Move Into Short-Term ASM Framework: Ambuja Cements, Jai Corp
 Move Out Of Short-Term ASM Framework: Shivalik Bimetal Controls

AGMs Today

Amrutanjan Health Care, Gujarat Industries Power Company, Gujarat State Petronet, Exide Industries, National
Aluminum Co., HT Media, Pennar Industries, Quess Corp, Sun Pharma Advanced Research, OnMobile Global

Fund Flows – Cash Markets

 FII (Rs cr): -461.0

 DII (Rs cr): +538.5

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

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