Market Pulse

*DII BUY* *+5977.12cr* *FII SELL* *-9901.56cr*

*WHAT HAPPENED OVERNIGHT* -> SPX -0.56%, Nasdaq -0.59% -> UST 2y yield +14 bps to 4.36% -> Dollar Index @ 103.37 -> US retail sales surprised to the upside in December -> Oil -0.3% to $78.03/bbl PS: HDFC Bank ADR -9% 🇺🇸 Markets #DowJones -0.25%, 3rd straight losing session -0.6% S&P500 -0.6% Big Movers 👎 Charles Schwab -1.3% after reporting mixed quarterly results 👎Walgreens & Caterpillar both dropped about 3%, leading the Dow’s losses ✈️Boeing +1.3%, one of the biggest gainers in the Dow 🇺🇸 Economic Data 💪Retail sales +0.6% from November 💪 Retail sales data for December came in stronger-than-expected 👉Indicates a resilient consumer and putting aggressive rate cuts from the Federal Reserve into doubt 🇺🇸 10-year Treasury yield climbed to 5 week high at 4.10% due to 💪Strong Retail Sales Data 🤔Hamkish comments from Federal Reserve Governor Christopher Waller CME Group’s FedWatch tool 🙁 Traders are pricing in a roughly 57% chance that the Federal Reserve begins cutting rates in March versus 65.1% on Tuesday 💲 Index at 103.4, at 1 month high ⛽️ Brent at 78$/barrel What to track on Thursday in 🇺🇸 🏘️ Housing starts and building permits data 🎙️ Atlanta Fed President Raphael Bostic is also set to speak

LTI MINDTREE (Q3) • Cons PAT at Rs.1,168.9 cr vs Rs.1,162.3 cr; up 0.6% • Cons revenue at Rs.9,016.6 cr vs Rs.8,905.4 cr; up 1.2% • Cons EBITDA at ₹1,385.9 cr vs ₹1,423.1 cr; down 2.6% • Cons $ revenue at $1083.7 mn vs $1,075.5 mn; up 0.8% • Cons EBIT margin at 15.4% vs 16%; down 60 bps

Results on January 17 Asian Paints, LTIMindtree, ICICI Prudential Life Insurance Company, Happiest Minds Technologies, Alok Industries, Oracle Financial Services Software, Hindustan Media Ventures, IIFL Finance, Speciality Restaurants, Som Distilleries & Breweries, Steel Strips Wheels, Star Housing Finance, Ganesh Housing Corporation, and Moschip Technologies will release December FY24 quarter earnings scorecard on January 17.

16th Jan : Prov figs: Rs.crs FIIs: +657 (12212-11555) DIIs: -369 (10127-10496)

Major Q3 Results Today- 16 Jan 2024 - HDFC Bank - Federal Bank - ICICI Lombard - Maharashtra Bank - Mapmy India - Mufti - Network 18 - Newgen Software

💰Quarterly Result Update: 12.01.2024 🔹Hi-Tech Pipes 🔸REVENUE at ₹518 Cr, up 17% YOY 🔸EBIDT at ₹25Cr, up 29% YOY 🔸EBITDA/ tonne at ₹320Cr, up 4.55 YOY 🔸EPS at ₹0.88, up 29% YOY 🔹Bharat Bijlee 🔸EBITDA at ₹39Cr, up 19% YOY 🔸SALES at 424Cr, up 9% YOY 🔸EBITDA MARGIN at 9.20% vs 8.41% YOY 🔸PAT at 29.7Cr, up 29% 🔹Wipro 🔸NET PROFIT at ₹2701 Cr, down 12% YOY 🔸EBIT at ₹4198 Cr, down 8% YOY 🔸REVENUE at 22205 Cr, down 4% YOY 🔹Hdfc Life 🔸EBIDT at 265 Cr, up 226% YOY 🔸PAT at 368 Cr, up 16% YOY 🔸REVENUE at 26,927Cr, up 38% YOY Borrowed the consolidation results

Just Dial #JUSTDIAL Solid #Q3FY24 Solid margin expansion QoQ n YoY 🔥 Solid QoQ traction in EBITDA, PBT n PAT 🔥 Rev at 265cr vs 221cr PBT at 121cr vs 88cr Q2 at 92cr PAT at 92cr vs 75cr Q2 at 72cr 9M PAT at 247cr vs 91cr🔥 Q3 EPS at 10.8rs vs 8.9rs 9M EPS at 29rs vs 9rs FY23 EPS at 19rs Does almost 70% more growth in 9MFY24 vs FY23👏👌

*Instl. Investors EQUITY Cash Trades PROV. - 12/01/2024 : Rs. CRS. :* *FIIS : SELL -340 (11,904-12,244)* *DIIS : BUY +2,911 (13,153-10,242)*

*3QFY24 - Key Results on 12th Jan, 2024 (Friday)* 1. Wipro 2. HCL Tech 3. HDFC Life 4. Anand Rathi Wealth 5. Bharat Bijlee 6. Aditya Birla Money 7. Den Networks 8. Hi-Tech Pipes 9. JTL Industries 10. Just Dial 11. Tata Metaliks *3QFY24 - Key Results on 13th Jan, 2024 (Saturday)* 1. Avenue Supermarts 2. Wardwizard Innovations & Mobility Thanks

General Update Price band revised from 20% to 10%: Kamdhenu, Network18 Media and Investments, TARC. Price band revised from 10% to 5%: AGS Transact Technologies. Price band revised from 5% to 20%: Sundaram Clayton. Ex/record bonus issue: Newgen Software Technologies. Ex/record rights issue: Skipper. Moved into short-term ASM framework: AstraZeneca Pharma, Century Textiles and Industries, Chaman Metallics, Dish TV India, Network18 Media and Investments, Olectra Greentech.

Why Gujarat Gas Is Gaining... Spot JKM LNG FEB contract at $11.2/mmbtu But Futures - Mar 2024 contract at $10.4 This suggest weakness in LNG prices, while on the other hand Propane prices remain firm Dual Tailwind - Volume and Margin for Gujarat Gas

*SEC. IN F&O BAN FOR, 12-JAN-24* 1 BANDHANBNK 2 BHEL 3 DELTACORP 4 ESCORTS 5 HINDCOPPER 6 INDIACEM 7 INDUSTOWER 8 NATIONALUM 9 PEL 10 POLYCAB 11 PVRINOX 12 SAIL 13 ZEEL *ADDITION :BHEL,DELTACORP,POLYCAB* *DELETION : BALRAMCHIN,CHAMBLFERT,IEX*

*Instl. Investors EQUITY Cash Trades PROV. - 11/01/2024 : Rs. CRS. :* *FIIS : SELL -865 (11,619-12,484)* *DIIS : BUY +1,607 (12,951-11,344)*

*HDFC AMC – Q3FY24 Result First Cut* *Revenue:* Revenue at Rs. 6.71bn was -2.8% below our estimate of Rs. 6.91bn. Revenue for the quarter was up by 20% YoY and 4.4% QoQ. *Operating Expense:* The total operating expense stood at Rs. 1.6bn, up by 9.2% YoY but down -0.6% QoQ. The employee expense for the quarter was up by 14.4% YoY and other operating expense was up by 3.4% YoY. *EBITDA:* EBITDA stood at Rs. 5.11bn, -1.7% below our estimate of Rs.5.2bn. EBITDA margin stood at 76.2% against our estimate of 75.3%, expanding by 119bps QoQ and 235bps YoY. *PAT:* PAT came in at Rs. 4.9bn as against our estimate of Rs.4.83bn, up by 32.6% YoY and 11.9% QoQ. The Net Profit margin came in at 72.9%, up by 693bps YoY and 491bps QoQ. *Valuation:* HDFC AMC is trading at a FY25E PE of 39x for a FY23-26E EPS CAGR of 16%. We currently have a NEUTRAL rating on the stock. *Call details:* The conference call is scheduled today at 5:00 pm. The dial in details are 022 6280 1551 / 7115 8375. *Call registration link:* https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=6409248&linkSecurityString=2535b140e0

*INFOSYS FY24 GUIDANCE* FY24 REVENUE GROWTH GUIDANCE REVISED TO *1.5-2%* FROM *1-2.5%* UPPER-END OF FY24 REVENUE GUIDANCE CUT TO 2% FROM 2.5% LOWER-END OF FY24 REVENUE GUIDANCE RAISED TO 1.5% FROM 1% *FY24 MARGIN GUIDANCE MAINTAINED IN THE RANGE OF 20-22%*

TCS: Q3 CONS NET PROFIT 110.6B RUPEES VS 113.4B (QOQ); EST 113.45B REVENUE 605.8B RUPEES VS 596.9B (QOQ); EST 599.5B EBIT 151.55B RUPEES VS 144.8B (QOQ); EST 146B EBIT MARGIN 25.02% VS 24.26% (QOQ); EST 24.35% CO DECLARED A THIRD INTERIM DIVIDEND OF RUPEES 9 AND A SPECIAL DIVIDEND OF RUPEES 18 PER EQUITY SHARE Q3 PROFIT INCLUDES IMPAIRMENT CHARGES OF 9.58B RUPEES || SEEING STRONG DEAL MOMENTUM ACROSS MARKETS Q3 ORDER BOOK AT $8.1B || SEEING TREMENDOUS INTEREST IN GENERATIVE AI CO COMMITTED TO HIRING FROM COLLEGE CAMPUSES AND GROWING TALENT ORGANICALLY

*Highlights of comments by PM, industry leaders at Vibrant Gujarat 2024* *PM MODI* * Seek to make India developed by 2047 * UAE sovereign wealth fund to begin operations in GIFT City * Gujarat summit explored new ideas in last 20 years * World looking at India as important pillar of stability * World looking at India as economic powerhouse * India to be among top 3 economies in world * India's priorities are sustainable industry, infra, mfg * India's priorities are new age skills, AI, innovation * India focused on structural reforms in last decade * Removed more than 40,000 compliances for ease of business * Signed 3 Free Trade pacts to attract investments in India *RELIANCE INDUSTRIES CHAIRMAN MUKESH AMBANI* * To commission 5,000 acre green complex at Jamnagar H2 2024 * To set up carbon fibre facility at Hazira *TATA SONS CHAIRMAN N.CHANDRASEKARAN* * Construction of 20 GW battery plant to start in 2 mos * Talks on Dholera semiconductor prefab unit almost over *ADANI GROUP CHAIRMAN GAUTAM ADANI* * To generate 30 GW of renewable energy at Khavda * To invest 2 trln rupees in Gujarat over 5 years *ARCELORMITTAL CHAIRMAN LAKSHMI N.MITTAL* * Arcelor Mittal's Hazira expansion phase 1 by 2026 * Arcelor Mittal's Hazira 2nd phase expansion by 2029 * See Hazira crude steel capacity 29 mln tn eventually SUZUKI MOTORS PRESIDENT TOSHIHORO SUZUKI * To invest 350 bln rupees for second plant in Gujarat * New Gujarat plant to produce 1 mln more cars annually *NVIDIA SENIOR VICE-PRESIDENT SHANKER TRIVEDI* * Partner Yotta is setting up data centre in GIFT City * Data centre in GIFT City to go live before Mar-end *DP WORLD CHAIRMAN BIN SULAYEM* * To invest $3 bln in Kandla terminal over 3 yrs *MICRON TECHNOLOGY CEO SANJAY MEHROTRA* * To commission Sanand memory assembly by early 2025 * To commission Sanand test facility by early 2025 * Will create 5,000 direct jobs at Sanand *Mukesh Ambani:* *Gujarat alone will be a USD 3 trillion economy by 2047; no power can stop India from becoming 35 trillion economy by 2047.*

Cochin Shipyard: To trade ex-split (2:1 ratio) Grasim Industries-Rights Issue Record Date JYOTI CNC Automation subscribed 2.7x on Day 1 PM Modi to inaugurate summit Vibrant Gujarat Summit Liquor, Textile Stocks In Focus:India-UK FTA dialogue to enter final stage

Delta Corp Q3 - Net profit down 59.3% at ₹34.5 cr vs ₹84.8 cr (YoY) - Revenue down 15.3% at ₹231.7 cr vs ₹273.4 cr (YoY) - EBITDA down 45.5 % at ₹55.8 cr vs ₹102.4 cr (YoY) - Margin at 24.1% vs 37.5% (YoY) Fwd