NIRMAL BANG OFFICIAL

Intraday Derivatives Call Buy SENSEX 29NOV 79800 CE above 310 with SL 190 Target 550 (ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang) 

BUY CRUDE OIL 5850 CE AT 163-157 SL BELOW 130 TARGET 220

*POSITIVE FOR DIVIS*

CITI SAYS company may enjoy Entresto windfall gains for much longer than earlier expected

Citi says Divis likely to even supply API to competitor

Brokerage Update:

Jefferies on Zomato: Maintain Buy with target price of Rs 335


Goldman Sachs On Creditaccess Grameen: Downgrade To Sell From Buy; Cut Target Price To Rs 564 From Rs 1426


Citi On Divis Lab: Maintain Buy With Target Price Of Rs 6850


Bofa On Pb Fintech: Maintain Neutral With Target Price Of Rs 1850


Investec On Vedanta: Maintain Hold With Target Price Of Rs 510


Icici Securities On Allied Blenders: Initiate Buy With Target Price Of Rs 400


Elara Securities Reinstates Coverage On Aster Dm Healthcare With Accumulate Rating; Target Price Set At 521 Rupees


Icici Securities Upgrades Bharti Airtel To Buy; Target Price Set At 1,875 Rupees

3) *Network of Polyclinics:* Many of Suraksha's diagnostic centers are associated with polyclinics that offer consultations with specialist doctors across various fields. This integration allows for holistic patient care and increases the value of services offered.
4) *Growth Potential:* Currently the company has lower market share, but has the expansion opportunities and plans in the future which displays the growth potential.
*Risk & Concerns*
1) *Geographical Concentration:* Over 95% of Suraksha's revenue is derived from West Bengal which exposes it to significant concentration risk.
2) *Debt Levels:* The company has significant debt obligations as compared to the peers and the finance costs and depreciation expenses continue to impact profitability.
*Valuation and Recommendation*
The company had reported the sales of ₹218.71 crore for FY2024, with a CAGR of 20.83% between FY2022 and FY2024 excluding the covid revenue. It posted PAT of ₹23.13 crore for FY2024. The EBITDA margins came around 33.66%, which is the best amongst its peers. At the upper price band, the company's price-to-earnings (P/E) ratio is projected to be approximately 96.1x, based on FY2024 earnings. If annualized earnings for FY2025 are considered, this P/E ratio would adjust to about 74.87x,suggesting that the company’s valuation is on the higher side as compared to its peers. The company has fair valuation if compared with Vijaya Diagnostics, which is the most prominent player in the industry,but has lower return ratios. Hence, we are assigning ‘Neutral’ to the issue.

BULK DEAL AS ON 28-11-24
Dhruv Consultancy Ser Ltd
+1.23 LK @ 150.73 EKTA  HALWASIYA
Medico Remedies Limited
+8 LK @ 44.5 RAVI GOYAL (HUF)
-6 LK @ 44.53 AMRAPALI CAPITAL & FINANCE SER LTD
-6 LK @ 44.51 YASHWANT AMRATLAL THAKKAR
ORGANICREC
+55 K @ 355.2  NEOMILE GROWTH FUND - SERIES I
-60 K @ 354.13 ARIHANT CAPITAL MARKETS LIMITED
QUICKHEAL
+3.65 LK @ 613.5 SNEHA KAILASH KATKAR
-3.65 LK @ 613.5 KAILASH SAHEBRAO KATKAR
SPML Infra Limited
-7.40 LK @ 207.22 CLIENT ROSEHILL LIMITED
Thomas Scott (India) Ltd
+75 K @ 208.89 LAROIA MONA
-75 K @ 208.89 AUGMENTA VALUE TRUST - SCHEME 1
-90 K @ 208.89 MADHU SHARMA

NCC LTD: CO WINS ORDER WORTH RUPEES 3389 CR

PCBL Informed that second and final phase i.e, 20,000 MTPA of 40,000 MTPA specialty chemical capacity at Mundra Plant, Gujarat has been commissioned on 28th November, 2024. With this, the combined manufacturing capacity of the Company is 7,90,000 MTPA. Positive
John Cockerill India Limited  signed a Memorandum of Understanding (MoU) with the Steel Authority of India Limited (SAIL), This strategic collaboration will entail John Cockerill India Limited and SAIL to explore joint initiatives to promote advanced solutions for the steel industry in India. Under this MoU, the parties will explore various avenues to transform iron and steelmaking, while promoting the deployment of sustainable green steel solutions in the country. Positive
On News reports  concerns around the level of insurance business being channelled through bancassurance arrangements.  SBI Life and HDFC Life clarified that  IRDAI adopts a consultative process and seek feedback from all stakeholders which then is used to prepare the regulatory guidelines/articulate any concerns that the IRDAI may have with the industry.
And as part of regular interactions and consultations with the IRDAI, they have not been made aware of any such regulatory discussions around the level of insurance business being channelled through bancassurance arrangements.  
Positive
*IPO Snapshot – Suraksha Diagnostics Limited*
Recommendation – Neutral
Bidding Date – 29th Nov’ 24 -3rd Dec’ 24
Price Band - Rs.420 – Rs.441
Issue Size – Rs.846.25 crore
Market Cap (Post Issue) - Rs. 2297 crore
*Objects of the offer*
The Company will not receive any proceeds from the offer and all such proceeds (net of any Offer related expenses to be borne by the selling shareholders) will go to the selling shareholders, in proportion to the offered shares sold by the respective selling shareholder as part of the offer.
*Background*
Incorporated in 2005, Suraksha Diagnostic Limited offers pathology, radiology testing and medical consultancy services. The company has a central reference laboratory with 8 satellite laboratories and 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres as of June 30, 2024, across West Bengal, Bihar, Assam, and Meghalaya. The company offers its customers online and offline medical consultation services under one roof via 44 diagnostic centres, which house 120 polyclinics with more than 750 doctors.The company offers vaccination services and customized testing packages for disease prediction/early detection. The company uses digital pathology and artificial intelligence to generate blood tests. All radiology reporting is done through a digital platform that allows cases to be reported from all diagnostic centres, significantly reducing turnaround time.
*Strengths*
1)) *Established Market Presence* *:* The company is recognised as a leading player in eastern India’s diagnostic services market, with a strong operational history and a well-established brand reputation since its inception in 1992. This long-standing presence provides a competitive edge in customer trust and loyalty.    
2) *Comprehensive Service Offering:* The company provides an extensive range of diagnostic services, including over 4,000 tests across pathology, radiology, and specialized medical consultations.

Money Market 
The Indian rupee weakened by 4 paise to close at 84.49 against the US dollar on Thursday after it hit a fresh low of 84.5038 during the day. It closed at 84.4525 a dollar on Wednesday, according to data on Bloomberg.

*News Headlines from Business News Agencies:*
*Business Standard*
📝 India's iron ore production rises 4% to 158.4 mn tonnes in Apr-Oct
📝 Leverage for primary steel firms to reach 5-year high: CRISIL Ratings
📝 Jamshyd Godrej-led GEG announces plans to invest Rs 7.5k cr in 3 yrs
📝 Audi expects sales to recover next year; anticipates 8-10% growth in 2025
📝 Fall in steel prices may impact profitability of domestic producers: CRISIL
📝 CarDekho Group's net revenue increases 54% to Rs 2,074 crore in FY24
📝 Goa govt eyeing Rs 500 cr revenue via e-auction of unclaimed iron ore dumps
📝 Kerala, Adani Ports sign agreement for development of Vizhinjam Seaport
📝 Rupee declines on FPI outflows, avoids record low on RBI intervention
📝 China's chip industry faces new US sanctions amid rising tech tensions
📝 Nazara Tech raises Rs 855 cr via preferential issue to fuel expansion
📝 Fitch revises outlook on Azure Power Energy to negative; affirms 'B' rating
*Economic Times*
📝 BSNL installs 50,708 4G sites; 41,957 sites on-air: MoS Communications
📝 HCL-TechBee signs up with skill development corp for training II PU passouts
📝 Centre has received 28 proposals from 23 states to develop new cities, Lok Sabha informed
📝 60% FMCG companies say e-commerce is critical platform for sales
📝 Monitoring inflation in US & Indian market; going for largecaps in India: Hartmut Issel
📝 RIL subsidiary acquires 21% stake in US-based Wavetech Helium for $12 million
📝 Knight Frank appoints Shishir Baijal as Asia-Pacific Non-Executive Chair
📝 Delhi's winter peak power demand also expected to break record, likely to surpass 6300 MW
📝 Akasa Air announces daily flights between Abu Dhabi, Bengaluru, & Ahmedabad starting March 2025 
📝 Air India sees growth from domestic, short international flights in 2025: CEO Campbell Wilson
📝 ONGC makes four oil discoveries in Ashokenagar, awaits mining lease from Bengal govt
*Mint*
📝 Asia's November crude oil imports nudge higher, still heading for annual fall: Russell
📝 Tube Investments to acquire 67 pc stake in Kcaltech System India for ₹62 cr
📝 PwC India partners with Masters' Union to equip future leaders with industry-ready skills
📝 TikTok's owner ByteDance sues intern for $1.1 million in damages over AI breach
📝 Cooperative sector expected to create 5.5 crore direct jobs in India: Report
📝 Petroleum ministry recommends GST on natural gas
📝 Industry should give feedback on 'National Single Window System' or we will abort it: Piyush Goyal
📝 HDFC Bank market cap crosses ₹14 lakh crore for the first time
📝 Delhi HC defers Tesla trademark case to April 2025 as mediation continues
📝 Incuspaze to raise USD 25 mn to fund expansion plan amid rising demand for flexible office space
📝 LTIMindtree readies recipe for $10 bn revenue, but near-term woes a spoilsport

Securities in ban period: Nil

ZOMATO: RUPEES 8,500 CR QIP ISSUE CLOSED AT RUPEES 252.62 PER SHARE, ALLOCATING 33.65 CR EQUITY SHARES TO QIB'S

Introduction of Futures & Options Contracts on 45 Individual Securities
In continuation to Exchange circular Ref. No. NSE/FAOP/65064, dated November 13, 2024, members
are requested to note the market lot for the below securities which will be available for trading from November 29,2024 are as follows:
NSE/FAOP/65295

Listing of Equity Shares of Enviro Infra Engineers Limited (IPO) with effect from November 29, 2024
Symbol EIEL [544290]
Name of the Company Enviro Infra Engineers Limited
Series EQ
ISIN INE0LLY01014
Face Value Rs. 10/-
Paid-up Value Rs. 10/-
Issue Price for the current public issue Rs. 148/-
Security Description Equity shares of Rs. 10/- each fully paid up
No. of securities 175530000
Distinctive number range As per Annexure I
Market lot 1

Dow Closed
Nasdaq Closed
Dax + 164
Nikkei - 216
Hangseng +72
Gift Nifty - 16(24128) 
Dowfut - 13
Nasdaqfut + 62
Crude Oil 72.35
Dollar Index 105.96

Stocks to Watch 
HDFC Life Insurance Co.: The company has addressed media reports regarding changes to bancassurance regulations by IRDAI. It clarified that regulatory changes of this nature are usually preceded by consultations with the industry. 
Fine Organic Industries: The company will resume its Badlapur plant operations from Nov. 28 and is actively working on fully restoring all other plant activities to normalcy. 
Reliance Industries: The company's subsidiary has entered into a stock purchase agreement with Wavetech Helium and acquired a 21% stake in the company for a total consideration of $12 million. 
Nuvoco Vistas Corp.: The company incorporated its wholly owned subsidiary in the name of Vanya Corp. to carry on the business of manufacturing cementitious products. 
Infosys: The NCLT has ordered the liquidation of the subsidiary, Skava, effective from Nov. 14. 
PC Jeweller: The company has set Dec. 16 as the record date for the 10-for-1 share split. 
Mahindra & Mahindra: The company has clarified reports suggesting it is likely to face emission penalties of Rs 7,300 crore, stating that these claims are factually incorrect. 
Adani Power: The company achieved a score of 67 out of 100 in the corporate sustainability assessment by S&P Global for fiscal 2024. 
IIFL Finance: The subsidiary has raised funds of up to Rs 100 crore through NCDs, with the option to retain oversubscription of up to Rs 400 crore. 
SBI Life Insurance Co.: The company clarified media reports regarding changes to bancassurance regulations by IRDAI, stating that IRDAI follows a consultative process and seeks feedback from all stakeholders. 
SJVN: Raj Kumar Chaudhary has been entrusted with the additional responsibility of chairman and managing director, effective from Nov. 1.

Insider Trade 
Rajoo Engineers: Promoter Shrutina Nexgen LLP sold 56,000 shares on Nov. 27. 
Sudarshan Chemical Industries: Promoter Pradeep Ramwilas Rathi sold 7.62 lakh shares on Nov. 27. 
ZF Commercial Vehicle Control Systems India: Promoter Wabco Asia Private Limited sold 8.2 lakh shares on Nov. 27. 
Sheela Foam: Promoter Rahul Gautam bought 25,000 shares on Nov. 27

Pledge share details.
Quick Heal Technologies: Promoter Anupama Kailash Katkar created a pledge for 13.5 lakh shares on Nov. 22.

Trading Tweaks 
Ex/ record dividend: Talbros Auto, VRL Logistics, Career Point, Surya Roshni, Venus Pipes, Dynamatic Technology, Gofrey Phillips, Nalco. 
Price Band revised to 10%: Pix Transmissions, Angel One, APL Apollo Tubes, Adani Total Gas, Bank of India, Computer Age Management Services, CESC, CG Power and Industrial Solutions, Cyient, Delhivery, Avenue Supermarts, HFCL, Housing & Urban Development Corporation, Indian Bank, IRB Infrastructure Developers, Indian Railway Finance Corporation, Jio Financial Services, Jindal Stainless, JSW Energy, Kalyan Jewellers India, KEI Industries, KPIT Technologies, Life Insurance Corporation of India, Macrotech Developers, Max Healthcare Institute, NCC, NHPC, FSN E-Commerce Ventures, Oil India, One 97 Communications, PB Fintech, Poonawalla Fincorp, Prestige Estates Projects, SJVN, Sona BLW Precision Forgings, Supreme Industries, Tata Elxsi, Tube Investments of India, Varun Beverages, Yes Bank, Union Bank of India, Zomato. 
Ex/record bonus issue: Easy Trip Planners (1:1) 
Moved into short-term ASM: NIIT, Tilaknagar Industries, 
Moved out short-term ASM: Nalwa Sons Investments.

Who’s Meeting Whom 
Indoco Remedies: To meet investors and analysts on Dec. 4. 
Raymond: To meet investors and analysts on Dec. 3. 
JSW Infra: To meet investors and analysts on Dec. 3. 
Dollar Industries: To meet investors and analysts on Dec. 4. 
Lupin: To meet investors and analysts on Dec. 3. 
HDFC Life: To meet investors and analysts on Dec. 3.

BTST BUY ALUMINIUM BET 242-241.7 SL BELOW 240 TGT 245-246.2

BTST BUY COPPER BT 806-805 SL BELOW 800 TGT 812-15

Option BUY CRUDECE5850 bt 174-165 SL BELOW 120 TGT 240-255

HDFC LIFE,SBILIFE,MAXLIFE: IRDAI MAY CONSIDER CAPPING PARENT BANK'S SHARE TO INSURERS' TOTAL BANCA BIZ TO 50% - CNBC TV18

Intraday Derivatives Call NIFTY 28NOV 24100 CE SL triggered at 40 Visit our website for disclosure (Nirmal Bang)