Broad Strokes, September 12, 2024

🔧 Kalpataru Projects & NBCC Bag Major Deals

• Kalpataru Projects International Ltd (KPIL) secured new orders worth Rs 2,774 crore, including projects in the Transmission & Distribution sector and an airport extension project. The stock rose 2% to an intraday high of Rs 1,381.20.
• NBCC secured a Rs 1,600 crore project to develop a 13.88-acre land parcel in New Delhi, pushing shares up by nearly 5%.

🚗 Nifty 50 Hits All-Time High on EV Surge

• The Nifty 50 reached an all-time high, boosted by auto stocks after the launch of the PM E-Drive scheme, promoting electric vehicle adoption.
• Bajaj Auto hit a record high, while Ola Electric, JBM Auto, and Olectra Greentech shares rose up to 9%.

💶 ECB Cuts Rates, European Markets React

• The European Central Bank (ECB) cut its deposit rate by 25 bps to 3.50% as inflation slows. European markets stayed steady, with tech stocks driving the STOXX 600 index up 1.1%.

🏥 Granules India Drops on FDA Concerns; PN Gadgil IPO Shines

• Granules India shares plunged 16% to Rs 566 after the US FDA issued observations over its facility.
• The PN Gadgil Jewellers IPO attracted strong interest, with a 56% grey market premium over the upper price band.

🏦 Yes Bank’s Stake Sale Blocked by RBI

• SMBC’s attempt to buy a 51% stake in Yes Bank was blocked by the RBI, delaying the sale. Yes Bank’s shares fell by 2%.
• HDFC Bank aims to offload up to $1 billion in loans to improve its credit-to-deposit ratio.

📈 SEBI Proposes Stricter IPO Rules

• SEBI is considering stricter regulations for micro-cap IPOs to curb fraud and enhance scrutiny. Despite calls for SEBI to oversee the listing process, it will maintain the current structure.

🔥 Record-Breaking IPOs & Penny Stock Surge in 2024

• The IPO market has seen around 50 companies raise Rs 53,500 crore in 2024. Top performers like Awfis Space Solutions and TBO Tek have more than doubled in value.
• Penny stocks surged up to 300%, with broader indices like the Nifty 50 rallying 15% YTD.

🏗️ Engineers India & GE T&D Secure Major Contracts

• Engineers India secured orders worth Rs 4,681 crore, boosting its order book to Rs 11,350 crore, driving shares up 7%.
• GE T&D stock surged 4% after winning two major contracts worth 155 million euros.