Texmaco Rail bags order worth Rs 1374 crore from railway ministry : Daily Market Update Equity 15 Dec 2023 | Globe Capital Market LTD.
Texmaco Rail bags order worth Rs 1374 crore from railway ministry : Daily Market Update Equity 15 Dec 2023

The company was awarded an order to manufacture and supply 3,400 BOXNS wagons, an exchange filing said on Thursday. Texmaco manufactures railway freight cars, locomotive shells and components, passenger coaches, and metro coaches. It is the flagship company of Adventz Group, which also runs Zuari Agro Chemicals Ltd., Zuari Infraworld Ltd., and Hettich India Ltd.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.19% to 0.43%.
  • Barring DAX, other European equity markets settled higher
  • Majority of Asian equity markets trading in green
  • GIFT Nifty is little changed, Nifty futures are likely to open around 21420 levels (as on 8:30AM)


News highlights from across the globe

  • Asia stocks rose on Friday as optimism from the U.S. Federal Reserve’s policy meet outcome continued to weigh on the benchmark U.S. 10-year treasury yields.
  • U.S. Federal Reserve kept its benchmark federal fund rate steady at 5.25-5.50% for three consecutive meetings. Further, the U.S. Central Bank signaled for as many as three rate cuts in 2024.
  • Brent crude was trading 3.16% higher at $76.61 a barrel.


Important news updates from the domestic front

  • Adani Enterprises: Israel-based defense electronics company Elbit Systems Ltd. picked up a 44% stake in an Adani Defence Systems and Technologies Ltd. unit to develop and manufacture various autonomous aerial technologies and systems for defense applications.
  • Hero MotoCorp appointed Vivek Anand as chief financial officer. The company also approved the additional acquisition of a 3% stake in Ather Energy for Rs 140 crore.
  • State Bank of India to acquire 3.7 lakh shares (6.35% stake) of Canpac Trends at Rs 1,349 apiece.
  • Genus Power Infra: The company’s unit received a letter of intent worth Rs 1,026 crore for the appointment of advanced metering infrastructure service providers for the supply, installation, and commissioning of a million smart prepaid meters.
  • Jupiter Wagons received an order worth Rs 1,617 crore from the Ministry of Railways to manufacture and supply 4000 BOXNS wagons.
  • Mahindra and Mahindra Finance said that it will enter the life, health, and general insurance segments to diversify its sources of income away from its primary vehicle lending business.
  • Exide Industries invested 100 crores in its unit, Exide Energy Solutions. The company’s total investment in its unit is Rs 1,780 crore.


Nifty Overview & Outlook

Tracking positive cues from the global peers, benchmark Nifty index opened with a gap on the higher side and settled sharply higher at the 21182 level after adding over 250 points to its previous closing values.

The broader market performed in line with the benchmark as Nifty Midcap & Small cap were up 1.44% and 0.85% respectively; resultant, strong market breadth.

All the sectoral indices, barring Consumer Durables & Media, tracked at NSE settled higher. Amongst them, Nifty IT and Realty were at the top of the tally, rose over 3.5% each followed by Nifty Auto, Bank & Financial pack that were up in range 0.71% to 1.5%.

Going ahead, we reiterate our positive view on Nifty index and suggest traders to maintain buy on dips trading strategy till it is trading above 20800 levels on a closing basis.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty futures with increase in open interest by 18.1%, whereas short covering was seen in Banknifty futures and Finnifty futures with decrease in open interest by 3.9% and 0.3% respectively.

On the sectoral front, long buildup was seen among Chemical, Metals and Telecom stocks whereas some short covering was seen in Infrastructure and Realty stocks. Short buildup was seen in Media stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 22000 CE and 20500 PE and closely followed by 21100 PE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 3570 Cr in the cash segment, sold stock futures and index futures worth Rs. 1816 Cr and Rs. 340 Cr respectively. DIIs were net buyers in the cash segment to the tune of Rs 553 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21460-21576; Supports 21030-20850

Banknifty – Resistances 48360-48680; Supports 47280-46970

Finnifty – Resistances 21730-21870; Supports 21200-21025




Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, ICEX and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited  are associates of GCML.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.

This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.

Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months.  GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.

Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months. GCML or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.

No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.

The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.

Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.

Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.