Tale of the Tape 

Good evening everyone. Markets barely moved! 

Nifty (-0.3%) and Sensex (-0.4%) were stuck in a sideways trend before closing slightly lower. Midcaps were flat while Smallcaps (+0.8%) continued to climb higher. The advance-decline ratio was split evenly. 

Most sectors ended in the green. IT (+1.1%) and FMCG (+0.8%) gained the most. On the other hand, Autos (-1.3%) and Pharma (-1%) saw weakness. 

Voda-Idea soared +19% intraday after a big relief by the GOI. Check out our detailed analysis below. 

C2C Advanced Systems SME IPO listing was postponed amidst serious concerns on the company’s corporate governance. More details below.

Defence stocks were lit AF! Cochin Shipyard was locked in a 5% upper circuit for a second straight day. Garden Reach Ship Builders jumped +8% intraday. Mazagon Dock Shipbuilders hit a 1-month high. Check out their charts below. 

Swiggy rallied +5% after global brokerage firm UBS said it sees a +15% upside from current levels. 

Adani Group stocks were volatile AF despite. French energy giant Total Group paused all investment in Adani companies. Separately, global ratings firm Fitch & Moody’s downgraded Adani bonds.

Zomato will raise Rs 8,500 cr via QIP at a price of Rs 265.9 p/sh. GVT&D was locked in a 5% lower circuit after promoter GE Vernova said they would sell an 8.4% stake. 

Angel One received the green signal from SEBI to start its MF business. 

Order wins. Hitachi Energy zoomed +9% after winning a 6,000 MW renewable energy project. Ashoka Buildcon rose +3% after securing a Rs 1,391 cr highway project from the NHAI. 

Enviro Infra Engineers IPO was oversubscribed 90x on the final day.

Here are the closing prints:

Stock
Only Vodafone-Idea!

Vodafone-Idea or VI rallied +19% intraday after the GOI waived off the requirement to submit bank guarantees for past spectrum purchases. 

Here’s what this means? The Department of Telecommunications (DoT) mandates that telecom companies make upfront payments for spectrum licenses via bank guarantees. These guarantees act as a form of assurance to the government that the companies will pay for the spectrum they acquire, even if they face financial difficulties.

Particularly for VI, this has been a significant burden. PS - just last month, the company failed to submit these bank guarantees and received a notice from the GOI. The bank guarantees tie up a large amount of capital, which could otherwise be used for growth initiatives like strengthening their sh!tty network or address liquidity concerns. Which, markets are hopeful, could be the case now. 

Experts say if this move is implemented, it could significantly improve VI's financial health, especially in light of its ongoing investments in network infrastructure. FYI - VI recently signed a $3.6 billion deal with Nokia, Ericsson, and Samsung for enhancing its 4G infrastructure. This partnership is part of a broader $6.6 billion capex plan, aimed at boosting their coverage and the eventual 5G rollout​. 

Zooming out, today’s development comes as a big positive after the SC setback in the AGR case. However, it's not all smooth sailing just yet. VI needs to stop the subscriber loss like yesterday whilst convincing them to pay more aka tariff hikes. Meanwhile, its fundraising efforts continue to yield no results. Let’s see what happens next.

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