Share Market Highlights 22nd April 2024: Sensex rises 560 pts, Nifty hovers around 22,300; Vodafone Idea FPO fully subscribed; BPCL, Eicher Motors gain, HDFC Bank, NTPC drag

The rupee rises by 7 paise to close at 83.37 (provisional) against the US dollar on Monday on positive domestic markets and a soft American currency.

Extending its previous day’s rebound, the 30-share BSE Sensex climbed 560.29 points or 0.77 per cent to settle at 73,648.62. During the day, it advanced 679.47 points or 0.92 per cent to 73,767.80

Synchrony Global SDN. BHD., stepdown subsidiary of Wipro Limite, has been voluntarily dissolved with effect from April 22, 2024.

Nitiraj Engineers Limited has received an order from Linkwell Telesystem Pvt Ltd, Odisha, for supply of 12000 quantity of weighing scales.

Nitiraj stock closed at ₹184.45 on the NSE, up 0.71%

BSE Sensex closed at 73,648.62, higher by 560.29 or 0.77%, and Nifty 50 at 22,336.40, up 189.40 pts or 0.86%.

Syngene International Ltd has submitted an appeal to the Commissioner of Income-tax (Appeals)-12, Bangalore, for Assessment Year (“AY”) 2013-14 and AY 2014-15 under the Income-tax Act, 1961.

Stock declined 1.09% on the NSE, trading at ₹706.15.

Shares of Wipro rose by 2.14 per cent at ₹462.45 on the NSE as of 2.53 pm, Monday, despite posting weaker-than-expected March quarter financial results. Even analysts remain rather bearish on the stock. 

The company’s profits rose 5.2 per cent q-o-q. However, the company recorded an 8 per cent profit decline in Q4 at ₹2,835 crore.

Read more here.

Verso Altima India Pvt Ltd, subsidiary of Adroit Infotech, bags order worth ₹2 crore from BIZNET (PT SUPRA PRIMATAMA NUSANTARA, JAKARTHA). 

Adroit Infotech stock surges 3.92% on the NSE, trading at ₹19.90.

Major gainers:

BPCL (2.88%), Eicher Motors (2.78%), L&T (2.49%), Tata Consumers (2.49%), Bajaj Finance (2.45%)

Major losers:

NTPC (-2.27%), HDFC Bank (-1.35%), JSW Steel (-1.13%), IndusInd (-0.45%), Tata Steel (-0.06%)

Stocks advanced on BSE at 3 pm on April 22, 2024, were 2,659 against 1,208 stocks that declined; 164 stocks remain unchanged. Total stocks traded were 4,031. The number of stocks that recorded a 52-week high was 234, and those that hit a 52-week low was 15. 

In addition, 445 stocks traded in upper circuit, while 248 hit the lower circuit.

Zydus Wellness has received an order of assessment from the Assistant Commissioner (ST)(FAC), Vanasthalipuram-I Circle, Saroor Nagar Division, Hyderabad, alleging excess claim of input tax credit of ₹4 Lakh (including penalty of ₹0.40 lakh) for FY 2018-19. 

Zydus Wellness stock rises 1.87% on the BSE, trading at ₹1,662.60.

Vodafone Idea’s follow-on public offer was subscribed over 3 times as of 2.51 pm on April 22, the final day of bidding, with investors picking 5007 crore equity shares, data on BSE showed. 

The country’s third-largest telecom operator has offered 1,260 crore shares in the ₹18,000-crore FPO, the largest such offering in the country.

The Federal Bank has received an order from the Office of GST Officer, Ward-206, Department of Trade and Taxes, GNCTD, New Delhi, levying a penalty of ₹2,00,000. The Bank will be filing an appeal against the said Order. 

The stock trades at ₹153.10 on the NSE, up 0.82%.

Rajratan Global Wire board has recommended a Final Dividend of ₹2 per equity share.

Stock declines 1.96% on the NSE, trading at ₹648.

Vodafone Idea’s follow on public offer has been fully subscribed on the last day of the issue. Clinching a subscription rate of 107 per cent on the 1260 crore shares on offer, India’s third largest telecom operator has successfully raised ₹18,000 crore it targeted from the public issue. 

Epigral board has recommended a Final Dividend of ₹5 per equity share. Stock trades at ₹1,327.95 on the NSE, up 0.63%.

Bharti Airtel has introduced international roaming packs for customers travelling abroad. The new packs include access to 184 countries and the tariffs start at ₹133/day. 

Stock trades at ₹1,295 on the NSE, up 0.47%

Lloyds Engineering Works Ltd announced the acquisition of orders for naval equipment, valued at ₹81 crore. Stock surges 7.55% on the NSE, trading at ₹58.40.

The factory of Vishvprabha Foods Private Limted, a wholly-owned subsidiary of Vishvprabha Ventures Limited, in Gujarat has been Shut down temporarily for 10-15 days due to break down of boiler in the plant.

AA Plus Tradelink Ltd has ventured into agricultural solutions and products, and announced the purchase of specialised fertilizers and pesticides from Murae Organisor Ltd, totaling an investment of ₹44.1 crore. AA Plus Tradelink stock trades at ₹13.12 on the BSE, up 9.97%.

Rama Steel Tubes board has approved raising of funds by way of further issue of equity shares for an aggregate amount of upto ₹500 crore by way of a further public offer. 

Stock trades at ₹12.30 on the NSE, up 0.41%.

Sanghi Industries board has approved sub-division and increase in authorised share capital from existing ₹550 Crore to ₹2550 crore. The board also approved the proposal for raising of funds by issuance of non-convertible cumulative redeemable preference shares (RPS) aggregating upto ₹2,200 crore.

Stock inches up 0.90% to trade at ₹94.90 on the NSE.

Vodafone Idea FPO got subscribed 1.3 times.

QIB: 2.17x; NII: 2.07x; and retail: 0.47x

Gujarat Toolroom Limited has executed another segment of the ongoing contract with Reliance Industries Limited. GTL has delivered construction supplies valued at ₹650 million to Reliance Industries Limited.

Gujarat Toolroom stock rises 1.73% on the BSE, trading at₹36.50. Meanwhile, Reliance Industries stock trades at ₹2,946 on the NSE, up 0.15%.

Bharti Airtel Limited expands its network footprint in Kottayam, Pathanamthitta District and in North Twenty Four Parganas District. Stock inches up 0.32% on the NSE, trading at ₹1,293.15.

Intellect Global Transaction Banking (iGTB) of Intellect Design Arena Limited, announced Jordan Kuwait Bank’s (JKB) implementation of Digital Transaction Banking (DTB) platform enabled by eMACH.ai architecture. 

Intellect Design Arena stock inches up 0.82% to trade at ₹1,007.95 on the NSE.

Adani Energy Solutions board will meet on April 30, 2024, to consider and approve the Audited Financial Results of the Company for the quarter and year ended 31st March, 2024. Stock trades at ₹1,050.80 on the NSE, up 0.98%.

​Lupin stock​ surged 3.39% on the NSE, trading at ₹1,600. The company had announced the launch of Mirabegron Extended-Release Tablets, 25 mg, in the US.

Suraj Estate Developers Limited’s shares were up by 0.93 per cent after the company announced its foray into the residential real estate development in the Bandra sub-market. The company reported the move marks expansion for them, which is known for its focus on value luxury and commercial segments. 

Biocon stock is up 3.02% on the NSE, trading at ₹269.55 following the receipt of approval from the South African Health Products Regulatory Authority (SAHPRA), for a vertically integrated, complex drug product Tacrolimus capsule 0.5mg, 1mg and 5mg strengths, in South Africa.

Sterling & Wilson Renewable Energy stock rose 2.84% to trade at ₹577.45 after posting a net profit of ₹1.40 crore during the quarter ended March 2024 on account of increased income.

UltraTech Cement stock rises 1.88% on the NSE, trading at ₹9,539.80. The company had announced the acquisition of a grinding unit having installed capacity of 1.1 million tonnes per annum in addition to a captive railway siding at Parli, Maharashtra, from India Cements for ₹315 crore.

The surge in the Copper price continues. A couple of weeks ago, we had expected the Copper Futures contract on the Multi Commodity Exchange (MCX) to rise to ₹840 per kg. This rise has happened. The MCX Copper Futures contract is currently trading at ₹846 per kg.

Major gainers on the NSE at 12 pm:

BPCL (3.18%), Eicher Motors (3.01%), Tata Consumers (2.87%), SBI Life (2.33%), Wipro (2.32%)

Major losers:

NTPC (-1.88%), HDFC Bank (-0.75%), JSW Steel (-0.17%), ITC (-0.07%), ONGC (-0.02%)

Stocks advanced on BSE at 12 noon on April 22, 2024, were 2,673 against 1,030 stocks that declined; 176 stocks remain unchanged. Total stocks traded were 3,879. The number of stocks that recorded a 52-week high was 207, and those that hit a 52-week low was 12. 

In addition, 342 stocks traded in upper circuit, while 216 hit the lower circuit.

United Breweries informed that Radovan Sikorsky has conveyed his decision to resign from the post of director and Chief Financial Officer of the company due to change of role as Regional Chief Financial Officer for Asia. He will continue to discharge his duties as Director & Chief Financial Officer of the Company, until the close of business hours on Sunday, June 30, 2024, to facilitate smooth transition.

The BSE Sensex was up by 0.52 per cent, or 381.35 points, to 73,469.68, while the NSE Nifty was at 22,288.80, up by 0.64 per cent, or 141 points. A total of 3,836 stocks were actively traded, 2,667 advanced, while 1,004 declined, and 174 stocks remained unchanged, where 198 stocks hit a 52-week high and 11 stocks hit a 52-week low at 11.30 am on Monday.

Bank Nifty index has come down sharply after opening the day with a wide gap-up. The index touched a high of 48,146 and has declined from there. It is currently trading at 47,748, up 0.37 per cent. The advance/decline ratio is at 10:2 and it is positive.

Bandhan Bank (2.88%), PNB (2.30%), Axis Bank (2.20%), IDFC First Bank (1.59%)

Vedanta Limited (VEDL), promoter and holding Company of Hindustan Zinc Limited (HZL), has made disclosure regarding the orders received from the Office of the Additional Commissioner, GST & Central Excise Commissionerate, Rourkela confirming Penalty of ₹3.48 crore along with Tax demand and applicable Interest and ₹3.43 crore along with Tax demand and applicable Interest.

Hindustan Zinc stock surges 3.55% on the NSE, trading at ₹412.85. 

Vedanta stock trades at ₹384.60 on the NSE, down by 0.35%.

Major gainers:

Jai Corp (9.99%), Venus Pipes (9.69%), Indiabulls (8.88%), Triveni (8.72%), Hikal (8.60%)

Major losers:

GSPL (-19.99%), Persistent Systems (7.14%), Vodafone Idea (3.25%), JP Associates (3.21%), JK Cement (2.20%)

Maintain BUY—relatively not the best, but comfortable on absolute basis 

We maintain BUY with FV at Rs1,750 (unchanged). At our FV, we value the bank at 

2.3X book and ~15X FY2026 EPS for RoEs at 16% levels and 15% CAGR (adjusted 

for merger). The stock is inexpensive at these levels, as we do believe that the 

medium-term outlook on the business looks extremely comfortable to report as 

~15% CAGR. However, on relative basis, the risk reward is still not compelling, even 

as it trades at a discount to ICICI Bank. We would prefer for a wider discount, as 

the current relative valuation does not give any headroom for disappointment in 

execution, which is not the best outcome.

Once known for consistency, HDFCB has seen it all – Covid, management transition, RBI ban, merger pangs. While merger challenges are close to bottom out, it lacks positive triggers. That said, it has corrected >6% post our downgrade (report dated 20 September 2023 Not so smooth after all) and risk-reward seems favorable even as near-term time correction may play through (till investors find merit in execution) – So, upgrade to Buy from Accumulate with unchanged TP of INR 1,889.

HDFCB delivered a healthy quarter, with NIMs improving 4bp QoQ and the CD ratio declining 6% QoQ to 104%. PAT (adj. for one-offs) and NII both stood in line with our estimates. The bank prudently deployed the stake sale gains from Credila (INR73.4b) and tax credit to further strengthen the balance sheet as it made floating provisions of INR109b during the quarter.

Opex jumped as the bank made INR15b of staff ex-gratia provisions; however, the adjusted C/I ratio stood at 41.3%. GNPA ratio improved 2bp QoQ to 1.2%, while PCR was largely flat at 74%. Fresh slippages increased marginally to INR73b or 1.2% of loans.

Over FY24-26, we estimate HDFCB to deliver 13.5%/18% CAGR in loans/deposits and 16% CAGR in earnings, translating into RoA/RoE of 1.9%/15.5% by FY26.We reiterate our BUY rating with a TP of INR1,950 (premised on 2.4x FY’26E ABV + INR253 for subs).

Nifty 50 opened with a wide gap-up but has failed to sustain. The index made an intraday high of 22,337 and has come down from there. It is currently trading at 22,245, up 0.44 per cent. The advance/decline ratio is at 45:5. This is positive. But need to see if it is sustaining or not.

CelerityX, the enterprise networking solutions business of OneOTT Intertainment Ltd. (OIL), and a subsidiary of Hinduja Global Solutions Limited, announced the launch of OneX - a unified network-as-a-service solution covering network management, security, and LAN-side control solution.

Hinduja Global Solutions stock surges 6.60% on the BSE, trading at ₹878.95.

Avon Animal Health has expressed interest in purchasing cattle feed supplements from Ajooni Biotech Limited.

Ajooni stock rises 1.67% to trade at ₹6.10 on the NSE.

BSE Sensex traded at 73,331.38, up 243.05 pts or 0.33% as of 10.33 am, and Nifty 50 traded at 22,242.25, up 95.25 pts or 0.43%.

Pavna Industries Ltd has inked an agreement with OLA Electric to supply ignition switches and latches. Pavna stock declines 1.17% to trade at ₹530 on the NSE.

Welspun Corp is in receipt of multiple line pipe orders, both in India and US, cumulatively valued at ₹872 crore.

Stock surges 3.55% on the NSE, trading at ₹547.45.

Vikas Lifecare Limited has bagged an order for rice, valued at ₹50 crore.

Its stock is up 2% on the NSE, trading at ₹5.10.

Persistent Systems stock declined 4.88% on the NSE to trade at ₹3.695 after announcement of its financial results for the quarter and year ended March 31, 2024.

IREDA stock surges 5.85% to trade at ₹170.10 on the NSE, following the announcement of its financial results for the period ended March 31, 2024.

ICRA Analytics on Indian equity markets today: 

Indian equity markets snapped its four-day losing streak and witnessed healthy gains, despite having weak global cues. After opening on a weaker note, the key benchmark indices rebounded sharply, led by large-cap stocks. Sentiments were boosted as the rising tussle between Iran and Israel took a breather after Irani officials stated they had no plans to immediately retaliate against Israel. Gains were extended following the ease in crude oil prices.

Bond yields rose on concerns over escalating tensions in the Middle East. Losses were extended following the strong U.S. labour market data that might delay interest rate cut decision by the U.S. Federal Reserve to avoid a reacceleration of inflation.

The yield on the 10-year benchmark paper (7.18% GS 2033) rose by 4 bps to close at 7.23% as compared to the previous close of 7.19%.

PVV Infra’s board is to consider and approve the following items at its meeting on April 29, 2024: issue of bonus shares, a proposal of sub-division/split in the face value of equity shares of the company, and the proposal for increase in authorised share capital of the company.

PVV Infra stock surges 4.67% to trade at ₹35.21 on the BSE.

​Escorts Kubota Limited​ – Agri Machinery Business Division, shall be increasing the prices of its tractors effective May 1, 2024. The increase in prices would vary across models/variants and geographies, the company said.

Its stock rises 1.61% on the NSE, trading at ₹3,156.65.

Jana Small Finance Bank stock rises 2.78% on the NSE to trade at ₹465.05 after receiving “Omnichannel Digital Banking Solution for Retail and Corporate Customers” award in the Digital Banking Awards 2024: Regional Winners | Asia category.

Suraj Estate Developers Limited has acquired a free-hold plot of land measuring 1,073.42 square meters situated off Lady Jamshedji Road, Mahim (West), Mumbai, for a total consideration of ₹33.10 crore. 

Stock is up 1.19% on the NSE, trading at ₹370.50.

The Derma Co., Honasa Consumer’s skincare brand, has recorded annual revenue rate of ₹500 crore.

Honasa stock rises 3.41% to trade at ₹400.50 on the NSE.

Zydus Lifesciences announced the launch of Mirabegron Extended-Release Tablets, 25 mg in the US. 

Stock rose 2.40% on the NSE, trading at ₹944.30.

ICICI Lombard General Insurance Company has received an order from the Assistant Commissioner, Office of the Special Commissioner, Large Taxpayers’ Unit, Kolkata-15, raising a GST demand of ₹5,33,659, interest of ₹3,84,389 and levying penalty of ₹58,970. The Company would pursue an appeal with Appellate Authorities/ evaluate other legal options against the said Order.

Stock trades flat at ₹1,689.70 on the NSE.

DOMS Industries informed that the Gujarat Pollution Control Board (‘GPCB’) issued a revocation order post the inspection and allows the company to continue operations at its industrial plant located at Umbergaon, Gujarat, India. Further, the Company has paid an interim environmental compensation of ₹2,85,000 to GPCB, post which the said revocation order has been issued. The said revocation order is valid for a period of three months from the date of its issue and has laid certain conditions which the Company needs to fulfil. 

DOMS stock rises 1.06% on the NSE, trading at ₹1,752.

Star Cement has commenced commercial production from its new clinker line of 3.3 MTPA capacity situated at Lumshnong, Meghalaya. 

Stock trades at ₹225.95 on the NSE, down by 0.42%.

Major gainers on the NSE at 9.30 am:

BPCL (3.14%), Ultratech Cement (1.99%), Axis Bank (1.64%), Bajaj Finance (1.55%), SBI Life (1.35%)

Major losers:

HDFC Bank (-0.48%), M&M (-0.24%), Grasim (-0.13%), ONGC (-0.09%), JSW Steel (-0.05%)

Hero MotoCorp, along with its authorised distributor CG Motors, has inaugurated a product assembly facility in Nepal. 

Hero MotoCorp launched four of its products – Xpulse 200 4V, Super Splendor, Splendor+ motorcycles and Xoom 110 scooter, which will be assembled locally at the new assembly facility located in CG Industrial Park in Nawalparasi. The facility will have a capacity of 75,000 units per annum.

Stock inched up 0.08% to trade at ₹4,217 on the NSE.

Analysts said the on-going result season will keep interest among individual stocks while the broader trend would be dictated by global sentiment. The upcoming monthly expiry of F&O contracts on the NSE this Thursday will increase volatility, they added.

Gifty Nfity is ruling at 22,240 against Nifty May futures Friday’s close of 22,128.70 and May futures close of 22,275.

Crude oil futures traded lower on Monday morning as the market hoped that tension between Iran and Israel would not escalate further in West Asia. At 9.21 am on Monday, June Brent oil futures were at $86.66, down by 0.72 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $81.60, down by 0.75 per cent. May crude oil futures were trading at ₹6818 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6897, down by 1.15 per cent, and June futures were trading at ₹6790 against the previous close of ₹6871, down by 1.18 per cent.

Derivative Segment

* Reliance Industries Ltd.

Cash Segment

* Hatsun Agro Product Ltd.

* Tamilnad Mercantile Bank 

* Tejas Networks Ltd.

23 April 2024

Derivative Segment

* ICICI Prudential Life Ins Co Ltd.

* M&M Financial Services Ltd.

* MCX India Ltd.

* Tata Consumer Products Ltd.

Cash Segment

* 360 One Wam Ltd.

* Tata Elxsi Ltd.

24 April 2024

Derivative Segment

* AU Small Finance Bank Ltd.

* Axis Bank Ltd.

* Dalmia Bharat Ltd.

* Hindustan Unilever Ltd.

* LTIMindtree Ltd.

* Oracle Financial Serv Software 

* Syngene International Ltd.

* The Indian Hotels Company

Cash Segment

* Equitas Small Finance Bank Ltd.

* Macrotech Developers Ltd.

* Maharashtra Scooters Ltd.

* MAS Financial Services Ltd.

* Nippon Life India AMC Ltd.

* Supreme Petrochem Ltd.

* Tata Investment Corp Ltd.

25 April 2024

Derivative Segment

* ACC Ltd.

* Bajaj Finance Ltd.

* Coromandel International Ltd.

* IndusInd Bank Ltd.

* L&T Technology Services Ltd.

* Laurus Labs Ltd.

* Mphasis Ltd.

* Nestle India Ltd.

* Tech Mahindra Ltd.

* Vedanta Ltd.

Cash Segment

* Aavas Financiers Ltd.

* Cyient Ltd.

* Embassy Office Parks REIT

* Schaeffler India Ltd.

* Tanla Platforms Ltd.

* Tata Teleservices (Maha) Ltd.

* UTI AMC Ltd.

* Welspun Living Ltd.

* Zensar Technologies Ltd.

26 April 2024

Derivative Segment

* Atul Ltd.

* Bajaj Finserv Ltd.

* HCL Technologies Ltd.

* Maruti Suzuki India Ltd.

* SBI Cards & Pmt Services Ltd.

* SBI Life Insurance Co Ltd.

* Shriram Finance Ltd.

Cash Segment

* Aditya Birla Sun Life AMC Ltd.

* Bajaj Holdings & Inv Ltd.

* Bank Of Maharashtra

* CSB Bank Ltd.

* Indiabulls Real Estate Ltd.

* KSB Ltd.

* Mahindra Holidays & Resorts 

* Mahindra Lifespace Developers

* Mastek Ltd.

* Motilal Oswal Financial Serv

* Supreme Industries Ltd.

* Usha Martin Ltd.

* VST Industries Ltd.

27 April 2024

Derivative Segment

* ICICI Bank Ltd.

* IDFC First Bank Ltd.

* L&T Finance Ltd.

* RBL Bank Ltd.

Cash Segment

* Craftsman Automation Ltd.

* Yes Bank Ltd.

29 April 2024

Derivative Segment

* Birlasoft Ltd.

* Can Fin Homes Ltd.

* Tata Chemicals Ltd.

* Trent Ltd.

* Ultratech Cement Ltd.

Cash Segment

* Gillette India Ltd.

* KPIT Technologies Ltd.

* PNB Housing Finance Ltd.

* Poonawalla Fincorp Ltd.

* Rossari Biotech Ltd.

30 April 2024

Derivative Segment

* Cholamandalam Inv & Fin Co 

* Exide Industries Ltd.

* Havells India Ltd.

* Indian Oil Corporation Ltd.

* Indus Towers Ltd.

Cash Segment

* Castrol India Ltd.

* Five-Star Business Finance Ltd.

* Nuvoco Vistas Corporation Ltd.

* P&G Hygiene & Health Care Ltd.

* Sona BLW Precision Forgings 

* Star Health & Allied Ins Co Ltd.

01 May 2024

Derivative Segment

* Ambuja Cements Ltd.

Cash Segment

* Orient Cement Ltd.

* SIS Ltd.

02 May 2024

Derivative Segment

* Coal India Ltd.

* Coforge Ltd.

* Dabur India Ltd.

Cash Segment

* Blue Star Ltd.

* CIE Automotive India Ltd.

* K.P.R. Mill Ltd.

* Procter & Gamble Health Ltd.

* Ugro Capital Ltd.

03 May 2024

Derivative Segment

Nil

Cash Segment

* Aptus Value Housing Fin India 

* Carborundum Universal Ltd.

* HFCL Ltd.

04 May 2024

Derivative Segment

* Kotak Mahindra Bank Ltd.

Cash Segment

* Kansai Nerolac Paints Ltd.

06 May 2024

Derivative Segment

* Gujarat Gas Ltd.

* Marico Ltd.

Cash Segment

* Grindwell Norton Ltd.

07 May 2024

Derivative Segment

* Dr. Reddy’s Laboratories Ltd.

* Max Financial Services Ltd.

* Navin Fluorine Int Ltd.

* Pidilite Industries Ltd.

Cash Segment

* Latent View Analytics Ltd.

08 May 2024

Derivative Segment

* Tata Power Company Ltd.

Cash Segment

* BSE Ltd.

* Capri Global Capital Ltd.

* Gujarat State Petronet Ltd.

09 May 2024

Derivative Segment

* Asian Paints Ltd.

* Escorts Kubota Ltd.

Cash Segment

* Alembic Pharmaceuticals Ltd.

* Alkyl Amines Chemicals Ltd.

* Computer Age Mgmt Serv Ltd.

* Rain Industries Ltd.

10 May 2024

Derivative Segment

* ABB India Ltd.

* Cipla Ltd.

* Tata Motors Ltd.

Cash Segment

* Cholamandalam Fin Hldgs Ltd.

* Kalyan Jewellers India Ltd.

* TCI Express Ltd.

12 May 2024

Derivative Segment

* JK Cement Ltd.

13 May 2024

Derivative Segment

* Aditya Birla Capital Ltd.

14 May 2024

Derivative Segment

* Shree Cement Ltd.

Cash Segment

* BASF India Ltd.

* Clean Science & Tech Ltd.

16 May 2024

Derivative Segment

* Biocon Ltd.

Cash Segment

* Endurance Technologies Ltd.

* Motherson Sumi Wiring India 

17 May 2024

Derivative Segment

* JSW Steel Ltd.

Cash Segment

* Glaxosmithkline Pharma Ltd.

21 May 2024

Derivative Segment

Nil

Cash Segment

* Gujarat State Fert & Chem

22 May 2024

Derivative Segment

* Jubilant FoodWorks Ltd.

23 May 2024

Derivative Segment

Nil

Cash Segment

* Bikaji Foods Int Ltd.

* Esab India Ltd.

24 May 2024

Derivative Segment

* Bosch Ltd.

* Hindalco Industries Ltd.

Cash Segment

* HEG Ltd.

28 May 2024

Derivative Segment

Nil

Cash Segment

* Amara Raja Energy & Mobility 

* Medplus Health Services Ltd.

* TTK Prestige Ltd.

29 May 2024

Derivative Segment

* Cummins India Ltd.

* Samvardhana Motherson Int

HDFC BK review

Jefferies

Buy, TP Raised to Rs 1880

Q4 profit of Rs165bn below est., but PPOP inline & adj. for one-offs EPS was at Rs21 & ROA at 1.9%.

Key +ve was slight rise in NIMs 

Deposit growth was strong at 17% (merger adj.), but loan growth lagged at 12%

MS

OW, TP Rs 1900

Strong bounce-back on LCR(+5%pts QoQ) along with improved margins (+4bps QoQ) were key highlights.

Fee income surprised +vely.

PBT ex-one-offs in-line 

Headline PAT missed MSe owing to higher 1-time staff costs & floating provisions

MOSL 

Buy, TP Rs 1950

Core performance in line; margins improve QoQ

Prudently deploys one-off gains to boost floating provisions

Adj. PAT in line; CD ratio, liquidity coverage ratio improves

Over FY24-26, est. BK to deliver 13.5%/18% CAGR in loans/deposits

ICICI Sec

Upgrade to BUY from ADD 

TP unchanged at Rs1850

Reported & adjusted ROA strong

Estimate gradual re-rating on sustained deposit growth

Sharp reduction in borrowings, down 10%QOQ

3-4bps QOQ rise in NIM

Uptick in LCR: 115% vs 110%QOQ

Strong reported ROA (1.96%) and adjusted ROA (1.88%)

Bank has broadly utilized bulky treasury gains & tax write-backs towards floating provisions & staff ex-gratia

Est ~18% CAGR in deposits, implying ~15% incremental mkt share

Cut loan growth (FY25-26E) estimate to ~13%

LDR improving to 100%/96% by FY25/FY26

Cut EPS est by 5% for both, FY25/26E, mainly due to cut in growth estimate

Est bank to deliver healthy ROA of ~1.7% for FY25/26 with 14%-15% ROE

Wipro Review

JPM

Neutral, TP Rs 480

4Q mixed with in line rev, margin beat but soft guide.

New CEO underscored 5 focus areas that suggests focus will be on execution over strategic overhaul

Margin performance was solid with 40bps expansion in 4Q led by operational efficiencies

Nomura

Reduce, TP Rs 410

No big bang changes under new CEO

1Q FY25F guidance reflects discretionary weakness

4Q FY24 results largely in-line with est.

Discretionary demand remains weak, Capco having some revival, 1QFY25 guidance is weak

HSBC

Reduce, TP Rs 385

4Q another muted quarter & guidance for 1Q FY25 is sluggish as Co continues to lose market share

Elevation of internal veteran to CEO looks positive but growth acceleration doesn’t look imminent and cost-cutting continues

MS

UW, TP cut to Rs 421

4Q24 revenues were in line with MSe, but the 1Q outlook was weaker.

Although commentary suggests stabilization in the BFSI vertical, there is limited clarity on pace of recovery

UBS 

Sell, TP Rs 430

Management optimism in last quarter around revival in consulting on basis of Capco order book did translate into soft growth but not enough to drive overall revenue growth

Further, a weak Q1FY25 guidance indicates revival still some time away

MS on UltraTech Cement

Overweight Call, Target Rs 11,600

Co Announced Plans To Buy A 1.1 mt Grinding Unit From India Cement For Rs315 Cr

Grinding Unit Is Located In Parli, Maharashtra & Also Includes A Captive Railway Siding

Co Also Has Plans To Expand Brownfield Development Of 1.8 mt At Dhule, Maharashtra

Cumulatively, The Expansion Cost Is Around Rs500 Cr, To Be Funded By Internal Accruals

Believe These Announcements Will Further Strengthen Co’s Presence In Maharashtra

UBS on Voltas

Upgrade To Buy

Target Raised To Rs 1,800 From 885

Believe Co Will Surprise On Market Share In Room Air Conditioner Segment

Believe Co Will Surprise On Market Share, Reaching 23% In FY26 Vs 19.5% For Consensus

Voltbek JV Should Also Continue To Gain Market Share

Voltbek JV Should Boost Profitability By Breaking Even In FY26

Expect Incremental Rev Of Rs 10,000 Cr, 60% Of FY27 Rev In Consumer Electronics By FY27

Lift FY24-26 EPS 4-31% & Expect 20%/28% Revenue/EBITDA CAGR Over FY23-26

Nomura on GSPL

Downgrade to reduce, TP cut to Rs 320

PNGRB sharply cut GSPL’s High Pressure transmission tariff by 47% to INR0.7/scm.

Authorized tariffs much below Street’s est.

Sharply cut FY25-26F EBITDA by 37%/42% & EPS by 34%/40%

Kotak Inst Eqt on GSPL

Downgrade to reduce, TP Rs 330

PNGRB cuts co’s HP network by sharp 47% to Rs18.1/mmbtu 

Approved tariff is 64% lower vs Rs51/mmbtu tariff sought by GSPL

Expect GSPL to challenge this order

47% tariff cut reduces FY2025/26E earnings by 28%/37%

Ujjivan Small Finance Bank Ltd (Transferee Company)

Symbol : UJJIVANSFB

Stock Price : 52.95

Ujjivan Financial Services Ltd (Transferor Company)

Symbol : UJJIVAN 

Stock Price : 552.40

Last date of trading of Ujjivan Financial Services Ltd : 02-May-2024

Record Date: 03-May-2024

Ratio: 116:10 (For every 10 shares held in Ujjivan Financial Services, 116 shares of Ujjivan Small Finance Bank will be given).

Hang Seng Update:

The Hang Seng rallied with a 2.4% gain in the morning session. 

Tech Index is up 2.8% as Tencent’s shares are up over 5% after announcing the launch day of the DNF mobile game.

Issue Open - 22-Apr-24 (Today)

Issue Close - 06-May-24

Right issue Size: Rs. 400 Crs (10 Crs Shares)

Stock Price – 44.48/-

Right issue Price: Rs. 40/-

Payment Terms: Rs. 40/- (Full amount of Rs.40 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 20 Rights Equity Share for every 39 shares held (Effectively 0.51 for every 1 share held).

Last Trade date (Cum Right): 02 April 2024

Ex-Right Trading date: 03 April 2024

Record Date: 03 April 2024

Right Entitlement (RE) Trading Period:- 22-April-2024 to 30-April-2024

Last day of Renunciation of Rights Entitlements: 30-April-2024

Date of Allotment (on or about): 10-May-2024

Date of listing (on or about): 20-May-2024

The Anup Engineering Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 3341.05

Ex Bonus 23 April 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Dividend Dates:-

Ex-Dividend 23 April 2024 (Tomorrow)

Last date for Cum-Dividend Today

Aster Dm Healthcare Ltd

Special Dividend Per Share Rs.118

Previous day Closing Price – Rs. 520.8

Fortis Malar Hospitals Limited

Dividend Per Share Rs.40

Previous day Closing Price – Rs. 98.13

Vuenow Infratech Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 15.56

Vinod Nair, Head of Research, Geojit Financial Services:

“Indian markets staged a recovery as the week drew to a close, fuelled by strong performances in large cap amid global uncertainties. Optimism prevailed with hopes of limited prospects of escalation in Iran-Israel tensions. However, the domestic market failed to offset the losses sustained throughout the week. Globally, caution persisted as the situation in the Middle East remains fragile. Further, the potential delay of a US rate cut due to higher-than-expected inflation, robust retail sales, and elevated oil prices invoked subdued sentiments. This was evident through notable upticks in the dollar index, US bond yields, and the price of yellow metal. Sectors like banking and IT witnessed profit booking. Mid- and small-cap stocks also corrected, highlighting concerns over premium valuations. Muted Q4 earnings expectations and weak IT results could extend the consolidation. FIIs continued to remain risk-averse, a trend seen since last week. Large caps could offer solace for investors, given earnings stability. GDP, PMI, and jobless claims data from the US next week will provide further insights into the Fed’s policy. Additionally, Indian PMI data and Q4 results are anticipated to shape market trends in the coming week.”

Oil & Gas - Swarnendu Bhushan, Co. Head of Research, Prabhudas Lilladher Pvt. Ltd:

Sector Update – GRMs: A nine day wonder!

Quick Pointers:

§ In the US, consumption of petrol and diesel has declined by CAGR of 1.3% and 0.3% respectively during CY17-22, primarily due to fuel efficiency norms. Europe, on the other hand, has seen marginal but meagre rise of 0.5% in petrol consumption and decline of 0.9% in consumption of diesel.

§ Global consumption of petrol has seen no growth while diesel has witnessed a growth of 0.7% during the same period.

Petrol and diesel form more than half of global oil consumption and account for most of the profitability of a refinery as the only other product that commands a positive crack spread is kero/ATF. Our analysis suggests that regions like India and Africa which account for barely ~10% of global petrol/diesel consumption are the last citadels of high growth. In light of this, we expect global petrol/diesel demand to taper off soon. This would widen glut in refining capacity amidst large capacity additions in China (1.5mnbopd), India (1mnbopd) and Middle East (0.9mnbopd). Reiterate our negative call on Oil Marketing Companies. Maintain Reduce on HPCL with a TP of Rs400 based on 1x FY26 PBV. Maintain SELL on IOCL and BPCL with a TP of Rs144 and Rs504 based on 1x/1.3x FY26 PBV, respectively. Maintain SELL on MRPL with a TP of Rs142 based on 6x FY26 EV/EBITDA.

HDFC Bank, Sterlite Technologies, Hero MotoCorp, UltraTech Cement, India Cements, JSW Energy, Oberoi Realty, Aditya Birla Fashion, Sterling & Wilson, Honasa Consumer, IREDA, Bhansali Engineering, Chemtech Industrial, Lupin, Biocon, KPIT Technologies, Rathi Steel are expected to see action today.

The ​BSE Sensex​ gained 370.01 points or 0.51% to 73,458.34 and the ​NSE Nifty​ rose 126.35 pts or 0.57% to 22,273.35.

Well regulated capital market helps in creating virtuous cycle for the positive economic activities, said PK Rustagi, Chair, Corporate Affairs Committee, PHDCCI at Seminar on SEBI Regulations organised by industry body PHDCCI

Emkay Global on RBI MPC Minutes:

Focus on maintaining market stability

Emkay Global

The April MPC meeting minutes reflect RBI’s comfort on favourable domestic dynamics, while concerns remained around the possibility of food price spikes. The MPC also seems to be focused on maintaining stability in markets, in contrast to repricing seen in DMs, with anchoring inflation expectations a key factor for keeping rates on hold. Better growth dynamics also provide more room to focus on inflation. Thus, with comfortable domestic conditions, global dynamics will play a major role in the RBI’s reaction function. We maintain that the RBI will not precede the Fed in any policy reversal in CY24, but policy management will have to stay vigilant

Emkay Global on Gujarat State Petronet:

Steep tariff-cut weakens overall outlook; downgrade to REDUCE

We downgrade GSPL to REDUCE from Buy, as the long-awaited HP grid tariff revision came as a major negative surprise. Regulated tariff was set 47% lower from Rs34/mmbtu, at Rs18.1/mmbtu (GCV, wef 1-May), and was a far call from the Rs50.8 sought by GSPL. The effective cut vs FY19 blended book rate is hence ~37% (assuming ~20% LP vol. share) vs our built-in ~20%. PNGRB’s assumptions deviated on future capex, volume divisor & opex vs GSPL’s, while the prospective impact was Rs11/mmbtu vs earlier rate. FY25/26E standalone earnings hence get cut 16%/21% and the DCF-SOTP based TP clipped by Rs45/sh (11%), to Rs370/sh (with rollover to Mar-26). Mgmt said it is studying the ‘order’, though given inordinate delays and the tariff model’s long-term nature, the outlook has turned weak despite tailwinds like lower LNG prices.

Tushar Chaudhuri, Research Analyst, Prabhudas Lilladher

Ultratech Cement (UTCEM) acquires 1.1mtpa GU from India Cements and announces expansion too:

UTCEM today announced acquisition of 1.1mtpa grinding unit at Parli, Beed district in Maharashtra (65km from Latur) from India Cements for Rs3.15bn which works out at EV of USD35/t. The plant has captive railway siding and enough land as

UTCEM has approved brownfield expansion of 1.2mtpa in same premises at Parli with capex of Rs1.7bn post acquisition. Another 1.8mtpa at Dhule is planned with capex of Rs3.4bn. Both the expansions are expected to be completed by FY26E.

Post this exit, India Cements will have ~13mtpa capacity in Southern region and 1.8mtpa IU at Rajasthan. Banswara unit has 1.2mtpa clinker and supporting 1.8mtpa limestone mine too.

In separate news, UTCEM also received approval for its proposed scheme of amalgamation of Ultratech Nathdwara & its subsidiaries (all wholly owned subsidiaries of UTCEM) with itself from NCLT Kolkata w.e.f. 1st April 2023. Mumbai bench approval was granted last month. The rationale behind this was simplification of structure, synergy gains and full integration of Nathdwara unit. Maintain Buy on UTCEM with TP of Rs11,332.

Jio Financial, Wipro, Hindustan Zinc, HDFC AMC, ICICI Securities, Network18 Media, Tv18 Broadcast and Reliance Industrial Infrastructure web links:

Jio Financial Services 3QFY24 Earnings

Financial Results

Presentation

Wipro 3QFY24 Earnings

Financial Results

Press Release

Presentation

Hindustan Zinc 3QFY24 Earnings

Financial Results

Presentation

HDFC AMC 3QFY24 Earnings

Financial Results

Presentation

ICICI Securities 3QFY24 Earnings

Financial Results

Presentation

Network18 Media & Investments 3QFY24 Earnings

Financial Results

Press Release

Tv18 Broadcast 3QFY24 Earnings

Financial Results

Press Release

Reliance Industrial Infrastructure 3QFY24 Earnings

Financial Results

Nirmal Bang Retail Research on Wipro:

Revenues CC QoQ came at -0.3% vs expectation of -0.4%, QoQ -1.7%, YoY -0.6%

Result is in line of expectation

Dollar revenue came at $ 2657.4 Mn,(0% QoQ, -5.9% YoY) vs expectation of $ 2656.3 Mn, QoQ $ 2656.1 Mn, YoY $ 2823 Mn

Net sales came at Rs. 22208.3 Cr (0% QoQ, -4.2% YoY) vs expectation of Rs. 22107.9 Cr, QoQ Rs. 22205.1 Cr, YoY Rs. 23190.3 Cr

EBIT came at Rs. 3550.1 Cr (8.9% QoQ, -3% YoY) vs expectation of Rs. 3409.5 Cr, QoQ Rs. 3260.3 Cr, YoY Rs. 3658.7 Cr

EBIT Margin came at 16% vs expectation of 15.4%, QoQ 14.7%, YoY 15.8%

Adj. PAT came at Rs. 2858.2 Cr vs expectation of Rs. 2818 Cr, QoQ Rs. 2694.2 Cr, YoY Rs. 3074.5 Cr

Quarter EPS is Rs. 5.4

Stock is trading at P/E of 19.6x FY25E EPS

Nirmal Bang Retail Research on Hindustan Zinc Ltd’s quarterly results

The result is broadly in line with expectations

Revenue from Operations came at Rs. 7549 Cr (3.3% QoQ, -11.3% YoY) vs expectation of Rs. 7350 Cr, QoQ Rs. 7310 Cr, YoY Rs. 8509 Cr

EBIDTA came at Rs. 3649 Cr (3.6% QoQ, -14.2% YoY) vs expectation of Rs. 3631.9 Cr, QoQ Rs. 3521 Cr, YoY Rs. 4255 Cr

EBITDA Margin came at 48.3% vs expectation of 49.4%, QoQ 48.2%, YoY 50%

Adj. PAT came at Rs. 2038 Cr vs expectation of Rs. 2040.9 Cr, QoQ Rs. 2028 Cr, YoY Rs. 2583 Cr

Quarter EPS is Rs. 4.8

Stock is trading at P/E of 17.6x FY25E EPS

Today is the last date to subscribe to Vodafone Idea’s further public offer. The mega ₹18,000-crore FPO has so far been subscribed by 0.49 times. The FPO price band has been set at ₹10-11.

HDFC Bank on Saturday reported a 37.1% year-on-year (YoY) increase in its standalone profit at Rs 16,512 crore in the March quarter.Its net interest income (NII) during the quarter grew 24.5% to Rs 29,077 crore.HDFC Bank also declared a dividend of Rs 19.5 per share for FY24.

Important links: 

Financial Results

Press Release

Key Parameters

Presentation

Monarch Networth Capital on Landmark Cars:

Landmark Cars drives forward its position in Hyderabad with M&M dealership 

Landmark Cars has signed a Letter of Intent with Mahindra & Mahindra for opening three showrooms and four workshops in Hyderabad

This strategic initiative underscores Landmark’s commitment to solidifying its presence in the vibrant Hyderabad market. Mahindra & Mahindra will be the third dealership for Landmark Cars in Hyderabad, after Mercedes-Benz and Kia.

In the past 6-12 months, the company has partnered with six MG dealerships, opened a workshop with Mercedes-Benz in Hyderabad, and established its presence in the electric vehicle market with a fourth BYD showroom in South Mumbai. These developments seem to position the company well for growth and success in the future.

View

With a robust pipeline for both organic and inorganic expansion, the company is poised for further growth. In FY25, operations are slated to commence in key locations including Hyderabad for KIA, Mumbai for MG, South Mumbai for BYD, and both Hyderabad and Mumbai’s Ghatkopar for Mercedes-Benz service centres.

Furthermore, the homologation certificate from ARAI for the BYD Atto-3 and the initiation of BYD new Seal deliveries in April underscore the company’s commitment to innovation and market penetration, setting a promising foundation for future success.

We believe Landmark Cars is an excellent proxy play for the growing premiumization trend in the Indian passenger vehicle (PV) market. This recent inclusion aligns seamlessly with the company’s strategy to expand its footprint. 

We currently hold a BUY call on the stock with a TP of Rs.900. and we will reassess this post-Q4FY24 results.

CHINA 5 Year Loan Prime Rate (Expected: 3.95% versus Previous: 3.95%)

EURO ECB President Lagarde Speaks

Verizon Communications Inc. (Pre market) (Sector - Technology) 

Truist Financial Corporation (Pre market) (Sector - Financials) 

Joint Stock Company (Pre market) (Sector - Technology) 

Albertsons Companies, Inc. (Pre market) (Sector - FMCG) 

SAP SE (Post market) (Sector - Technology) 

Cadence Design Systems, Inc. (Post market) (Sector - Technology) 

Nucor Corporation (Post market) (Sector - Metals) 

AMERIPRISE FINANCIAL SERVICES, LLC (Post market) (Sector - Financials) 

Brown & Brown, Inc. (Post market) (Sector - Financials) 

Alexandria Real Estate Equities, Inc. (Post market) (Sector - Infrastructure) 

Packaging Corporation of America (Post market) (Sector - FMCG) 

Medpace Holdings, Inc. (Post market) (Sector - Healthcare) 

Equity Lifestyle Properties, Inc. (Post market) (Sector - Infrastructure) 

Cleveland-Cliffs Inc. (Post market) (Sector - Metals)

The outlook is bullish for Raymond. Its share price can rise to ₹2,150. Watch the video here.

Securities in F&O Ban For Trade Date 22-April-2024 

* BALRAMPUR

* BANDHANBK

* BIOCON

* EXIDE

* IDEA 

* METROPOLIS 

* PEL

* SAIL 

* ZEEL