Share Market Highlights 24 April 2024: Sensex gains 114 pts, Nifty settles above 22,400

Equity benchmark indices Sensex and Nifty ticked higher for the fourth straight session on Wednesday, helped by buying in metal and commodity stocks amid a positive trend in global equities.

However, intense selling pressure on telecom, IT and tech counters capped the upside, traders said.

The 30-share BSE Sensex climbed 114.49 points or 0.16 per cent to settle at 73,852.94. During the day, it jumped 383.16 points or 0.51 per cent to 74,121.61.

The NSE Nifty advanced 34.40 points or 0.15 per cent to 22,402.40.

RBI has barred private lender Kotak Mahindra Bank from taking on new customers through its online and mobile banking channels and issuing fresh credit cards, it said on Wednesday. - Reuters

Tata Consultancy Services has entered into a partnership with Amazon Web Services (AWS) to accelerate its customers’ cloud transformation. This agreement with AWS will enable TCS to facilitate full-stack digital transformation by leveraging data and generative artificial intelligence (AI) solutions on AWS.

The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 83.30 against the US dollar on Wednesday, as the support from positive domestic equities was negated by rising American currency.

Forex traders said elevated crude oil prices and significant foreign fund outflows in the international market dented investors’ sentiments.

Vedanta Ltd has received an order from Office of Regional Controller of Mines, Bengaluru, of temporary suspension of mining operations under Rule 11(2) of Mineral Conservation and Development Rules, 2017 in respect of the A. Narrain Iron Ore Mine (ML No. 2677) over an extent 160.59Ha, located in Maghalahalli & Other villages, Chitradurga & Holakere Taluk, Chitradurga District, Karnataka State. 

Vedanta stock closed at ₹383.50 on the NSE, up 1.71%.

Prism Johnson has received an order from the Office of the Superintendent of Central Goods & Service Tax & Central Excise, Chennai, inter-alia, levying a penalty of ₹2,55,235 under Section 73 of the Central Goods and Service Tax Act, 2017, for availing excess input tax credit for the year 2018-19. The company intends to file an appeal against the aforesaid order.

Stock trades at ₹167.15 on the NSE, up 1.43%.

Major gainers:

Cipla (3.78%), Hindalco (3.66%), JSW Steel (3.41%), Tata Steel (2.58%), Power Grid (1.87%)

Major losers:

Tata Consumers (-5.38%), Grasim (-1.47%), Tech Mahindra (-1.21%), TCS (-1.11%), HDFC Life (-1.04%)

Stocks advanced on BSE at 3 pm on April 24, 2024, were 2,250 against 1,522 stocks that declined; 133 stocks remain unchanged. Total stocks traded were 3,905. The number of stocks that recorded a 52-week high was 258, and those that hit a 52-week low was 10. 

In addition, 356 stocks traded in upper circuit, while 159 hit the lower circuit.

The country’s drugs and pharmaceuticals exports increased 9.67% y-o-y to $27.9 billion in 2023-24, even as the total exports dipped by 3% in the last fiscal.

According to the commerce ministry data, pharma exports in March grew by 12.73% to $2.8 billion. In 2022-23, the exports stood at $25.4 billion. 

DCB Bank stock rises 2.26% on the NSE, trading at ₹126.70 after its Q4 financial results. The board recommended final dividend of ₹1.25 per equity share. The bank’s net profit for the quarter ended March 2024 stood at ₹155.68 crore as against ₹142.21 crore in the corresponding quarter last year.

Equitas Small Finance stock declines 2.69% on the NSE, trading at ₹97.85 after Q4 financial results. The board has also recommended a dividend of ₹1 per equity share.

Nippon Life India Asset Management (NAM-India) has recommended a final dividend of ₹11 per Equity Share of ₹10 each for the financial year ended March 31, 2024.

The board has approved the appointment of Rajesh Jayaram as Head Product with effect from May 1, 2024.

NAM-India stock surges 5.45% on the NSE, trading at ₹593.30.

Evexia Lifecare board has approved acquisition/purchase of 80% stake in Revin Labs Private Limited for consideration of ₹44.80 crore.

KRDCL- RVNL JV emerged as the lowest bidder (L1) from Southern Railway for redevelopment of Thiruvananthapuram Central Railway Station on engineering, procurement and construction (EPC) mode.

RVNL stock rises 2.63% on the NSE, trading at ₹284.65.

Suprajit Engineering Ltd said the manufacturing facility of Shanghai Lone Star Cable Co. Ltd is now fully operational after relocation. The new plant was inaugurated by Fang Wei, the Mayor of Qingcun Town, Fengxian; K. Ajith Kumar Rai, Founder & Chairman; and James Ryan, President -Global Operations, Suprajit Group.

The Suprajit Engineering stock trades at ₹422.55 on the NSE, up 0.50%.

Axis Bank is seen posting a net profit of over ₹5,500-6,000 crore in Q4 FY24 as against a net loss of ₹5,728 crore in the year ago period due to the one-time hit of ₹12,490 crore from the acquisition of Citibank’s consumer business. However, sequentially, the growth in profit could be muted at around 3 per cent due to a high base and lower treasury income. Read more

The Government allows sugar mills to make ethanol with B-heavy molasses lying with them. OMCs to re-allocate ethanol quota in 2-3 days. Decision will not have any impact on sugar availability as no fresh B-heavy molasses will be allowed for ethanol and the stocks already with mills until March 31 are to be converted, sources said. The government hopes to generate about 60 crore litres of additional ethanol, which is crucial given that 12 per cent ethanol blending has been achieved as against the target for 15 per cent for the whole year.

The board of ASK Automotive has approved a joint venture with Aisin Asia (Thailand) Company Ltd and AISIN Automotive Haryana Private Ltd, for marketing and selling of the independent after market parts for passenger cars, through a joint venture company, which will be incorporated after execution of a Joint Venture Agreement. 

The company will own 51% of the shareholding in the JV company, and will infuse up to ₹10,71,00,000 (in total), out of which ₹51,00,000 would be infused at the time of incorporation of the JV Co.

ASK Automotive stock trades at ₹318.25 on the NSE, up 0.06%.

JNK has emerged as a key player in Heating Equipment segment and is now well-positioned to capture industry tailwinds through its demonstrated capabilities. This along with diversification into waste gas handling and entry into green hydrogen is providing company a strong competitive edge. The stock is reasonably priced at 37.5x 9MFY24 P/E (on an annualized & diluted basis) in comparison to its peers in the capital goods space. We like JNK given its established track record, large clientele and diversified geographical and product presence. Hence, we recommend Subscribe for Long Term.

Major gainers: JSW Steel (2.63%), Cipla (2.52%), Hindalco (2.47%), Tata Steel (2.23%), Power Grid (1.45%)

Major losers: Tata Consumers (-4.33%), Infosys (-0.56%), HDFC Life (-0.46%), Hindustan Unilever (-0.43%), TCS (-0.37%)

A total of 2,404 stocks advanced on BSE at 12 noon on April 24, 2024, against 1,202 stocks that declined; 159 stocks remained unchanged. Total stocks traded were 3,765. The number of stocks that recorded a 52-week high was 232, and those that hit a 52-week low was 7. 

In addition, 313 stocks traded in the upper circuit, while 150 hit the lower circuit.

Nifty metal is up 2.01% at 9,078.95. Nifty IT, PSU Bank and FMCG decline. Major gainers among Nifty metal stocks: SAIL (4.40%), NMDC (2.96%), Jindal Steel (2.87%), JSW Steel (2.40%)

Spandana Sphoorty Financial has approved issuance of 5,000 redeemable NCDs having face value of ₹1 lakh each at premium of ₹284 per debenture aggregating up to ₹50.14 crore.

Stock trades at ₹906.75 on the NSE, higher by 2.98%.

Bank Nifty index is managing to hold above the psychological 48,000 mark. It is currently at 48,216, up 0.5 per cent for the day. The advance-decline ratio is at 8:3. This is positive. Read more

Major gainers: Aegis Logistics (10.28%), Orient Cement (9.90%), Data Patterns (8.60%), Tanla (7.39%), MOIL (7.32%)

Major losers: Vodafone Idea (-7.64%), MCX (-6.22%), Tata Consumer (-5.05%), Sparc (-5%), Aster DM (-3.98%)

Paisalo Digital Board has approved issuance of secured listed redeemable NCDs aggregating upto ₹30 crore.

Stock trades at ₹77.40 on the NSE, down by 0.39%.

Ceeta Industries has closed its term loan of ₹9.25 crore with Canara Bank by pre-payment of outstanding amount of ₹6.55 crore.

Ceeta stock trades at ₹41.90 on the BSE, up 2.57%.

Birla Corporation Ltd has received an order passed by the Senior Joint Commissioner, State Tax, West Bengal, for recovery of tax, including interest and penalty for the period 2018-19. 

Stock trades at ₹1,481.65 on the NSE, up 0.71%.

Nifty 50 continues to move up gradually with less momentum. The index is currently trading at 22,444.50, up 0.34 per cent. The advances/declines ratio is at 42:8. This is positive and it indicates that more rise is possible during the day.

Read more here.

HIL Ltd has acquired the entire share capital of Crestia Polytech Pvt Ltd at an all-cash consideration of ₹158.44 crore.

HIL stock trades at ₹2,675.90 on the BSE, down by 0.87%.

Mahindra Logistics’ consolidated revenue grew 4% QoQ to Rs14.5bn (PLe: Rs14.2bn), driven by sequential improvement in standalone 3PL (up 2% QoQ to Rs11.8bn), freight forwarding (up 15% to Rs0.6bn) and B2B express business (up 2% to Rs1bn). Consolidated EBITDA rose 8% QoQ to Rs566mn (PLe: Rs567mn). EBITDA margin expanded 20bps YoY to 3.9% (PLe: 4%) as lower employee expense was partly offset by higher other expenses while consolidated PBT/PAT continued in the negative territory (loss of Rs92mn/Rs119mn), but showed sequential improvement (Q3 loss of Rs134mn/164mn). The stock is currently trading at 37.2x FY26E earnings. We maintain Accumulate rating with a TP of Rs500 based on 41x FY26E P/E multiple

Bharti Airtel Ltd has clarified that it is not in discussions with Vodafone Group to acquire stake in Indus Towers Ltd. The company has no desire to raise its stake beyond what is required for financial consolidation of Indus in the company.

The Bharti Airtel stock trades at ₹1,351.40 on the NSE, up 0.67%.

The USFDA inspection at Zydus Lifesciences’ injectable manufacturing site near Vadodara has closed with 10 observations. The company will work with the USFDA to address and respond to the observations.

Zydus Lifesciences stock declines 1.51% on the NSE, trading at ₹945.

S H Kelkar and Company has said a major fire incident occurred at its Vashivali facility, in Maharashtra, on the evening of April 23, 2024. The company is currently assessing the extent of equipment and business loss resulting from this incident.

SHK stock declines 3.02% on the NSE, trading at ₹216.95.

Organic Recycling System Ltd (ORS) and High Grade Farms, Inc. (HGF) have entered into a memorandum of understanding for sustainable wastewater management. Organic Recycling Systems stock trades at ₹231.60 on the BSE, up 0.65%.

Bajaj Electricals has received an order from the Office of the Superintendent, Jaipur, involving an alleged penalty of ₹0.80 lakh for the financial year 2018-19, on the grounds of alleged inadmissible availment of the input tax credit. After evaluating the case and considering the low quantum of demand, the company has decided to pay the above penalty and has elected to close the case. 

Stock trades at 948.95 on the NSE, up 0.45%.

Major gainers: Cipla (1.51%), Hero Motocorp (1.13%), Tata Steel (1.05%), JSW Steel (0.89%), Nestle India (0.83%)

Major losers: Tata Consumers (-4.74%), HDFC Life (-0.59%), IndusInd (-0.58%), Hindustan Unilever (-0.39%), Infosys (-0.24%)

* S&P Global Commodity Insights survey indicates 689,300 metric tons of sugar produced in the first half of April, 27% higher than the previous year.

* Around 200 mills are expected to operate in the first half of April.

* UNICA is expected to release production data on Thursday.

* Average estimate for sugarcane crush is 15.92 million metric tons, up 14.9% from last year.

* Total ethanol output from sugarcane and corn is expected to be 931.3 million liters, up 18.8% year-on-year.

Crude oil futures traded higher on Wednesday morning as the industry data showed decline in crude oil inventories in the US for the week ending April 19. At 9.22 am on Wednesday, June Brent oil futures were at $88.49, up by 0.08 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $83.46, up by 0.12 per cent. May crude oil futures were trading at ₹6954 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹6928, up by 0.38 per cent, and June futures were trading at ₹6911 against the previous close of ₹6864, up by 0.68 per cent.

Lupin Ltd has received the Establishment Inspection Report (EIR) from the USFDA for its Aurangabad manufacturing facility. The authority determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).

Welspun Corp Ltd has received a binding letter of award for export of line pipes from India. The contract, valued at ₹611 crore is for supply of LSAW Pipes, Coating and Bends in Latin America.

24th Apr Ex Date

BBL

Stock Split From Rs.10/- to Rs.5/-

HUHTAMAKI

Dividend - Rs. - 5.0000\u0009 \u0009 

Today’s Key Results/Board Meetings

24-Apr-24

5PAISA

General;Audited Results

ABHISHEK

General 

ANANTRAJ

Audited Results;Final Dividend 

ATFL

Audited Results 

AUBANK

Audited Results;Final Dividend 

AXISBANK

Audited Results; Final Dividend;General; Quarterly Results

CHENNPETRO\

Audited Results;Final Dividend 

CORALAB

General 

DALBHARAT

Audited Results; Final Dividend; General;Quarterly Results

DBOL

Audited Results;Final Dividend;General 

DCBBANK

Audited Results;Dividend;General 

EQUITASBNK

Audited Results;Final Dividend 

GARGI

Audited Results;Half Yearly Results 

HARSHDEEP

Audited Results

HINDUNILVR

Audited Results;Final Dividend

HITKITGLO

Increase in Authorised Capital;General 

INDHOTEL

Audited Results;Final Dividend 

LODHA

Audited Results;Final Dividend 

LTIM

Audited Results;Final Dividend 

MAHSCOOTER

Audited Results;Final Dividend 

MANGIND

General 

MASFIN

Audited Results;Final Dividend;General;Quarterly Results

NAM-INDIA

Audited Results;Final Dividend 

NITINFIRE

Audited Results 

OFSS

Audited Results;Dividend 

RAPIDIN

General;Rights Issue 

RLFL

General 

SATIN

General 

SPANDANA

General 

SPLPETRO

Audited Results;Final Dividend 

SUPRAPFSL

General 

SYNGENE

Audited Results;Final Dividend 

TIGERLOGS

General

FMCG bellwether, Hindustan Unilever is seen posting a fall in its net profit in the March quarter weighed down by the continued depressed demand environment, higher ad-spends and royalty payouts, and flat revenue growth driven mainly by price cuts and increase in grammage. Read more

Conditions are shaping up for an extension of the trend upshift that took India’s average real GDP growth above 8 per cent during 2021-24 even as there is greater confidence now that the descent of retail inflation to the 4 per cent target is imminent, according to an article in RBI’s latest monthly bulletin. Read more

The public issue of heating equipment maker JNK India Ltd was subscribed 0.49 times. The issue, at a price band of ₹395-415, received bids for 53.91 lakh shares against the offer size of 1.10 crore shares (Net off anchor portion). The minimum lot size is 36 shares. Read more

Buy Call, Target Raised To Rs 680

For Q4 VNB Of Rs 800 Cr, Down 27% YoY, Missed Estimate

Q4 VNB Missed Est Due To Fall In Margin To 21%

Fall In Margin Offset Healthy Prem Growth Of 10% On High Base

Higher Opex, Mortality Costs, Guaranteed Returns & Weaker Mix Dragged Margins

Expect Growth To Improve From FY25 As Investment In Channels Set In

Expect Growth To Improve From FY25 As Normalcy In ICICI Bank’s Contribution Set In

Expect Lower Sensitivity Of VNB, Mortality Costs & Opex

Citi on 360 One

Buy Call, Target Rs 850

Elevated Transactional Income Drive High Core PBT Beat In Q4

Q4 Active Fresh Flows Remain Strong

Absolute Rise In Expenses Sequentially, Likely, Captures Higher Revenue Linked Payouts

Absolute Rise In Expenses Sequentially, Likely, Captures Continued Invst In New Strategies

Mgmt Has Guided 25-30% Of Recurring Flows From New Strategies Over Medium-term

Mgmt Expects Lagged Productivity Benefits Stemming From Geography-Expansion

Mgmt Expects Lagged Productivity Benefits Stemming From Bandwidth Augmentation

Jefferies on 360 One

Buy Call, Target Raised To Rs 930

Co Reported Strong Q4 Earnings, Up 56% YoY

Strong Q4 Led By Sustained Momentum In Core ARR Revenues, Up 36% YoY

Strong Q4 Led By One-off Jump In TBR, Up 90% YoY

Wealth Business Remains In Fast Lane With 35% YoY Growth In Active ARR AUM

Costs Are Currently Elevated

AUM Scale-up By Newly Added Teams Should Bring Down C/I Ratio

AUM Scale-up By Newly Added Teams Should Drive PBT CAGR Of 20% Over FY24-27

MS on MCX

Underweight Call, Target Rs 2,085

Q4 PAT Missed Est And Consensus Sharply

Operating Revenue Was Also Lower Than Estimate

Await Details On The Call As To Breakdown For The Same

Costs Were Higher Vs Estimate As Well

An Important Point Of Focus On Call, Will Be Understanding Recurring Costs Better

MS on Tata Elxsi

Underweight Call, Target Rs 6,860

Q4 Was A Miss But Management Sounded Constructive On Revenue Growth In FY25

Good Commentary May Not Be Enough Given Burden Of Higher Expectations

Good Commentary May Not Be Enough Given Steep Valuations

EPS Cut Of -3.9% And -5.4% For FY25 And FY26

MS on Tata Cons

Overweight Call, Target Rs 1,305

Organic Top-line Growth Was Slightly Lower Than Est Due To Weaker India Beverages Growth

Co Delivered 16% EBITDA Margin, Highest In The Last 14 Quarters

EBITDA Margin Growth Aided By Strong Margin Expansion In Non-Branded

EBITDA Margin Growth Aided By International Segments

Growth Businesses (Ex-Nourishco) Performed Well During Q4

Share In India Branded Business Rose To 18% In FY24

Market Share Improved In Salt Business, While The Declining Trend In Tea Continued

CLSA on Tata Consumers

U-P, TP Rs 1288

Reported a 9% YoY consolidated increase in revenues (6% growth ex-acquisitions) vs expectation of 11% growth ex-acquisitions

Gross margin improved by c.400bps YoY while Ebitda margins improve by 190bps YoY to 16.1% 

Absolute Ebitda 3% higher

MS on Bharti Airtel

Equal-Weight Call, Target Rs 1,190

Co Simplifies International Roaming Plans

Co’s New International Roaming Plans Now Come With Additional Features

Co’s New IR Plans Now Come With A Simplified Plan Across All Countries

Co’s IR Plans Are In-line With Its Focus On Premiumisation Strategy

Citi on Airtel

Maintain Buy; Hike TP to Rs 1520 from Rs 1305

Hike FY26 ARPU est. by 3% and EBITDA by 1-2% for FY25/26 given improved visibility of tariff hikes

Increase valuations of India mobile, homes, and enterprise segments

Marking-to-market the value of Bharti’s stakes in Indus Towers and Airtel Africa

Citi on Nestle India

Buy Call, Target Rs 2,900

Co’s Long-Term Outlook Remains Intact

Expect Co To Be A Key Beneficiary Of The Medium To Long-term Growth Opportunity

Expect Co To Be A Key Beneficiary Due To Its Strong/Dominant Brands

Co Has A Proven Execution Track Record

Mgmt’s Focus Is On Distribution Expansion/Sharper Sales & Marketing Initiatives

Co’s Is Entering Into New Categories (Breakfast Cereals, Pet Care, Health Sciences Et Al)

UBS on GSPL

Downgrade To Sell, Target Cut To Rs 280

Tariff Order Was A Negative Surprise

Cut FY25/FY26 Standalone Earnings 28%/23%

Co’s Long-term Fundamentals Remain Solid

Strong Fundamentals As Co Will Be The Only Network Connected With All Five LNG Terminals In Guj

Tata Consumer Products (Consolidated, YoY)

Revenue up 8.51% at Rs 3,927 crore vs Rs 3,619 crore (Bloomberg estimate: Rs 4,003 crore). 

Ebitda up 23.04% at Rs 630 crore vs Rs 512 crore (Bloomberg estimate: Rs 614 crore). 

Margin up 189 bps at 16.03% vs 14.13% (Bloomberg estimate: 15.30%). 

Net profit down 22.53% at Rs 268 crore vs Rs 346 crore (Bloomberg estimate: Rs 343 crore). 

Board recommends dividend of Rs 7.75 per share. 

Exceptional loss of Rs 216 crore. 

ICICI Prudential (Consolidated, YoY)

Net premium income up 17.09% at Rs 14,788 crore vs Rs 12,629 crore. 

VNB Margin 21.46% vs 31.97%. 

VNB down 26.45% Rs 776 crore vs 1,055 crores. 

APE up 9.6% Rs 3,616 crore vs 3,299 crores. 

Net profit down 25.95% at Rs 174 crore vs Rs 235 crore (Bloomberg estimate: Rs 231 crore).

Board approved the final dividend of Rs 0.6 per share. 

Tata Elxsi (Consolidated, QoQ)

Revenue down 0.91% at Rs 906 crore vs Rs 914 crore (Bloomberg estimate: Rs 940 crore). 

EBIT down 4.49% at Rs 234 crore vs Rs 245 crore (Bloomberg estimate: Rs 279 crore).

Margin down 96 bps at 25.79% vs 26.76% (Bloomberg estimate Rs 29.7%). 

Net profit down 4.6% at Rs 197 crore vs Rs 206 crore (Bloomberg estimate: Rs 207 crore). 

Board declared dividend of Rs 70 per share. 

MCX (Consolidated, YoY)

Total income up 29.22% at Rs 199 crore vs Rs 154 crore.

Net profit up 1,512.29% at Rs 87.87 crore vs Rs 5.45 crore. 

360 ONE WAM (Consolidated, YoY) 

Total income up 97.92% at Rs 1,051 crore vs Rs 531 crore (Bloomberg estimate: Rs 477 crore). 

Net profit up 56.77% at Rs 243 crore vs Rs 155 crore (Bloomberg estimate: Rs 191 crore).

The board approved the interim dividend of 3.5 per share for financial year 2024‐25. 

Cyient DLM (Consolidated, YoY)

Revenue up 30.42% at Rs 362 crore vs Rs 277 crore (Bloomberg estimate: 361 crore). 

Ebitda up 18.96% at Rs 38.01 crore vs Rs 31.95 crore (Bloomberg estimate: Rs 37.2 crore).

Margin down 101 bps at 10.5% vs 11.51% (Bloomberg estimate: Rs 10.3%). 

Net profit up 71.7% at Rs 7.95 crore vs Rs 4.63 crore (Bloomberg estimate: Rs 23.85 crore). 

Huhtamaki (Consolidated, YoY) 

Revenue down 7.79% at Rs 610 crore vs Rs 661.5 crore (Bloomberg estimate: Rs 643.5 crore).

Ebitda down 19.33% at Rs 41.29 crore vs Rs 51.19 crore (Bloomberg estimate: Rs 37.2 crore). 

Margin down 96 bps at 6.76% vs 7.73% (Bloomberg estimate: 9.7%). 

Net profit down 26.73% at Rs 26 crore vs Rs 35.49 crore (Bloomberg estimate: Rs 39.2 crore). 

Earnings in Focus

Axis Bank Ltd., Hindustan Unilever Ltd., LTIMindtree Ltd., Dalmia Bharat Ltd., Macrotech Developers Ltd., The Indian Hotels Co., AU Small Finance Bank Ltd., Oracle Financial Services Software Ltd., Equitas Small Finance Bank Ltd., Syngene International Ltd., DCB Bank Ltd., Nippon Life India Asset Management Ltd., Supreme Petrochem Ltd., Chennai Petroleum Corp. and Anant Raj Ltd.

Stocks to Watch 

Mahindra and Mahindra Financial Services: The company approved raising the borrowing limit to Rs 1.3 lakh crore from 1.1 lakh crore by way of the issue of NCDs or any other securities or instrument in one or more tranches, subject to the approval of the shareholders of the company.

* NHPC:* The company signed a supplementary joint venture agreement with JV Partners of the National High Power Test Laboratory, i.e., NTPC, Powergrid, DVC, CPRI, and NHPTL, for the sale of a partial stake in NHPTL for a consideration of Rs 1.31 crore.

* Puravankara:* The company received bids to redevelop a residential project in Mumbai, Project GDV, estimated at Rs 2,000 crore.

* Ambuja Cement:* The company completed the acquisition of a 1.5 MTPA grinding unit in Tamil Nadu.

* Rama Steel Tubes:* The board approved the raising of funds up to Rs 500 crore by way of a further public offer.

* Shakti Pumps:* The company further invested Rs 5.08 crore in its wholly-owned subsidiary, Shakti

EV Mobility. The consolidated investment is Rs 32 crore.

* Dr Reddy’s Laboratories:* The company issued a voluntary recall of six lots of sapropterin dihydrochloride powder due to decreased potency.

* Lupin:* The USFDA classified the company’s Aurangabad facility as voluntary action indicated on its inspection from March 6-15.

* Sudarshan Chemical Industries:* The company introduced a new product, “Sumica Gold 42631,” for domestic and international markets.

* Gokaldas Exports:* The company approved the issue price of Rs 775 per share, which is a discount of 1.9% on the floor price of Rs 789.99 per equity share.

* Century Plyboards:* The company completed the disposal and transfer of the entire stake in Singapore-based unit CSPL. Century Ply Laos and Century Huesoulin Plywood Lao, both subsidiaries of CSPL, will also cease to be step-down subsidiaries of the company from the said date.

* SBI Cards:* The company launched the retail credit card SBI Card MILES.

* SEAMEC:* The company entered into an MoU with Zamil Offshore Services Company for an extension of the charter hire of vessel “SEAMEC SWORDFISH” for a further period of 30 days, with effect from April 24, 2024.

Summit Securities: The company entered into an agreement with Kojak Knits to sell Instant’s entire shareholding in its wholly owned subsidiary, Sudarshan Electronics and TV for Rs 2.27 сгоге.

* UCO Bank:* The company’s board will meet on April 29 to consider fund-raising.

* Sakuma Exports:* The company successfully entered a significant contract worth Rs 150 crore for the supply of sugar to the Northeast, West Bengal, and Bihar regions.

IPO Offering

JNK India: The public issue was subscribed to 0.49 times on day 1. The bids were led by institutional investors (0.67 times), non-institutional investors (0.25 times), and retail investors (0.48 times).

Bulk Deal

Waaree Technologies: Camellia Tradex bought 59,150 shares (0.54%) at Rs 1804.1 apiece. 

Block Deal

Bandhan Bank: Marshall Wace Investment Strategies - Eureka Fund sold 1.21 crore shares (0.75%) at Rs 180.8 apiece, while Societe Generale bought 1.21 crore shares (0.75%) at Rs 180.8 apiece, while Societe Generale bought 1.21 crore shares (0.75%) at Rs 180.8 apiece. 

Bank of Baroda: Societe Generale bought 3.26 crore shares (0.63%) at Rs 261.3 apiece, while Marshall Wace Investment Strategies sold 3.26 crore shares (0.63%) at Rs 261.3 apiece.

Manappuram Finance: Societe Generale bought 73.58 lakh shares (0.86%) at Rs 191 apiece, while Marshall Wace Investment Strategies sold 73.58 lakh shares (0.86%) at Rs 191 apiece. 

Trading Tweaks

Moved into short-term ASM framework: Automotive Stampings and Assemblies, Bajel Projects, IRM Energy, VA Tech Wabag. 

Price Band change from 20% to 10%: Tejas Networks. 

Price Band change from 10% to 5%: Sterling and Wilson Renewable Energy.

Ex/record special dividend: Huhtamaki India. 

Ex/ record stock split: Bharat Bijlee.

F&O BAN

1\u0009HINDCOPPER

2\u0009IDEA

3\u0009ZEEL

24 April 2024 (Today)

Derivative Segment

* AU Small Finance Bank Ltd.

* Axis Bank Ltd.

* Dalmia Bharat Ltd.

* Hindustan Unilever Ltd.

* LTIMindtree Ltd.

* Oracle Fin Services Software 

* Syngene International Ltd.

* The Indian Hotels Company Ltd.

Cash Segment

* Equitas Small Finance Bank Ltd.

* Macrotech Developers Ltd.

* Maharashtra Scooters Ltd.

* MAS Financial Services Ltd.

* Nippon Life India AMC

* 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 And Payment Services

* SBI Life Insurance Company Ltd.

* Shriram Finance Ltd.

Cash Segment

* Aditya Birla Sun Life AMC 

* 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 Services 

* 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 

* 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.

* Shoppers Stop Ltd.

* UCO Bank

30 April 2024

Derivative Segment

* Cholamandalam Inv & Fin Co 

* Exide Industries Ltd.

* Havells India Ltd.

* Indian Oil Corporation Ltd.

* Indus Towers Ltd.

Cash Segment

* Adani Energy Solutions Ltd.

* Adani Total Gas Ltd.

* Castrol India Ltd.

* Dwarikesh Sugar Industries Ltd.

* Five-Star Business Finance Ltd.

* IRB InvIT Fund

* Nuvoco Vistas Corporation Ltd.

* P&G Hygiene & Health Care Ltd.

* Sona BLW Precision Forgings 

* Star Health & Allied Ins Co Ltd.

* Symphony Ltd.

01 May 2024

Derivative Segment

* Ambuja Cements Ltd.

Cash Segment

* Adani Power Ltd.

* Orient Cement Ltd.

* SIS Ltd.

02 May 2024

Derivative Segment

* Coal India Ltd.

* Coforge Ltd.

* Dabur India Ltd.

* The Federal Bank Ltd.

Cash Segment

* Ajanta Pharma Ltd.

* Blue Star Ltd.

* Ceat Ltd.

* CIE Automotive India Ltd.

* K.P.R. Mill Ltd.

* KEI Industries Ltd.

* Privi Speciality Chemicals Ltd.

* Procter & Gamble Health Ltd.

* Ugro Capital Ltd.

03 May 2024

Derivative Segment

* Titan Company Ltd.

Cash Segment

* Adani Green Energy Ltd.

* Aptus Value Housing Fin India 

* Carborundum Universal Ltd.

* Firstsource Solutions Ltd.

* HFCL Ltd.

* Mangalore Refinery & Petrochem

* Raymond Ltd.

04 May 2024

Derivative Segment

* Kotak Mahindra Bank Ltd.

Cash Segment

* Kansai Nerolac Paints Ltd.

06 May 2024

Derivative Segment

* Gujarat Gas Ltd.

* Lupin Ltd.

* Marico Ltd.

Cash Segment

* Grindwell Norton Ltd.

07 May 2024

Derivative Segment

* Dr. Reddy’s Laboratories Ltd.

* IDFC Ltd.

* Max Financial Services Ltd.

* Navin Fluorine Int Ltd.

* Pidilite Industries Ltd.

* United Breweries Ltd.

Cash Segment

* CreditAccess Grameen Ltd.

* 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.

* Westlife Foodworld Ltd

09 May 2024

Derivative Segment

* Asian Paints Ltd.

* Escorts Kubota Ltd.

Cash Segment

* Alembic Pharmaceuticals Ltd.

* Alkyl Amines Chemicals Ltd.

* Computer Age Mgmt Services 

* 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.

* Thermax 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.

15 May 2024

Derivative Segment

Nil

Cash Segment

* 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 Ltd.

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

“Overnight surge in US markets and subsequent gains in Asian equities are pointing towards a firm opening for both Sensex & Nifty. A fall in global crude oil prices towards $83 a barrel raises hopes of easing tensions in the Middle East. Investors are also hoping for easing of geopolitical tensions, and are also expecting for the continuation of the current regime in the general elections, which has helped markets reverse the falling trend over the past few sessions. This is despite FII selling and also uninspiring Q4 results from Reliance and frontline technology companies. The technical landscape suggests Nifty’s major support at 22200 mark, with interweek support at 22000 and then at 21710 mark.”

Ms. Riya Singh, Research Analyst – Currency and Commodities, Emkay Global Financial Services on markets.

Oil Prices Steady as Israel-Iran Tensions Ease, Gold Slides While Copper Declines

Oil prices experienced a minor setback followed by stabilization as global markets closely monitored the evolving dynamics between Israel and Iran, with signs indicating a reduction in hostilities. The focus remains on Israel’s objectives, including the elimination of what it perceives as the final bastion of Hamas in Gaza and the liberation of remaining hostages. These pursuits are expected to maintain heightened tensions in the region, influencing market sentiments.

Brent crude hovered above $87 per barrel, having slipped marginally by 0.3% on Monday, while WTI remained close to $82. Analysts anticipate crude oil prices to enter a phase of consolidation, potentially marking a period of stability in the near term.

Meanwhile, bullion metals experienced a notable decline, with gold leading the downward trend. Despite the current weakness, experts view this as a healthy correction rather than a reversal of the bullish trajectory. The future outlook for gold remains optimistic, with its ascent largely underpinned by continued central bank buying, particularly from Asian and other emerging markets. The strategic nature of these purchasing decisions is expected to sustain demand throughout 2024.

Emphasizing the importance of considering indicators such as relative strength indexes (RSIs), observers suggest that after periods of overbought conditions, a period of consolidation or correction is inevitable. Furthermore, speculation arises regarding potential interventions by Japan to bolster the weakening yen, which could inadvertently support gold’s resurgence by denting the strength of the US dollar.

In the base metals, copper witnessed a decline from its recent peak near $10,000 per ton, mirroring the broader trend across base metal markets. Market participants are eagerly awaiting a barrage of US data, which could provide insights into the Federal Reserve’s future monetary policy decisions, particularly concerning interest rates.

Q4FY24 Result First Cut - Revenue and PAT misses market estimates

Parth Shah, Research Analyst, StoxBox

Revenue stood at Rs. 3,927 crores in Q4FY24 (up 3.2% QoQ / up 8.5% YoY) owing to strong performance of its India business. However, revenues were marginally lower than market expectations of Rs. 3,962 crores.

# In the company’s branded business segment, India’s business revenue rose to Rs. 2,480 crores in Q4FY24 (up 10.0% YoY), led by India Beverages business growing 3% YoY. India Foods business continued its strong trajectory, with revenue up 20% YoY including Capital Foods.

# The company’s International business revenue stood at Rs. 1,052 crores in Q4FY24 (up 7.0% YoY).

# Non-branded business revenue stood at Rs. 402 crores in Q4FY24 (up 4.2% YoY).

# The company’s EBITDA rose 10.0% QoQ / up 23.0% YoY to Rs. 630 crores in Q4FY24, surpassing street estimates of Rs. 594 crores. EBITDA margin rose to 16.0% (up 99 bps QoQ / up 189 bps YoY), led by improved profitability across businesses.

# Profit after Tax stood at Rs. 212 crores (down 29.6% QoQ / down 26.7% YoY) in Q4FY24, lower than market estimates of Rs. 303 crores, while PAT margin came in at 5.4% (down 252 bps QoQ / down 260 bps YoY).

# The Board has recommended a final dividend of Rs. 7.75 per equity share.

View:

Tata Consumer Products Ltd. reported healthy revenue growth led by strong growth in Indian business. The company’s India businesses continued their strong trajectory, with a revenue growth of 40% in FY24. The premiumization agenda continues to progress well, with the premium portfolio in both tea and salt showing good growth and contributing to an increasing share of the overall portfolio. The company also delivered a strong performance in International markets and significant margin improvement. The consolidated EBITDA margins surpassed market consensus due to better operational efficiency. Going ahead, the domestic business will continue to improve, led by growth in the tea and salt business. Moreover, we remain hopeful that the company’s recently acquired new business - Capital Foods and Organic India - will drive significant revenue and cost synergies over the medium term. Additionally, the easing inflation and forecast of normal monsoon bodes well for the overall business over the medium to long term basis.

Q4 and Full Year FY24 Results - Key highlights and updates:

· FY24 PAT at Rs 802 Crore - up 20.0% YoY

· FY24 Total Revenues at Rs 1,965 Crore - up 25.3% YoY

· Q4 FY24 Pat at Rs 241 Crore - up 55.5% YoY and 24.3% QoQ

· Q4 FY24 Total Revenues at Rs 623 Crore - up 61.8% YoY and 33.6% QoQ

· Overall Assets Under Management (AUM) at Rs 4,66,909 Crore as on March 2024

· Annual Recurring Revenue (ARR) AUM at Rs 2,27,879 Crore - up 36.3% YoY And 3.2% QoQ

· Board Approved Interim Dividend of Rs 3.50 Per Share

Set for the new normal of 25-15-15; retain BUY

Emkay Global

TARGET PRICE (Rs) : 700

IPRU reported a mixed performance in Q4/FY24, where the slight miss in VNB margins was offset by a minor beat in APE, which led to VNB in line with our estimates. The negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to the credit life portfolio. Overall, with APE growth rebounding in H2 and better growth visibility in FY25, IPRU appears to deliver ~25% VNB margin, 15% APE growth, and 15% operating RoEV (25-15-15). To reflect Q4 developments, we have adjusted our FY25-26E estimates, leading to a minor reduction in VNB margin and an increase in APE, leading to broadly unchanged VNB. We reiterate our BUY rating on the stock with our unchanged Mar-25E TP of Rs700 (implying FY26E P/EV of 1.8x), as we believe the company has navigated through the external and internal challenges and is well set for 25-15-15 normal.

Diversification and strong execution boost growth outlook

(SHFL IN, Mkt Cap USD10.9b, CMP INR2427, TP INR2900, 19% Upside, Buy)

Motilal Oswal Financial

- Shriram Finance (SHFL), the merged entity of Shriram Transport Finance (SHTF) and Shriram City Union Finance (SCUF), has emerged as a stronger player in all its product segments. With a more diversified AUM mix and better access to liabilities, SHFL is effectively driving cross-selling of non-vehicle products to its customers.

- With a legacy spanning over four decades, SHFL has demonstrated its execution capability in the commercial vehicle (CV) segment across multiple credit and economic cycles. Gold loans and personal loans have now been rolled out across most of the branches. The company is also extending its 2W franchise to more locations and dealerships. In the MSME segment, the company wants to first gain insights into the respective micro-markets before scaling up.

- SHFL is rated AA+ by both CRISIL and India Ratings. Although our investment thesis is not predicated on a credit rating upgrade, we believe SHFL now has a strong case to work with credit rating agencies for an upgrade. A credit rating upgrade is an option value, which can help SHFL reduce its borrowing costs by 40-50bp.

In-line performance; improved Express performance enhances EBITDA

(MAHLOG IN, Mkt Cap USD0.4b, CMP INR451, TP INR420, 7% Downside, Neutral)

Motilal Oswal Financial

- Mahindra Logistics (MLL)’s 4QFY24 revenue grew by ~14% YoY to INR14.5b (in line). EBITDA margin came in at 3.9% (in line), down 100bp YoY and up 20bp QoQ. EBITDA decreased 11% YoY to INR566m (in line). MLL posted a net loss of INR128m vs. INR8m in 4QFY23 (our estimate of INR6m loss).

- EBITDA was impacted by one-time charges relating to IT integration and provisions. APAT was hit by higher tax outgo. Losses in the Express business narrowed as capacity utilization improved in 4Q.

- The 4Q performance was largely in line with our estimates. Going forward, Express business losses are expected to decline as volumes improve, which should result in improvement in overall EBITDA for MLL. Strong order intake in the 3PL business should also support growth in the near to medium term. We marginally increase our FY26 EBITDA/PAT estimates by 2%/6% on an improved earnings outlook. We estimate a CAGR of 23%/37% in revenue/EBITDA over FY24-26. We reiterate our Neutral rating with a revised TP of INR420 (premised on 23x FY26E EP

(CYIENTDL IN, Mkt Cap USD0.7b, CMP INR687, TP INR840, 22% Upside, Buy)

Motilal Oswal

- Cyient DLM (CYIENTDL) reported another quarter of strong revenue growth. Its revenue jumped ~30% YoY in 4QFY24, fueled by significant traction from the Defense (+78% YoY) and Aerospace (+52% YoY) verticals. However, EBITDA margin contracted 100bp YoY to 10.5%, primarily due to the increase in SG&A expenses.

- We broadly maintain our FY25/FY26 EPS estimates. Reiterate BUY with a TP of INR840.

Higher costs and adverse product mix impact VNB

(IPRU IN, Mkt Cap USD10.3b, CMP INR595, TP INR700, 18% Upside, Buy)

Motilal Oswal Financial

Guides APE growth in line with industry and steady VNB margins

- In 4QFY24, ICICI Prudential Life Insurance (IPRU) reported 9.6% YoY growth in APE to INR36.16b. The protection and ex-ULIP individual savings segments declined YoY by 4.6% and 19.9%, respectively. ULIPs grew 77% YoY.

- VNB declined 26% YoY to INR7.8b (19% miss), due to a sharp correction in margins to 21.5% (down 140bp QoQ) vs. our estimate of 26%. In FY24, APE stood at INR90.5b (4.7% YoY) and VNB at INR22.3b (-20% YoY). VNB margin for FY24 stood at 24.6% (32% for FY23).

- Considering the 4Q performance, we have cut our estimates for APE and VNB margin for FY25 and FY26. We expect IPRU to deliver an 18% CAGR in VNB over FY24-26. Going ahead, the company’s ability to sustain strong premium growth and VNB margins will be vital for re-rating of the stock. Retain BUY with a TP of INR700 (based on 1.7x Mar’26E EV).

Continues to strengthen positioning across categories

Emkay Global

TVSL’s stock price has declined ~14% from its recent peak, even as it continues to improve its positioning across categories in FY24 with market share gains in the fast-growing 125cc motorcycle category, scooters and exports of 610/90/60bps to ~ 15%/~25%/25.7% respectively. While the domestic 2W recovery continues apace (strong start in Apr-24MTD with 26% YoY growth in industry retails, following on from 9% growth in FY24), TVSL is outperforming larger peer BJAUT in exports also. The company remains the leader among incumbents in E-2Ws (second-largest player overall with ~19% market share). We trim FY25E/26E EPS by ~3/6% resp, owing to slower export recovery. We retain our BUY rating with revised TP of Rs2,250/share (28x FY26E PER + Rs150/share for captive financing arm); TVSL is our top pick in Auto OEMs.

Motilal Oswal Financial

- In this note, we explored the specialty pipeline of SUNP, examining products under development, the commercialized portfolio, and the competitive dynamics within each segment.

- The overall R&D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of certain assets. Despite some delays in the clinical trial processes of Ilumya, MM-II, and GL0034, the innovative pipeline continues to be the most promising within the India listed space.

- For five consecutive years, SUNP has consistently surpassed industry performance in the domestic formulation (DF) segment, largely fueled by improved volume uptake. Despite being aggressive in new product launches, SUNP has yet to see an improvement in its growth prospects

- We are factoring 19% earnings CAGR over FY24-26 on the back of 12%/13% sales CAGR in DF/EMs, 18% sales CAGR in specialty portfolio, and 18% CAGR in R&D spent. We value SUNP at 30x 12M forward earnings to arrive at a PT of INR1,870. We remain positive on SUNP on the back of a) building robust brand franchise in developed market and b) superior execution in the DF segment. Maintain BUY.

* HINDCOPPER

* IDEA 

* ZEEL

Nuvama On Telecom

Successful FPO by Vodafone Idea FPO is set to change the sector dynamics for good

- Inflection point for the Telecom sector

- Believes telecom operators to reclaim their fair share of the telecom sector value triangle—ceded over the last decade

Why are they turning positive?

Combination of factors

1. Tariff hikes

2. Government support

This will boost operators financials & returns profiles

Stocks

Bharti Airtel

Best play 

Retain ‘BUY’’

TP of Rs.1580 vs TP of Rs.1305 earlier

Vodafone Idea

Upgrading it to ‘HOLD’

TP of Rs.14 vs Rs.7

Company is becoming a ‘going concern’

Await concrete steps to play out for company to become an investible idea

https://play.google.com/store/apps/details?id=com.intelegain.rb

Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:35 AM Wednesday 24 April 2024

Can set alert for them at www.researchbytes.com 

12:00 PM TATA Cons. Prod

(Investor/Analyst Presentation, Press Release )

Dial: 7195 0000

Weblink: https://tinyurl.com/bdz2rd3k

2:00 PM 360 ONE WAM

Weblink: https://tinyurl.com/3a4pzzda

4:00 PM DCB Bank

Dial: +91 22 6280 1102

Weblink: https://tinyurl.com/233hke6z

4:00 PM MCX India

Dial: +91 22 6280 1385

5:00 PM Equitas Small F

Dial: +91 22 6280 1102

Weblink: https://tinyurl.com/yc3zaweb

5:00 PM Nippon

Dial: +91 22 6280 1222 

Weblink: https://tinyurl.com/4h3s444w

5:30 PM AU Small Financ

Dial: +91 22 6280 1549

Weblink: https://tinyurl.com/mr298jwb

6:00 PM LTIMindtree

(Press Release )

Dial: +91 22 6280 1157

Weblink: https://tinyurl.com/mhkdv9jm

6:15 PM Axis Bank

Dial: +91 22 6280 1253

Weblink: https://tinyurl.com/yc6ayv7a

6:30 PM HUL

Dial: +91 22 6280 1416

Weblink: https://tinyurl.com/3rtp6h8p

7:30 PM Indian Hotels

Dial: +91 22 6280 1405

Weblink: https://tinyurl.com/5acx4997

Tata Elxsi : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298711

Cyient DLM Ltd : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298706

Mahindra Logist : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298685

Rallis : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298659

Tejas Networks : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298656

Tamilnad Mercantile Bank : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298703

Epigral Ltd : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298655

Rajratan Global : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298654

Elecon Eng : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298653

Sterling and Wilson Renewable Energy : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298630

Results today …

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The bullish momentum is likely to continue at the domestic markets thanks to strong global cues. Post market hours in the US, high-profile companies, including Tesla Inc and Visa International, came out with better-than-expected results that fuelled a strong rally in equity benchmarks across the Asia-Pacific region. Read more

The pace of private equity transactions has quickened in India, but uncertainty over taxes poses a stumbling block to pricing, valuation and exits, senior officials at PricewaterhouseCoopers said Read more

Tata Consumer Products, Tata Elxsi, ICICI Prudential Life, Mahindra Epc Irrigation and Nelco

Tata Consumer Products 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c38a0194-fe08-41ef-a5cd-c60611bad6c4.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c70843b0-8e7a-4148-836f-dacaf27acc6c.pdf

Tata Elxsi 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/77c24def-ad42-4b32-bc78-9df5076fcf2d.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/995b8042-0eb3-4345-873b-84934adc12c4.pdf

ICICI Prudential Life Insurance Company 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/476b0166-2890-46ad-a036-7755af473e13.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8dbb1a53-b3ee-47a9-9b2b-827756a12776.pdf

Mahindra Epc Irrigation 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/ea3ba31c-d51a-4995-bdd0-73e0af8edc1a.pdf

Nelco 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/ea8666f1-b2b9-4654-b7cf-32bb97121025.pdf 

As part of the NextGen programme, the US-based Cognizant Technology Solutions in 2023 incurred $115 million of employee separation costs and $114 million of facility exit and other costs totalling $229 million. It expects to incur total costs of about $300 million, with about $70 million of such costs anticipated in 2024, the company with nearly 90 per cent of its workforce in India said in its 2023 annual report. Read more

The banking regulator is looking into the ₹150-crore KYC lapse that was disclosed by Mahindra and Mahindra Financial Services on Tuesday. According to highly placed sources aware of the matter, the RBI could impose some sort of curbs on the non-lender with respect to acquisition of new businesses. Read more

Awfis Space Solutions, a flexible workspace provider, has received market regulator SEBI’s approval to raise ₹160 crore via fresh issuance of shares through initial public offering. Read more

The first-year premium or new business premium of life insurers increased 2 per cent to ₹3,77,960 crore in the financial year ended March 31, 2024, compared with ₹3,70,543 crore in the previous financial year. Read more

India’s agriculture exports in the April-Feb 2023-24 period declined 8.8 per cent to $43.7 billion, hit by geopolitical factors such as the Red Sea crisis and the continuing Russia-Ukraine war but the decline was largely across regulated commodities such as rice, wheat, sugar, and onions, according to Commerce Ministry data. Read more

Net Foreign Portfolio Investment (FPI) inflows into Indian equity and debt market at $41.6 billion (cumulative) in 2023-24 were the highest since 2015-16, according to an article in RBI’s latest monthly bulletin. Read more

The Ministry of Heavy Industries (MHI) on Tuesday said it has received as many as seven bids under the global tender for the re-bidding of production linked incentives (PLI) for 10-GWh Advanced Chemistry Cell (ACC) manufacturing announced on January 24 this year. Read more

The Reserve Bank of India (RBI) on Tuesday said it is not necessary to activate countercyclical capital buffer (CCyB) for banks at this point in time. Read more

Dr. Reddy’s Laboratories is voluntarily recalling six lots of Sapropterin Dihydrochloride Powder for Oral Solution 100 mg to the consumer level due to powder discoloration in some packets leading to decreased potency. Read more

The NSE is to launch derivative contracts on Nifty Next 50 from today. The exchange has waived transaction charges on the Nifty Next 50 Index in F&O Segment from April 24, 2024, to October 31, 2024.

📌 Market Levels

BSE Sensex: 73738.45 (+89.83)

Nifty 50: 22368.00 (+31.60)

NIFTY MID CAP 100: 49614.85 (+518.45)

NIFTY SMALL CAP 100: 16687.15 (+202.95)

📌 Index PE & PBV

SENSEX PE / PBV : 24.71 / 3.70

NIFTY 50 PE / PBV : 

22.54 / 3.92

NIFTY MIDCAP 100 PE / PBV : 33.89 / 4.36

NIFTY SMALLCAP 100 PE / PBV : 27.87 / 4.00

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: (3044.54 crs) / (28189.06 Crs)

DII Activity: 2918.94 crs / 27730.83 crs

📌 Volatility Index

India VIX - 10.19

📌 Commodities

Brent Crude: $86.19

Gold USD Oz/10 gm: $2310.38 = INR 70700

Silver: INR 80231

📌 Currency

Rs/$: 83.34

US Dollar Index (DXY) - 105.98

📌 10 Year Yield

7.18% GOI 2033: 7.17% (New)

US 10 Yr Yield - 4.65%

Thermo Fisher Scientific Inc (Pre market) (Sector - Healthcare) 

AT&T Inc. (Pre market) (Sector - Technology) 

Boeing Company (The) (Pre market) (Sector - Defense) 

Boston Scientific Corporation (Pre market) (Sector - Healthcare) 

General Dynamics Corporation (Pre market) (Sector - Defense) 

CME Group Inc. (Pre market) (Sector - Financials) 

Amphenol Corporation (Pre market) (Sector - Technology) 

ENI S.p.A. (Pre market) (Sector - Energy) 

Norfolk Southern Corporation (Pre market) (Sector - Logistics) 

Hilton Worldwide Holdings Inc. (Pre market) (Sector - Hospitatlity) 

Old Dominion Freight Line, Inc. (Pre market) (Sector - Logistics) 

TE Connectivity Ltd. (Pre market) (Sector – Capital Goods) 

Humana Inc. (Pre market) (Sector - Healthcare) 

Otis Worldwide Corporation (Pre market) (Sector – Capital Goods) 

Vertiv Holdings, LLC (Pre market) (Sector – Capital Goods) 

Biogen Inc. (Pre market) (Sector - Healthcare) 

Fortive Corporation (Pre market) (Sector – Capital Goods) 

Westinghouse Air Brake Technologies Corporation (Pre market) (Sector – Capital Goods) 

Entergy Corporation (Pre market) (Sector - Energy) 

Rogers Communication, Inc. (Pre market) (Sector - Technology) 

Teledyne Technologies Incorporated (Pre market) (Sector - Technology) 

Avery Dennison Corporation (Pre market) (Sector - Packaging) 

Synchrony Financial (Pre market) (Sector - Financials) 

Watsco, Inc. (Pre market) (Sector – Capital Goods) 

Lennox International, Inc. (Pre market) (Sector – Capital Goods) 

Masco Corporation (Pre market) (Sector - Infrastructure) 

Bunge Global SA (Pre market) (Sector - FMCG) 

Watsco, Inc. (Pre market) (Sector – Capital Goods) 

New Oriental Education & Technology Group, Inc. (Pre market) (Sector - Miscellaneous) 

Owens Corning Inc (Pre market) (Sector - Infrastructure) 

Interpublic Group of Companies, Inc. (The) (Pre market) (Sector - Technology)

Meta Platforms, Inc. (Post market) (Sector - Technology)

IBM (Post market) (Sector - Technology)

Service Now, Inc. (Post market) (Sector - Technology) 

Lam Research Corporation (Post market) (Sector - Technology)

Waste Management, Inc. (Post market) (Sector - Miscellaneous) 

Canadian Pacific Kansas City Limited (Post market) (Sector - Railway)

Chipotle Mexican Grill, Inc. (Post market) (Sector – FMCG)

O’Reilly Automotive, Inc. (Post market) (Sector - Automobiles) 

Ford Motor Company (Post market) (Sector - Automobiles) 

Waste Connections, Inc. (Post market) (Sector - Miscellaneous) 

United Rentals, Inc. (Post market) (Sector - Realty) 

Raymond James Financial, Inc. (Post market) (Sector - Financials)

ICON plc (Post market) (Sector - Healthcare)

Align Technology, Inc. (Post market) (Sector - Healthcare)

Molina Healthcare Inc(Post market) (Sector - Healthcare) 

Rollins, Inc. (Post market) (Sector - Miscellaneous)

Tyler Technologies, Inc. (Post market) (Sector – Technology) 

Bio Marin Pharmaceutical Inc. (Post market) (Sector - Healthcare) 

Graco Inc. (Post market) (Sector - Miscellaneous)

Teradyne, Inc. (Post market) (Sector - Technology) 

Morningstar, Inc. (Post market) (Sector – Financials) 

Universal Health Services, Inc. (Post market) (Sector - Healthcare)

VALE S.A. (Tentative) (Sector - Metals) 

Cenovus Energy Inc (Tentative) (Sector - Energy)

13:30 EURO German ifo Business Climate (Expected: 88.9 versus Previous: 87.8)

18:00 U.S. Durable Goods Orders m/m (Expected: 2.5% versus Previous: 1.3%)

The short-term outlook is bullish for Aditya Birla Capital. The stock surged about 7 per cent on Tuesday. This has ended the two-week sideways consolidation. Immediate support will be at ₹213. Below that ₹208 and ₹202 are the next strong support. Read more