Share Market Highlights 24 May 2024: Sensex, Nifty settle marginally lower after hitting record-highs on profit booking; media stocks shine, FMCG drags

Equity benchmark indices Sensex and Nifty closed marginally lower on Friday as investors booked profit in FMCG, IT and healthcare stocks after the BSE Sensex and Nifty hit fresh lifetime highs in intra-day deals.

The rupee rallied for the fourth consecutive trading session on Friday and appreciated by 18 paise to settle at 83.11 (provisional) against the US dollar on fresh foreign fund inflows and suspected intervention by the RBI.

Vinod Nair, Head of Research, Geojit Financial Services:

“Global market sentiments remained subdued as the recent US FOMC minutes suggest a continued hawkish stance on policy rates. US jobless claims fell more than expected, corporate profits remained healthy, and stubborn inflation persists, giving the Fed no reason to cut rates. Meanwhile, the domestic market is reaching new highs, with large caps playing second fiddle to the broader market rally, indicating sustained momentum in the short term. The BSE PSU index has experienced significant rerating due to strong performance and improved visibility, driven by PSU banks and defense stocks.”

HUDCO closed at ₹256.95 on the NSE, down by 3.94%. 

Reported its consolidated net profit for the quarter at ₹700.16 crore as against ₹639.14 crore in the corresponding quarter last year.

Top gainers on the NSE: 

HDFC Bank (1.60%), Bharti Airtel (1.12%), BPCL (1.12%), L&T (0.99%), Ultratech Cement (0.66%)

Top losers:

Adani Ports (-1.83%), Tech Mahindra (-1.42%), M&M (-1.26%), JSW Steel (-1.19%), Titan (-1.19%)

BSE Sensex ended at 75,410.39, down by 7.65 pts or 0.01%, and Nifty at 22,957.10, down by 10.55 pts or 0.05%.

Ashok Leyland board has re-designated Gopal Mahadevan, Chief Financial Officer, as Director - Strategic Finance and M&A for a period of two years from May 24, 2024.

It has also announced the appointment of K.M Balaji as Chief Financial Officer.

Jamna Auto Industries has entered into an MOU with VE Commercial Vehicles Limited for the supply of leaf and parabolic springs and an increase in shares of the business.

The board has also approved the setting up of a new manufacturing facility at Indore, for the production of leaf and parabolic springs.

Suzlon Energy reported its consolidated net profit for the quarter ended March 2024 at ₹254.12 crore as against ₹319.99 crore in the corresponding quarter last year.

Stock traded at ₹45.90 on the NSE, down by 4.97%.

Big Indian pharmaceutical companies have built up a war chest close to ₹30,000 crore ($3.6 billion), amassing dry powder for acquisitions to get entry to new markets, fill gaps in their portfolio and move up the value chain.

TTK Healthcare Ltd announced the resgination of Relinquishment of Chief Executive Officer (CEO) T T Raghunathan, with effect from June 1, 2024. He would continue to hold the position of Executive Chairman (Wholetime Director) in the Company.

Manappuram Finance’s consolidated net profit for the quarter ended March 2024 was at ₹563.49 crore as against ₹415.29 crore in the corresponding quarter last year.

Stock trades at ₹179.60 on the NSE, up 0.59%.

HDFC Bank (1.46%), Bharti Airtel (1.16%), L&T (1.03%), BPCL (0.92%), Axis Bank (0.70%)

Top losers:

Adani Ports (-2.16%), ITC (-1.35%), Apollo Hospitals (-1.29%), Tata Consumers (-1.27%), M&M (-1.21%)

Stocks advanced on BSE at 3 pm on May 24, 2024, were 1,667 against 2,145 stocks that declined; 107 stocks remain unchanged. Total stocks traded were 3,919. The number of stocks that recorded a 52-week high was 211, and those that hit a 52-week low was 30. 

In addition, 228 stocks traded in upper circuit, while 259 hit the lower circuit.

Jio Financial Services (JFS) is seeking shareholder approval for its unit to acquire equipment worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance Industries as the financial services provider plans to enter the device leasing business, a postal ballot notice said.

Under the proposed deal, the JFS unit called Jio Leasing Services will buy telecom equipment and devices that usually include routers and cell phones.

Awfis Space Solutions IPO has been subscribed 7.78 times as of 2.27 pm on May 24, 2024. The QIB portion has been subscribed 1.75 times, NII 13.22 times, retail 17.70 times, and those reserved for employees 9.30 times. The issue closes on May 27.

Sundaram Finance reported consolidated net profit for the quarter ended March 2024 at ₹472.41 crore as against ₹508.62 crore in the corresponding quarter last year.

The board has recommended a final dividend of ₹16 per equity share.

Stock slides down 0.20% on the NSE, trading at ₹4,546.60.

Hindalco Industries has approved an acquisition of fabrication facility of HBT, by way of entering into a binding MoU, for cash consideration of ₹34 crore. The acquisition shall be effectuated through a Special Purpose Vehicle [to be incorporated as a wholly owned subsidiary of the Company], as a part of the transaction.

Hindalco Industries stock rises 1.06% on the NSE, trading at ₹683.95.

Prakash Pipes stock reported its net profit for the quarter ended March 2024 at ₹25.36 crore as against ₹19.76 crore in the corresponding quarter last year. 

Stock has hit upper circuit, trading at ₹406.15 on the NSE, higher by 9.99%.

Hindalco Industries reported its consolidated net profit for the quarter ended March 2024 at ₹3,174 crore as against ₹2,411 crore in the corresponding quarter last year.

The board has recommended a dividend of ₹3.50 per equity share of ₹1 each for the year ended March 31, 2024.

Stock inches up 0.92% on the NSE, trading at ₹683.05.

Ashok Leyland reported its consolidated net profit for the quarter ended March 2024 at ₹933.69 crore as against ₹799.87 crore in the corresponding quarter last year.

Stock rises 1.48% on the NSE, trading at ₹215.50. Stock has hit a 52-week high at ₹217.90

Prestige (-3.13%), Godrej Properties (-2.39%), DLF (-0.70%)

NSE Nifty was up by 0.7 per cent or 14 points to 22,982, while the BSE Sensex was at 75,442 up by 0.03 per cent or 24.45 points.

A total of 3,842 stocks were actively traded, 1,876 advanced, while 1,826 declined and 140 stocks remained unchanged where 195 stocks hit a 52 week high and 21 stocks hit a 52 week low at 1 pm on the BSE.

Avdhut Bagkar Technical and Derivatives Analyst, StoxBox, said, “On the global front, US Stocks moved mostly higher at the start of trading on Thursday but failed to sustain the initial upward move and came under pressure over the course of the session. The major averages pulled back well off their session highs and into negative territory.

Read more here.

Coromandel International Limited has introduced ten new products aimed at enhancing crop yield, controlling pest infestations, and fostering sustainable agricultural practices across the country.

Stock rose 2.32% on the NSE, trading at ₹1,260.70.

Goldiam International has received additional export orders worth ₹20 crore for manufacturing of lab-grown diamond studded gold jewellery. 

Stock trades at ₹174.65 on the NSE, up 0.72%.

Adani Green Energy (2.21%), Adani Energy Solutions (2.03%), BPCL (2.01%), IOC (1.19%)

Aegis Logistics stock rallies 7.34% on the NSE, trading at ₹676.35 

Company reported its consolidated net profit at ₹237.29 crore as against ₹159.32 crore in the corresponding quarter last year.

Shares of Adani Enterprises on Friday bounced back to levels last seen in January 2023, before a report by the US short-seller Hindenburg Research triggered a sell-off in billionaire Gautam Adani’s ports-to-power conglomerate.

Shares of the Adani group’s flagship company rose as much as 2% to ₹3,453.7. The stock had closed at ₹3,442 on Jan. 24, 2023, the session before Hindenburg in a report accused the group of stock manipulation and improper use of tax havens.

The group, which refuted the allegations, suffered a loss of as much as $150 billion in combined market value, as the short-seller’s report roiled investor confidence and resulted in intense regulatory scrutiny.

Adani Enterprises’ stock plunged about 70% to a two-year low within just seven days after the report. 

Adani Enterprises is the fourth of the seven group companies to have returned to pre-Hindenburg levels.

Adani Ports, Adani Total Gas, and Adani Power have already surpassed levels seen before the report.

However, Adani Energy, Adani Wilmar and Adani Green Energy are still below their pre-Hindenburg close.

Adani Enterprises, which along with Adani Ports is part of India’s benchmark Nifty 50 index, was last up 1.7%.

(Reuters)

Gland Pharma informed that USFDA completed inspection at the company’s API Facility at JNPC, Visakhapatnam, with zero 483 observations.

Jagsonpal Pharmaceuticals Ltd’s shares were up by 4.71 per cent after the company announced the launch of MemUp, a hormone replacement therapy (HRT) featuring a USFDA-approved combination of bioidentical estradiol and bioidentical progesterone in a single daily oral capsule. MemUp aims to address vasomotor symptoms of menopause, such as hot flashes, night sweats, and sleep issues. 

According to company, over 130 million Indian women are either in menopause.

The shares were up by 4.71 per cent to ₹349 at 12 pm on the BSE.

Top gainers on the NSE at 12 noon:

BPCL (1.47%), Ultratech Cement (1.24%), Adani Enterprises (1.17%), L&T (1.09%), Bharti Airtel (1.03%)

Major losers:

Apollo Hospitals (-1.17%), TCS (-0.91%), Hero Motocorp (-0.78%), ITC (-0.73%), Sun Pharma (-0.60%)

The number of stocks that recorded a 52-week high was 178, and those that hit a 52-week low was 20. 

In addition, 199 stocks traded in upper circuit, while 213 hit the lower circuit.

Best Agrolife Limited’s stock surged 6.60% on the NSE, trading at ₹602.05.

Zydus Lifesciences has completed enrolment of its Phase II clinical study of NLRP3 inhibitor ‘Usnoflast (ZYIL1)’ in patients with Amyotrophic Lateral Sclerosis (ALS).

Stock trades at ₹1,075 on the NSE, down by 1.02%.

Samvardhana Motherson

Adani Enterprises 

Bharat Electronics

Ambuja Cements

Ashok Leyland

Hindalco Industries, an Aditya Birla Group company, net profit in Q4 to surge 18 per cent YoY to ₹2,852 crore due to lower cost, as per the average of estimates shared by nine brokerages. However, the revenue is expected to decline 2.5 per cent to ₹54,443 crore.

The company will announce its results on Friday.

Steel Strips Wheels Limited (SSWL) has received nomination for from a leading European OEM. Business value is close to €8 million which will be executed over a span of 6 years. series supplies are expected to commence from Mid year 2025 from SSWL’s Chennai plant.

SSWL stock surges 3.35% on the NSE, trading at ₹230.10.

Bank Nifty futures (May contract) opened today’s session flat at 48,839. It is currently hovering around this level and the contract has not established an intraday trend yet.

The contract has a support at 48,700 and a resistance at 49,000. So, the next leg of trend will depend on which direction Bank Nifty futures move out of this price band.

Top gainers on the BSE at 11 am:

Finolex Cables (16.60%), BDL (13.07%), SDBL (12.88%), Vodafone Idea (9.40%), Timken (8.77%)

Top losers:

Schneider Electric (-5%), Bayer Crop(-5%), Vaibhav Global (-4.80%), Paytm (-4.51%), TD Power Systems (-4.34%)

The May futures of Nifty 50 opened flat at 23,000 as against yesterday’s close of 23,003. It is now trading at 22,970, down 0.15 per cent.

Although the trend is bullish, Nifty futures faces a resistance at 23,040. A breakout of this hurdle can result in the contract rising to 23,200 and then to 23,300.

On the other hand, if the weak equity market sentiment across Asia weighs on Nifty futures leading to a fall below 22,950, the contract can extend the downswing to 22,850, a support. Subsequent support is at 22,750.

Caplin Steriles Limited (Caplin), a Subsidiary of Caplin Point Laboratories, has been granted final approval from the USFDA for its Abbreviated New Drug Application (ANDA) Phenylephrine hydrochloride Ophthalmic Solution USP 2.5% and 10% (eye drops), a generic therapeutic equivalent version of the Reference Listed Drug (RLD), from Alcon Research LLC. 

Fime, consulting and testing service provider for payment systems, and Aurionpro Transit, an Aurionpro subsidiary, have announced collaboration to explore opportunities in the field of transit ticketing, payments, and fare collection projects worldwide.

Aurionpro Solutions stock surges 3.62% on the NSE, trading at ₹2,242.

Knowledge Marine & Engineering Works Limited has received a Letter of Award (LOA) from the Myanmar Port Authority for maintenance dredging of the Yangon River. The contract is valued at $4.85 million for a period of one year.

Stock inches up 0.99% on the BSE, trading at ₹1,287.60.

Bharat Dynamics: Stock Split Rs .10 to Rs 5

Inox Wind: Bonus 3:1

SOM Distilleries: Stock Split Rs. 5 to Rs. 2 

TCS: Dividend Rs. 7.75

Vedanta: Dividend

VSF Projects: Right Issue

JSL (2.15%), Hindalco (1.34%), SAIL (1.27%), NMDC (1.26%)

Nifty crossed the 23,000 mark for the first time on Friday morning hitting high of 23004. BSE Sensex was at 75,508 up by 0.12 per cent or 90.39 points.

A total of 3,129 stocks were actively traded, while 1,743 advanced, 1,263 declined and 123 stocks remained unchanged. 115 stocks hit 52-week high and 11 stocks hit 52-week low at 9.30 am on the BSE.

Deven Mehata, Research Analyst, Choice Broking, said, “Nifty can find support at 22,900 followed by 22,850 and 22,800. On the higher side, 23,025 can be an immediate resistance, followed by 23,100 and 23,200.”

JSL (2.15%), Hindalco (1.34%), SAIL (1.27%), NMDC (1.26%)

Honasa Consumer stock rises 2.59% on the NSE, trading at ₹429.20. It had posted a consolidated net profit of ₹30.47 crore for the fourth quarter ended March 2024 as against the loss of ₹161.75 crore in the year-ago period.

Record Date - June 4

Share Price - ₹439

Dividend Yield - 3.1%

Basic EPS - ₹16.4

Payout Ratio - 84%

Payment Date - July 29

BSE Sensex declines by 119.41 pts or 0.16% at 75,298.63 as of 10.10 am, and Nifty 50 drops by 40.10 pts or 0.17% at 22,927.55.

ITC stock trades at ₹439.25 on the NSE, down by 0.48%. The company reported a 1.31% y-o-y fall in its standalone net profit to ₹5,020.20 crore for the fourth quarter of FY24 as against ₹5,086.86 crore in Q4 FY23.

Biocon has announced the signing of licensing and supply agreement with Handok, a speciality pharmaceutical company in South Korea, for the commercialisation of its vertically integrated, complex drug product, Synthetic Liraglutide.

DroneAcharya Aerial Innovations Limited and Airbots Aerospace Technologies Private Limited announced through a Memorandum of Understanding (MOU) to bolster joint efforts in the drone industry.

Top gainers on the NSE at 9.30 am on the NSE:

Hindalco (1.39%), Divi’s Lab (1.14%), Bajaj Finance (1.11%), L&T (0.99%), SBI (0.89%)

Top losers:

Coal India (-1.39%), Shriram Finance (-1.02%), M&M (-0.86%), Hero Motocorp (-0.71%), Apollo Hospitals (-0.71%)

India’s equity benchmarks BSE Sensex and NSE Nifty opened in the red on Friday. At 9.16 am, the indices lost around 0.15% each. UBS upgrades rating on Vodafone Idea (VIL) from Neutral to Buy with a new price target of ₹18. The stock gained over 3% in the opening trade.

At 9.12 am on Friday, July Brent oil futures were at $81.39, up by 0.04 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $76.88, up by 0.01 per cent. June crude oil futures were trading at ₹6412 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday morning against the previous close of ₹6397, up by 0.23 per cent, and July futures were trading at ₹6406 against the previous close of ₹6394, up by 0.19 per cent.

After a record surplus transfer from the Reserve Bank of India (RBI), there is more good news in store for the central government. Spectrum and critical mineral auctions are expected to bring in cash flows in the first half of the current fiscal. Additionally, good performance by the Central Public Sector Enterprises (CPSE) and Public Sector Banks (PSBs) will yield rich dividends, further bolstering the public exchequer.

These numbers are likely to be factored in the full budget expected in July after the new government is sworn in. There is also expectation that fiscal deficit for FY25, as projected in the interim budget, will also be revised. The interim budget has projected fiscal deficit at 5.1 per cent.

Cello World--Management Commentary

The company anticipates a growth rate of 15%-17% for FY25, with increased demand expected in the second half. 

Their new glassware facility in Rajasthan will start operations in Q2 FY25 and ramp up by year-end, significantly boosting their glassware business. 

Furthermore, new opportunities in e-commerce are expected to drive future growth.

IndiGo reported a net profit of ₹1,894.8 crore for the quarter, almost beating analysts’ expectations of ₹1,900 crore. This profit builds on a record-breaking year for the company, with a full-year profit of ₹8,172 crore. It marks a significant turnaround from a loss of over ₹300 crore in the previous fiscal year. This is the sixth consecutive profitable quarter for the airline, driven by robust passenger demand despite rising fuel prices.

The Madras High Court has rejected Infosys’ writ petition seeking subsidised industrial electricity rates for their commercial activities. The court directed the IT major to pay the current consumption charges at the commercial tariff rate for its office located in Mahindra World City, Paranur village (Chengalpattu).

The merger between India INX and NSE IX, the two stock exchange arms of BSE and National Stock Exchange operating at the International Financial Services Centre, has been called off, more than a year after talks began.

A BSE spokesperson said the discussions had gone on for a while and the bourse had decided to call off the merger. An email sent to NSE did not get a response.

“The BSE board has not agreed to the merger. Their board went through the proposal in great detail and communicated that they see value in investing in the exchange and growing products. As long as they are ready to invest, we are also fine with the decision,” said K Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA).

German Final GDP q/q from Euro Zone, Retail Sales m/m from GBP Zone and Core Durable Goods Orders m/m, Durable Goods Orders m/m, Revised UoM Consumer Sentiment from the US Zone.

Gold fell to approximately $2,330, hitting two-week lows and on track for its first weekly decrease in three months, as investors downgraded expectations of Fed rate cuts following the previous US economic release. S&P Global’s May flash readings of the manufacturing, services, and composite PMIs reveal that US economic activity is increasing. At the same time, the number of Americans filing jobless claims was lower than predicted, indicating that the labour market is strong. This followed the Fed’s May meeting minutes, which highlighted lingering concerns over sticky inflation, with some members suggesting a willingness to raise interest rates if price growth continued. 

Silver prices declined as the currency remained relatively stable on speculations that the US central bank will hold interest rates higher for longer than previously expected. According to the minutes of the Federal Reserve’s most recent policy meeting, officials contemplated raising interest rates further if inflation remained sticky. The Fed meeting minutes revealed that officials were displeased with recent inflation readings and believed “disinflation would likely take longer than previously thought.” Adding to the rate fears, the Labour Department released a report this morning showing that first-time claims for U.S. unemployment benefits declined more than expected in the week ending May 18th. The Labour Department said that initial unemployment claims fell to 215,000, down 8,000 from the previous week’s revised total of 223,000.

“GIFT Nifty is facing bearish pressure this Friday morning, opening at 22960, down by 55 points. Yesterday, Nifty neared the 23,000 mark, driven by investor optimism about the current regime’s continuation in the upcoming general elections. 

“However, Wall Street’s decline due to a hotter-than-expected manufacturing survey and concerns over the Federal Reserve’s interest rate decisions have dampened market sentiments. With the India VIX rising above 21, indicating increased volatility, the strategy is to stay nimble. Nifty’s key support is at 22507. Recommended trades are to sell Nifty at 22968 with a target of 22507 and Bank Nifty at 48769 with a target of 48300. Consider buying Patel Engineering at CMP 65 for targets of 79 and 89, as a momentum play.”

Nuvama on Indigo: Maintain Buy on Company, target price at Rs 5192/Sh (Positive)

MS on Indigo: Maintain Overweight on Company, raise target price at Rs 5142/Sh (Positive)

BofA on Indigo: Maintain Buy on Company, raise target price at Rs 4900/Sh (Positive)

UBS on Vodafone Idea: Upgrade to Buy on Company, raise target price at Rs 18/Sh (Positive)

Investec on BSE: Initiate Buy on Company, target price at Rs 3400/Sh (Positive)

UBS on Airtel: Maintain Neutral on Company, raise target price at Rs 1430/Sh (Positive)

UBS on Indus Tower: Maintain Neutral on Company, raise target price at Rs 355/Sh (Positive)

MS on HCL Tech: Maintain Overweight on Company, target price at Rs 1650/Sh (Positive)

MS on ITC: Maintain Overweight on Company, target price at Rs 506/Sh (Positive)

Citi on ITC: Maintain Buy on Company, raise target price at Rs 515/Sh (Positive)

Investec on ITC: Maintain Buy on Company, raise target price at Rs 504/Sh (Positive)

CLSA on ITC: Maintain Outperform on Company, target price at Rs 470/Sh (Positive)

GS on ITC: Maintain Buy on Company, target price at Rs 480/Sh (Neutral)

Jefferies on ITC: Maintain Hold on Company, target price at Rs 435/Sh (Neutral)

GS on Info Edge: Maintain Sell on Company, target price at Rs 5260/Sh (Neutral)

Jefferies on Indigo: Maintain Hold on Company, target price at Rs 4150/Sh (Neutral)

Investec on Indigo: Maintain Hold on Company, target price at Rs 4050/Sh (Neutral)

Emkay on Go Digit: Initiate Sell on Company, target price at Rs 210/Sh (Neutral)

GS on GPPL: Downgrade to Neutral on Company, raise target price at Rs 220/Sh (Neutral)

MS on Page Ind: Maintain Overweight on Company, target price at Rs 41222/Sh (Neutral)

MS on PI Ind: Maintain Underweight on Company, target price at Rs 3245/Sh (Neutral)

Citi on Page Ind: Maintain Sell on Company, target price at Rs 32100/Sh (Negative)

India’s equity benchmarks BSE Sensex and NSE Nifty50 are set for a muted start on Friday, after notching up record highs in the previous session, as robust economic data in the US dampened hopes of early interest rate cuts.

The Gift Nifty was trading at 22,975 as of 7:58 a.m., indicating the Nifty 50 will open near Thursday’s close of 22,967.65.

Indian benchmarks closed at all-time high levels, and posted their best session since March 1 on Thursday, as the central bank’s record dividend to the government boosted financials.

Stovec Industries Ltd.

Dividend Per Share Rs.115

Previous day Closing Price – Rs. 3709.8

Ex-Dividend 27 May 2024 (Monday)

Last date for Cum-Dividend Today

SML Isuzu: Net profit at Rs 52 cr vs Rs 27 cr, Revenue at Rs 680 cr vs Rs 583 cr. (YoY)

JK Lakshmi Cement: Net profit at Rs 162.1 cr vs Rs 114.8 cr, Revenue at Rs 1780 cr vs Rs 1862 cr. (YoY) 

Honasa Consumer: Net profit at Rs 30 cr vs loss of Rs 162 cr, Revenue at Rs 471 cr vs Rs 388 cr. (YoY) 

Sandhar Tech: Net profit at Rs 35.9 cr vs Rs 24.7 cr, Revenue at Rs 918 cr vs Rs 765 cr. (YoY) 

ICRA: Net profit at Rs 47.0 cr vs of Rs 38.4 cr, Revenue at Rs 124.0 cr vs Rs 109.0 cr. (YoY) 

Bikaji: Net profit at Rs 116.0 cr vs of Rs 38.0 cr, Revenue at Rs 521.0 cr vs Rs 462.0 cr. (YoY)

Fortis: Net profit at Rs 179.0 cr vs of Rs 133.0 cr, Revenue at Rs 1786.0 cr vs Rs 1643.0 cr. (YoY) 

Shilpa Med: Net profit at Rs 24.5 cr vs loss Rs 8.1 cr, Revenue at Rs 292 cr vs Rs 264 cr. (YoY) 

Johnson Control: Net profit at Rs 48.8 cr vs loss Rs 1.0 cr, Revenue at Rs 771 cr vs Rs 548 cr. (YoY) 

HCL Tech: Company said it will acquire certain assets of Hewlett Packard Enterprise’s Communications Technology Group (CTG) for $225 million, about Rs 1,874 crore 

Zaggle: Net profit at Rs 19.2 cr vs Rs 7.6 cr, Revenue at Rs 272 cr vs Rs 187 cr. (YoY)

Indo Tech: Net profit at Rs 25.7 cr vs Rs 19.4 cr, Revenue at Rs 175 cr vs Rs 147 cr. (YoY) 

Disa India: Net profit at Rs 13.1 cr vs Rs 10.0 cr, Revenue at Rs 96.4 cr vs Rs 76.3 cr. (YoY) 

Sharda Motors: Net profit at Rs 88.3 cr vs Rs 62.1 cr, Revenue at Rs 703 cr vs Rs 688 cr. (YoY) 

Senco Gold: Net profit at Rs 32.2 cr vs Rs 26.0 cr, Revenue at Rs 1137 cr vs Rs 814 cr. (YoY)

Barbeque Nation: Net loss at Rs 0.04 cr vs loss Rs 11.8 cr, Revenue at Rs 298 cr vs Rs 280 cr. (YoY).

Delhivery: Company partners with SUGAR Cosmetics to spearhead its pan-India B2B distribution 

Godrej Properties: Company achieves record sales of over Rs 2,000 crore in Noida project, selling 650 flats.

UPL: Company signs joint venture agreement with Aarti Industries for manufacturing and marketing of specialty chemicals that has applications in multiple downstream industries 

Uno Minda: Company says post expansion, capacity of 2w alloy wheel will get enhanced to 7.5 to 8 MN wheels per annum. 

Shakti Pumps: Company has received 14th patent for Method and Apparatus for Soft Start, Soft Stop, Protection and Brown Out Operation of a Grid Connected Motor from the Patent Office, Government of India.

Tech Mahindra: Company with Fuji TV join forces to create global content. 

Navin Fluorine: Company unit executed five year material supply agreement for supply of a fluoro intermediate for novel agrochemical product, investment required at 150m rupees

Vodafone Idea: Company says in talks with Ericsson, others for 5G network gears

ITC: Company seeks shareholders’ approval on June 6 for hotels business demerger 

Sun Pharma: Company’s shareholders approve merger agreement with Taro Pharma

Concord Biotech: Net profit at Rs 95 cr vs Rs 91 cr, Revenue at Rs 319 cr vs Rs 273 cr. (YoY) 

TD Power: Net profit at Rs 29 cr vs Rs 35 cr, Revenue at Rs 264 cr vs Rs 250 cr. (YoY) 

Asian Granito: Net loss at Rs 5.56 cr vs Rs 48.17 cr, Revenue at Rs 424 cr vs Rs 456 cr. (YoY) 

Finolex Cables: Net profit at Rs 186 cr vs Rs 175 cr, Revenue at Rs 1401 cr vs Rs 1224 cr. (YoY) 

Rupa: Net profit at Rs 24 cr vs Rs 18.8 cr, Revenue at Rs 405 cr vs Rs 412 cr. (YoY) 

IndiGo: Net profit at Rs 1895 cr vs Rs 916 cr, Revenue at Rs 17,825 cr vs Rs 14,160 cr. (YoY) 

Barbeque Nation: Net loss at Rs 0.04 cr vs loss Rs 11.8 cr, Revenue at Rs 298 cr vs Rs 280 cr. (YoY). 

Schneider Electric: Net profit at Rs 3 cr vs Rs 45 cr, Revenue at Rs 472 cr vs Rs 411 cr. (YoY) 

CESC: Net profit at Rs 415 cr vs Rs 445 cr, Revenue at Rs 3387 cr vs Rs 3102 cr. (YoY)

Cello World: Net profit at Rs 96.1 cr vs Rs 90.6 cr, Revenue at Rs 512 cr vs Rs 527 cr. (YoY)

Puravankara: Net loss at Rs 7 cr vs profit of Rs 27 cr, Revenue at Rs 920 cr vs Rs 389 cr. (YoY) 

GMM : Net profit at Rs 28 cr vs Rs 33 cr, Revenue at Rs 741 cr vs Rs 866 cr. (YoY) 

Time Techno: Net profit at Rs 94.0 cr vs Rs 65.0 cr, Revenue at Rs 1394 cr vs Rs 1192 cr. (YoY)

Zee Entertainment: Company seeks termination fee of $90 million from CulverMax and Bangla Entertainment. 

Reliance Industries: Company and Walt Disney have sought antitrust clearance for their $8.5 billion India media merger

Sterlite Power: Company receives stakeholders’ approval to demerge transmission business.

Page Industries: Company declares Rs 120 per share Dividend Record date on May 31. 

Adani enterprises: Company board meeting on May 28 to consider proposal of raising of funds by way of issuance equity shares or any other eligible securities 

Reliance Capital: Company administrator seeks 90-day extension from NCLT for resolution plan deadline set for Hinduja Group.

RPSG: Net loss at Rs 94.78 cr vs Rs 132.15 cr, Revenue at Rs 202 cr vs Rs 1792 cr. (YoY)

GMM : Net profit at Rs 28 cr vs Rs 33 cr, Revenue at Rs 741 cr vs Rs 866 cr. (YoY) 

ICICI Lombard: Company has received a GST show-cause notice worth ₹288 crore for fiscal year 2020

​Vodafone Idea​ share closed 4.07% higher at ₹​ 14.05 on the BSE on Thursday.​

Initiating long FAST

BSE Ltd has clocked strong volume growth in equity derivatives, capturing ~8.6% of premium market share in April’24. However, the stock has corrected 17% over the past month due to concerns around regulatory risks w.r.t. F&O post elections/budget. While we acknowledge these concerns, we believe BSE benefits from market share tailwinds and margin triggers, offering stability to its earnings. 

Additionally, positive regulatory developments, including the unbundling of clearing charges, increased cash volumes after single VWAP, and higher co-location income should bolster profitability in FY25e. We believe valuations at 30x FY26E earnings are attractive, given our forecast of 40% earnings CAGR (FY24-26e) while maintaining a RoE of 30%+. We initiate long FAST on BSE.

Recent Interview

As of 18:36 PM Thursday 23 May 2024

Carysil Ltd: Chirag Parekh, Carysil

Will Reach ₹,000 Cr Revenue Run Rate By Q3-Q4 Of FY25: Carysil

https://www.youtube.com/watch?v=5NKv7eoTULs

Arvind Fashions : Kulin Lalbhai, Director

Seeing Good Demand Momentum In Premium Brands Like Tommy Hilfiger & Calvin Klein: Arvind Fashions

https://www.youtube.com/watch?v=wI9Rut8YREU

Bata India: Gunjan Shah, CEO

In Conversation With CEO Of Bata India

https://www.youtube.com/watch?v=AlYbLX6hpgM

CAMS: Anuj Kumar, CEO

Cams: Healthy Margins In Q4, What Factors Aided The Performance Of The Business? | Anuj Kumar

https://www.youtube.com/watch?v=NKzr4GJKfd0

DB Corp: Girish agrawal, Promoter & Director

DB Corp: Healthy Uptake In Q4, Where Will Margins Sustain In Future? | Girish Agarwal

https://www.youtube.com/watch?v=heTQPDZO5Qo

Go Digit Genera: Kamesh Goyal, Founder and Chairman

Looking At General Insurance Business For The Long Term: Go Digit Insurance

https://www.youtube.com/watch?v=NhV47qZxJ4M

HEG: Manish Gulati, ED

HEG GreenTech EBITDA Will Move Towards ₹1000 Cr In 2-3 Years: HEG

https://www.youtube.com/watch?v=BkPThE8Os3o

Indian Energy Exchange: Satyanarayan Goel Chairman, Satyanarayan Goel Chairman

IEX: How Severe Heatwave Is Impacting Demand? | Volume Growth, FY25 Business Outlook & More| SN Goel

https://www.youtube.com/watch?v=XF2Lgne6Jw4

Indigo Paint: Hemant Jalan, CMD

Indigo Paints Q4: Aims 3-4x Revenue Vs Industry, Gross & EBITDA Margins Outlook | Hemant Jalan

https://www.youtube.com/watch?v=JXg5evTJeMg

Petronet LNG: Akshay Kumar Singh, MD&CEO

Expect Kochi Terminal To Be Connected To Gas Grid By Nov 2024: Petronet LNG

https://www.youtube.com/watch?v=2iZ5X75_X6w

Events today

https://www.researchbytes.com/Default.aspx?cc=event

Results today

https://www.researchbytes.com/Default.aspx?cc=result

📌 Market Levels

BSE Sensex: 75418.04 (+1196.98)

Nifty 50: 22967.75 (+369.85)

NIFTY MID CAP 100: 52418.55 (+251.05)

NIFTY SMALL CAP 100: 16911.90 (+31.40)

📌 Index PE & PBV

SENSEX PE / PBV : 24.15 / 3.61

NIFTY 50 PE / PBV : 

21.90 / 4.03

NIFTY MIDCAP 100 PE / PBV : 36.31 / 4.61

NIFTY SMALLCAP 100 PE / PBV : 26.58 / 4.04

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: 4670.95 crs / (33,514.55 Crs)

DII Activity: 146.51 crs / 38,477.57 crs

📌 Volatility Index

India VIX - 21.38

📌 Commodities

Brent Crude: $82.47

Gold USD Oz/10 gm: $2367.96 = INR 72444

Silver: INR 91496

📌 Currency

Rs/$: 83.28

US Dollar Index (DXY) - 104.72

📌 10 Year Yield

7.18% GOI 2033: 7.04% (Old)

7.10% GOI 2034: 6.99% (New)

US 10 Yr Yield - 4.43%

Steel Strips Wheels Ltd. | CMP Rs. 224 | M Cap Rs. 3512 Cr | 52 W H/L 299/146

(Nirmal Bang Retail Research)

Result has declined

Revenue from Operations came at Rs. 1068.7 Cr (-3.7% QoQ, 6.3% YoY) vs QoQ Rs. 1110.3 Cr, YoY Rs. 1004.9 Cr

EBIDTA came at Rs. 109.9 Cr (-5.8% QoQ, 1.3% YoY) vs QoQ Rs. 116.7 Cr, YoY Rs. 108.5 Cr

EBITDA Margin came at 10.3% vs QoQ 10.5%, YoY 10.8%

Adj. PAT came at Rs. 42.5 Cr vs QoQ Rs. 59.4 Cr, YoY Rs. 47.3 Cr

Quarter EPS is Rs. 2.7

Stock is trading at P/E of 12.4x FY25E EPS

Ashoka Buildcon Ltd. | CMP Rs. 182 | M Cap Rs. 5105 Cr | 52 W H/L 196/75

(Nirmal Bang Retail Research)

Result is below expectations

Revenue from Operations came at Rs. 2499.8 Cr (17.2% QoQ, 22.3% YoY) vs expectation of Rs. 2208.8 Cr, QoQ Rs. 2133.5 Cr, YoY Rs. 2043.5 Cr

EBIDTA came at Rs. 185.9 Cr (5.3% QoQ, 23.8% YoY) vs expectation of Rs. 201.2 Cr, QoQ Rs. 176.5 Cr, YoY Rs. 150.1 Cr

EBITDA Margin came at 7.4% vs expectation of 9.1%, QoQ 8.3%, YoY 7.3%

Adj. PAT came at Rs. 268.5 Cr vs expectation of Rs. 107.5 Cr, QoQ Rs. 86.7 Cr, YoY Rs. 85.6 Cr

Quarter EPS is Rs. 9.6

Stock is trading at P/E of 11.5x TTM EPS

UNO Minda Ltd. | CMP Rs. 816 | M Cap Rs. 46842 Cr | 52 W H/L 816/501

(Nirmal Bang Retail Research)

Result Ahead of Expectation

Revenue from Operations came at Rs. 3794 Cr (7.7% QoQ, 31.3% YoY) vs expectation of Rs. 3741.7 Cr, QoQ Rs. 3522.9 Cr, YoY Rs. 2889 Cr

EBIDTA came at Rs. 474 Cr (24.9% QoQ, 48.5% YoY) vs expectation of Rs. 422.4 Cr, QoQ Rs. 379.6 Cr, YoY Rs. 319.3 Cr

EBITDA Margin came at 12.5% vs expectation of 11.3%, QoQ 10.8%, YoY 11.1%

Adj. PAT came at Rs. 262.5 Cr vs expectation of Rs. 233.5 Cr, QoQ Rs. 193.5 Cr, YoY Rs. 182.7 Cr

Quarter EPS is Rs. 4.6

Stock is trading at P/E of 44.8x FY25E EPS

Ganesha Ecosphere Ltd. | CMP Rs. 1133 | M Cap Rs. 2872 Cr | 52 W H/L 1182/811

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 305.5 Cr (7.3% QoQ, 1.3% YoY) vs QoQ Rs. 284.8 Cr, YoY Rs. 301.5 Cr

EBIDTA came at Rs. 47.1 Cr (17.7% QoQ, 39.6% YoY) vs QoQ Rs. 40 Cr, YoY Rs. 33.7 Cr

EBITDA Margin came at 15.4% vs QoQ 14%, YoY 11.2%

Adj. PAT came at Rs. 21.6 Cr vs QoQ Rs. 12.7 Cr, YoY Rs. 15.4 Cr

Quarter EPS is Rs. 8.5

Stock is trading at P/E of 70.8x TTM EPS

Steel Strips Wheels Ltd. | CMP Rs. 224 | M Cap Rs. 3512 Cr | 52 W H/L 299/146

(Nirmal Bang Retail Research)

Result has declined

Revenue from Operations came at Rs. 1068.7 Cr (-3.7% QoQ, 6.3% YoY) vs QoQ Rs. 1110.3 Cr, YoY Rs. 1004.9 Cr

EBIDTA came at Rs. 109.9 Cr (-5.8% QoQ, 1.3% YoY) vs QoQ Rs. 116.7 Cr, YoY Rs. 108.5 Cr

EBITDA Margin came at 10.3% vs QoQ 10.5%, YoY 10.8%

Adj. PAT came at Rs. 42.5 Cr vs QoQ Rs. 59.4 Cr, YoY Rs. 47.3 Cr

Quarter EPS is Rs. 2.7

Stock is trading at P/E of 12.4x FY25E EPS

Yatharth Hospital & Trauma Care Services Ltd. | CMP Rs. 463 | M Cap Rs. 3974 Cr | 52 W H/L 505/304

(Nirmal Bang Retail Research)

Result is broadly in-line with expectations

Revenue from Operations came at Rs. 177.8 Cr (6.6% QoQ, 23.6% YoY) vs expectation of Rs. 172.3 Cr, QoQ Rs. 166.8 Cr, YoY Rs. 143.8 Cr

EBIDTA came at Rs. 46.5 Cr (0.2% QoQ, 20.9% YoY) vs expectation of Rs. 45.8 Cr, QoQ Rs. 46.4 Cr, YoY Rs. 38.5 Cr

EBITDA Margin came at 26.2% vs expectation of 26.6%, QoQ 27.8%, YoY 26.8%

Adj. PAT came at Rs. 38.3 Cr vs expectation of Rs. 30.5 Cr, QoQ Rs. 29.5 Cr, YoY Rs. 17.3 Cr

Quarter EPS is Rs. 4.5

Stock is trading at P/E of 31.6x FY25E EPS

* ABCAPITAL

* BANDHANBANK

* BALRAMCHIN

* HINDCOPPER

* INDIACEM

* IEX

* METROPOLIS

* NATIONALUM

* PEL

* PNB

* ZEEL

Booz Allen Hamilton Holding Corporation (Pre market) (Sector- Technology)

11:30 EURO German Final GDP q/q (Expected: 0.2% versus Previous: 0.2%)

11:30 U.K. Retail Sales y/y (Expected: -0.5% versus Previous: 0.0%)

18:00 U.S. Durable Goods Orders m/m (Expected: -0.9% versus Previous:0.9%)

19:30 U.S. Revised UoM Consumer Sentiment (Expected: 67.8 versus Previous: 67.4)

Economic Calendar – 27.05.2024

U.S. and U.K. Market Holiday

05.35 JAPAN BOJ Gov Ueda Speaks

Shareholders of Taro Pharmaceutical Industries have approved a merger agreement with Sun Pharmaceutical Industries, bringing to a close, an over 10-year-long publicly fought feud between the companies.

The merger agreement received an affirmative vote from Taro shareholders (including a vote of the majority of shares held by Taro shareholders unaffiliated with Sun Pharma) at an Extraordinary General Meeting and an Ordinary Class Meeting on May 22, 2024, the two companies said on Thursday.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

The stock of Hindalco Industries, which is on a long-term uptrend, began its latest leg of the rally in March. It started to appreciate on the back of the support at ₹500. Early this week, Hindalco Industries’ share price saw a fresh breakout hitting a record high of ₹699.5.

But the price has moderated in the last two sessions. However, the overall trend is bullish, and the price drop is only a corrective one. We expect the stock to resume the rally and touch ₹720 in the near term.