Share Market Highlights 25 April 2024: Sensex gains 486 pts, Nifty settles at 22,570, PSU bank stocks shine

The rupee inched up 1 paisa to close at 83.32 (provisional) against the US dollar on Thursday as the support from positive domestic equities was negated by continued selling pressure from foreign funds.

Forex traders said foreign capital outflows also weighed on the rupee. However, a soft US dollar against key rivals overseas supported the domestic currency.

Rising for the fifth straight session, equity benchmark Sensex rallied nearly 500 points to reclaim the 74,000 mark while the Nifty closed above the 22,550 level on Thursday, driven by heavy buying in banking, financial and metal stocks.

Recovering after a sell-off in early trade, the 30-share BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44. During the day, it surged 718.31 points or 0.97 per cent to 74,571.25.

The NSE Nifty advanced 167.95 points or 0.75 per cent to 22,570.35.

Kirloskar Pneumatic Company Ltd’s shares surged 12.10 per cent after the company announced its financial results for FY24, reporting a 7 per cent growth in revenue and a 25 per cent growth in profit before tax as compared with the earnings in FY23. The company’s net profit after tax has increased by over 23 per cent. 

KPCL declared a final dividend of 200 per cent at ₹4 per share, in addition to the interim dividend of 125 per cent, bringing the total dividend to ₹6.50 per share (325 per cent). 

On Thursday, oil prices stabilized following a decline in the previous session, as indications of weakening fuel demand in the US, the world’s largest oil consumer, conflicted with escalating conflict risks in the key Middle East production area. US core durable goods orders surged by 2.6%, surpassing the projected 2.5%. Investors are closely monitoring forthcoming data releases, including the first-quarter GDP report (Forecast – 2.5%), personal consumption expenditures price index, and Initial Jobless Claims data.

On the last day of Monthly F&O series, the benchmark indices witnessed a strong uptrend rally, the Nifty ends 168 points higher while the Sensex was up by 487 points. Among Sectors, almost all the major sectoral indices were traded in the positive territory but PSU Bank index outperformed, rallied 3.7 percent. 

Technically, after a muted opening the Nifty/ Sensex successfully cleared the short-term resistance of 22475/74100 and post breakout it intensified the positive momentum. It also formed long bullish candle on daily charts, which supports further uptrend from the current levels. For the trend following traders now 22475/74100 would act as a trend decider level. As long as the index is trading above the same, the breakout formation is likely to continue. Above the same, it could move up till 22700-22735/73800-74000. However, below 22475/74100 the sentiment could change. Below which, the market could retest the level of 22350-22300/73800-73600.

Tech Mahindra reports consolidated profit after tax at ₹664.2 crore for the quarter ended March 2024 as against ₹1,125 crore in March 2023 quarter.

The board has recommended final dividend of ₹28 per equity share.

Stock closed at ₹1,190.75 on the NSE, up 0.43%

Aluminium futures on the Multi Commodity Exchange (MCX) remained steady over the past week. As the April futures are nearing expiry, we consider the May contract for analysis and trade recommendation.

Updater Services has received an order from the office of the Deputy commissioner of Commercial Taxes, LUT-DC3 Tamil Nadu, for an amount of ₹41,60,998 under section 73 OF TNGST Act for the year 2018-19.

Major gainers:

Axis Bank (6.25%), SBI (4.87%), Dr Reddy’s Lab (4.26%), JSW Steel (2.80%), Hero Motocorp (2.38%)

Major losers:

Kotak (-11.14%), LTIMindtree (-2.05%), Hindustan Unilever (-1.29%), SBI Life (-1.19%), Titan (-0.88%)

Stocks advanced on BSE at 3 pm on April 25, 2024, were 2,067 against 1,703 stocks that declined; 135 stocks remain unchanged. Total stocks traded were 3,095. The number of stocks that recorded a 52-week high was 240, and those that hit a 52-week low was 11. 

In addition, 333 stocks traded in upper circuit, while 193 hit the lower circuit.

Welspun Living’s board has arrangement for supply of renewable energy from mounting renewable power; liquidation of entities in the US; wind up of non-operational entities in the UK, Cyprus, Mauritius and Mexico; and revision in project cost of terry towel project from ₹326 crore to ₹341 crore. 

The stock declines 2.92% on the NSE, trading at ₹154.75 after Q4 results.

SBI’s stock is currently trades at ₹810.10, higher by 4.79%.

Kirloskar Pneumatic’s stock jumps 10.18% on the NSE, trading at ₹876.15 after its Q4 results. 

Board recommended final dividend of ₹4 per share for FY24.

HDFC Life Insurance Company Limited has received a GST Order from Deputy Commissioner, Large Taxpayer Unit, Corporate Division, West Bengal.

Zydus Wellness Products Limited, a wholly owned subsidiary of Zydus Wellness, has received an order-in-original from the Office of the Superintendent of Central Tax, Abdullapurmet Range, Nagole Division, Hyderabad, under section 73 of the Central Goods and Services Tax Act, 2017, alleging short payment of tax amounting to ₹0.49 lakh for FY 2018-19, alongwith applicable interest and penalty.

Alkem Laboratories Ltd has received an order passed by statutory authority under the Goods and Services Tax Act, 2017, a demand order of ₹1,84,804 for financial year 2018-2019 which includes penalty of ₹20,000 under provisions of the CGST/SGST Act, 2017.

Music Broadcast’s stock surges 3.69% on the NSE, trading at ₹18.25.

Inox Wind stock jumps 6.10% on the NSE, trading at ₹639.65.

Strengthened balance sheet gives comfort (Buy, TP: ₹137)

Equitas Small Finance Bank posted numbers below our expectations primarily due to asset quality, which led to increase in GNPA and credit cost. However, as per the bank it has made additional NPA provision amount of ₹38.5 crore and absorbed the one-time impact of ₹15.2 crore as per the clarification sought from RBI. Resultantly, GNPA increased and came in at 2.61% which is higher by 8bps QoQ, NNPA at 1.17% also increased by 4bps QoQ. 

NII for the quarter came in lower than our expectations primarily due to increase in CoF and higher securitization during the quarter. Net advances grew by 20% and Total Deposits grew by 42% for FY24 leading to improvement in balance sheet liquidity. CTI for the quarter was at 63.5% vs. 62.9% in 3QFY24. PAT at ₹208 crore (9.3% /2.8% YoY/QoQ) missed our expectations of ₹218 crore. CRAR came in at 21.7% vs. 20.24% as of 3QFY24. We maintain our BUY recommendation for the stock. We roll forward to FY26 from 1HFY26 and value EQSFB at 2x ABVE for FY26E, resulting in a revised TP of ₹137.

Veranda Learning Solutions announced the signing of a business transfer agreement with Kerala-based Logic Management Training Institutes Pvt. Ltd through its subsidiary Veranda XL Learning Solutions Private Limited.

ITC stock rises 1.69% on the NSE, trading at ₹436.15.

Maruti Suzuki has received a show cause notice from Senior Inspector, Legal Metrology, Rishikesh, District Dehradun, Uttarakhand. 

It is alleged that maximum retail price is not mentioned on the product listed on the website of ‘boodmo.com’ which amounts to violation of the Legal Metrology (Packaged Commodities) Rules, 2011. 

Stock declines 1.06% on the NSE, trading at ₹12,807.05.

GPT Infra (15.27%), Hitachi (12.64%), Yuken (10.44%), HG Infra (8.95%)

The thermal lamination films production line of Cosmo Films Korea Ltd, a wholly-owned subsidiary of Cosmo First, is being relocated to India and will be installed alongside the other thermal lamination films production lines at the company’s existing plant at SEZ, Shendra, Aurangabad, (India).

Cosmo First stock trades at ₹626.70 on the NSE, down by 0.29%.

​Dr. Reddy’s Laboratories Ltd​ and ​Nestlé India Ltd​ have entered into a joint venture agreement for investment in Dr. Reddy’s Nutraceuticals Limited (JV Company).

Dr. Reddy’s Lab stock rises 1.18% on the NSE, trading at ₹6,021.30.

The company’s board has approved execution of a definitive agreement to form a joint venture between the company and Dr. Reddy’s Laboratories. It has also approved the launch of Nespresso in India wherein the Company will engage in the sale and distribution of Nespresso products (machines and capsules). The company expects to launch Nespresso in India by the end of 2024.

Nestle India posts net profit of Rs 934 crore for March quarter, up 27 per cent. Revenue at Rs 5268 crore up 9.1 per cent y-o-y’

Nestle CMD Suresh Narayanan : India has emerged as the largest market for Maggi. Confectionery delivered strong performance, fuelled by Kitkat making India the second-largest market for the brand globally.

Happiest Minds Technologies has signed definitive agreements to acquire 100 per cent of the equity share capital of PureSoftware Technologies for a total purchase consideration of $94.5 million (₹779 crore). Read more

H.G. Solar Projects Private Ltd, a wholly-owned subsidiary of H.G. Infra Engineering Ltd, has incorporated the following wholly-owned subsidiaries: 

1. H.G. Jodhpur Solar Energy Private Limited 

2. H.G. Solar Project Developer Private Limited 

3. H.G. Green Hydrogen Power Private Limited

HG Infra stock inches up 0.77% on the NSE, trading at ₹1,067.40.

Major gainers: Axis Bank (4.53%), SBI (1.64%), Sun Pharma (1.45%), HCL Tech (1.35%), ITC (1.08%)

Major losers: Kotak (-10.41%), LTIMindtree (-2.71%), Hindustan Unilever (-1.72%), Tata Consumers (-1.54%), Titan (-1.32%)

A total of 2,011 stocks advanced on the BSE at 12 noon on April 25, 2024, against 1,587 stocks that declined; 163 stocks remain unchanged. The total stocks traded were 3,761. While 195 stocks recorded a 52-week high, nine hit a 52-week low. 

In addition, 277 stocks traded in the upper circuit, while 170 hit the lower circuit.

The Bank Nifty May Futures (48,420) has come down from the high of 48,527. It has supports at 48,250 and then at 48,100. The first support at 48,250 is holding well for now. If the contract manages to sustain above this support, a rise to 48,650-48,700 can be seen during the day.

GPT Healthcare has entered into Lease Agreement with Sun and Sun Inframetric Private Limited and Mosaic Infraventure Private Limited on April 24, 2024, for the construction and finishing of a hospital building at Raipur with all amenities and services. 

Major gainers on the BSE at 11.30 am:

Hitachi Energy (17.85%), JWL (10.81%), Inox Wind (7.34%), Bharat Forge (6.86%), Mas Financial (6.62%)

Major losers:

Kotak (-10.10%), Dalmia Bharat (-5.83%), Indian Hotels (-4.63%), Sparc (-4.19%), Bharat Bijlee (-3.84%)

Sampann Utpadan India Limited has received a letter from National Stock Exchange of India Limited regarding waiver of the penalty in compliance pertaining to Regulation 33 of SEBI (Listing and Obligations Disclosures Requirements), Regulation 2015 for the quarter /half year ended September 30. 2015. The total fine of ₹1,71,100 includes the GST of ₹26,100.

Eicher Motors has received a GST demand order from the Office of the Principal Commissioner of CGST and Central Excise, Chennai, for an aggregate amount of ₹2.18 crore (which includes tax demand of ₹39 lakh & penalty of ₹1.79 crore) and interest as applicable.

Stock trades at ₹4,505.50 on the NSE, down by 0.56%.

Star Cement informed that a penalty of ₹4,450 has been imposed each on the company and it’s subsidiary Star Cement Meghalaya Limited by the Transport Department, Registration Authority, Govt. of Meghalaya, Jowai, for delay in obtaining the Vehicle Fitness Inspection/ Certificate and the same has been duly paid by the Company and Star Cement Meghalaya Limited respectively.

IHG Hotels & Resorts and Brigade Group have announced the signing of a management agreement to debut the InterContinental brand in Telangana − InterContinental Hyderabad Neopolis.

Brigade Enterprises stock rises 1.58% on the NSE, trading at ₹1,036.50.

The Axis Bank board has approved the re-appointment of Amitabh Chaudhry as MD & CEO for a further period of three years with effect from January 1, 2025 up to December 31, 2027. This is subject to approval of the Reserve Bank of India (RBI) and approval of the members, in terms of applicable laws.

Divi’s Laboratories is in the process of entering into a long-term supply agreement with a customer and is planning for capacity addition at its manufacturing facility with an estimated investment between ₹650 crore to ₹700 crore, to be funded from internal accruals. The proposed facility is expected to be operational around January 2027.’

Stock declines 0.24% on the NSE, trading at ₹3,804.75

Nifty 50 opened with a gap-down, but has managed to bounce back from its low. The index made an intraday low of 22,305.95 and has risen back well recovering all the loss. It is currently trading at 22,450, up 0.22 per cent. The advances/decline ratio is at 33:17 and it indicates a positive bias. Read more

Coromandel International has received notice from the Inspector, Legal Metrology, Ballikurava, Bapatla District, Andhra Pradesh for payment of compounding fees. 

Stock trades at ₹1,076 on the NSE, down by 1.08%.

On the back of the ₹18,000 crore fundraise through a follow on offer, Vodafone Idea will stage a smart turnaround, according to Kumar Mangalam Birla, Chairman, Aditya Birla Group. Read more

MAS Financial Services has approved issuance of secured/unsecured NCDs and commercial papers up to an aggregate amount of ₹1,500 crore and ₹500 crore, respectively, in one or more tranches through private placement basis. MAS Financial stock surges 5.51% on the NSE, trading at ₹314.80.

NSE Nifty was down by 0.15 per cent or 28.05 points to 22,379, while the BSE Sensex was at 73,796 down by 0.10 per cent or 66.96 points. A total of 2,919 stocks were actively traded, 1,845 advanced, while 961 declined and 113 stocks remained unchanged, where 117 stocks hit a 52-week high and 6 stocks hit a 52-week low at 9.40 am on Thursday, on the BSE. Read more

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Researchbytes Events Update

As of 07:33 AM Thursday 25 April 2024

Can set alert for them at www.researchbytes.com 

10:30 AM Dalmia Bharat

Dial: +91 22 6280 1536 

Weblink: https://tinyurl.com/59xm94nx

1:00 PM Macrotech Developers

Dial: +91 22 6280 1342

Weblink: https://tinyurl.com/yjv5yeuc

2:00 PM 5paisacapital

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2:00 PM Agro Tech Foods

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3:00 PM Syngene International

Dial: +91 22 6280 1279

Weblink: https://tinyurl.com/yw337twr

3:30 PM MAS Financial S

Dial: +91 22 6280 1384

Weblink: https://tinyurl.com/2ra7fbr4

4:00 PM Kirloskar Pneum

Dial: +91 22 6280 1342

4:00 PM Glenmark Life

Dial: +91 22 6280 1564 

Weblink: https://tinyurl.com/za4hjuwj

4:30 PM Welspun India

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Weblink: https://tinyurl.com/4remf8ur

4:30 PM Anant Raj

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5:15 PM AAVAS Financier

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/26hyuz2z

5:30 PM IndusInd Bank

(Press Release )

Dial: +91 22 6280 1102

5:30 PM Zensar Tech

Dial: 9930153832

( Hosted by Axis Capital )

6:00 PM Tech Mahindra

Weblink: https://tinyurl.com/3e4j32w5

6:00 PM Bajaj Finance

Dial: +91226280 1565

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Dial: +91 22 6280 1145

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7:30 PM L and T Technolog

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While Vodafone Idea’s FPO listing around Rs. 12 is a modest increase from the issue price, it reflects initial selling pressure for short-term gains. However, a drop below Rs. 11 seems unlikely given the company’s turnaround potential. Positive signs and potential post-election tariff hikes could trigger fresh buying after this initial volatility. Aggressive investors with a long-term view might consider holding onto the stock, aiming for a potential rise towards Rs. 18 in the future.

ASK Auto motive: Company in joint venture pact with Japan-based Aisin Group for selling auto components for cars. 

Tejas Networks: Company expects substantial benefits from PLI scheme over the next four years

Sterlite Technologies: US-manufactured fiber optic cable products are compliant with Build America, Buy America (BABA) provisions of Infrastructure Investment& Jobs Act.

Axis Bank Q4: Net profit at ₹7130 cr vs poll of ₹6215 cr, NII at ₹13089 cr vs poll of ₹12809 cr 

Dalmia Bharat: Net profit at ₹320 cr vs poll of ₹272 cr, Revenue at ₹4,307 cr vs poll of ₹4,125 cr. 

PVR Inox: Company launches advertising-free movie cinemas in select luxury properties.

RVNL: Company declared lowest bidder for a southern railway project worth ₹239 Cr.

RITES: Company signs MoU with DVC for Project Management Consultancy for rail infra works. 

Suprajit Engineering: Inauguration of new plant of Shanghai Lone Star Cable Co. Ltd. 

NALCO: KABIL signs MoU with CSIR-NGRI for geophysical investigations in critical & strategic minerals sector. 

Hindustan Unilever: Net profit at ₹2,406 cr vs poll of ₹2,438 cr, Net Revenues at ₹14,857 cr vs poll of ₹14,989 cr

Syngene: Net Profit up 5.5% at ₹188.6 cr vs ₹178.7 cr, Revenue down 7.8% At ₹916.9 Cr Vs ₹994.4 Cr (YoY) 

Indian Hotels Q4: Net profit at ₹418 cr vs poll of ₹405 cr, Revenue at ₹1905 cr vs poll of ₹1869 cr 

Mas Financials: Net profit up 23.3% at ₹69.4 cr vs ₹56.3 cr, Revenue up 24.2% at 345.8 cr vs ₹278.5 cr (YoY) 

Macrotech Developers Q4: Net profit at ₹666 cr versus ₹744 cr, revenue at ₹4,019 cr versus ₹3,255 cr YoY 

Indian Bank: FSIB recommends Asheesh Pandey for the position of MD & CEO in Indian Bank.

State Bank: Financial Services Institutions Bureau (FSIB) recommends Rana Ashutosh Kumar Singh for the position of MD in State Bank of India. 

Delta Corp: Company incorporates joint venture Delta Penland Private as a wholly owned subsidiary.

Jubilant Pharma: U.S. FDA inspection at Radiopharmaceuticals manufacturing facility of Canada-based unit end with 5 observations. 

Reliance Industries: Company acquires 100% stake in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV.

ITC: Company’s shareholders to meet on June 6 for hotels scheme of arrangement

AU Small Finance Bank: Net profit at ₹370.7 cr vs poll of ₹354.6 cr, Gross NPA at ₹1,237.4 cr vs ₹1,339.7 cr (QoQ) 

LTIM Q4: Net profit at ₹1100 cr vs poll of ₹1130 cr, ₹ Revenue at ₹8,893 cr vs poll of ₹8,950 cr. 

Kotak Mahindra Bank: Company barred by RBI from issuing new credit cards. 

Vedanta: company order of temporary suspension of mining operations in respect of The A. NARRAIN iron ore mine 

Oracle Financial Q4: PAT down 24% QoQ, revenue declines 10%

Adani Total Gas has received a regulatory order from Petroleum and Natural Gas Regulatory Board (PNGRB), New Delhi. The board has decided to ratify/ regularise the gas pipeline laid in Mundra SEZ and charged a penalty under Section 28 of PNGRB Act. The declaration by the PNGRB will pave the way for enabling ATGL to operate the pipeline and generate revenues. ATGL stock trades at ₹917.40 on the NSE, down by 0.23%.

Happiest Minds Technologies has signed agreements to acquire 100% of the equity share capital of PureSoftware Technologies Pvt Ltd for $94.5 million (₹779 crore).

Stock trades at ₹824.50 on the NSE, up 0.67%.

Major gainers: Axis Bank (4.40%), HCL Tech (1.11%), Eicher Motors (0.71%), Sun Pharma (0.61%), SBI (0.48%)

Major losers: Kotak Bank(-11.69%), Tata Consumers (-2.32%), LTIMindtree (-1.84%), Hindustan Unilever (-1.16%), SBI Life (-0.99%)

Silver declined as geopolitical threats in the Middle East receded, reducing its attraction as a safe haven. The softer-than-expected US PMI report alleviated some fears about the sturdy economy and pushed for interest rate decreases this year. Previously, hawkish pronouncements by Fed officials and high inflation readings caused a drop in market expectations for Fed interest rate cuts, reducing demand for non-yielding products.

Markets are now looking to US GDP data on Thursday and the Fed-preferred PCE price index report on Friday to help steer the picture further.

Gold prices remained in a tight range as investors turned to US economic data for further clarity on the Federal Reserve’s interest rate outlook. Recent statements by Federal Reserve officials suggested that there is no pressing need to lower interest rates. Traders now anticipate the first Fed rate decrease to occur in September. Meanwhile, gold faced a challenge from the shift to riskier assets as tensions in the Middle East subsided. Previously, hawkish Fed comments and an increase in prices caused investors to lower their expectations for rate cuts this year, reducing the attraction of non-yielding assets. 

Markets are now looking to US GDP data on Thursday and the Fed-preferred PCE price index report on Friday to help steer the picture further.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

“The overarching trend of this market is its bullishness despite negative triggers. The rising bond yields in the US ( the 10-yr continues above 4.6%) and geopolitical tensions are not impacting the market at all. During the last seven days FIIs sold equity worth a massive Rs 25853 crores. But the DII buying overwhelmed this FII selling and the market continued its upward momentum.

There are reports of Israel striking some sites linked to Hezbollah, but these will be ignored by the market unless it causes serious rector tensions.

The Q4 results of Axis Bank are better-than- expectations and, therefore, the market will respond to that. The valuation of Axis is attractive. The regulatory restrictions on Kotak Bank will weigh on the stock. Since the VIX is at low levels, the market will not witness any serious corrections. In the near-term, consolidation is likely.”

Chennai Petroleum Corporation Ltd (CPCL) has reported a significant drop in its net profit for the March 2024 quarter and the full fiscal FY24 amid marginal improvement in physical performance. Read more

Central banks globally continue to maintain a hard stance on inflation and interest rates. The US Federal Reserve has given no indication of cutting interest rates any time soon. Similar is the case with the RBI as well. Read more

Crude oil futures traded marginally higher on Thursday morning as official data indicated a decrease in oil inventories in the US. At 9.16 am on Thursday, June Brent oil futures were at $88.07, up by 0.06 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $82.84, up by 0.04 per cent. May crude oil futures were trading at ₹6911 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6889, up by 0.32 per cent, and June futures were trading at ₹6876 against the previous close of ₹6864, up by 0.17 per cent.

CITI on Kotak Mahindra BK

Neutral, TP Rs 2040

RBI Halts All Online Onboarding of New Customers & Credit Card Issuances

In 3Q, 95% of new PL, 99% of new CC, & 79% of new BL disbursed digitally

Also, 90% of new investment & 76% of FD/RD a/cs opened digitally

Credit cards portfolio constituted 3.7% of advances (up 52% YoY/10% QoQ)

This incident would adversely impact growth, NIM & fee income.

Pace of branch expansion (89 in 9M and 80 in FY23) also needs to accelerate.

CLSA on Kotak Mahindra Bk

O-P, TP Rs 2100

RBI ban

Profit impact likely to be modest unless ban stays for long

Bk’s digital platform ‘811’ has a large customer base; however, these are low-value customers.

Their contribution to total savings deposits is only 8%

Credit cards is a fast-growing segment, but contributes only 4% to the total loan book of the bank.

Given it is a higher- ROA business, profit contribution would be in high-single digits

Jefferies on Kotak Mahindra BK

Hold, TP cut to Rs 1970

RBI pointed to material gaps in Bank’s digital & security platforms 

Been asked to stop

1)onboarding new customers on online/mobile channels

2)issuing new credit cards

If resolution takes >6mths, it could affect rev & costs

Axis BK Review

MS

OW, TP Rs 1450

PBT ex capital gains 4% above MSe helped by beat on NII/ fees

Avg deposit growth 5% QoQ – a +ve amid tight liquidity situations

RoA remains strong; CET 1 ratio improved QoQ by 4bp to 13.7%

Deposit growth acceleration next key re-rating catalyst

Jefferies

Buy, TP Rs 1380

4Q surprised +vely with 13% beat on profit est (+8% YoY) aided by better NIMs, higher fees & stable credit costs.

Even as loan growth stays softer in FY25, to improve LDR, margins can offset some impact

Vals @1.7x FY25 Adj PB attractive

CLSA

Buy, TP Rs 1310

LDR down 250bps, NIM improved sequentially

Deposit growth healthy 6% QoQ, with CASA ratio modestly improving.

Margins improved 5bps QoQ, contrary to fears of a decline

AU Small BK Review

MS

OW, TP Rs 850

F4 PBT 14% above MSe.

Mainly led by lower provisions (0.7% vs. MSe of 0.9%).

Core PPoP grew 15% YoY & 6% above MSe – NII was in line, fee income beat was partly offset by higher opex.

Avg. LCR stood at 117% vs. 123% last qtr. 

Nomura

Neutral, TP Rs 625

4Q24: NIMs decline sharply; higher fee income aids PPOP

Build in RoE of 13-14% over FY25-26F

Higher fee income offset sharp fall in NIMs

Strong loan and deposit growth; slippages moderate

LTIMindtree Review

GS

Buy, TP Rs 5770

Rev miss(-1.3% qoq in 4Q vs GSe at-0.5%)

Commentary suggests continued weakness in discretionary enterprise spend & no meaningful change in overall demand environment

LTIM expects growth to return from next qtr. 

MS

EW, TP cut to Rs 4600

Expectation of growth returning from 1Q & continued strong net income conversion to FCF are +ves.

Stock has underperformed YTD, but material uptick in growth in F25 vs F24 requires superior execution

Nomura

Reduce, TP Rs 4170

4Q misses est., margin guidance pushed out

No meaningful recovery in sight

Sequential growth from 1QFY25E; however, growth acceleration unlikely in FY25F

Margin disappoints again 

Lower FY24-26F EPS by 4-8%

HSBC

Hold, TP cut to Rs 5380

LTIM reported another weak quarter as both revenues & margins missed expectations in 4Q FY24

Management was slightly more positive on FY25 growth, though stayed negative on margin outlook

MS on Indian Hotels

OW. TP Rs 529

F4Q24 EBITDA missed MSe 

Core business remains on track, but weakerthan-expected numbers in international subsidiaries drove miss.

Continued demand & muted supply growth in core markets, multibrand portfolio, & strong FCF keep us OW

HSBC on HUL

Hold Call, Target Rs 2,300

Q4 Volume/Underlying Sales Growth Of 2%/1% A Tad Below Expectations

Modest EBITDA Margin Decline On High A&P

Amid Poor Demand & Rise In Local Competition, Co Delivered Modest FY24 Volume Growth

Amid Poor Demand & Rise In Local Competition, Co Delivered Earnings Growth Of 1%

Outlook Appears Uncertain And Growth Lacklustre

HSBC on Nippon AMC

Buy Call, Target Rs 665

Q4 Market Share Gains In New Inflows & Equity AUM

Lower Than Expected Income Yield Compression Were Positives

Increase FY25/26 EPS Estimates By 5.4%/1.6% To Factor In AUM Mix Change Yield Profile

Revenue Pressure Could Be Partly Offset By Efficiency Gains

Nomura on Zydus Life

Buy Call, Target Rs 988

US FDA Issued 10 Observations For Jarod Injectable Site

Details Of Observations Are Not Yet Known, But There are Concerns Among Concerns

Concerns Are There Given Relatively Large Number Of Observations

Concerns Are There Given Relatively High Risk Of Compliance Failures For Injectable Sites

Jarod Is One Of Co’s Three Injectable Manufacturing Facilities That Caters To US Market

Jarod Also Contributes 3% Of US Revenue

Jarod Manufactures Non-pncology Injectable

UBS on Godrej CP: Maintain Buy on Company, raise target price at Rs 1450/sh (Positive) 

MS on Dalmia Bharat: Maintain Overweight on Company, target price at Rs 2450/Sh (Positive) 

Macquarie on Axis Bank: Maintain Outperform on Bank, target price at Rs 1300/sh (Positive) 

Jefferies on Axis Bank: Maintain Buy on Bank, target price at Rs 1380/sh (Positive) 

Nuvama on Axis Bank: Maintain Buy on Bank, target price at Rs 1270/sh (Positive) 

CLSA on Axis Bank: Maintain Buy on Bank, target price at Rs 1310/sh (Positive) 

MS on Axis Bank: Maintain Overweight on Bank, target price at Rs 1450/sh (Positive) 

MS on AU Bank: Maintain Overweight on Bank, target price at Rs 850/sh (Positive) 

MS on Indian Hotels: Maintain Overweight on Company, target price at Rs 529/sh (Positive) 

Investec on Indian Hotels: Maintain Buy on Company, raise target price at Rs 626/sh (Positive) 

MOSL on Voltas: Maintain Buy on Company, target price at Rs 1650/sh (Positive) 

HSBC on Nippon AMC: Maintain Buy on Company, target price at Rs 665/sh (Positive) 

Investec on Auro Pharma: Maintain Buy on Company, target price at Rs 1350/sh (Positive) 

MS on Macrotech: Maintain Equal weight on Company, target price at Rs 1050/Sh (Neutral) 

Jefferies on Macrotech: Maintain Buy on Company, target price at Rs 1380/Sh (Neutral) 

GS on HUL: Maintain Neutral on Company, cut target price at Rs 2475/sh (Neutral) 

Emkay on HUL: Maintain Add on Company, target price at Rs 2500/sh (Neutral) 

JP Morgan on IDFC First: Initiate Neutral on Company, target price at Rs 75/sh (Neutral) 

NOMURA on AU Bank: Maintain Neutral on Bank, target price at Rs 625/sh (Neutral) 

NOMURA on Zydus Life: Maintain Buy on Company, target price at Rs 988/sh (Neutral) 

HSBC on LTIM: Maintain Hold on Company, cut target price at Rs 5380/sh (Neutral) 

MS on LTIM: Maintain Equal Weight on Company, target price at Rs 4600/sh (Neutral) 

Bernstein on Kotak Bank: Maintain Market perform on Bank, target price at Rs 2100/sh (Neutral) 

CLSA on Kotak Bank: Maintain Outperform on Bank, target price at Rs 2100/sh (Neutral) 

Citi on Kotak Bank: Maintain Neutral on Bank, target price at Rs 2040/sh (Neutral) 

Jefferies on Kotak Bank: Maintain Hold on Bank, cut target price at Rs 1970/sh (Negative) 

Macquarie on Kotak Bank: Maintain Neutral on Bank, target price at Rs 1860/sh (Negative) 

Citi on LTIM: Maintain Sell on Company, cut target price at Rs 4165/sh (Negative) 

JP Morgan on LTIM: Maintain Neutral on Company, cut target price at Rs 4900/sh (Negative) 

Jefferies on LTIM: Maintain Underperform on Company, cut target price at Rs 3960/sh (Negative) 

Nomura on LTIM: Maintain Reduce on Company, cut target price at Rs 4170/sh (Negative) 

Source: NSE

Company

Present

Market Lot

Revised

Market Lot

ABBOTT INDIA LIMITED

40

20

ADANI PORT & SEZ LTD

800

400

ALKEM LABORATORIES LTD.

200

100

AMBUJA CEMENTS LTD

1800

900

AUROBINDO PHARMA LTD

1100

550

BHARAT ELECTRONICS LTD

5700

2850

BHARTI AIRTEL LIMITED

950

475

BHEL

5250

2625

BOSCH LIMITED

50

25

BHARAT PETROLEUM CORP LT

1800

900

CANARA BANK

2700

1350

DLF LIMITED

1650

825

EXIDE INDUSTRIES LTD

3600

1800

HCL TECHNOLOGIES LTD

700

350

HDFC AMC LIMITED

300

150

HERO MOTOCORP LIMITED

300

150

HINDUSTAN COPPER LTD

5300

2650

HINDUSTAN PETROLEUM CORP

2700

1350

VODAFONE IDEA LIMITED

80000

40000

THE INDIAN HOTELS CO. LTD

2000

1000

INDIAN OIL CORP LTD

9750

4875

JINDAL STEEL & POWER LTD

1250

625

JK CEMENT LIMITED

250

125

LIC HOUSING FINANCE LTD

2000

1000

LARSEN & TOUBRO LTD.

300

150

L&T TECHNOLOGY SER. LTD.

200

100

LUPIN LIMITED

850

425

MANAPPURAM FINANCE LTD

6000

3000

MULTI COMMODITY EXCHANGE

400

200

MAHANAGAR GAS LTD.

800

400

NATIONAL ALUMINIUM CO LTD

7500

3750

NESTLE INDIA LIMITED

400

200

NTPC LTD

3000

1500

ORACLE FIN SERV SOFT LTD.

200

100

OIL AND NATURAL GAS CORP.

3850

1925

STEEL AUTHORITY OF INDIA

8000

4000

SBI LIFE INSURANCE CO LTD

750

375

STATE BANK OF INDIA

1500

750

SUN PHARMACEUTICAL IND L

700

350

TATA CONSUMER PRODUCT LTD

900

450

TORRENT PHARMACEUTICALS L

500

250

TRENT LTD

400

200

The benchmark indexes are set to open marginally lower on Thursday, after gaining for four sessions in a row, with focus on Kotak Mahindra Bank after the Reserve Bank of India barred the lender from taking on new clients digitally. Read more

The initial public offering of heating equipment maker JNK India Ltd will close today. The IPO was subscribed 1.03 times so far. Read more

The RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect, after the regulator found “serious deficiencies” in the lender’s IT risk management. These actions, the RBI said, were necessitated based on concerns arising out of Reserve Bank’s IT examination for 2022 and 2023, and the bank’s failure to address these concerns in a comprehensive and timely manner. Read more

ICICI Securities Ltd

Dividend Per Share Rs.17

Previous day Closing Price – Rs. 732.45

Ex-Dividend 26 April 2024 (Tomorrow)

Last date for Cum-Dividend Today

* ABFRL

* HINDCOPPER

* SAIL

The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of RBI Deputy Governor T Rabi Sankar for one year from May 3 this year. Read more

Indian Hotels Company Limited (IHCL) will invest ₹3,500 crore over the next five years towards key assets upgradation, building digital capabilities and select new projects, the company announced on Wednesday after declaring its fourth quarter result. Read more

Motilal Oswal Asset Management Company has elevated Prateek Agrawal as MD & CEO with effect from Friday. He will take charge from Navin Agarwal, who will return to the parent company. Read more

Tamilnadu Petroproducts Ltd (TPL) has appointed EY-Parthenon, a strategy consultancy firm, to drive its carbon-neutral and sustainability goals. Read more

Axis Bank posted a net profit of ₹7,130 crore for Q4 FY24 compared with a net loss of ₹5,728 crore in the year ago period. Sequentially, the profit after tax was 17 per cent higher. Read more

Export firms face credit constraints, including access, volume, cost, and maturity mismatch. As India’s integration into the global economy rises, the lack of trade finance aggravates business fluctuations and global shocks. While currency depreciation theoretically boosts exports, a lack of trade finance prevents export firms from capitalising on such opportunities. Read more

Hinduja Group’s IndusInd International Holdings (IIHL) is expected to seek a six-month extension from the Reserve Bank of India for the proposed transfer of control of Reliance Capital, sources told businessline. Read more

The Reserve Bank of India has barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards for failing to build IT systems and controls commensurate with its growth leading to serious deficiencies and non-compliances with regulatory requirements. Read more

UTI asset management

KPI Green

Laurus lab

Kirloskar pneumatic 

L& T technology

Quick heal tech

Wardwizard innovations

Wendt india

Schaeffler india

Coromandel international 

Zensar tech

Indusind bank

Cyient ltd

Som distillaries 

Agarwal’s eye hospital

Tanla platform

Olectra greentech 

Himadri speciality

Gayatri sugar

Enkei wheels

Tech mahindra

Welspun living

Mphasis ltd

Jai balaji ind

Vedanta ltd

Bank of maharastra

Bajaj finance

Avantel ltd

ACC ltd

Axis Bank 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/7c90756f-dc8a-478b-bb26-0bb1cdfa42a7.pdf

Press Release and Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/447bbcb4-3eda-40c4-a079-f4c3f850db5f.pdf 

Closing Bell:

* Sensex: 73852.94(+114.49)

* Nifty 50: 22402.40(+ 34.40)

* Nifty bank: 48189.00 (+218.55)

Nifty top 5 Gainers: 

* Hindalco: 636.10 (+24.30)

* Cipla: 1,398.20 (+51.50)

* JSW Steel: 882.70(+ 31.35)

* Tata Steel: 165.55 (+4.40)

* Power Grid Corp: 290.40 (+5.05)

Nifty top 5 losers:

* Tata cons products: 1,110.15 (-63.20 )

* Grasim: 2,337.75 (-32.40 )

* Tech Mahindra: 1,185.70 (-14.55 )

* HDFC Life: 594.20 (-6.95)

* TCS: 3,831.05 (-43.65)

Fund Flow Activity:

24 April 2024 (In Cr)

Turnover: (NSE + BSE)

Cash Volume: 103160.75 + 7021.24 Total: 110181.99

F&O Volume: 551317.63 + 248414.37 Total: 799732

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -2511.74 

(10242.95 - 12754.69) 

DII: NET BUY: +3809.9 

(12601.22 - 8791.32)

Merck & Company, Inc. (Pre market) (Sector- Healthcare) 

Astrazeneca PLC (Pre market) (Sector- Healthcare) 

Caterpillar, Inc. (Pre market) (Sector- Capital Goods) 

Comcast Corporation (Pre market) (Sector- Technology) 

Union Pacific Corporation (Pre market) (Sector- Logistics) 

S&P Global Inc. (Pre market) (Sector- Financials) 

Honeywell International Inc. (Pre market) (Sector- Technology) 

Sanofi (Pre market) (Sector- Healthcare) 

Bristol-Myers Squibb Company (Pre market) (Sector- Healthcare) 

Altria Group (Pre market) (Sector- Manufactures) 

Northrop Grumman Corporation (Pre market) (Sector- Defense) 

Valero Energy Corporation (Pre market) (Sector- Energy) 

Pacific Gas & Electric Co. (Pre market) (Sector- Energy) 

Carrier Global Corporation (Pre market) (Sector- Capital Goods) 

Hess Corporation (Pre market) (Sector- Energy) 

W.W. Grainger, Inc. (Pre market) (Sector- Capital Goods) 

Newmont Corporation (Pre market) (Sector- Metals) 

Keurig Dr Pepper Inc. (Pre market) (Sector- Manufacturing) 

Dow Inc. (Pre market) (Sector- Chemicals) 

GE Vernova Inc. (Pre market) (Sector- Energy) 

Barclays PLC (Pre market) (Sector- Financials) 

STMicroelectronics N.V. (Pre market) (Sector- Technology) 

Nasdaq, Inc. (Pre market) (Sector- Financials) 

Royal Caribbean Cruises Ltd. (Pre market) (Sector- Hotels) 

Xcel Energy Inc. (Pre market) (Sector- Energy) 

Tractor Supply Company (Pre market) (Sector- Retail) 

West Pharmaceutical Services, Inc. (Pre market) (Sector- Healthcare) 

Willis Towers Watson Public Limited Company (Pre market) (Sector- Financials) 

Teck Resources Ltd (Pre market) (Sector- Metals) 

Mobileye Global Inc. (Pre market) (Sector- Technlogy) 

Tradeweb Markets Inc. (Pre market) (Sector- Financials) 

Dover Corporation (Pre market) (Sector- Capital Goods) 

First Citizens BancShares, Inc. (Pre market) (Sector- Financials) 

DTE Energy Company (Pre market) (Sector- Energy) 

ASE Technology Holding Co., Ltd. (Pre market) (Sector- Technology) 

Reliance, Inc. (Pre market) (Sector- Financials) 

Textron Inc. (Pre market) (Sector- Defense) 

Check Point Software Technologies Ltd (Pre market) (Sector- Technology) 

CMS Energy Corporation (Pre market) (Sector- Energy) 

Southwest Airlines Company (Pre market) (Sector- Aviation) 

EMCOR Group, Inc. (Pre market) (Sector- Healthcare) 

Pool Corporation (Pre market) (Sector- Miscellaneous) 

Lincoln Electric Holdings, Inc. (Pre market) (Sector- Capital Goods) 

TransUnion (Pre market) (Sector- Financials) 

A.O. Smith Corporation (Pre market) (Sector- Capital Goods) 

International Paper Company (Pre market) (Sector- Packaging) 

Allegion plc (Pre market) (Sector- Technology) 

TechnipFMC plc (Pre market) (Sector- Energy)

Microsoft Corporation (Post market) (Sector- Technology)

Alphabet Inc. (Post market) (Sector- Technology)

T-Mobile US, Inc. (Post market) (Sector- Telecom)

Intel Corporation (Post market) (Sector- Technology)

KLA Corporation (Post market) (Sector- Technology)

Gilead Sciences, Inc. (Post market) (Sector- Healthcare)

Capital One Financial Corporation (Post market) (Sector- Financial)

Edwards Lifesciences Corporation (Post market) (Sector- Healthcare)

DexCom, Inc. (Post market) (Sector- Healthcare)

Atlassian Corporation (Post market) (Sector- Technology)

L3Harris Technologies, Inc. (Post market) (Sector- Technology)

Agnico Eagle Mines Limited (Post market) (Sector- Metal)

Hartford Financial Services Group, Inc. (Post market) (Sector- Financial)

Fair Isaac Corporation (Post market) (Sector- Technology)

AvalonBay Communities, Inc. (Post market) (Sector- Realty)

ResMed Inc. (Post market) (Sector- Healthcare)

Weyerhaeuser Company (Post market) (Sector- Realty)

[6:27 am, 25/4/2024] KS BadriNarayanan: FirstEnergy Corp. (Post market) (Sector- Energy

Western Digital Corporation (Post market) (Sector- Technology)

Principal Financial Group Inc (Post market) (Sector- Financial)

Cincinnati Financial Corporation (Post market) (Sector- Financial)

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

Snap Inc. (Post market) (Sector- Technology)

Carlisle Companies Incorporated (Post market) (Sector- Construction)

Erie Indemnity Company (Post market) (Sector- Financial)

TFI International Inc. (Post market) (Sector- Logistics)

Gaming and Leisure Properties, Inc. (Post market) (Sector- Realty)

Juniper Networks, Inc. (Post market) (Sector- Technology)

TotalEnergies SE (TENT) (Sector- Energy)

Southern Copper Corporation (TENT) (Sector- Metal)

Deutsche Bank AG (TENT) (Sector- Financial)

Rockwell Automation, Inc. (TENT) (Sector- Capital Goods)

Shinhan Financial Group Co Ltd (TENT) (Sector- Financial)

18:00 U.S. Advance GDP (Expected: 2.5% versus Previous: 3.4%)

18:00 U.S. Unemployment Claims (Expected: 214k versus Previous: 212k)

19:30 U.S. Pending Home Sales m/m (Expected: 0.3% versus Previous: 1.6%)

The upmove in the stock of Jindal SAW is gaining momentum. The stock had surged about 7.5 per cent on Wednesday. This rise has taken the share price well above an intermediate resistance level of ₹518. The short-term outlook is bullish. Positive move average cross overs on the daily chart also strengthens the bullish case. Support will now be in the ₹518-₹515 region which can now limit the downside. Read more