Share Market Highlights on 27 May 2024: Nifty, Sensex inch lower in choppy trade amid high volatility

Indian stocks closed lower on Monday as an extended rally in financial stocks on the central bank’s record dividend last week was offset by a drop in energy firms, with volatility remaining high on nerves around elections results.

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The rupee pared its initial gains and settled for the day lower by 4 paise at 83.14 (provisional) against the US dollar on Monday, mirroring the benchmark indices that erased their gains and ended the day off their record-high levels.

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HCL Technologies Ltd.’s shares were up by 0.48 per cent after the company and Arm announced a collaboration to develop custom silicon chips optimised for AI workloads.

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Top gainers on the NSE at 3pm:

Divi’s Lab (3.35%), IndusInd (1.75%), Axis Bank (1.29%), LTIMindtree (1.12%), Adani Ports (1.09%)

Top losers: 

Adani Enterprises (-2.91%), Wipro (-2.31%), Grasim (-2.05%), ONGC (-1.92%), Eicher Motors (-1.89%)

Hi, 

Please find below expert quote on GSM Foils Ltd by Mr. Tarun Singh, MD, Highbrow Securities: 

The company’s financial performance shows mixed trends. Revenue grew from Rs. 35.95 crore in FY21 to Rs. 71.85 crore in FY22 but dipped to Rs. 65.89 crore in FY23. Despite this, net profits rose annually, indicating better cost management.

For the first nine months of FY24, revenue was Rs. 38.10 crore with a net profit of Rs. 1.75 crore. Profit margins improved significantly, while Return on Capital Employed (RoCE) remained low, signalling weak profitability from capital employed.

Valuation metrics like P/BV (1.25 increasing to 1.93 post-IPO) and P/E (17.58) suggest the stock might be on the pricier side. Key concerns are revenue inconsistency, market conditions, and competitive pressures, despite decent net profit growth.

Investment appeal lies in improved profitability, but revenue stability and fair valuation need thorough consideration. Investors should weigh these factors carefully.

Electronics Mart India reported its consolidated net profit for the quarter ended March 2024 at ₹40.5 crore as against ₹36.1 crore in the corresponding quarter last year. 

Stock declines 2.22% on the NSE, trading at ₹21.95.

Organic Recycling Systems Limited’s shares were up by 14.51 per cent after the company reported its financial results for FY24, Profit After Tax (PAT) surged by 113%, reaching ₹776.90 lakhs compared to ₹365.38 lakhs in the previous fiscal year.

BSE Sensex trades at 75,868.35, higher by 457.96 pts or 0.61% as of 2 pm; Nifty 50 trades at 23,080.60, up 123.50 pts or 0.54%.

HCLTech and Arm collaborate on custom silicon chips optimised for AI workloads

HCL Technologies stock trades at ₹1,355.55 on the NSE, up by 0.77%.

Nifty PSU Bank rose 1.50% to trade at 7,469.45, nifty bank was up 1.26% at 49,586.90, nifty private bank up by 1.22% at 24,598.90.

Comment form Anand James, Chief Market Strategist, Geojit Financial Services.

“As markets have been in a prolonged uptrend, smaller stocks have systematically found more activity as is evident in the widening of bid ask. For example, the percentage of stocks in NSE with bid ask greater than 0.15% has climbed from 56.8% at the start of this year, to 59.2% now. A lower tick size could be a step towards bringing in more tightness in the quotes, especially in the lower priced stocks. A drastic change is not expected though, but is a welcome step as volatility expectation has gone up, with VIX trading well above 20 for sustained periods.”

Ashima (19.87%), MMFL (14.34%), Astra Microwave (9.92%), Sobha (4.95%), REC (2.73%)

NSE Nifty was up by 0.56 per cent or 127.60 points to 23,086.85, while the BSE Sensexwas at 75,911 up by 0.66 per cent or 500 points.

Ethnic apparel retailer Sai Silks Kalamandir has reported that its net profit in the March quarter was up 45 per cent at ₹29 crore against ₹20 crore logged in the same period last year on expansion and better margin..

Income was up 13 per cent at ₹368 crore (₹327 crore). The company has declared a dividend of ₹1 per equity share. EBITDA increased 7 per cent to ₹54 crore (₹ 51 crore).

Mumbai-based Garuda Construction and Engineering refiles DRHP for IPO

Mumbai-based Civil Construction and Engineering firm Garuda Construction and Engineering Limited, has refiled its Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO).

Previously, the company had filed its DRHP in the month of February 2024.

The IPO has a face value of Rs 5 and consists of a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by PKH Ventures (“Promoter Selling Shareholder”). 

The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.

Madhusudan Securities board has approved the acquisition/purchase of 51% stake in Compliance Kart Private Limited. Henceforth, Compliance Kart Private Limited will be considered as Subsidiary Company of Madhusudan Securities Limited.

Aluminium prices witnessed some wild swings last week. The Aluminium Futures contract on the Multi Commodity Exchange (MCX) initially surged to a high of ₹252.10 per kg. But from there, it fell sharply, giving back all the gains to make a low of ₹236.85. The contract has bounced slightly from there, and it is currently trading at ₹243.50 per kg.

Awfis Space Solutions IPO has been subscribed 33.21 times as of 12.57 pm on May 27, 2024. The QIB portion has been subscribed 10.08 times, NII 77.18 times, retail 37.20 times, and those reserved for employees 18.17 times. The issue closes today.

Kalyan Capitals announced that Kushal Gupta has tendered his resignation from the position of Managing Director with immediate effect, i.e., from close of business hours on May 27, 2024, due to preoccupation and he will continue to act as a Non-Executive Director w.e.f. May 28, 2024.

haratPe Group and PhonePe Group have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix ‘Pe’, a joint statement read.Both companies had been involved in long-drawn legal disputes across multiple courts, over the past five years.“The settlement will put an end to all open judicial proceedings,” the joint statement dated May 26 read.As a next step, they have already taken steps to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks.Further, both organizations will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi High Court and Bombay High Court, the statement said. - ANI 

EKI Energy Services has announced its collaboration with FARI Solutions, a leading blockchain research and development firm with operations across North America, Europe, and Eurasia, including Azerbaijan.

EKI Energy Services stock trades at ₹323.45 on the BSE, down by 0.34%.

Stylam Industries Ltd reported its consolidated net profit for the quarter ended March 2024 at ₹37.57 crore as against ₹26.79 crore in the corresponding quarter last year. 

Stock trades at ₹1,627.35 on the NSE, up 0.79%.

BGR Energy Systems has received intimation of termination of contract from Thermax Limited with respect to supply of Air Cooled Heat Exchanger (ACHE) for Numaligarh Refinery Limited. 

BGR Energy Systems stock trades at ₹41.10 on the NSE, down by 1.91%.

Top gainers on the NSE at 12 noon:

Divi’s Lab (4.05%), IndusInd (1.51%), HDFC Bank (1.44%), Adani Ports (1.42%), TCS (1.24%)

Top losers:

ONGC (-2.12%), Wipro (-2.08%), Eicher Motors (-1.80%), Adani Enterprises (-1.74%), Grasim industries (-1.58%)

Stocks advanced on BSE at 12 noon on May 27, 2024, were 1,830 against 1,941 stocks that declined; 170 stocks remain unchanged. Total stocks traded were 3,941. The number of stocks that recorded a 52-week high was 204, and those that hit a 52-week low was 38. 

In addition, 292 stocks traded in upper circuit, while 253 hit the lower circuit.

Rs. 38.83 crore Rights issue of Gujarat based Franklin Industries Ltd (BSE – 540190) engaged in the trading of agriculture commodities and providers of contract farming services has opened for subscription on May 24, 2024. The funds raised through the issue will be utilised to fund company’s expansion plans including working capital requirements and general corporate purposes. Right issue of the company are offered at a price of Rs. 3.58 per share as compared to closing share price of Rs. 7.50 per share on 24 May, 2024. Rights Issue will close on 11 June, 2024. - ANI

Honasa Consumer Ltd., holding company of Mamaearth, The Derma Co., Aqualogica, Dr Sheths and a fast-growing House of Brands for personal care, announced acquisition of the assets of CosmoGenesis Labs (CosmoGenesis Cosmetics a sole proprietorship firm), a leader in cosmetic formulation and development within the field of premium skincare solutions.

Honasa Consumer stock is down 1.75% on the NSE, trading at ₹423.05

Bank Nifty index has begun the week on a positive note. Unlike the Nifty 50 which is struggling to rise further, the Bank Nifty index is retaining its momentum and has risen further today. The index is trading at 49,319, up 0.71 per cent. The advances/declines ratio is at 10:2. This is bullish.

Ashok Leyland reported 4QFY24 EBITDA of Rs15.9 bn, 3% above our estimates due to higher mix of the non-auto segment and tight control on staff costs. We expect CV industry volumes to recover post elections, especially driven by the buses segment. Also, we expect profitability of the company to be

maintained at current levels in FY2025E driven by increase in non-auto mix and cost-control measures. Maintain REDUCE with a revised FV of Rs200.

Led by strength in CSM, Divis Laboratories delivered superior performance after several quarters in 4QFY24, surpassing our EBITDA/PAT estimates by 11%/10%. Traction in generic APIs remained muted, capping off a year of flat growth in this segment. With Divi’s staying positive on CSM, we too bake in ample

optimism and forecast a CSM sales CAGR of 23% over FY2024-27E, thereby capturing an upside from GLP-1, contrast media and other projects. A risk of the pricing recovery in generic APIs being delayed remains, compared with 

our estimate of a revival in early FY2025E. On these elevated estimates, valuations stay rich. Retain SELL with an FV of Rs3,250.

Hindalco’s 4QFY24 India EBITDA came ahead of our estimates led by both aluminum and copper divisions reporting higher volumes and better price premiums. We expect the aluminum division to witness further margin expansion in FY2025 led by firm prices due to a deficit commodity market and muted energy costs. Novelis ended FY2024 on a strong note and should witness further margin

tailwinds from favorable scrap spreads and bottoming out of demand in key 

segments. We raise earnings and FV to Rs755 (Rs675 earlier). Maintain ADD.

Power Grid closed FY2024 with flat earnings–PAT of Rs156 bn (1% yoy) against revenues of Rs453 bn ((-)1% yoy). The weak earnings growth reflects the 2% yoy growth in gross block to Rs2.76 tn, as asset capitalization was low at Rs76 bn (3% yoy), although capex improved to Rs125 bn (36% yoy). 

4QFY24 PAT was weaker than expected at Rs42 bn ((-)4% yoy, 3% qoq), partly owing to lower prior-period earnings, and weak asset capitalization at Rs18 bn ((-)17% yoy, 3% qoq). PGCIL’s earnings growth will remain in single digits, despite the healthy capex target of Rs2 tn over the next decade on an extant asset base of Rs2.76 tn. Valuations, at 16X P/E and 3X P/B on FY2026E, are likely factoring higher growth; maintain SELL with revised FV of Rs245/share.

Goa Carbon informed that the operations at the Company’s Paradeep Unit located at Vill. Udayabata, Paradeepgarh, Dist. Jagatsinghpur, Odisha has resumed. 

Stock inches up 0.47% on the NSE, trading at ₹873.70.

NTPC closed FY2024 with flat profit of Rs172 bn, lagging the healthy 13% yoy growth in regulated equity to Rs877 bn, as 4QFY24 net profit of Rs47 bn (-17% yoy) was impacted by negligible regulatory income and higher tax expense. NTPC commissioned 3.7 GW of net capacity in FY2024 (2.4 GW in 4QFY24), including 0.3 GW of renewable capacity. NTPC currently has 9.6 GW of thermal and 8.4 GW of renewable capacities under various stages of construction, a pipeline it hopes to replenish with 15.2 GW of fresh thermal tenders and another 11.2 GW of renewable capacities. Valuations at 2.3X P/B fully factor the growth aspirations, leaving little room for execution slip-ups. Maintain SELL with a revised FV of Rs275 (Rs270 earlier).

Shyam Metalics and Energy Limited (SMEL) announced the expansion of its rail infrastructure at its integrated steel plant located in village Pandloi near Rengali, Sambalpur district, Odisha.

Stock declines 1.47% on the NSE, trading at ₹631.60.

Major gainers on the BSE at 11 am:

Astra Microwave (11.62%), Indiabulls Housing (9.14%), Finolex Cables (7.43%), JBMA (7.40%), Paras (6.72%)

Major losers:

Best Agro (-7.59%), Techno Engineering (-7.53%), SDBL (-5.87%), HCC (-5.55%), Schneider (-5%)

BSE Limited has approved execution of a Share Purchase Agreement with SPDJ Singapore Pte Limited for acquiring 50% stake of AIPL from SPDJS. 

BSE stock declines 1.29% on the NSE, trading at ₹2,694.85.

Top gainers of Nifty realty stocks:

Sobha (4.80%), Godrej Properties (3.69%), Lodha (1.80%)

BSE Sensex rose by 162.07 pts or 0.21% trading at 75,572.46 as of 10.30 am, and Nifty 50 was up by 31.20 pts or 0.14% trading at 22,988.30.

Hero MotoCorp stock trades at ₹5,088.55 on the NSE, down by 0.58%. The company’s tax demand has been reduced from ₹604.87 crore to ₹177.96 crore for assessment years 2013-14 to 2017-18 and 2019-20 and the company has filed appeals against the same.

Nifty 50 seems to be struggling to get a strong follow-through rise above 23,000. The index opened with a gap-up at 23,038.95 but failed to sustain higher. It has come-off sharply after making an intraday high of 23,043.20. Nifty is currently trading almost flat at 22,953. The advances/declines ratio is at 21:29.

Indian stock indices continued their rally, reaching yet another fresh lifetime high on Monday tracking strong global market cues, hopes of Prime Minister Narendra Modi’s comfortable return to office, besides other strong macroeconomic fundamentals.

Reliance Industries stock trades at ₹2,939 on the NSE, down by 0.73%. The company had sought approval from fair trade regulator Competition Commission of India (CCI) for the $8.5-billion merger of Viacom18 and Star India Pvt Ltd (SIPL).

RVNL stock is up 3.99% on the NSE, trading at ₹385.30. Company emerged the lowest L1 bidder for the ₹187 crore metro station project for building six metro stations.

AXISCADES Technologies Ltd’s subsidiary Mistral Solutions, has secureed a large order from Bharat Electronics Limited (BEL). The order entails design, development, and supply of eight Radar Processing Systems for the Arudhra Medium Powered Radar (MPR). With a gross order value of ₹90 Crore, the systems will be delivered over a span of four years.

The stock inches up 0.71% on the BSE at ₹515.15.

NSE Nifty was up by 0.18 per cent or 41.55 points to 22,955, while the BSE Sensex was at 75,568 up by 0.21 per cent or 158 points.

A total of 3,308 stocks were actively traded, 1,812 advanced, while 1,356 declined and 140 stocks remained unchanged where 139 stocks hit a 52 week high and 32 stocks hit a 52 week low at 1 pm on the BSE.

Deven Mehata, Research Analyst, Choice Broking, said, “The benchmark Sensex and Nifty indices are expected to open flat on May 27, following GIFT Nifty trends indicating a loss of just seven points for the broader index.

Veranda Learning Solutions has partnered with Karnataka Skill Development Corporation to launch upskilling programmes in the neighbouring state, the city-based company said.

Veranda Learning Solutions, listed in the stock exchanges, was launched by Chennai-based Kalpathi AGS Group in 2018.

Allcargo Logistics Limited has reported net loss of ₹12.47 crore for the quarter ended March 2024 as against profit of ₹51.90 crore in the corresponding quarter last year.

Gokaldas Exports Limited today declared its financial results for the quarter ended March 31, 2024. The Company reported a consolidated revenue of ₹ 818.0 Crore for the quarter compared to ₹ 530.1 Crore in the same quarter last year.

Stock trades at ₹849.45 on the NSE, down by 1.34%.

Som Distilleries & Breweries Limited has received official permission from the State of Telangana to supply our renowned beer brands. 

Stock trades at ₹133 on the NSE, down by 5.87%.

Indian government bond yields are expected to trade little, changed at the start of the week, amid consolidation around the current levels, while traders await fresh triggers for a further downmove.

The benchmark 10-year yield is likely to move in a 6.98 per cent-7.02 per cent range on Monday, following its previous close of 6.9988 per cent, a trader with a state-run bank said. - Reuters

Mitter Infotech LLP, a promoter of Nazara Technologies Limited, has sold 6.38% of the issued share capital to Plutus Wealth Management LLP through an on-market transaction in the block deal window of the stock exchange on May 27, 2024.

Nazara stock rises 2.73% on the NSE, trading at ₹631.15.

Top gainers on the NSE at 9.30 am:

Divi’s Lab (4.14%), Adani Ports (1.95%), Hindalco (1.39%), Shriram Finance (0.98%), JSW Steel (0.96%)

Major losers:

Adani Enterprises (-1.96%), Wipro (-1.27%), ONGC (-1.06%), Maruti (-0.91%), Dr Reddy’s Lab (-0.67%)

Can set alert for them at www.researchbytes.com 

8:30 AM Aurobindo Pharm

8:30 AM Glenmark

Dial: +91 22 6280 1298 

8:30 AM JM Financial

Dial: +91 22 6280 1377

9:00 AM Cello World

Dial: +91 22 6280 1144

9:30 AM Happy Forgings Ltd

Dial: +91 22 6280 1309

10:00 AM Nazara Techno

Dial: +91226280 1366 

10:30 AM Divgi TorqTrans

Dial: +91 22 6280 1224

11:00 AM Sundram

Dial: + 91 22 6280 1230

11:00 AM Drone Destinati

Dial: +91 22 6280 1160

11:00 AM SAI SILKS

Dial: +91 22 6280 1458 

11:30 AM Bosch

12:00 PM Shemaroo Ent

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( Hosted by Valorem )

12:00 PM Best Agrolife

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( Hosted by Adfactors )

12:30 PM Allied Digital

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12:30 PM Steel Str Wheel

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1:00 PM Expleo Solutions

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1:00 PM S Chand and Co

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2:00 PM Beacon Trustees

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2:00 PM ZF Commercial Vehicle Control Systems

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2:00 PM EID Parry

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PNC Infratech : (replay)

Divis Labs : (replay)

Affle India : (replay)

Rashi Peripherals : (replay)

The Indian benchmark indices, the Sensex and Nifty, opened flat with positive bais amid mixed trends in the global market. The 30-share BSE Sensex climbed 197.1 points to 75,607.49 in early trade. The NSE Nifty gained 52.40 points to 23,009.50. Even as the key benchmark indices are ruling at peak levels, analysts expect the momentum to be sustained in the short term. With the election entering the last phase and the almost Q4 result season-ending, analysts said that global sentiment drives the domestic market movement. The slowdown in selling by FPIs augers well, they added. 

Vipul Bhowar, Director, Listed Investments, Waterfield Advisors, said: The bumper dividend payout of ₹2.11-lakh crore from RBI to the central government for the fiscal year would have caused FPI to reconsider its strategy and temporarily halt selling. 

Estimates suggest that the payout could bring about some positive changes. It will likely ease the FY25 fiscal deficit by approximately 0.2 per cent of the GDP. This reduction in the deficit could potentially decrease the government’s need to borrow from the market. 

As a result, more funds could be made available for capital spending, stimulating economic growth. However, he said it may be premature to conclude that the “Sell India buy China” stance has been reversed. “Ultimately, it comes down to a trade-off between expected growth and current valuations. China appears inexpensive at current levels, while India may become expensive,” he further said. 

Nifty futures in Gift City 

According to Pravesh Gour, Senior Technical Analyst, Swastika Investmart, “On the domestic front, we’ve reached the final curtain for the Q4 earnings season. Many companies, including some big names such as Divis Lab, Tata Steel and Apollo Hospital, will release their financial results this week. 

“We are very close to the Lok Sabha election results, and the election verdict will give a boost to FII flows,” he added. 

Most benchmarks across the Asia-Pacific region, such as Japan, Korea, and Australia, eked out gains after the US stocks ended positive, led by the tech-heavy Nasdaq last Friday. 

“The long-term outlook for foreign portfolio investment (FPI) flows into Indian debt is positive due to India’s inclusion in global bond indices. However, near-term flows are being impacted by global macroeconomic uncertainty and volatility. The trend will reverse once the interest rate outlook becomes clearer,” said Bhowar. 

The RBI’s dividend payout is a positive development for the fiscal situation. However, its impact on FPI interest in the debt market is uncertain and will depend on how the government utilises the dividend. Considering the overall economic conditions, clarity on this matter will emerge in the full budget in July 2024, providing a clearer picture for FPI investors,” he added. 

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said Markets are continuously making steady gains, with Nifty achieving a historic mark of 23k zones just after a few days of BSE listed companies Market cap crossing $5tn. Further, India saw a record rise in exports and employment at an 18-year high in May. Thus, easing in FII selling and healthy domestic macro data supported the positive sentiments in the market. Overall, we expect the market to witness a gradual up-move and see some volatility next week as election and earning season near the end.

(Nirmal Bang Securities)

# EBITDA margin increased to 12% in FY24 from 8.1% in the previous year. For FY25, the company aims to maintain similar margins.

# The defense segment grew its top line by more than twice in FY24, aiming for higher targets in FY25 with a strong order pipeline visibility. 

# Ashok Leyland Limited has appointed Mr. K. M. Balaji as the Chief Financial Officer of the company, effective from June 1, 2024.

•\u0009Regarding revenue breakdown, trucks and buses account for nearly 70% of the revenues, light commercial vehicles account for about 11%, and the rest comes from other businesses.

•\u0009The company is focusing on better price realization, efficiency, revenue mix, cost savings, and high-margin business growth.

•\u0009According to the company, there is a historical pattern of CV demand picking up after elections, with expectations of growth in both the MCV and LCV segments.

•\u0009Market trends look promising for the near future.

•\u0009Switch India has 1,500 orders, with 950 to be delivered in Delhi and 320 in Bangalore, and plans to ramp up production and sourcing capabilities.

•\u0009The company will participate in new tenders on a profitable basis, focusing on profitable opportunities in the upcoming year.

•\u0009Export volumes for the year grew by 5% despite challenging conditions in target markets.

•\u0009The company plans to increase capacity in Spain for quicker sales expansion in Europe, delivering the first vehicles in Spain in September despite the market downturn.

•\u0009The focus is on maintaining EBITDA margins and growing market share. The company remains positive about near-term outcomes.

•\u0009Last year, the company did a capex of 500 crore. For FY25, the company’s capex plan is 500-700 crore.

•\u0009Defense and power solutions gross margins are higher than other businesses.

•\u0009In the MHCV bus segment, the company has emerged as the market leader with a market share gain of 5.8%.

•\u0009The company continues to be optimistic about industry prospects in the short to medium term, backed by anticipated robust growth in the Indian economy.

•\u0009The company is confident that it will continue to maintain sustainable and profitable growth year after year.

•\u0009Stock is trading at P/E of 21.7x FY25E EPS.

Board Meetings of:

+ Adani Energy Solutions, to consider raising funds

+ Agarwal Industrial Corp, to consider dividend

+ ASM Technologies, to consider dividend

+ AstraZeneca Pharma India, to consider dividend

+ Automotive Axles, to consider dividend

+ Baid Finserv, to consider dividend and rights issue of shares

+ Batliboi, to consider dividend

+ Beardsell, to consider dividend

+ Caprolactam Chemicals, to consider dividend

+ Career Point, to consider dividend

+ Ceejay Finance, to consider dividend

+ Ceinsys Tech, to consider dividend

+ Dai-Ichi Karkaria, to consider dividend

+ DAPS Advertising, to consider dividend

+ DCM Shriram Industries, to consider dividend

+ Dhoot Industrial Finance, to consider dividend

+ DHP India, to consider dividend

+ Fermenta Biotech, to consider dividend

+ Filtra Consultants and Engineers, to consider dividend and bonus issue

+ Flex Foods, to consider dividend

+ Frontier Springs, to consider dividend

+ Garware Technical Fibres, to consider dividend

+ GM Breweries, to consider bonus issue

+ Good Value Irrigation, to consider dividend

+ Goodyear India, to consider dividend

+ Gujarat Intrux, to consider dividend

+ Gujarat Mineral Development Corp, to consider dividend

+ HBL Power Systems, to consider dividend

+ Heranba Industries, to consider dividend

+ Hercules Hoists, to consider dividend

+ HLE Glascoat, to consider dividend

+ Incredible Industries, to consider dividend

+ Indo Count Industries, to consider dividend

+ Indus Finance, to consider rights issue of shares

+ Jai Corp, to consider dividend

+ Jamshri Realty, to consider stock split

+ Jindal Worldwide, to consider dividend

+ Kewal Kiran Clothing, to consider dividend

+ Kirloskar Industries, to consider dividend

+ Krystal Integrated Services, to consider dividend

+ Lakshmi Finance & Industrial Corp, to consider dividend

+ Life Insurance Corp of India, to consider dividend

+ Lumax Auto Technologies, to consider dividend

+ Macpower CNC Machines, to consider dividend

+ MSTC, to consider dividend

+ National Fittings, to consider dividend

+ Nibe, to consider dividend

+ Nitiraj Engineers, to consider dividend

+ NR Agarwal Industries, to consider dividend

+ Oriental Aromatics, to consider dividend

+ Panama Petrochem, to consider dividend

+ Polymechplast Machines, to consider dividend

+ Praveg, to consider dividend

+ Prima Plastics, to consider dividend

+ Pudumjee Paper Products, to consider dividend

+ RACL Geartech, to consider dividend

+ Remedium Lifecare, to consider bonus issue

+ Rose Merc, to consider dividend

+ Ruchira Papers, to consider dividend

+ Saksoft, to consider dividend

+ Sera Investments & Finance India, to consider dividend

+ Shahlon Silk Industries, to consider dividend

+ Shree Hari Chemicals Export, to consider dividend

+ Sigachi Industries, to consider dividend

+ Softrak Venture Investment, to consider dividend

+ Starteck Finance, to consider dividend

+ Sumitomo Chemical India, to consider dividend

+ Supreme Holdings and Hospitality (India), to consider issue of warrants

+ The United Nilgiri Tea Estates Co, to consider dividend

+ Tinna Rubber and Infrastructure, to consider dividend

+ Tribhovandas Bhimji Zaveri, to consider dividend

+ West Coast Paper Mills, to consider dividend

+ Worth Peripherals, to consider dividend

* Annual General Meetings of: Craftsman Automation, Spright Agro

GLOBAL MARKETS

* US - Indices in the US closed higher Friday, snapping a two-day losing streak, with the NASDAQ Composite closing over 1% higher. The Commerce Department said new orders for key US-manufactured capital goods rebounded more than expected in April. On the stocks front, shares of Nvidia rose around 2.6% on Friday.

.Profits earned by Chinese industrial businesses increased 4.3% year on year to CNY 2,094.69 billion in the first four months of 2024, the same rate as in the previous quarter. The latest outcome highlighted the government’s ongoing attempts to maintain recovery momentum in the face of chronic problems such as low domestic demand, deflation threats, and a property downturn.

Week ahead: PCE data to play integral role in Fed rate decisions 

The Dow Jones and S&P 500 both ended their multi-week winning streaks, a shift driven by economic data that came in hotter than expected. This unexpected strength in the economy has prompted many to push back their expectations for Federal Reserve rate cuts, creating caution in interest rate-sensitive sectors.

Meanwhile, the Nasdaq is set to extend its winning streak, buoyed by Nvidia’s standout performance. Nvidia’s earnings report was a highlight, with shares surging 9.3%, reflecting strong investor confidence in the company’s future prospects. Commodity performance

Crude oil prices fell 3.3%, trading at $76.90 per barrel, impacted by robust US economic data and heightened rate expectations. Gold similarly dropped by 3.3% to $2333, as higher US yields and a stronger dollar weighed on the precious metal

What to focus on this week

With the country’s monthly CPI Indicator coming in on Wednesday this week, traders and analysts are keenly watching for signs of inflationary trends that might influence monetary policy decisions. Australia’s Q1 2024 headline inflation rose by 3.6% year-over-year, exceeding market expectations of 3.4%. Trimmed mean core inflation also increased by 4% year-over-year, surpassing the anticipated 3.8%. 

In the Euro Area, April headline inflation remained stable at 2.4% year-over-year, while core inflation fell for the ninth consecutive month to 2.7%. Market expectations are for headline inflation to remain at 2.4% year-over-year and core inflation to ease to 2.5%. 

With the inflation report for the Euro Area due on Friday, 31 May, traders are closely monitoring these figures as they could significantly impact the European Central Bank’s (ECB) policy decisions. A 25 basis points rate cut by the ECB is almost fully priced in for June, contingent on no inflationary surprises. The upcoming report will therefore be pivotal in shaping market sentiment and the ECB’s next moves.

The Federal Reserve, for one, has indicated a willingness to hike rates further if necessary, reducing the probability of a rate cut in the near term. This upcoming report will be essential in determining the Fed’s monetary policy direction.

This week, companies reporting include Salesforce, Kohls Corp, Costco Wholesale Corp, Nordstrom, Marvell Technology, and Zscaler. Their earnings results will provide further insights into sector-specific performance and broader market trends.

Silver fell amid concerns about persistent inflation and high interest rates. Fed Vice Chair Michael Barr emphasised the need for additional time to assess the effectiveness of restrictive policies, while Atlanta Fed President Raphael Bostic repeated his forecast for only one rate cut this year. High interest rates reduce the appeal of non-bearing assets; yet, the white metal is supported by its industrial applications. Silver is poised for its fourth consecutive year of deficit due to tighter supplies, with inventories tracked by the London Bullion Market Association falling to the second-lowest level on record in April and volumes at New York and Shanghai exchanges remaining near seasonal lows.

Key economic data slated for release includes German ifo Business Climate, Belgian NBB Business Climate from Euro Zone and US will remain closed in observance of Memorial Day.

Buy, TP Rs 3420

RIL’s current discount to NAV of 19% is its widest since Jan 2021, with recent widening in discount potentially driven by a decline in Singapore refining margins & slight earnings miss in 4Q 

Believe multiple +ve catalysts ahead could drive share O-P

Outperform Call, Target Rs 720

IPL Revenue Up 130% YoY But Core Business Ad Revenue Declines 3% YoY 

Despite IPL Boost, Shave CL25/FY26 Forecast By 1-3% 

Expect A 10% Earnings CAGR In CL24-27

Kotak Inst Eqt on SUN TV

Buy, TP Rs 740 

Ad revenue declined 2.5% yoy in 4Q, weak on both absolute & relative basis. 

Soft topline & higher costs led to a 14.5% yoy decline in core biz EBITDA 

Stock trading at 7X June 2026E core TV biz earnings 

Outperform Call, Target Rs 345

FY24- A Year Of Market Share Gains 

Capex Beat Estimates, Capitalisation Missed But Good FY25 Guidance 

PAT Up 4% YoY Led By Dividend From Subsidiaries; Dividend Grew Despite Capex Beat

Overweight Call, Target Rs 390

Co’s Parent Earnings Missed Estimates Due To Fixed Cost Under recoveries 

Consolidated PAT Was A Miss Driven By Lower Profit Contributions From Subsidiaries 

Co Has A Strong RE Portfolio Of 23.2 GW; RE IPO Possible By Oct/Nov-24 

Hold Call, Target Raised To Rs 205

Q4 EBITDA/PAT Grew 25-36% YoY & 9-14% Above Estimate 

India’s Truck Ind Growth Has Moderated From 45% CAGR Over FY21-23 To Flat In FY24 

Expect A Capex-led Economic Cycle To Fuel Demand Growth Ahead 

Like Co’s Improving Margin Trajectory 

Believe Stock Will Be Rangebound Until Demand Visibility Improves 

Stock Is Already At 5.2x FY25 PB On Consensus Vs Last Cycle Peak Of 5.8x 

CITI on Ashok Leyland

Buy, TP Raised to Rs 245 

Reported strong 4Q, with a sharp gross margin expansion & cost-reduction initiatives driving beat. 

Mgmt’s demand outlook is very +ve. 

As per mgmt, underlying macro environment is conducive & demand trend has been positive thus far 

UBS on Ashok Leyland

Neutral, TP Rs 190 

Mgmt remains more optimistic than peers on demand and margins 

Q4FY24 - Margin beat versus expectation and peers 

Launch pipeline strong and across technologies; non-MHCV growing fast 

Overweight Call, Target Rs 230

Q4 PBT Missed Estimate By 6%, Mainly From Higher Credit Costs In MFI Subsidiary 

Standalone NIM Missed Estimate Owing To Lower Yields 

Gold Loan Yields Were Stable QoQ 

Management Reiterated Guidance Of 20% AUM Growth 

Management Reiterated Guidance Of 20% RoE Despite Some NIM Compression 

Co Expects Gold Loan Growth To Improve In FY25 Over FY24 

Co Is Seeing A Gain In Its Gold Loans Business 

Gain Expected In Gold Loans Biz As Smaller NBFCs Cope With Rs 20,000 Cash Disbursements Limit 

Co Has Taken Corrective Action In Problematic Geographies 

Credit Costs At Asirvad Microfinance Are Likely To Remain Elevated In Near-term 

Buy Call, Target Rs 3,070

Q4 Revenue/EBITDA Were In-line 

India’s Revenue Grew 10% YoY While Brazil/Germany Witnessed Further Recovery 

Sustained Margin Improvement In India & Intl Ops Should Drive 14% EBITDA CAGR Over FY24-26 

Co’s Consistent Strong Operating Performance Should Allow Further Re-rating 

Nomura on Torrent Pharma

Buy Call, Target Rs 2,975 

Q4 Below Est 

Management Commentary Is Positive, As It Expects TRP To Grow Ahead Of The Broader Mkt In India 

Management Expects By TRP To Grow Ahead Of The Broader Mkt In India 200-300 bps 

Co Expects A Recovery Of US Revenue On The Back Of New Launches 

Co Expects Mid-teens Growth In Brazil Led By Price Increases & New Product Launches 

CO Expects Lowering Of Effective Tax Rate To 25% From 30% Currently In FY26 

Hold Call, Target Raised To Rs 4,050 

Q4 Ahead Of Estimates As Custom Synthesis Sales Surged By 47% YoY 

Q4 EBITDA Margin Rises To A Multi-quarter High In Consequence 

Custom Synthesis Benefited From Q4 Seasonality And Two Commercial Contracts 

Co Looks Like It Is Set To Spring Back To Its Growth Path 

See Co’s Growth Patch Factored Into Stock, Which Trades At 41x FY26 PE Valuation

Initiate Buy, Target Rs 100 

Co Is Evolving From Utility To A Retail Consumption Play 

Co Is Slated To Benefit From Strong Air Traffic Growth Outlook 

Co Is Slated To Benefit From Travel Retail Opportunity, Upward Reset In Aero Tariffs 

Simplification Of Corp Structure, Improvement In Leverage Ratios Will Support Re-rating 

Expect Co’s EBITDA CAGR Of 32% Over FY24-FY27 

Gold fell to approximately $2,330 as investors decreased their expectations of Fed rate reduction following the last US GDP report. 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. 

Key economic data slated for release includes German ifo Business Climate, Belgian NBB Business Climate from Euro Zone and US will remain closed in observance of Memorial Day.

Cochin Shipyard: Net profit at Rs258.8 cr vs Rs 39.3 cr, Revenue at Rs 1286 cr vs Rs 600 cr. (YoY)

Affle: Net profit at Rs 87 cr vs Rs 62 cr, Revenue at Rs 506 cr vs Rs 356 cr. (YoY) 

S Chand: Net profit at Rs 170 cr vs Rs 134 cr, Revenue at Rs 471 cr vs Rs 391 cr. (YoY) 

Antony Waste: Net profit at Rs 27.5 cr vs Rs 9.5 cr, Revenue at Rs 210.2 cr vs Rs 201.8 cr (YoY) 

Borosil: Net profit at Rs 5.0 cr vs Rs 3.0 cr, Revenue at Rs 229.0 cr vs Rs 177.0 cr (YoY) 

Divis Lab: Net profit at Rs 540 crore versus Est of Rs 458 cr, Revenues at Rs 2303 crore versus Est of Rs 2098 cr

Auro Pharma: Net profit at Rs 960 crore versus Est of Rs 841 cr, Revenues at Rs 7600 crore versus Est of Rs 7344 cr

Stove Kraft: Net profit at Rs 2.65 cr vs loss of Rs 6 cr, Revenue at Rs 325 cr vs Rs 278 cr. (YoY)

Bosch: Net profit at Rs 564.4 cr vs Rs 398.9 cr, Revenue at Rs 4233.4 cr vs Rs 463.4 cr. (YoY) 

RP Tech: Net profit at Rs 39.8 cr vs Rs 24.2 cr, Revenue at Rs 3000 cr vs Rs 2260 cr. (YoY)

Paramount: Net profit at Rs 29.5 cr vs Rs 13.8 cr, Revenue at Rs 311 cr vs Rs 202 cr. (YoY) 

Zee Media: Net loss at Rs 6.5 cr vs Rs 45.8 cr, Revenue at Rs 179 cr vs Rs 148 cr. (YoY) 

Manappuram Fin: Net profit at Rs 563 cr vs Rs 415 cr, NII at Rs 1494 cr vs Rs 1129 cr. (YoY)

Lumax Ind: Net profit at Rs 36.1 cr vs Rs 48.9 cr, Revenue at Rs 742.7 cr vs Rs 608 cr (YoY) 

Shaily Eng: Net profit at Rs 19.3 cr vs Rs 9.9cr, Revenue at Rs 170 cr vs Rs 135 cr. (YoY) 

Torrent Pharma: Net profit at Rs 449 cr vs Rs 287 cr, Revenue at Rs 2745 cr vs Rs 2491 cr

Borosil: Net profit at Rs 5.0 cr vs Rs 3.1 cr, Revenue at Rs 229 cr vs Rs 176.5 cr. (YoY) 

EIH Associates: Net profit at Rs 37 cr vs Rs 26 cr, Revenue at Rs 132 cr vs Rs 108 cr. (YoY) 

Astra Microwave: Net profit at Rs 54.4 cr vs Rs 13.5 cr, Revenue at Rs 354 cr vs Rs 258 cr. (YoY) 

Excel Ind: Net profit at Rs 6.6 cr vs Rs 2.2 cr, Revenue at Rs 234 cr vs Rs 230 cr. (YoY) 

Jayant Agro: Net profit at Rs 16.8 cr vs Rs 13.8 cr, Revenue at Rs 620 cr vs Rs 610 cr. (YoY) 

Suzlon Energy: Net profit at Rs 254 cr vs Rs 319.9 cr, Revenue at Rs 2196 cr vs Rs 1690 cr. (YoY) 

Andhra Petro: Net profit at Rs 43.9 cr vs Rs 6.0 cr, Revenue at Rs 278 cr vs Rs 162 cr. (YoY) 

Sundaram Finance: Net profit at Rs 506 cr vs Rs 316.4 cr, Revenue at Rs 1571 cr vs Rs 1054 cr. (YoY)

Happy Forging: Net profit at Rs 66 cr vs Rs 51 cr, Revenue at Rs 343 cr vs Rs 302 cr. (YoY) 

Ashima: Net profit at Rs 95.7 cr vs loss Rs 5.9 cr, Revenue at Rs 146 cr vs Rs 38.2 cr. (YoY) 

Genus Paper: Net profit at Rs 2.0 cr vs Rs 0.5 cr, Revenue at Rs 180 cr vs Rs 190 cr. (YoY) 

DOMS Industries: Net profit at Rs 45.2 cr vs Rs 34 cr, Revenue at Rs 403 cr vs Rs 336.5 cr. (YoY)

Indiabulls HSG Fin: Net profit at Rs 320 cr vs Rs 261 cr, Revenue at Rs 2205 cr vs Rs 2075 cr. (YoY)

Aegis Logistics: Company says kandla port – 80,000 KL capacity commissioned in FY24 and another 25,000 KL capacity to be operational in FY25

Rushil Decor: Company approved stock split in ratio of 1:10 

GAIL: Company commissions its first green hydrogen plant under national green hydrogen mission 

Adani Ports: Company to be included in Sensex from June 24 to replace Wipro 

IndiGo: Company announces plans to unveil business-class services by this year-end. 

SBC Exports: Company reveals plans to venture into realms of retail, franchising, and exports; unveiling expansion strategy for next 5 years. 

Petronet: Company guidance for next year is for 27 million tons of LNG imports, Company expects that the majority of the incremental volume will land in DAHEJ.

Ashok Ley: Company lines up 5-6 product launches this year in the light commercial vehicle segment. 

MM Forgings: Company will hold a board meeting on May 29 to consider a bonus issue of shares 

Macrotech: Co Unit Acquired Remaining 50% Stake of Siddhivinayak Realties; Total Cost Of Acquisition 4.16b Rupees 

RVNL: Company declared lowest bidder (L1) for Maharashtra Metro Rail Corporation project worth Rs 187.34 crore. 

Dr Reddys: Russia-based arm in pact with Novartis Pharma to sell anti-diabetes products in the country

Khadim: Net profit at Rs 1.1 cr vs Rs 4.3 cr, Revenue at Rs 144 cr vs Rs 160 cr. (YoY) 

PIX Trans: Net profit at Rs 24.4 cr vs Rs 19.1 cr, Revenue at Rs 129 cr vs Rs 134 cr. (YoY) 

Hudco: Net profit at Rs 700.2 cr vs Rs 638 cr, Revenue at Rs 2065 cr vs Rs 1852 cr. (YoY) 

Century Ply: Net profit at Rs 79.5 cr vs Rs 114 cr, Revenue at Rs 1060 cr vs Rs 965 cr. (YoY) 

Ambika Cotton: Net profit at Rs 16.1 cr vs Rs 18.1 cr, Revenue at Rs 210 cr vs Rs 186 cr. (YoY)

Sunflag: Net profit at Rs 42.1 cr vs Rs 40.0 cr, Revenue at Rs 920 cr vs Rs 837 cr. (YoY)

Munjal Auto: Net profit at Rs 7.7 cr vs Rs 6.5 cr, Revenue at Rs 278 cr vs Rs 340 cr. (YoY) 

RPower: Net loss at Rs 398 cr vs profit Rs 322 cr, Revenue at Rs 1997 cr vs Rs 1726 cr. (YoY) 

Sarda Energy: Net profit at Rs 94.4 cr vs Rs 114 cr, Revenue at Rs 889 cr vs Rs 1100 cr. (YoY) 

Sun TV: Net profit at Rs 414 cr vs Rs 380 cr, Revenue at Rs 961 cr vs Rs 840 cr. (YoY)

ZF Commercial: Net profit at Rs 100.2 cr vs Rs 101.2 cr, Revenue at Rs 959 cr vs Rs 977 cr. (YoY) 

Jamna Auto: Net profit at Rs 54.4 cr vs Rs 52.5 cr, Revenue at Rs 640 cr vs Rs 634 cr. (YoY)

RSWM: Net profit at Rs 99.6 cr vs Rs 42.6 cr, Revenue at Rs 117 cr vs Rs 95.6 cr. (YoY) 

Karnataka Bank: Net profit at Rs 272.2 cr vs Rs 353.8 cr, NII at Rs 834.1 cr vs Rs 860 cr. (YoY) 

Hindustan Copper: Net profit at Rs 124.8 cr vs of Rs 132 cr, Revenue at Rs 565.4 cr vs Rs 559 cr. (YoY) 

United Spirits: Net profit at Rs 241 crore versus Bloomberg Est of Rs 239 cr, Revenues at Rs 2783 crore versus Bloomberg Est of Rs 2678 cr

NTPC: Net profit at Rs 5556 crore versus Est of Rs 5737 cr, Revenues at Rs 42532 crore versus Est of Rs 44862 cr 

Narayana: Net profit at Rs 195 cr vs Rs 165.7 cr, Revenue at Rs 1,279.4 cr vs Rs 1,221.5 cr (YoY)

Glenmark: Net loss of Rs 1,238.6 cr vs loss of Rs 549.4 cr, Revenue up 2.1% at Rs 3,063 cr vs Rs 3,000.5 cr (YoY) 

Ashok Leyland: Company appoints KM Balaji as chief financial officer. 

PNC Infra: Company Says Guidance FY25 Revenue Guidance Is 10% Higher Than FY24

IOC: Company says acquisition of 100% equity stake in Mercator petroleum, company acquired Mercator petroleum for a consideration of Rs 1.54b

ICICI Bank: RBI approves appointment of Pradeep Kumar Sinha as part-time Chairman of ICICI Bank.

* Amber Enterprises:* Company acquires additional 20.2% stake in Ever Electronics. 

Auro Pharma: US FDA classifies arm Eugia’s formulation mfg unit at Pashamylaram, Telangana as official action indicated

SPARC: Net loss at Rs 105.4 cr vs Rs 82.0 cr, Revenue at Rs 17 cr vs Rs 48 cr. (YoY) 

APEX: Net loss at Rs 0.4 cr vs profit Rs 4.0 cr, Revenue at Rs 162 cr vs Rs 212 cr. (YoY)

BPL: Net profit at Rs 0.3 cr vs profit Rs 13.0 cr, Revenue at Rs 16 cr vs Rs 66 cr. (YoY) 

Nazara Tech: Net profit at Rs 8.4 cr vs profit Rs 25.3 cr, Revenue at Rs 266 cr vs Rs 320 cr. (YoY) 

TNPL: Net profit at Rs 33 cr vs profit Rs 103 cr, Revenue at Rs 1231 cr vs Rs 1400 cr. (YoY)

Kolte Patil: Net loss at Rs 26.0 cr vs profit Rs 121.0 cr, Revenue at Rs 526 cr vs Rs 797 cr. (YoY) 

Orient Green: Net loss at Rs 25.3 cr vs Rs 19.0 cr, Revenue at Rs 36 cr vs Rs 44 cr. (YoY)

Hero Motocorp: Tax demand worth Rs 605 crore for AY 2013-14, 2017-18 and 2019-20 rectified.

Incred on Divis Lab: Upgrade to Buy on Company, raise target price at Rs 4707/Sh (Positive) 

CLSA on Ashok Ley: Maintain Buy on Company, raise target price at Rs 258/Sh (Positive) 

Emkay on Ashok Ley: Maintain Buy on Company, raise target price at Rs 250/Sh (Positive) 

CLSA on Sun TV: Maintain Outperform on Company, raise target price at Rs 720/Sh (Positive) 

CLSA on Power Grid: Maintain Outperform on Company, target price at Rs 345/Sh (Positive) 

Jefferies on GMR Airports: Initiate Buy on Company, target price at Rs 100/Sh (Positive) 

Citi on Torrent Pharma: Maintain Buy on Company, raise target price at Rs 3000/Sh (Positive) 

Jefferies on Torrent Pharma: Maintain Buy on Company, raise target price at Rs 3070/Sh (Positive) 

CLSA on IRB Infra: Maintain Buy on Company, target price at Rs 81/Sh (Positive) 

JP Morgan on Exide: Maintain Overweight on Company, raise target price at Rs 520/Sh (Positive) 

CLSA on Hindalco: Maintain Buy on Company, target price at Rs 770/Sh (Positive) 

Jefferies on NTPC: Maintain Buy on Company, raise target price at Rs 445/Sh (Positive) 

Citi on NTPC: Maintain Buy on Company, raise target price at Rs 467/Sh (Positive) 

MS on NTPC: Maintain Overweight on Company, target price at Rs 390/Sh (Positive) 

MS on Manappuram: Maintain Overweight on Company, target price at Rs 230/Sh (Positive) 

Citi on Honasa Consumer: Maintain Buy on Company, target price at Rs 540/Sh (Positive) 

Macquarie on United Spirits: Maintain Underperform on Company, target price at Rs 910/Sh (Neutral) 

CLSA on Manappuram: Maintain Buy on Company, target price at Rs 220/Sh (Neutral) 

MOSL on Divis Lab: Maintain Neutral on Company, target price at Rs 3900/Sh (Neutral) 

Jefferies on Divis Lab: Maintain Hold on Company, target price at Rs 4050/Sh (Neutral) 

MOSL on Exide: Maintain Buy on Company, target price at Rs 430/Sh (Neutral) 

MOSL on Ashok Ley: Maintain Buy on Company, target price at Rs 240/Sh (Neutral) 

Jefferies on Ashok Ley: Maintain Hold on Company, target price at Rs 230/Sh (Neutral) 

Nomura on Torrent Pharma: Maintain Buy on Company, target price at Rs 2975/Sh (Neutral)

GMR Airport is evolving from utility to a retail consumption play and is slated to benefit from the strong air traffic growth outlook, travel retail opportunity (led by top end consumption), upward reset in Aero tariffs and real estate unlocking opportunity. Further, ongoing simplification of corp structure, improvement in leverage ratios, ADP’s backing will support re-rating. Expect GMRI’s EBITDA CAGR of 32% over FY24-FY27e.

EBITDA CAGR at 32% over FY24-FY27e; Initiate with BUY: We value GMRI at Rs100 (valuing Airport Subs at 27x FY30 EBITDA, discounted @ 12% for 4 yrs). We expect PAT positive in FY26 and leverage ratios to moderate (Net D/EBITDA to 4-5x FY26 vs 10-12x FY23/FY24e), as large capex related to DIAL/GHIAL is behind. ADP’s presence at strategic & board level will ensure fund-raising capabilities, project execution and bidding capabilities. Key risk: slowdown in air traffic, tariff order delays, adverse regulatory changes.

ASTRAZEN, DCMSRIND, DISHTV, ELGIEQUIP, FLAIR, GARFIBRES, GKP, GMDCLTD, GOODYEAR, HBLPOWER, HERANBA, IFBIND, JAICORPLTD, JINDWORLD, KIRLOSIND, LAXMIMACH, LICI, LUMAXTECH, MSTCLTD, NATCOPHARM, NATIONALUM, NMDC, NRBBEARING, SATIA, SIGACHI, SUMICHEM, TARC, TBZ, TVSSCS, VPRPL

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 2342 Cr (29.9% QoQ, 10.8% YoY) vs expectation of Rs. 2357.3 Cr, QoQ Rs. 1802.7 Cr, YoY Rs. 2114.6 Cr 

EBIDTA came at Rs. 565.2 Cr (136% QoQ, 101.1% YoY) vs expectation of Rs. 315.6 Cr, QoQ Rs. 239.5 Cr, YoY Rs. 281 Cr 

EBITDA Margin came at 24.1% vs expectation of 13.4%, QoQ 13.3%, YoY 13.3% 

Adj. PAT came at Rs. 402.3 Cr vs expectation of Rs. 205 Cr, QoQ Rs. 151.1 Cr, YoY Rs. 184.5 Cr 

Quarter EPS is Rs. 15.7 

Stock is trading at P/E of 17.1x TTM EPS

(Nirmal Bang Retail Research) 

Result improved 

Revenue from Operations came at Rs. 2196.2 Cr (40.7% QoQ, 29.6% YoY) vs QoQ Rs. 1560.5 Cr, YoY Rs. 1694.1 Cr 

EBIDTA came at Rs. 359.8 Cr (45.5% QoQ, 54.2% YoY) vs QoQ Rs. 247.2 Cr, YoY Rs. 233.4 Cr 

EBITDA Margin came at 16.4% vs QoQ 15.8%, YoY 13.8% 

Adj. PAT came at Rs. 281.2 Cr vs QoQ Rs. 203 Cr, YoY Rs. 28.4 Cr 

Quarter EPS is Rs. 0.2 

Stock is trading at P/E of 38.3x FY25E EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 640.2 Cr (6% QoQ, 1% YoY) vs QoQ Rs. 604 Cr, YoY Rs. 633.9 Cr 

EBIDTA came at Rs. 88.7 Cr (2.8% QoQ, 11.6% YoY) vs QoQ Rs. 86.3 Cr, YoY Rs. 79.5 Cr 

EBITDA Margin came at 13.9% vs QoQ 14.3%, YoY 12.5% 

Adj. PAT came at Rs. 54.8 Cr vs QoQ Rs. 54.9 Cr, YoY Rs. 52.5 Cr 

Quarter EPS is Rs. 1.4 

Stock is trading at P/E of 25.6x TTM EPS

(Nirmal Bang Retail Research) 

Result is marginally below expectations 

Revenue from Operations came at Rs. 1279.4 Cr (6.3% QoQ, 4.7% YoY) vs expectation of Rs. 1334.8 Cr, QoQ Rs. 1203.6 Cr, YoY Rs. 1221.6 Cr 

EBIDTA came at Rs. 294.6 Cr (5.6% QoQ, 6.8% YoY) vs expectation of Rs. 302.5 Cr, QoQ Rs. 278.9 Cr, YoY Rs. 275.7 Cr 

EBITDA Margin came at 23% vs expectation of 22.7%, QoQ 23.2%, YoY 22.6% 

Adj. PAT came at Rs. 190.7 Cr vs expectation of Rs. 207 Cr, QoQ Rs. 188 Cr, YoY Rs. 173.1 Cr 

Quarter EPS is Rs. 9.3 

Stock is trading at P/E of 30.3x FY25E EPS

(Nirmal Bang Retail Research)

Result has declined 

Revenue from Operations came at Rs. 228.9 Cr (-24.3% QoQ, -11.6% YoY) vs QoQ Rs. 302.5 Cr, YoY Rs. 258.9 Cr 

EBIDTA came at Rs. 19.1 Cr (-66.3% QoQ, -51.5% YoY) vs QoQ Rs. 56.7 Cr, YoY Rs. 39.4 Cr 

EBITDA Margin came at 8.3% vs QoQ 18.7%, YoY 15.2% 

Adj. PAT came at Rs. 5 Cr vs QoQ Rs. 37.3 Cr, YoY Rs. 22.1 Cr 

Quarter EPS is Rs. 0.4 

Stock is trading at P/E of 54.8x TTM EPS

(Nirmal Bang Retail Research) 

Result is ok 

Revenue from Operations came at Rs. 132.5 Cr (4.6% QoQ, 22.9% YoY) vs QoQ Rs. 126.7 Cr, YoY Rs. 107.8 Cr 

EBIDTA came at Rs. 50.1 Cr (-4.2% QoQ, 55.8% YoY) vs QoQ Rs. 52.3 Cr, YoY Rs. 32.1 Cr 

EBITDA Margin came at 37.8% vs QoQ 41.3%, YoY 29.8% 

Adj. PAT came at Rs. 36.8 Cr vs QoQ Rs. 37.9 Cr, YoY Rs. 26.2 Cr 

Quarter EPS is Rs. 12.1 

Stock is trading at P/E of 27.3x TTM EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 233.5 Cr (29.5% QoQ, 3.3% YoY) vs QoQ Rs. 180.3 Cr, YoY Rs. 226.1 Cr 

EBIDTA came at Rs. 12.6 Cr (660.6% QoQ, 15.1% YoY) vs QoQ Rs. 1.7 Cr, YoY Rs. 11 Cr 

EBITDA Margin came at 5.4% vs QoQ 0.9%, YoY 4.8% 

Adj. PAT came at Rs. 6.7 Cr vs QoQ Rs. 2.7 Cr, YoY Rs. 2.2 Cr 

Quarter EPS is Rs. 5.3 

Stock is trading at P/E of 75.7x TTM EPS

(Nirmal Bang Retail Research)

Result has declined 

Revenue from Operations came at Rs. 161.6 Cr (9.1% QoQ, -23.7% YoY) vs QoQ Rs. 148.1 Cr, YoY Rs. 211.9 Cr 

EBIDTA came at Rs. 1.3 Cr (-84.1% QoQ, -82.4% YoY) vs QoQ Rs. 8.4 Cr, YoY Rs. 7.7 Cr 

EBITDA Margin came at 0.8% vs QoQ 5.7%, YoY 3.6% 

Adj. PAT came at Rs. -0.4 Cr vs QoQ Rs. 3 Cr, YoY Rs. -4 Cr 

Quarter EPS is Rs. -0.1 

Stock is trading at P/E of 46.1x TTM EPS

(Nirmal Bang Retail Research) 

Result is below expectations on the back of higher opex and higher credit cost 

Advances came at Rs. 71509 Cr (19% YoY, 4.8% QoQ) 

Net Interest Income came at Rs. 834 Cr vs expectation of Rs. 826 Cr, YoY Rs. 860 Cr, QoQ Rs. 828 Cr 

NIM came at 3.30% vs QoQ 3.46% 

Non Interest Income came at Rs. 419 Cr vs YoY Rs. 395 Cr, QoQ Rs. 326 Cr 

PBP came at Rs. 500 Cr vs YoY Rs. 686 Cr, QoQ Rs. 540 Cr 

Provisions came at Rs. 185 Cr vs expectation of Rs. 159 Cr, YoY Rs. 253 Cr, QoQ Rs. 144 Cr 

Credit Cost came at 1% vs YoY 1.7%, QoQ 0.8% 

Adj. PAT came at Rs. 274 Cr vs expectation of Rs. 315 Cr, YoY Rs. 354 Cr, QoQ Rs. 331 Cr 

Gross NPA came at Rs. 2578 Cr vs QoQ Rs. 2537 Cr at 3.53% vs QoQ 3.64% 

Net NPA came at Rs. 1129 Cr vs QoQ Rs. 1060 Cr at 1.58% vs QoQ 1.55% 

Quarter EPS is Rs. 7.3 

Stock is trading at 0.9x trailing P/Adj. BV

(Nirmal Bang Securities)

Outlook: Marginal dip in margins impacts the quarter; Maintain positive view in long term 

Revenue came at Rs. 1394 Cr (+5% QoQ, +17% YoY) with volume growth of +19% YoY 

•\u0009Established products (75% mix) grew 11% YoY. 

•\u0009VAP (Value Added Products) (25% mix) grew 48% YoY. Share of VAP will increase to 36% in next 3 years. 

•\u0009EBITDA Margin came at 13.4% vs QoQ 14.4%, YoY 14.2%. Margin was impacted due to higher opex and higher contribution from the pipe business having lower margin. 

•\u0009Co expects topline growth of 15% CAGR on steady state basis. Composite products should grow at 30% CAGR while established products are expected to grow at 10-12% CAGR. 

•\u0009Co has manufacturing capacity of 480 cascades (28,800 cylinders) currently. It will now expand by 600 cascades (36,000 cylinders) with a capex of Rs. 125 Cr. Total cascade manufacturing capacity will be 1,080 cascades (64,800 cylinders) per year from Q2FY25. 

•\u0009By utilizing the full current capacity of 480 cascades, co can achieve peak CNG revenue of Rs. 325 Cr. Once the full 1080 cascades come onboard, the peak CNG revenue can be Rs. 850 Cr. 

•\u0009FY24 revenue for LPG was Rs. 210 Cr and for CNG cascade was Rs. 308 Cr, totaling to Rs. 518 Cr. Their revenue will increase to Rs. 800 Cr in FY25 and shall scale up to Rs. 1.5k Cr over next 4 years. 

•\u0009Co has Rs. 175 Cr order book of Type 4 composite cylinders for CNG cascades. 

•\u0009Co expects to make inroads in manufacture of hydrogen cylinders as well in future. 

•\u0009Due diligence process is ongoing for disinvestment of 50% business in Middle East on Debt & Cash free basis for a valuation of around USD 25 million (Rs 207 Cr). The geographies agreed for disinvestment contributes 7.5% to the consolidated revenue. Co estimates to complete this disinvestment transaction by June 2024. The proceeds of this disinvestment will be used for debt reduction & benefit to shareholders. 

•\u0009Revenue for Middle East operations is Rs. 350 Cr and has 13-14% margins. 

•\u0009The Board has approved sale of Non-Core Assets (land, building & plant, equipment etc.) for total value of Rs. 125 Cr by March 2025. Proceeds from sale of non-core assets will be used towards Debt reduction. 

•\u0009Capex was at Rs. 181 Cr in FY24. Almost Rs. 60-70 Cr goes into maintenance capex as the plants are 35 years old and have to be upgraded. 

•\u0009Capex will be Rs. 150 Cr in FY25. 

•\u0009Co intends to increase ROCE from current ~13% in FY23 to ~20% by FY26 via higher growth in value added products, increase in margins, reduction in working capital and debt reduction upon sale of international business. 

•\u0009ROCE for FY24 is at 16.4%. 

•\u0009Debt has reduced to 744 Cr as against 810 Cr in FY23. Co intends to become debt free in next 3 years. 

Stock is trading at P/E of 20x TTM EPS

(Nirmal Bang Retail Research) 

Result is ok; MFI asset quality has deteriorated 

NII came at Rs. 1494.3 Cr vs YoY Rs. 1182.6 Cr, QoQ Rs. 1452.4 Cr 

PBP came at Rs. 933.3 Cr vs YoY Rs. 671.6 Cr, QoQ Rs. 936.1 Cr 

Provision came at Rs. 187.8 Cr vs YoY Rs. 47.4 Cr, QoQ Rs. 149.6 Cr 

Credit cost was at 1.8% vs QoQ 1.5% 

Credit cost for MFI was at 5.8% vs QoQ 4.4% 

PAT came at Rs. 561.5 Cr vs YoY Rs. 471 Cr, QoQ Rs. 572.9 Cr 

AUM came at Rs. 42069.6 Cr vs YoY Rs. 35452.3 Cr, QoQ Rs. 40385.2 Cr 

Standalone GNPA came at 1.9% vs QoQ 2% 

Standalone Net NPA came at 1.7% vs QoQ 1.8% 

MFI GNPA came at 3.7% vs QoQ 2.7% 

MFI NNPA came at 1.7% vs QoQ 1.3% 

Quarter EPS is Rs. 6.6 

Stock is trading at P/E of 6.3x FY25E EPS & 1.3x trailing P/BV

(Nirmal Bang Retail Research) 

Result has improved; strong uptick in loan growth 

NII came at Rs. 761.3 Cr vs YoY Rs. 681.5 Cr, QoQ Rs. 667.4 Cr 

PBP came at Rs. 844.9 Cr vs YoY Rs. 587.9 Cr, QoQ Rs. 637.1 Cr 

Provision came at Rs. -98.2 Cr vs YoY Rs. -276.4 Cr, QoQ Rs. -59 Cr 

PAT came at Rs. 700.2 Cr vs YoY Rs. 639.2 Cr, QoQ Rs. 519.2 Cr 

Sanctions came at Rs. 64335 Cr vs YoY Rs. 963 Cr, QoQ Rs. 10243.7 Cr 

Disbursements came at Rs. 10219 Cr vs YoY Rs. 3354 Cr, QoQ Rs. 4046 Cr 

O/s Loan Book came at Rs. 92654 Cr (+9.7% QoQ, +15% YoY) 

Gross NPA came at Rs. 2513 Cr vs QoQ Rs. 2650.2 Cr at 2.71% vs QoQ 3.14% 

Net NPA came at Rs. 330 Cr vs QoQ Rs. 371.5 Cr at 0.36% vs QoQ 0.44% 

Quarter EPS is Rs. 3.5 

Stock is trading at 3.1x trailing P/BV

(Nirmal Bang Retail Research) 

Result has improved 

NII came at Rs. 913.1 Cr vs YoY Rs. 733.6 Cr, QoQ Rs. 831 Cr 

PBP came at Rs. 721.7 Cr vs YoY Rs. 538 Cr, QoQ Rs. 680.8 Cr 

Provisions came at Rs. 289.8 Cr vs YoY Rs. 117.7 Cr, QoQ Rs. 281.8 Cr 

PAT came at Rs. 320.2 Cr vs YoY Rs. 260.6 Cr, QoQ Rs. 302.6 Cr 

Total AUM came at Rs. 65335 Cr vs YoY Rs. 67020 Cr, QoQ Rs. 64703 Cr 

Gross NPA (%) came at 2.69% vs QoQ 2.85% 

Net NPA (%) came at 1.52% vs QoQ 1.71% 

Quarter EPS is Rs. 5.7 

Stock is trading at 0.5x trailing P/BV

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 2342 Cr (29.9% QoQ, 10.8% YoY) vs expectation of Rs. 2357.3 Cr, QoQ Rs. 1802.7 Cr, YoY Rs. 2114.6 Cr 

EBIDTA came at Rs. 565.2 Cr (136% QoQ, 101.1% YoY) vs expectation of Rs. 315.6 Cr, QoQ Rs. 239.5 Cr, YoY Rs. 281 Cr 

EBITDA Margin came at 24.1% vs expectation of 13.4%, QoQ 13.3%, YoY 13.3% 

Adj. PAT came at Rs. 402.3 Cr vs expectation of Rs. 205 Cr, QoQ Rs. 151.1 Cr, YoY Rs. 184.5 Cr 

Quarter EPS is Rs. 15.7 

Stock is trading at P/E of 17.1x TTM EPS

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 375.7 Cr (-9.1% QoQ, 22.7% YoY) vs expectation of Rs. 356.6 Cr, QoQ Rs. 413.3 Cr, YoY Rs. 306.3 Cr 

EBIDTA came at Rs. 37.6 Cr (-13.5% QoQ, 31.4% YoY) vs expectation of Rs. 31.3 Cr, QoQ Rs. 43.5 Cr, YoY Rs. 28.6 Cr 

EBITDA Margin came at 10% vs expectation of 8.8%, QoQ 10.5%, YoY 9.4% 

Adj. PAT came at Rs. 7.9 Cr vs expectation of Rs. 15.6 Cr, QoQ Rs. 22.2 Cr, YoY Rs. 6.8 Cr 

Lower PAT is on account of higher interest and higher tax 

Quarter EPS is Rs. 6.1 

Stock is trading at P/E of 39x FY25E EPS

(Nirmal Bang Retail Research) 

Result has declined 

Revenue from Operations came at Rs. 371 Cr (3.9% QoQ, -3.3% YoY) vs QoQ Rs. 357 Cr, YoY Rs. 383.8 Cr 

EBIDTA came at Rs. 35.9 Cr (-23.8% QoQ, -39.5% YoY) vs QoQ Rs. 47.1 Cr, YoY Rs. 59.3 Cr 

EBITDA Margin came at 9.7% vs QoQ 13.2%, YoY 15.4% 

Adj. PAT came at Rs. 16.7 Cr vs QoQ Rs. 22.5 Cr, YoY Rs. 34 Cr 

Quarter EPS is Rs. 3.9 

Stock is trading at P/E of 13.1x FY25E EPS

(Nirmal Bang Retail Research) 

Result has declined 

Revenue from Operations came at Rs. 37.5 Cr (-76.7% QoQ, -66.4% YoY) vs QoQ Rs. 160.7 Cr, YoY Rs. 111.6 Cr 

EBIDTA came at Rs. -62.2 Cr (-195.1% QoQ, -320.3% YoY) vs QoQ Rs. 65.4 Cr, YoY Rs. 28.2 Cr 

EBITDA Margin came at -165.7% vs QoQ 40.7%, YoY 25.3% 

Adj. PAT came at Rs. 8 Cr vs QoQ Rs. 92.7 Cr, YoY Rs. 17.6 Cr 

Quarter EPS is Rs. 1.7 

Stock is trading at P/E of 8.6x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 640.2 Cr (6% QoQ, 1% YoY) vs QoQ Rs. 604 Cr, YoY Rs. 633.9 Cr 

EBIDTA came at Rs. 88.7 Cr (2.8% QoQ, 11.6% YoY) vs QoQ Rs. 86.3 Cr, YoY Rs. 79.5 Cr 

EBITDA Margin came at 13.9% vs QoQ 14.3%, YoY 12.5% 

Adj. PAT came at Rs. 54.8 Cr vs QoQ Rs. 54.9 Cr, YoY Rs. 52.5 Cr 

Quarter EPS is Rs. 1.4 

Stock is trading at P/E of 25.6x TTM EPS

(Nirmal Bang Retail Research) 

Result is inline with expectations 

Revenue from Operations came at Rs. 1060.7 Cr (13.2% QoQ, 9.9% YoY) vs expectation of Rs. 1031.7 Cr, QoQ Rs. 937.4 Cr, YoY Rs. 965.4 Cr 

EBIDTA came at Rs. 137.3 Cr (29.4% QoQ, -16.2% YoY) vs expectation of Rs. 134.6 Cr, QoQ Rs. 106.1 Cr, YoY Rs. 163.8 Cr 

EBITDA Margin came at 12.9% vs expectation of 13%, QoQ 11.3%, YoY 17% 

Adj. PAT came at Rs. 79.5 Cr vs expectation of Rs. 83.1 Cr, QoQ Rs. 63.1 Cr, YoY Rs. 114.7 Cr 

Quarter EPS is Rs. 3.6 

Stock is trading at P/E of 34.6x FY25E EPS

(Nirmal Bang Retail Research) 

Result is ok 

Revenue from Operations came at Rs. 548.4 Cr (4.8% QoQ, -9.1% YoY) vs QoQ Rs. 523.5 Cr, YoY Rs. 603 Cr 

EBIDTA came at Rs. 58.9 Cr (1.1% QoQ, -12% YoY) vs QoQ Rs. 58.3 Cr, YoY Rs. 66.9 Cr 

EBITDA Margin came at 10.7% vs QoQ 11.1%, YoY 11.1% 

Adj. PAT came at Rs. 15.5 Cr vs QoQ Rs. 10.6 Cr, YoY Rs. 26 Cr 

Quarter EPS is Rs. 1.1 

Stock is trading at P/E of 43.8x TTM EPS

(Nirmal Bang Retail Research) 

Result broadly inline iwth expectation 

Revenue from Operations came at Rs. 55994 Cr (6% QoQ, 0.2% YoY) vs expectation of Rs. 53905.6 Cr, QoQ Rs. 52808 Cr, YoY Rs. 55857 Cr 

EBIDTA came at Rs. 6681 Cr (13.9% QoQ, 25.4% YoY) vs expectation of Rs. 6594.7 Cr, QoQ Rs. 5865 Cr, YoY Rs. 5327 Cr 

EBITDA Margin came at 11.9% vs expectation of 12.2%, QoQ 11.1%, YoY 9.5% 

Adj. PAT came at Rs. 3174 Cr vs expectation of Rs. 2528.8 Cr, QoQ Rs. 2331 Cr, YoY Rs. 2411 Cr 

Quarter EPS is Rs. 14.1 

Stock is trading at EV/EBITDA of 6.9 FY26 EBITDA

(Nirmal Bang Retail Research)

Volume came at 56269 vs QoQ 47241 YoY 59697 

Result ahead of Expectation 

Revenue from Operations came at Rs. 11266.7 Cr (21.5% QoQ, -3.1% YoY) vs expectation of Rs. 11311.2 Cr, QoQ Rs. 9273 Cr, YoY Rs. 11625.7 Cr 

EBIDTA came at Rs. 1592.1 Cr (42.9% QoQ, 24.8% YoY) vs expectation of Rs. 1457.2 Cr, QoQ Rs. 1113.9 Cr, YoY Rs. 1275.7 Cr 

EBITDA Margin came at 14.1% vs expectation of 12.9%, QoQ 12%, YoY 11% 

Adj. PAT came at Rs. 970.1 Cr vs expectation of Rs. 843.4 Cr, QoQ Rs. 580.6 Cr, YoY Rs. 695 Cr 

Quarter EPS is Rs. 3.3 

Stock is trading at P/E of 21.7x FY25E EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 181.1 Cr (-1.5% QoQ, 0.5% YoY) vs QoQ Rs. 183.8 Cr, YoY Rs. 180.1 Cr 

EBIDTA came at Rs. 12.4 Cr (132.7% QoQ, -18.2% YoY) vs QoQ Rs. 5.3 Cr, YoY Rs. 15.2 Cr 

EBITDA Margin came at 6.9% vs QoQ 2.9%, YoY 8.4% 

Adj. PAT came at Rs. 18.3 Cr vs QoQ Rs. 12.9 Cr, YoY Rs. 20.4 Cr 

Quarter EPS is Rs. 12.9 

Stock is trading at P/E of 34.1x TTM EPS

(Nirmal Bang Retail Research) 

Result is ok 

Revenue from Operations came at Rs. 74.3 Cr (-12.7% QoQ, 23.8% YoY) vs QoQ Rs. 85.2 Cr, YoY Rs. 60 Cr 

EBIDTA came at Rs. 0.5 Cr (-93% QoQ, -104.6% YoY) vs QoQ Rs. 7.1 Cr, YoY Rs. -10.7 Cr 

EBITDA Margin came at 0.7% vs QoQ 8.4%, YoY -17.8% 

Adj. PAT came at Rs. 11.2 Cr vs QoQ Rs. 14.4 Cr, YoY Rs. -8.3 Cr 

Quarter EPS is Rs. 0.8 

Stock is trading at P/E of 39x TTM EPS

Ex-Dividend 28 May 2024 (Tomorrow)

Last date for Cum-Dividend Today

Cms Info Systems Ltd

Dividend Per Share Rs.3.25

Previous day Closing Price – Rs. 430.5

Trident Ltd.

Dividend Per Share Rs.0.36

Previous day Closing Price – Rs. 37.86

Here’s an interesting stock idea: The stock that we have today is Astral. Its price saw a significant fall last week. But there are strong supports which can help the scrip to rebound.

Today’s Stock Recommendation: 27th May 2024

BL Today’s Pick, Stock Recommendation for 27th May 2024: Get all the Stock Recommendations & our Experts views for today’s pick on Indian Stock Market.

We zoom in on the prospects of Infibeam Avenues, as also the prospects of two other stocks — Central Bank of India and Nazara Technologies

While we expect the business to remain good/stable and grow slow and steady from here, much of the positive developments and implications appear largely priced in

Strong run in stock price and valuations can work in favour of profit booking

The Indian benchmark indices, the Sensex and Nifty 50, rose to new highs last week. But prior to this rise last week, Sensex and Nifty 50 were stuck in a broad range for more than three months. Even after last week’s rise, the Sensex and Nifty are up just 4.4 per cent and 5.6 per cent for this year so far.

But if we look beyond the benchmarks, many broader indices have outperformed the Sensex and Nifty so far this year. For instance, the Nifty Next 50 index has surged 29 per cent. Nifty 500 and Nifty 100 index are up about 10 per cent each so far this year. If you are looking to participate in the broader market outside the bellwethers through index funds and ETFs, here’s our view on key indices based on technical analysis. 

Here is what the charts say about the shares of Birlasoft, General Insurance Corporation of India and Prism Johnson

Crude oil prices dropped last week – Brent crude oil futures on the Intercontinental Exchange (ICE) was down 2.3 per cent by closing at $82.1 per barrel, whereas crude oil futures on the MCX posted a loss of 2.4 per cent by ending the week at ₹6,471 a barrel.

Nifty 50 (22,957) and Bank Nifty (48,972) gained 2 per cent and 1.6 per cent respectively last week. Notably, the former hit a lifetime high of 23,026.40 on Friday before closing a little lower. Below is an analysis of futures and options data of both indices.

The stock of TVS Motor Company (₹2,238.5) has been rallying over the past few weeks. On Friday, it surpassed a resistance at ₹2,170, which has opened the door for further appreciation.

The nearest resistance is ₹2,300 and we expect the stock to touch this level soon.

Gold and silver prices dropped last week on profit booking. While the former lost 3.4 per cent the latter was down 3.8 per cent as they closed at $2,334 and $30.3 per ounce, respectively.

Similarly, on the Multi Commodity Exchange, gold futures dropped 3.3 per cent to end at ₹71,256 (per 10 gram), whereas silver futures was down 0.5 per cent to close at ₹90,548 (per kg).

The concept of flexible or coworking spaces has gained considerable traction over the past five-odd years, though it has been around for a while.

Whether they be start-ups looking to work nimbly with physical spaces, or corporates seeking ‘plug and play’ work solutions, or retailers considering suitable locations, or even freelancers considering flexible office spaces for a limited period, there are companies catering to such requirements.

India’s equity markets have been echoing the unyielding spirit of Sia’s hit song Unstoppable, with the Sensex scaling new peaks in the week gone by and closing past the 75K milestone last Friday.

However, a deeper analysis shows that only about 11 per cent of the 1,224 stocks within the broad-based BSE All-Cap index are currently trading within 5 per cent of their lifetime highs.

Here are factors to take note of while using EV-based metrics to value stocks 

‘In life always account for variable change!’ This quote from the movie 21 , underscores how if we fail to factor for moving parts in a product that has numerous variables, chances are high that we may get caught on the wrong foot.

* BANDHANBNK

* BIOCON

* GNFC

* HINDCOPPER

* IDEA

* INDIACEM

* NATIONALUM

* PEL

* PNB

U.S. and U.K. @ Market Holiday

05.35 Japan BOJ Gov Ueda Speaks 

13:30 U.K. German ifo Business Climate (Expected: -0.5% versus Previous: 0.0%)

The National Stock Exchange (NSE) has lowered the tick size for securities in the cash and stock futures segments, a move which is expected to enhance price discovery and market efficiency and make trading more attractive, benefitting retail investors and traders alike.

On Friday, NSE said it will reduce the tick size -- the minimum price movement by which stock prices can change -- to 1 paisa for securities priced below ₹250 in the cash segment from 5 paisa currently.

This follows a similar move by BSE last year where it had reduced the tick size to 1 paisa for stocks below ₹100 in the cash segment. It remains to be seen if the lower tick size will help NSE further cement its dominance in the cash segment where it enjoys a 93 per cent share. 

Buzzing Stocks: Reliance, Adani Ports, GAIL India, Veranda Learning, RVNL, IOC, BPCL, HPCL, Hero MotoCorp

The global trend to anchor market direction with the election, result season entering the last leg.

The domestic market is expected to open flat amid mixed trends in the global market. Even as the key benchmark indices are ruling at peak levels, analysts expect the momentum to be sustained in the short term. With the election entering the last phase and the almost Q4 result season-ending, analysts said that global sentiment drives the domestic market movement.

The slowdown in selling by FPIs augers well, they added.

All sectoral indices ended green during the week while the best performing were BSE Capital (5.9 per cent), BSE PSU (4.6 per cent), BSE Metal (3.1 per cent) and BSE Realty (2.7 per cent)