Share Market Highlights: Sensex, Nifty close lower after scaling record highs; profit-taking dampens rally

Nearly a year after announcing an upgrade to YONO, State Bank of India’s super app, Dinesh Khara, Chairman, SBI, revealed that YONO 2.0 should hit the ground in a few months. “We’ll start having some early outcomes on YONO 2.0 from June – July,” he affirmed.

Benchmark equity indices ended marginally lower on Tuesday amid profit-taking after the BSE Sensex breached the historic 75,000-mark for the first time ever in early trade and the Nifty climbed to its fresh peak

Bank of America Securities bought stake in India’s first listed pureplay Cybersecurity firm TAC Security. BofA Securities has invested in TAC Security through its fund – BofA Securities Europe SA -ODI.

Anchor investor NAV Capital VCC – NAV Capital Emerging Star Fund has also added more shares of TAC Security to its portfolio. TAC Security had listed on NSE’s SME platform – NSE Emerge on April 5

SJVN Green Energy Limited (SGEL), wholly-owned subsidiary of SJVN, had signed a joint venture agreement with Assam Power Distribution Company Limited.

SJVN stock closed at ₹131 on the NSE, lower by 3.03%.

Shrikant Chouhan, Head Equity Research, Kotak Securities:

Today, the benchmark indices witnessed profit booking at higher levels, the Nifty ends 24 points lower while the Sensex was down by 55 points . Among Sectors, Metal index outperformed, rallied over 1 percent whereas Media index shed over 1 percent. Technically, on daily charts, the index has formed a bearish candle which indicating temporary weakness from the current levels. For day traders now, 22770/75125 would act as a trend-deciding level. Above that, the market can move towards 22850-22900-23000/75350-75500-75800. On the other hand, below 22660/74650, the market may retest 22550-22500/74300-74200 levels. The intraday market texture is non-directional hence level based trading would be the ideal strategy for the day traders.

Vinod Nair, Head of Research, Geojit Financial Services.

“The Indian market reached a fresh intraday peak before seeing profit-booking at higher levels in anticipation of tomorrow’s key US inflation data, which carries weight in determining future rate cuts by the US Fed. Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year. Moreover, escalating geopolitical tensions in the Middle East, alongside supply concerns, have propelled crude prices upward, impacting overall market sentiment. In the near term, the focus will shift to Q4 earnings, which will kick off this weekend.”

Mirae Asset Capital Markets launches Business Partner (Authorised Partner) program with 100% brokerage sharing. 

Mirae Asset Capital Markets (India) has unveiled its ‘Mirae Asset Partners’ programme. This initiative is set to revolutionise the broking landscape by empowering business partners with unlimited earning potential, flexibility, and the support of Mirae Asset’s global expertise.

This industry-first revenue sharing model offers Business Partners the opportunity to earn from 9 distinct revenue streams with up to 100% sharing, enabling them to significantly boost their earnings. The nine revenue streams are brokerage, interest from MTF (eMargin), interest from Margin Pledge, DP AMC, Pledge/unpledge fee, DP sell transaction charges, Account opening fee, DPC and operating charges.

A standout feature of the Mirae Asset Partner Program is the hybrid business model. It is a mix of Discount (Flat fee/order) and Traditional (% volume) model, providing authorised persons the complete flexibility of creating varied pricing plans for their clients.

Another new aspect is that with Mirae Asset Partners, Business Partners will get the power to customise their client’s pricing plans without any dependencies on Mirae Asset. This 100% control allows them to tailor offerings aligning with their clients’ unique needs and preferences. Additionally, Business Partners will be empowered with complete transparency, eliminating hidden terms, commitment clauses, and business slabs.

Furthermore, Business Partners will have access to advanced technology through the proprietary online Partner Dashboard, which provides seamless capabilities like creation of pricing plans, onboarding clients, customising plans, and tracking client’s live positions and reports.

Jisang Yoo, CEO of Mirae Asset Capital Market said, “The business partner industry in India is largely at a power switch junction to the next generation. Mirae Asset is actively seizing these tremendous growth opportunities with our partner program, which marks a strategic move to expand our reach, leveraging the vast opportunities available across the country. Through our innovative partner program, we are empowering business partners with cutting-edge technology, enhancing their ability to serve clients better, and operate more efficiently.”

Arun Chaudhry, Director & CBO of m.Stock by Mirae Asset added, “We realise that business partners in India face numerous challenges like business slab commitments to increase their revenues, reducing brokerage income, limited income sources, technology constraints and increasing client service demands. We’ve diligently tackled these pain points and are excited to unveil a revolutionary program where we are providing up to 100% revenue sharing, 9 distinct revenue generating streams, 100% control of business, zero disparity irrespective of business size, transparent payouts etc. Moreover, with the rising interest book from leverage products like MTF (eMargin) and Margin Pledge in India, it’s share will soon surpass brokerage income. Our MTF and Margin Pledge rates are one of the lowest in the industry, and we’re offering partners 80% share of anything that’s over and above our interest rates, poised to significantly enhance their earnings. At Mirae Asset, our partners are our top priority, and this program epitomises our dedication to mutual success. It’s undeniably a win-win situation for all involved.”

Sensex scaling 75,000 today with context from covid-19 lows. The index is up 190% in four years. What fuelled the rally and what should an investor do now?

Here is the view from Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd

In the fourth quarter, the anticipated corporate earnings have been a driving force behind the recent market momentum. Despite notable increases in the prices of gold, crude oil, and metals, investors are witnessing an upward trend in equity markets, and there are expectations of a Federal Reserve rate cut. Investors may consider locking in partial profits while keeping a hold approach.

Government policies and reforms have played a crucial role in fostering a stable environment conducive to market growth. Measures aimed at stimulating the economy, coupled with a focus on digitalization and infrastructure development, have attracted substantial investments. The growing involvement of retail investors, combined with sustained interest from foreign institutional investors, highlights the widespread confidence in India’s growth story.

Gateway Distriparks Ltd informed Sikander Yadav, Chief Financial Officer of the company, has tendered his resignation. His last working day will be May 31, 2024.

Shares trade at ₹110.75 on the BSE, down by 2.08%.

Specialty chemical companies within our coverage are anticipated to report another challenging quarter, with 8/28/38% YoY drop in Rev/EBITDA/PAT. These declines are primarily attributed to sustained demand pressure and reduced realization stemming from Chinese dumping. However, we anticipate a modest improvement on a sequential basis for most companies within our universe, as the destocking nears completion and some gradual improvement in the realization is witnessed for a few chemicals. Despite this short-term relief, the chemical sector is expected to face continued strain. This is largely due to China’s ongoing capacity expansions and the anticipated increase in capacity utilization within the EU27, which will further dampen demand and prices.

Organic Recycling System Limited’s shares increased by 2.39% after the company partnered with Sardar Swaran Singh National Institute of Bioenergy in Kapurthala under the Ministry of New and Renewable Energy. Read more

Rakesh Parekh, MD & Co-Head, Portfolio Management Services, JM Financial Ltd. 

“Indian markets have crossed all-time highs on continued optimism regarding good earnings growth, a strong economy as well as Total flows that have touched US$50bn for FY24 (of which approx. $2bn a month have been domestic SIPs). We continue to remain highly positive on the continued outlook for the Indian economy and markets, and expect the momentum to continue with more vigour for the remainder of 2024, especially post the anticipated return of the present government in June.”

Flexituff Technology International Ltd (FTIL), a subsidiary of Flexituff Ventures International Ltd (FVIL), has raised fresh capital through issue of equity shares and compulsory convertible debentures (CCDs) of ₹231.66 crore. 

The Flexituff Ventures International stock has declined 2.51 per cent on the BSE, trading at ₹40.70

Major gainers: Apollo Hospitals (3.15%), Hindalco (2.10%), ICICI Bank (1.88%), Bajaj Finserv (1.43%), Infosys (1.23%)

Major losers: Coal India (-1.82%), Titan (-1.81%), Reliance (-1.48%), Hero Motocorp (-1.48%), Tech Mahindra (-1.23%)

1,519 stocks advanced on the BSE at 3 pm on April 9, as against 2,274 stocks that declined; 119 stocks remained unchanged. The total stocks traded were 3,912. The number of stocks that recorded a 52-week high was 234, and nine hit a 52-week low. 

In addition, 269 stocks traded in the upper circuit, while 258 hit the lower circuit

Birla Corporation has approved modification/alteration in the coupon rate on 1500 secured, redeemable NCDs (Series-IX) of face value of ₹10,00,000 each.

Stock trades at ₹1,501.25 on the NSE, down 1.46%.

Specialty chemical companies within our coverage are anticipated to report another challenging quarter, with 8/28/38% YoY drop in Rev/EBITDA/PAT. These declines are primarily attributed to sustained demand pressure and reduced realization stemming from Chinese dumping. However, we anticipate a modest improvement on a sequential basis for most companies within our universe, as the destocking nears completion and some gradual improvement in the realization is witnessed for a few chemicals. Despite this short-term relief, the chemical sector is expected to face continued strain. This is largely due to China’s ongoing capacity expansions and the anticipated increase in capacity utilization within the EU27, which will further dampen demand and prices. Our Recent report, highlights the prolonged challenges ahead for Indian chemical companies.

“The BSE Sensex reaching the historic 75,000 peak stands as a monumental milestone, epitomizing the unwavering strength and resilience of the Indian market. Beyond mere numerical value, it serves as a beacon of optimism, igniting a collective bullish sentiment among investors. This achievement not only reflects past successes but also acts as a springboard for future growth, instilling confidence in investors who are now poised to embrace the promising journey ahead. The milestone symbolizes the potential for the Indian market to ascend to even greater heights, fueling anticipation for what lies ahead. With this landmark achievement, investors are emboldened, ready to navigate the evolving landscape with renewed vigor and determination, anticipating the opportunities that await in the vibrant Indian market

Sai Silks (Kalamandir) has recorded a turnover of about ₹360 crore during Q4 FY 2023-24, registering 11% growth over Q4 last year. 

Shares trade at ₹201.30 on the NSE, down 0.17%.

Emerald Finance Ltd has partnered with OKTOBER6 Insight Pvt Ltd of Mumbai to offer its early-wage-access programme to employees. The Emerald Finance stock rose 4.11 per cent on the NSE, and is trading at ₹34.95

Fischer Medical Ventures Ltd (formerly known as Fischer Chemic Ltd) has signed an agreement with Spectrum Electrical Industries Ltd for co-development, manufacturing, sourcing and supply of MRI machine components.

The NSE Nifty was down by 0.03 per cent or 6.75 points at 22,659.55, while the BSE Sensex was up by 0.03 per cent or 21 points at 74,764 at 1.35 pm on Tuesday. A total of 3,863 stocks were traded on the BSE, of which 1,563 advanced, while 1,179 declined and 121 stocks remained unchanged. Read more

Ajmera Realty & Infra India Ltd.’s shares were up by 3.79% after the company announced its operational numbers for Q4 FY24, crossing ₹1,000 crores in sales. The company reported growth with a sales area of 1,12,931 sq. ft, up 63% YoY, and a sales value of ₹287 crores, up 104% YoY. Read more

Ami Organics’ board will meet on April 12 to consider raising funds.

Shilpa Medicare has announced that it will raise funds via QIP at a floor price of ₹477.33 per share. The board will meet on April 12 to fix the QIP price.

​Endurance Technologies​’ stock inched up 0.31% on the NSE, trading at ₹1,911.

SMC Global Securities’ shareholding in Agarwal Float Glass India has diluted from 6.83% to 4.84%.

SMC Global Securities stock rose 1.39% on the NSE, trading at ₹135.

Tech Mahindra Ltd’s share trades at ₹1,248.10 on the NSE, down by 1.35%.

Zinc futures on the Multi Commodity Exchange (MCX) rallied last week and made higher highs. It broke out of the resistance at ₹225 and hit an 11-month high of ₹236.4 on Monday.

The contract has broken out of the ₹205-230 range within which it has been oscillating since May last year. This fresh breakout has increased the odds of a rally from the current level.

L&T Finance Limited, (formerly known as L&T Finance Holdings Limited), has received an order from the State Goods & Service Tax Department, Government of Rajasthan, imposing a monetary penalty of ₹34,616 under Section 73 of the Central Goods and Services Tax Act, 2017. The Company is contesting the Order in appellate forum(s).

L&T Finance stock fell 1.42% on the NSE, trading at ₹166.45.

Jyoti Structures’ stock declines 2.37% on the NSE, trading at ₹22.70.

The Maruti Suzuki India stock has hit a lifetime high at ₹12,949.70 on the NSE. The company commissioned another vehicle assembly line with the capability to manufacture 100,000 units per annum at its Manesar facility today. 

Major gainers on the NSE at 12 noon were: Hindalco (2.99%), Apollo Hospitals (2.63%), Tata Steel (2.63%), ICICI Bank (2.25%), Infosys (1.87%)

Major losers:

Coal India (-1.41%), Hero Motocorp (-0.78%), Tata Consumers (-0.76%), Reliance (-0.60%), Asian Paints (-0.55%)

Stocks advanced on BSE were 1,956 against 1,665 stocks that declined; 151 stocks remain unchanged. Total stocks traded were 3,772. The number of stocks that recorded a 52-week high was 206, and those that hit a 52-week low was 8. 

In addition, 252 stocks traded in upper circuit, while 228 hit the lower circuit.

DJ Mediaprint & Logistics’ stock trades at ₹203.95 on the BSE, up 1.57%.

Maruti Suzuki India Limited has commissioned another vehicle assembly line at its Manesar facility today. This assembly line has been added to the existing Plant-A of the 3 manufacturing plants at Manesar. The new vehicle assembly line has the capability to manufacture 100,000 units per annum.

Stock trades at ₹12,850.45 on the NSE, down by 0.11%.

Godfrey Phillips India has received an order from Office of the Commissioner, Central GST (Appeals), Dehradun, for demand of interest (amount to be ascertained) and penalty of ₹6,40,715 under the Central Goods and Services Act, 2017 (CGST).

Stock trades at ₹3,257.95 on the NSE, down 0.45%.

“Several factors contributed to this market rally. Central banks around the world implemented interest rate cuts, while governments enacted fiscal stimulus packages to bolster their economies during the Covid-19 crisis. This strategy proved effective, leading to a robust economic recovery in India. Currently, India boasts the fastest-growing economy globally, with a promising future fuelled by political stability. We appear to be in the midst of a major bull market, which is likely to persist for the next few years. The Sensex reaching 100,000 seems like a realistic possibility in the near future. However, investors should prioritise quality stocks while maintaining a long-term investment approach.”

Ramdevbaba Solvent Limited, headquartered in Nagpur, is a manufacturer and distributor of Physically Refined Rice Bran Oil.

The company has announced its plan to go public with an initial public offering on April 15, 2024. The company is aiming to raise ₹50.27 crores at upper price band through this IPO, with shares set to be listed on the NSE Emerge.

The issue size is up to 59,13,600 equity shares at face value of ₹10 each.

India’s benchmark share indexes hit all-time highs on Tuesday, with the blue-chip Sensex rising above 75,000 for the first time, while the total market capitalisation of NSE-listed companies crossed ₹400-lakh crore. 

The NSE Nifty 50 was up 0.40 per cent at 22,756.40 as of 10:45 a.m. IST, while the S&P BSE Sensex added 0.46 per cent to 75,085.01. Both the benchmarks rose about 0.5 per cent at the open to hit record highs for the second straight session.

Meanwhile, the total market capitalisation of all BSE-listed companies rose more than ₹400-lakh crore on Monday.

Organic Recycling Systems has joined Sardar Swaran Singh National Institute of Bio-Energy (SSS-NIBE), Kapurthala, to propel napier grass based anaerobic digestion process for biogas generation. 

ORS stock inches up 0.65% trading at ₹232 on the BSE.

Indian 0il and gas sector’s operating profit is expected to improve by 6% QoQ to ₹97,800 crore. Upstream companies like ONGC and OIL India are expected to show marginal improvement in production with net crude realisation of $77.5/bbl post windfall tax. 

Similarly, gas realisation will remain unchanged QoQ at $6.5/mmBtu. CGDs are expected to report 7-12% YoY volume growth with strong EBITDA/scm amid decline in spot LNG prices. OMCs are expected to report moderate GRMs and GMMs. We expect RIL’s O2C segment’s operating profitability to improve on account of better refining margins although petchem spreads will continue to remain weak. We build in steady telecom performance with 2%QoQ subscriber growth and flat ARPU; retail revenue growth is also expected to be steady. Oil India and GSPL remain our top pick in the sector.

“On the auspicious occasion of Gudi Padwa, Nifty scaled a fresh all-time high at 22765 mark and Sensex breached the 75000 mark to touch a high of 75137. The main catalyst behind the current uptrend is the hope of a stronger than expected Q4 corporate earnings which is fuelling the market momentum over the past one week. The uptick is equity markets is seen despite a strong momentum in gold, crude and metals, as more than a Fed rate cut expectations going ahead investors are pinning hopes on strong Q4 earnings.

“We also assume that domestic growth in H1FY2025 is likely to remain strong on the back of an acceleration in consumption demand amid election-related spending. Hence, the markets are expected to perform well, with high focus on large-caps which are offering better safety margins in earnings as well as valuations.”

Angel One Limited has approved grants of 11,780 restrictive stock units convertible into equal number of equity shares of company of face value of ₹10 each to 10 eligible employees of the company under the Angel Broking Employee Long Term Incentive Plan 2021.

Stock declined 2.40% on the NSE, trading at ₹2,874.50.

Bank Nifty April futures began today’s session higher at 48,857, as against yesterday’s close of 48,691. It is now hovering around 49,000, up nearly 0.7 per cent.

The chart appears bullish, and the probability of the rally extending is high. The contract is likely to rally to 49,500. Given the current momentum, the upswing could go up to 50,000.

Major gainers on the BSE at 11 am:

STL (12.33%), Hindustan Copper (9.56%), Sobha (6.80%), Castrol (6.58%)

Major losers:

JSW Energy (-4.29%), Gland (-3.47%), Time Technoplast (-2.54%), Aavas (-2.42%), Suryoday (-2.34%)

Hindustan Copper (9.27%), Hindustan Zinc (6.42%), National Aluminium (3.29%), SAIL (3.28%), Hindalco (2.22%)

Godrej Properties Ltd’s shares were up by 4.62 per cent after the company reported its highest-ever quarterly and annual sales figures for Q4 FY24 and FY24 respectively. Bookings surged by 135 per cent year-on-year to over Rs 9,500 crore in Q4 FY24, representing the highest quarterly sales announced. 

Premier Explosives (16.50%)

Mindteck (12.73%)

Puravankara (11.79%)

Sobha (6.63%)

Nuvama Wealth Management (4.13%)

Ajmera Realty (3%)

Yasho Industries Limited has commenced commercial production at its Pakhajan Plant in Dahej District, Gujarat.

Yasho Industries stock trades at ₹1,827.30, up 1.54%

The Nifty 50 April Futures (22,822) is up 0.33 per cent. The outlook is bullish. Intraday support is around 22,770. Below that 22,700-22,670 is the next key support zone. The contract can rise to 22,900 during the day.

The company is engaged in manufacturing and installation of diverse range of aluminium products. The public Issue was of ₹29.70 crore at an issue price of ₹45 per share.

TARC Ltd’s stock declines 1.24% on the NSE, trading at ₹159.30.

Dixon Technologies entered into a share purchase agreement for proposed acquisition of a majority stake in Ismartu India Private Limited.

Dilip Buildcon’s stock rose 2.48% on the NSE, trading at ₹481.10 after emerging as a L-1 bidder for the tender floated by the Haryana Rail Infrastructure Development Corporation Limited on EPC mode in Haryana, valued at ₹1092.46 crore.

Jindal Lifestyle, a subsidiary of Jindal Stainless, had launched cookware range under its Arttd’inox lifestyle brand, having three collections – Vida, Stellar, and Timber. 

Global Media Technologies Inc., wholly-owned subsidiary of Quint Digital, has entered into a common stock purchase agreement and shareholders agreement and acquired 50% stake in Quintype Technologies Inc. 

Quint Digital stock rises 1.52% on the BSE, trading at ₹117.

Ajmera Realty & Infra India recorded sales value of ₹287 crore and collections of ₹197 crore for the fourth quarter of FY24, with a growth of 104 per cent and 91 per cent respectively, as compared to the fourth quarter of FY23. Ajmera stock surged 5.44% on the NSE, trading at ₹830.

Honeywell Automation India Ltd has received an order from the Department of Commercial Taxes, Bengaluru, wherein penalty amounting to ₹6,79,044 and ₹18,86,230 have been demanded under Sections 129(1)(a) and 129(1)(b) of the Central Goods and Services Tax Act, 2017 / the Karnataka Goods and Services Tax Act, 2017, for movement of material during expiry of e-waybill validity.

Stock trades at ₹42,756.05 on the NSE, down by 0.24%.

The board of Indiabulls Real Estate Ltd has approved a fund-raise via preferential issue of equity shares and convertible warrants, on a private placement basis, for a cash consideration, aggregating to approximately ₹3,910.93 crore. The stock rose 1.12% on the NSE, trading at ₹140.10.

Aurionpro Solutions has approved allotment of 18,88,665 equity shares to eligible qualified institutional buyers at the issue price of ₹2,000 per share (including a premium of ₹1,990 per equity share), aggregating to ₹377.73 crore. Stock trades at ₹2,402.50 on the NSE, up 0.86%.

Premier Explosives board to consider stock split and fund-raise through issue of equity shares or convertible instruments by way of a public issue, preferential issue or private placement, at its meeting on April 19. Stock jumps 6.21% on the NSE, trading at ₹1,795.

Major gainers: Infosys (1.90%), Hero Motocorp (1.38%), Apollo Hospitals (1.29%), LTIMindtree (1.10%), Wipro (1.04%)

Major losers: Eicher Motors (-1.14%), ONGC (-0.54%), BPCL (-0.50%), Tata Consumers (-0.43%), Reliance (-0.41%)

Godrej Properties stock rallies 6.92% on the NSE, trading at ₹2,767.70. The company in Q4 FY24 recorded its booking value grew by 135% to more than ₹9,500 crore and FY 24 booking value grew by 84% to more than ₹22,500 crore.

JTL Industries stock was up 1.18% trading at ₹219.10 on the NSE.

Strides Pharma Science Limited today announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Fluoxetine Tabs 10 mg and 20 mg, from USFDA.

The shares were down by 0.80 per cent at ₹838.80 at 11.32 am on the BSE. 

Kotak Inst Eqt on Interglobe Aviation

Buy, TP ₹4300

Pricing going up may be vital for sector’s financial health

FY2024: Sector in red while Indigo operating at healthy spreads

Profitability of Indigo can potentially breach past peaks & sustain for long before normalizing down

GS on Bandhan BK

Downgrade to Neutral, TP ₹211

Await better clarity on near-term growth/profitability

Cut loan growth est. by 580bps/590 bps to c.13% for FY25E/FY26E

Still expect bank to deliver ROA/ROE in FY25 of 1.9%/16% (vs. 2.3%/18% prior)

HSBC on Cable & Wire Cos

Polycab, Buy, TP raised to ₹5870

KEI Ind – Buy, TP raised to ₹3850

RRRK Kabel – Buy, TP ₹1800

Expect strong volume backed mid-teens y-o-y revenue growth & strong profit growth for covered stocks

C&W sector continues to see strong growth tailwinds

MOSL on CONCOR

Buy, TP ₹1120

Commissioning of DFC to drive containerized cargo movement & Co will be key beneficiary

Expect blended vol to report 10% CAGR during FY24-26.

Further, with clarity on LLF provisioning, project EBITDA margin to be 23- 25% over FY24-26. 

BoFA Sec on Paytm

Resume coverage, U-P – TP ₹400

Lending biz growth gradual; Competition high in payments

Earnings recovery and re-rating may be 2-3 quarters away

Now expect Co to achieve EBITDA breakeven in FY27 & net income break-even in FY28.

Jefferies on Wealth Management Cos

Leading players will benefit from strong inflows & op. efficiencies to deliver 20-22% profit CAGR over FY24-27E.

Rise in share of trail fees (70-75% by FY27E) improves earning visibility & supports val. re-rating

Nomura on Tata Motors

Buy, TP ₹1057

JLR 4Q retail vol up 11% y-y; EBIT margin est at 9%

JLR reports q-q & y-y increase in retail & wholesales vol for 4QFY24

Est. FCF of GBP600-700m (GBP642mn in 3QFY24F) which should bring JLR’s net debt to more than GBP 1 bn in 4QFY24F, in line.

MS on Tata Motors

OW, TP ₹1013

JLR reported wholesale volume growth of 16% YoY in F4Q24 (+9% QoQ), to 110.2k units, vs MSe of 106k.

Mix was weaker, as: 1) Premium models (Defender, RR & RR Sport) share was at 61% vs 62% in F3Q24

2) China share down to 12% of sales vs 15% in Q3.

MS on Maruti

OW, TP Raised to ₹14322

Global slowdown in EVs & rising share of hybrids, along with rising news flow on hybrid duty cuts in India, show that a powertrain portfolio strategy – which MSIL has – is best to navigate current landscape.

MS on RIL

OW, TP ₹3046

RIL re-rated 10% YTD (35% in last 1 yr) & now trades at 24x P/E &10x EV/EBIDTA on F2026 MS est.

Potential for re-rating across verticals – new energy, refining, chemicals & telecom.

Net debt & slower capex intensity to be supportive of val

MS on Exide

OW, TP ₹373

Exide plans to invest ₹4,500-5,000 crore in 6GWh battery capacity (₹1,820 crore already invested), indicating that the lithium business is valued at ~1x F2026e P/B.

Kotak Inst Eqt on Exide

Sell, TP ₹270

Co signed an MoU with Hyundai-Kia 

While expect demand growth to outpace capacity addition , co is well-positioned to benefit, given its partnership with SVOLT & 1st-mover advantage 

SELL stays on expensive vals

India’s equity benchmarks BSE Sensex and NSE Nifty opened in green on Tuesday a day after closing at record highs. Both the indices gained around 0.2% each. Hopes of a favourable outcome from the ensuing Lok Sabha general elections are keeping sentiments upbeat, say market analysts. However, investors ought to be cautious while investing in small-/mid-caps, they cautioned.

Grauer & Weil (India) Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 197.3

Ex Bonus 10 April 2024 (Tomorrow)

Last date Trade for Before Bonus Today

At 9.09 am on Tuesday, June Brent oil futures were at $90.63, up by 0.28 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $86.62, up by 0.22 per cent. April crude oil futures were trading at ₹7209 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹7179, up by 0.42 per cent, and May futures were trading at ₹7156 against the previous close of ₹7130, up by 0.36 per cent.

Price Band changes from 20% to 10%: Abans Holdings, Indo Tech Transformers. 

Price Band changes from 10% to 5%: Eimco Elecon (India). 

Moved into short-term ASM framework: Action Construction Equipment, Abans Holdings, Coffee Day Enterprises, Gravita India, Indostar Capital Finance, Paramount Communications, Reliance Infrastructure, SEPC, Ujjivan Small Finance Bank, 

Moved out short-term ASM framework: Indraprastha Medical, Jyoti CNC Automation, Sanghvi Movers.

IT majorWipro’s former CEO Thierry Delaporte, who resigned on April 6, said with the foundational elements of the company’s transformation plan in place, his main goal is completed. 

In his last e-mail to employees, Delaporte wrote, “Together with the leadership team and with your commitment and efforts, Wipro’s revenues have grown by 35 per cent in the last four years. We’ve generated 25 per cent more profit than in the previous four years. Wipro’s stock price has grown 2.5x in value during this time! This you can all be proud of.”

Tata Motors: The company reported JLR wholesales at 4 lakh units, up 25% YoY, for the end of FY 24, while JLR retail sales is up 22% at 4.3 lakh units and for the end of quarter fourth JLR wholesales stood at 1.1 lakh units, up 16% YoY, JLR retail sales at 1.1 lakh units, up 11% YoY.

Yes Bank: The company received ₹244 crore from a single trust in the Security Receipts Portfolio after the sale of NPA Portfolio to JC Flower ARC in December 2022.

Sula Vineyards: The company recorded double-digit revenue growth in the fourth quarter as well as the whole of FY24. Net revenue grew by 10% YoY to ₹131.8 crore in Q4, sales from own brands was up 9% at ₹113 crore, and wine tourism stood at ₹16.4 crore, up 31%. It also announced the acquisition of ND Wines.

Dilip Buildcon: The company received order worth of ₹1,092 crore from Haryana Rail Infrastructure Development Corp on EPC mode.

Rail Vikas Nigam: The company has incorporated a subsidiary company “RVNL INFRA MIDDLE EAST” in Oman.

SJVN: The company’s arm SJVN Green Energy signed a joint venture agreement with Assam Power Distribution Company to develop renewable energy projects, parks. The arm will hold 51% shareholding in joint venture company.

Paisalo Digital: The company will hold it board meeting on April 12 to consider fundraising through allotment of NCDs through Private Placement basis.

IRB Infrastructure Developers: The company saw a 30% YoY rise in toll revenue for March 2024, reaching ₹480.9 crore. Assets under IRB Infrastructure Trust recorded a 40% increase in toll collection.

UCO Bank: The lender reported total business at ₹4.5 crore, up 9.6% YoY as on March 31, while total advances were up 15.9% at ₹1.87 crore, total deposits up 5.5% at ₹2.63 crore.

PCBL: The company’s arm commissioned 12 MW power plant in Tamil Nadu. The total capacity of the cogeneration power of the company stands at 122 MW.

Cupid: The company reported net revenue up Revenue up 51.56% at ₹62.9 crore for the end of fourth quarter and Profit after tax of ₹23.7 crore up 185%.

Omaxe: The company’s unit will develop India’s first integrated multi-sports stadium, retail, and hospitality hub in Delhi for around ₹1,500 crore. The cost of construction will be funded through internal accruals and the company is expecting a revenue of around ₹2,500 crore through the sale of retail units.

Hikal: The company has acquired a 5.73% stake in FPEL Ujwal for ₹4.12 crore to meet captive electricity requirements under the Indian Electricity Act, 2003.

Jana Small Finance Bank: Rajesh Rao has resigned from the position of Chief Operating Officer.

Sterlite Technologies: The QIP opened on Monday with a floor price of ₹119 per share.

Subdued Q4; La Nina to lift prospects

Channel inventory remains key overhang

High channel inventory in the domestic market, water deficiency in South India, adverse nutrient-based subsidy (NBS) and continued inventory destocking globally have led to a subdued Q4 for agrochemicals and fertilizer companies. Rabi sowing as on 2 February was flat YoY at 71mn hectares, but agrochemicals and fertilizer placements have been weak, given existing high channel inventory.

Low consumption, high inventory plague agrochemicals space

Water deficiency in Karnataka has led to less sowing in catchment areas of Krishna and Tungabhadra rivers. In Telangana, chili crop damage due to a cyclone in December has slowed crop spraying, which resulted in lower fungicide demand in Q4. Pan-India wheat sowing was up 1%, but less yellow rust infestation led to a decline in demand for fungicide. The cumin crop business saw good growth in Rajasthan while potato crop protection business was average. Therefore, high channel inventory persists for most companies as we enter into the next Kharif season. Among our coverage universe, aggregate top line, EBITDA and PAT are likely to decline by 23%, 47% and 83%, respectively. Ex-UPL, we expect aggregate top line to rise by 6%, EBITDA by 30% and PAT by 33%, driven by PI Industries and Bayer CropScience.

Fertilizers: high channel inventory leads to deferral of purchases

The adverse NBS subsidy and subdued demand prevail in Q4, and the indicative channel inventory at end-February was ~6.9mn tonne for urea and 5.2mn tonne for complex fertilizer. The current channel inventory was up 76% and 117% for urea and complex fertilizer, respectively, from the levels in February 2022 when the Russia-Ukraine War started. The comfortable channel inventory situation has led to more just-in-time purchases of fertilizers by the trade channel and farmers. We expect top line to decline by 24% for three companies under our coverage, with EBITDA growth of 20% & PAT growth of 7%.

El Nino weakens; La Nina to set in

El Nino is nearing its end and La Nina is likely to set in this Monsoon, according to the Bureau of Meteorology, Australia. We believe La Nina will be positive for domestic agrochemicals as well as fertilizer companies as better Monsoon will lead to higher volume growth.

Outlook: growth trajectory to set from Q1FY25

While Q4 is likely to remain soft, we are positive about the prospects of domestic agri-input companies from FY25, due to expectations of a better Monsoon and higher declared NBS subsidy in H1FY25. However, we remain cautious about companies with higher exports as demand is still fragile in the international markets. We are negative on Coromandel International and Paradeep Phosphates in the short term, due to expectations of a weak Q4 results. BYRCS, PI, CRIN and SUMICHEM are our preferred picks from a long-term perspective.

(All figures in ₹)

HSBC on Tata Motors: Maintain Hold, Target raised to 1000 from 920 

HSBC on Maruti Suzuki: Maintain Buy, Target raised to 14000 from 12500

HSBC on Bajaj Auto: Maintain Buy, Target raised to 10500 from 9400

HSBC on Polycab: Maintain Buy, Target raised to 5870 from 5350

HSBC on KEI Industries: Maintain Buy, Target raised to 3850 from 3500

HSBC on RR Kabel: Maintain Buy, Target raised to 1800 from 1740

Silver gains buoyed by increased consumer and industrial demand. Silver, being a higher beta commodity, profited from investors’ re-entry into the ETF market, with 10.7 million ounces of inflows in the previous two weeks, bringing total silver ETF holdings up 3% year to date to 724 million. The Shanghai Gold Exchange will boost the margin requirement for some silver futures contracts to 12% from 10% beginning with settlement on April 9. India’s silver imports increased by 260% in February, reaching a new high, as lower levies encouraged significant purchases from the UAE. 

Gold prices rose as investors anticipated the US Federal Reserve’s policy meeting minutes and crucial inflation statistics for clues on the timing and extent of interest rate decreases. Americans’ inflation forecast was varied last month, with predictions of higher price increases across a variety of essential commodities and services, according to a Federal Reserve Bank of New York research. Futures traders’ predictions on how much the Fed would cut rates this year have dropped to their lowest level since October, according to LSEG data. According to the report, China’s central bank added 160,000 troy ounces of gold to its stockpiles in March, supporting the market’s belief that sustained official sector demand had fueled the current gold rise.

ABB India: Quality versus price

ABB in its annual report highlighted its growth strategy to keep targeting high growth profitable markets that are benefiting from key mega trends.

Company’s improved penetration across Tier 2 and Tier 3 cities, higher localization, benefits from global feeder factory for exports and improved product portfolio is helping it expand its presence across markets through its 23 market segments. Company has been able to double up the share of orders from high growth segments in last 5 years. ABB has been one of our top picks in the sector and has continuously outperformed on earnings.

Stock is expensive on valuations but has one of the best RoIC’s in the capital goods sector. We remain positive on the company and maintain BUY.

Cupid Limited has achieved its highest quarterly sales, EBITDA (₹30.90 crore in Q4FY24), and PAT (₹23.71 crore in Q4FY24) numbers and margins to date.

· Quarterly Sales Growth: Our operating income saw a remarkable increase of 57.04% quarter-over-quarter, soaring from ₹40.05 crore in Q3FY24 to ₹62.89 crore in Q4FY24.

· Quarterly EBITDA Margins: EBITDA margins experienced a significant boost, climbing from 30.33% in Q3FY24 to 49.13% in Q4FY24, marking an improvement of 18.8% quarter-over-quarter.

· Quarterly PAT Margins: PAT margins improved significantly, from 22.13% in Q3FY24 to 37.71% in Q4FY24, an increase of 15.58% quarter-over-quarter.

· Annual Sales Growth: On an annual basis, operating income grew by 7.38%, from ₹159.32 crore in FY23 to ₹171.08 crore in FY24.

· Annual EBITDA Growth: Year-over-year, EBITDA margins rose by 3.36%, from 25.93% in FY23 to 29.28% in FY24.

· Annual PAT Growth: Compared to the previous fiscal year, PAT margins grew by 3.47%, from 19.82% in FY23 to 23.29% in FY24.

Muted quarter in the offing

Despite seasonality, we expect our coverage companies to report a lackluster performance in Q4FY24, as proxy indicators (GST e-way bill data and NETC) suggest weak demand trends continuing from Q3. With the recent diesel rate cuts (₹2/ltr), the ability of surface operators to improve realizations takes a back seat in H1FY25, albeit alleviating some margin pressures especially for VRL. 

The prolonged holiday period, especially in Mar-24, and intense competition in the B2B express industry is expected to weigh on the volume trajectory of TCI Express and Blue Dart Express. We expect Delhivery to continue ramping up volumes in its PTL business, as it continues to regain lost volumes since its Spoton fiasco. 

B2C volumes are likely to remain muted sequentially, owing to seasonality (Q3 is the strongest quarter for the B2C industry). Management commentary on demand recovery in FY25 as well as competitive intensity are key observables, in our view, as we cut our FY25/26 sales estimates by 3-6% (for coverage universe). Tepid volume growth and muted realizations lead to a steeper cut in our FY25/26 EBITDA estimates (8-12%), resulting in downward revision of Dec-24E TP for VRL Logistics (BUY; TP: ₹800/sh now; ₹850 earlier), TCI Express (ADD; TP: ₹1,250/sh now; ₹1,400 earlier), and Blue Dart Express (REDUCE; TP: ₹6,350/sh now; ₹7,000 earlier).

India’s benchmark share indexes were set to open at new all-time highs on Tuesday, helped by sustained inflows from domestic investors and financial updates from companies ahead of the earnings season. GIFT Nifty was trading at 22,839, indicating that the NSE Nifty 50 will open above its Monday close of 22,666.30. Both the Nifty 50 and S&P BSE Sensex hit all-time highs on Monday, led by a rebound in heavyweight Reliance Industries and auto stocks.Bain Capital plans to sell stake worth $429 million in Axis Bank on Tuesday, according to a term sheet seen by Reuters. The private equity firm, which first purchased shares in the bank in November 2017, will exit its entire holding with Tuesday’s stake sale, a source familiar with the matter told Reuters.

Individual segment growth continues to be led by bancassurance Channel

The Indian life insurance sector has been growing at a compound annual growth rate (CAGR) of more than 11% over the past few years, which is faster than the average global growth rate. 

The prime drivers of this growth include the entry of private players in the industry, a supportive regulatory environment, a substantial increase in group insurance products, product and process innovations, customisation, along with development of strong distribution channels including bancassurance in the individual insurance segment.

Indian life insurance has a top-heavy market structure with the top five players holding over 80% market share and the remaining companies making up a long tail.

There has been a shift in the channel mix from the earlier agency-focused model to a more diversified distribution mix with digital channels coming to the fore. Direct Selling is the largest channel in group business.

Meanwhile, even though the agency channel continues to be the largest segment in the individual business, bancassurance has grown rapidly to account for a 33% share.

Companies are expected to simplify the life insurance purchase experience and overall digital enablement further across the distribution channels. Further, with the planned introduction of Bima Sugam, distribution channels may face a disruptive period as it would be spread across the entire value chain enabling companies to serve consumers at potentially lower costs.

In FY25, the New Business Premium is expected to grow off a low base as companies tweak their plans in the aftermath of the new tax regime. CareEdge Ratings expects the life insurance industry to continue to grow at 11-13% over a three-to-five-year horizon driven by group products, individual pension, and life cover products along with supportive regulations, rapid digitalisation, effective distribution, and improving customer services.

However, fraud and lapse ratio are some of the key challenges.

Jan-Mar’24 Earnings Preview – Another strong quarter aided by US sales and higher margins

We expect pharmaceuticals companies under our coverage to report another strong quarter with EBIDTA growth of 22% YoY (down 3% QoQ) mainly aided by 1) new launches (gRevlimid, gSpiriva, etc) in US market, 2) steady domestic business and 3) higher margins. We expect the quarter to continue seeing easing of cost pressures which will thereby aid margins YoY. The companies are likely to witnessed steady base business in US given stable generic pricing environment coupled with new launches. On domestic formulation business; given seasonal weakness acute and trade generic business to remain soft while chronic business to have steady growth. Our top picks remain SUNP, JBCP, ERIS and TRP.

Credit offtake continued to grow, increasing by 20.2% year-on-year (y-o-y) to reach ₹164.3 lakh crore, for the fortnight ending March 22, 2024. This rise can continue to be attributed to the impact of HDFC’s merger with HDFC Bank along with the growth in personal loans. If we exclude the impact of the merger, credit grew at 16.3% y-o-y for the fortnight compared to last year’s growth of 15.0%. Sequentially credit grew by 0.7%.

Meanwhile, the outlook for bank credit offtake continues to remain positive.

Deposits too grew by 13.5% y-o-y for the fortnight (including the merger impact) and reached ₹204.8 lakh crore as on March 22, 2024, driven by growth in time deposits. Excluding the merger impact, growth stood at 12.9%. Sequentially deposits grew by 0.3%. 

Deposit growth is expected to improve compared to earlier periods as banks shore up their liability franchise and ensure that deposit growth does not constrain credit offtake.

The Short-term Weighted Average Call Rate (WACR) stood at 6.85% as of March 29, 2024, compared to 6.78% on March 31, 2023, due to liquidity and pressure on short-term rates.

Popular Vehicles & Services Limited (PVSL), is one of India’s leading fully integrated automotive dealership player and has reported its financial results for the quarter and nine months ended 31 December 2023.

Financial Highlights for the nine months period ended 31 December 2023:

· Total revenue increased by 19.4% to ₹4,274.7 crore for the nine months period ended 31 December 2023 from ₹3,581.6 crore for the nine months period ended 31 December 2022.

· EBITDA increased by 23% to ₹216.7 crore for the nine months period ended 31 December 2023 from ₹176.1 crore for the nine months period ended 31 December 2022.

· Profit After Tax increased by 12.5% to ₹56 crore for the nine months period ended 31 December 2023 from ₹49.7 crore for the nine months period ended 31 December 2022.

· EPS increased by 12.5% to ₹8.9 for the nine months period ended 31 December 2023 from ₹7.9 for the nine months period ended 31 December 2022

JP Morgan on Exide: Maintain Overweight on Company, raise target price at ₹480/sh (Positive) 

MS on Maruti: Maintain Overweight on Company, raise target price at ₹14322/sh (Positive) 

BofA on Infosys: Upgrade to Buy on Company, raise target price at ₹1785/sh (Positive) 

Antique on LIC Housing: Upgrade to Buy on Company, raise target price at ₹1160/sh (Positive) 

Antique on SBI Life: Maintain Buy on Company, raise target price at ₹1910/sh (Positive) 

Antique on Max Fin: Maintain Buy on Company, raise target price at ₹1280/sh (Positive) 

Antique on HDFC Life: Maintain Buy on Company, target price at ₹760/sh (Positive) 

Citi on PI Ind: Maintain Buy on Company, target price at ₹4500/Sh (Positive) 

MS on Can Fin Home: Maintain Overweight on Company, target price at ₹1000/sh (Positive) 

MS on Reliance Ind: Maintain Overweight on Company, target price at ₹3046/sh (Positive) 

CLSA on REC: Maintain Buy on Company, target price at ₹540/Sh (Positive) 

Nuvama on TRIL: Maintain Buy on Company, raise target price at ₹575/Sh (Positive) 

Emkay on VRL Logistics: Maintain Buy on Company, target price at ₹800/sh (Positive) 

Emkay on TCI Express: Maintain Add on Company, target price at ₹525/Sh (Positive) 

Emkay on Delhivery: Maintain Buy on Company, target price at ₹525/Sh (Positive) 

Jefferies on Grasim: Maintain Buy on Company, raise target price at ₹2600/Sh (Positive) 

Citi on HUL: Maintain Buy on Company, target price at ₹2750/Sh (Positive) 

Jefferies on 360 one: Initiate Buy on Company, target price at ₹900/Sh (Positive) 

Jefferies on Nuvama: Initiate Buy on Company, target price at ₹6000/Sh (Positive) 

Citi on JSPL: Maintain Sell on Company, target price at ₹685/Sh (Neutral) 

Macquarie on Tata Motors: Maintain Outperform on Company, target price at ₹1028/Sh (Neutral) 

MS on Tata Motors: Maintain Overweight on Company, target price at ₹1013/sh (Positive) 

BofA on PayTM: Maintain Underperform on Company, target price at ₹400/sh (Neutral) 

Citi on Colgate: Maintain Sell on Company, target price at ₹2200/Sh (Neutral) 

Emkay on Bluedart: Maintain Reduce on Company, target price at ₹6350/Sh (Neutral)

The aggregate toll collection of IRB Infrastructure Developers Limited, India’s leading and the largest integrated multi-national transport infrastructure developer in the highways sector and its associate IRB Infrastructure Trust, India’s largest Infrastructure Investment Trust, have registered aggregate Y-o-Y toll revenue growth of 30% in the month of March 2024. 

Both the entities have reported aggregate toll collection of ₹480.9 crore for the month under review, i.e., March 2024, against ₹370 crore in March 2023. The assets under Private InvIT, i.e., IRB Infrastructure Trust have registered toll collection rise around 40% Y-o-Y.

The US-based Citigroup on Monday bought shares of RBL Bank and South Indian Bank through open market transactions. The global financial advisory through its affiliate Citigroup Global Markets Mauritius acquired 66.97 lakh shares amount to 1.11 per cent stake of RBL Bank. It also picked up more than 1.76 crore shares, or 0.7 per cent, stake in South Indian Bank. Copthall Mauritius Investment Ltd sold shares of RBL Bank and South Indian Bank at the same price.

Nicomac Machinery and RP Advisory Services are likely to sell up to 4.4 per cent equity of Gland Pharma, at a floor price of ₹1,725 a share, per market reports. Offer size of the block is likely to be ₹1,400 crore. The floor price is at a discount of 7.3 per cent to Monday’s close of ₹1,856.

Shilpa Medicare has launched a QIP to raise funds at a floor price of ₹477.33 per share. The board will meet on April 12 to fix the QIP price.

Aurionpro Solutions has raised about ₹3.8 crore through QIP issue. The board has approved allotment of 18.88 lakh shares to eligible institutional buyers at ₹2,000 per share. Goldman Sachs and Malabar India Fund were among those issued shares in the QIP.

Jindal Lifestyle, subsidiary of Jindal Stainless, has launched its first premium cookware range under its Arttd’inox lifestyle brand. The new range will have three collections.

Dilip Buildcon has been declared L-1 bidder for a project worth ₹1,092.46 crore by the Haryana Rail Infra Development Corporation.

The board of Ami Organics will meet on April 12 to consider raising funds via bonds/debentures/NCDs/equity/ warrants or through a preferential issue on a private placement basis, QIP, rights issue or any other method.

The board of Anand Rathi Wealth will meet on April 12 to consider buyback of equity shares.

HG Infra Engineering has incorporated a wholly owned subsidiary, HG Chennai-Tirupati (II) Highway, as a special purpose vehicle (SPV) to undertake the highway project worth ₹862.11 crore awarded by the National Highways Authority of India (NHAI) in Andhra Pradesh in Hybrid Annuity Mode.

* BANDHANBANK

* SAIL

* ZEEL

📌 Market Levels

BSE Sensex: 74742.50 (+494.28)

Nifty 50: 22666.30 (+152.60)

NIFTY MID CAP 100: 50041.40 (+18.55)

NIFTY SMALL CAP 100: 16407.05 (+51.70)

📌 Index PE & PBV

SENSEX PE / PBV : 25.54 / 3.80

NIFTY 50 PE / PBV : 

23.23 / 3.98

NIFTY MIDCAP 100 PE / PBV : 34.22 / 4.39

NIFTY SMALLCAP 100 PE / PBV : 27.42 / 3.93

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: (₹684.68 cr) / (₹4520.23 cr)

DII Activity: ₹3470.54 cr / ₹3470.56 cr

📌 Volatility Index

India VIX - 11.61

📌 Commodities

Brent Crude: $90.74

Gold USD Oz/10 gm: $2330.93 = ₹70801

Silver: ₹82080

📌 Currency

₹/$: 83.31

US Dollar Index (DXY) - 104.27

📌 10 Year Yield

7.18% GOI 2033: 7.15% (New)

US 10 Yr Yield - 4.44%

Transformers & Rectifiers (India) Ltd. | CMP ₹485 | M Cap ₹6914 Cr | 52 W H/L 487/58

Result has improved

Revenue from Operations came at ₹512.7 crore (38.8% QoQ, 18.2% YoY) vs QoQ ₹369.4 Cr, YoY ₹433.8 Cr

EBIDTA came at ₹71.6 crore (86.3% QoQ, 116.7% YoY) vs QoQ ₹38.4 crore, YoY ₹33.1 crore

EBITDA Margin came at 14.0% vs QoQ 10.4%, YoY 7.6%

Adj. PAT came at ₹41.6 cr vs QoQ ₹15.6 cr, YoY ₹9 cr

Quarter EPS is ₹2.9

Stock is trading at P/E of 149.7x TTM EPS

12th April 

TCS

17th April 

Angel One

ICICI GI 

Tata Comm

18th April 

Bajaj Auto 

HDFC Life 

Infosys

Swaraj Engg

19th April 

Elecon 

HDFC AMC 

RSS Soft 

20th April 

HDFC Bank 

21st April 

Persistent

23rd April

Cyient DLM

ICICI Pru

Mahindra EPC 

24th April

Anantraj 

LTIM 

Mahindra Scooter

NAM India 

Syngene 

25th April 

Bajaj Finance 

LTTS

Mphasis

Nestle 

Tech Mahindra 

UTI AMC 

26th April 

Bajaj Finserv 

Bajaj Holdings 

CSB Bank 

HCL Tech 

Mahinda Life 

Maruti 

27th April 

ICICI Bank 

IDFC First 

Yes Bank 

29th April

Gillette

KPIT Tech 

Poonawala 

Ultratech 

30th April 

Castrol 

Chola Finance 

Exide 

PGHH

Recent Interview

BANDHAN BANK: Chandra Shekhar Ghosh, MD & Chairman

Will Hand-Hold Bandhan Bank’s Top Level Leadership Over Next 3 Mths As Part Of Succession: CS Ghosh

https://www.youtube.com/watch?v=T4Ls8ains-o

BANDHAN BANK: Chandra Shekhar Ghosh, MD & Chairman

Bandhan Bank MD & CEO Chandra Shekhar Ghosh To Step Down In July, What’s The Agenda?

https://www.youtube.com/watch?v=YbBU4NY2hss

Embassy Office : Jitendra Virwani, CMD

Merger Between Embassy & Indiabulls Real Estate Is Pending At The NCLAT Level: Embassy Group

https://www.youtube.com/watch?v=XW_6uFCNgyo

ESAF Small Fina: Gireesh CP, CFO

Overhang Of COVID-19 Still Remains On Banks W.r.t Asset Quality: ESAF Small Finance Bank

https://www.youtube.com/watch?v=f6ExZM2XVNs

GIC: Ramaswamy Narayana, CMD

Expect Net Earned Premium For FY24 To Remain Flat But Expect 10-12% Growth In FY25: GIC Re

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

Gopal Snacks: Bipinbhai Vithalbhai Hadvani, CMD

Why Gopal Snacks Q3 Was Weak?

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

Muthoot Microfin Limited: Sadaf Sayeed, CEO

Growth Largely Coming In From Expansion, To Grow At Least 30% In This Financial Yr: Muthoot Microfin

https://www.youtube.com/watch?v=hf5nHIQdO9I

SBI: Dinesh Kumar Khara, MD

We Should Be In A Position To Maintain NIM At Current Levels: SBI Chairman Dinesh Khara

https://www.youtube.com/watch?v=_B4-7fkktAU

Sheela Foam: Rahul Gautam, MD

Sheela Foam: FY25 Business Outlook, Have Demand Stabilized?

https://www.youtube.com/watch?v=RAyz06dmnK0

CSB Bank: Pralay Mondal, MD & CEO

Remain Focussed On Deposits & Tonnage Growth In Gold Loans: CSB Bank

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

Events today

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

Results today

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

Bain Capital plans to sell stake worth $429 million in Axis Bank on Tuesday, according to a term sheet seen by Reuters.

The private equity firm, which first purchased shares in the bank in November 2017, will exit its entire holding with Tuesday’s stake sale, a source familiar with the matter told Reuters.

Bain Capital will sell about 33.40 million shares of the lender, representing an over 1 per cent stake, at an offer price in the range of ₹1,071 rupees to ₹1,076.05 per share, the term sheet showed.

Gland Pharma, a generic injectable-focused pharmaceutical company, has received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate Injection.

The product is expected to be the first generic approval on the market, and the Hyderabad-based company expects to launch this product in the near term through its marketing partner. It had US sales of approximately $92 million for 12 months ending in February 2024, according to IQVIA.

Bandhan Bank’s share price fell over 6 per cent on Monday as its MD and CEO Chandra Shekhar Ghosh decided to retire once his current tenure ends on July 9, 2024.

The scrip of the Kolkata-based lender ended the day on ₹184.95 apiece on BSE, down 6.31 per cent from the previous close, with analysts raising concern over management uncertainty in the near term as so far no clarity has emerged on management succession.

Benchmark indices touched fresh highs on Monday amid positive global cues, with the combined market capitalisation of shares listed on the BSE hitting ₹400-lakh crore for the first time.

The Sensex rose 494 points, or 0.67 per cent to 74,742, while the Nifty settled at 22,660, up 0.68 per cent, driven by strong domestic fund flow and healthy retail participation.

The market capitalisation of BSE-listed firms had hit the ₹300-lakh crore mark in July last year. Cumulative domestic equity inflows have amounted to $92.7 billion over the last five years. India Inc has raised $92.9 billion through the primary market over the same period.

Indraprastha Gas’s share price can rise to ₹515 over the next three to four weeks.

Traders can go long now at ₹475. Accumulate on dips at ₹468. Keep a stop-loss at ₹453.

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

Stocks in Asia climbed Tuesday after US benchmarks saw sluggish trading and Treasuries kicked off the week on the back foot ahead of key inflation data, per a Bloomberg report. 

Benchmark equity indexes gained in South Korea and Australia. Futures in Hong Kong also pointed higher. US 10-year yields steadied after rising to the highest since November, coming within striking distance of the psychologically important 4.5% level. Traders’ conviction on three quarter-point rate cuts from the Federal Reserve this year is quickly dissipating, with markets now favouring just two reductions, the report added.