Share Market Highlights 29 April 2024: Sensex, Nifty settle 1% higher; HCL Tech, Apollo Hospitals drag

The rupee declined 10 paise to close at 83.48 (provisional) against the US dollar on Monday, as investors remained cautious ahead of the US Federal Reserve’s monetary policy decision.

A robust sentiment in the domestic equity market and softening crude prices in the international market, however, cushioned the downfall in the Indian currency, forex traders said.

BSE Sensex gained 941.12 pts or 1.28% to close at 74,671.28 and the NSE Nifty rose 233.45 pts or 1% to end at 22,643.40.

From the Sensex basket, ICICI Bank climbed nearly 5 per cent after the company on Saturday said its March quarter consolidated net profit grew 18.5 per cent to ₹11,672 crore, helped by lower provisions.

A total of 4,058 stocks were actively traded, 2,021 advanced, while 1,854 declined and 183 stocks remained unchanged where 278 stocks hit a 52 week high and 11 stocks hit a 52 week low on Monday on the BSE.

NSE Nifty was up by 0.99% or 221 points to 22,640.85, while the BSE Sensex was at 74,708 up by 1.33% or 961.75 points.

The credit rating agency ICRA Ltd announced that SEBI has granted its approval for registration of Pragati Development Consulting Services Limited (PDCSL), a wholly-owned subsidiary, as a category-I ESG Rating Provider (ERP) under the SEBI’s Credit Rating Agencies Regulations

Iris Business Services has announced the launch of a SaaS software called IRIS Myeinvois for Malaysia market.

Top gainers on the NSE at 3.05 pm include- ICICI Bank (4.71%), SBI (3.12%), Ultratech cement (2.86%), Axis Bank (2.40%)

Top losers include- HCl technologies (-5.87%), Apollo hospitals enterprise (-4.52%), Bajaj Auto (-2.41%), HDFC life insurance company (-2.13%), Ltimindtree (-0.98%)

BSE Sensex advanced 1.14 per cent or 842.13 pts to trade at 74,572.29 as of 2.30 pm and Nifty 50 rose by 196.90 pts or 1.0 per cent to trade at 22,616.85. 

ICRA on Monday said SEBI has granted its approval for registration of Pragati Development Consulting Services Limited (PDCSL), a wholly-owned subsidiary of ICRA, as a Category-I ESG Rating Provider (ERP).

PDCSL had applied for the ERP registration in September 2023. Following the registration as ERP, PDCSL will commence its environmental, social, and governance (ESG) ratings. 

Ramnath Krishnan, MD & Group CEO of ICRA Ltd, said: “The barometer of value creation is expanding from the tenets of profitability and efficiency – to businesses playing an active role in preserving, protecting and enriching their commitment towards the environment, society and transparency for every stakeholder. 

“This widening perspective is also backed by investors, especially from the developed markets, a belief in prioritising investments towards compliant and sustainable companies......The ESG ratings will help us enrich our value proposition further.” 

Shoppers Stop Limited allocated 11,815 equity shares under its ESOP 2020 and ESOP 2022 schemes, increasing its share capital to Rs 54,98,06,560 divided into 10,99,61,312 shares of Rs. 5 each. The allotment includes 6,722 shares under ESOP 2020 and 5,093 shares under ESOP 2022. Shares were up by 0.52% to Rs 715.15 on the BSE.

BSE stock plunged 12.86 per cent to trade at ₹2,797.60 as of 1.02 pm on Monday. The stock tanked 17 per cent in early trade after SEBI’s direction on regulatory fee. 

The regulatory body on Friday directed BSE to pay the regulatory fee on the annual turnover based on the notional value of the options contract, along with differential payment for past years with interest.

Global brokerage Jefferies has downgraded the stock to ‘hold’ from buy rating and has cut the target price to ₹2,900 from ₹3,000.

Techno Electric & Engineering has bagged new orders for ₹4,063 crore. The stock surged 5.22 per cent on the NSE as of 1.21 pm to trade at ₹1,020. 

The stock has hit a 52-week high at ₹1,067.55 on the NSE.

MarketsMojo, a stocks research and analysis firm, is planning to raise $20-50 million in Series A funding, with 10-15 per cent equity dilution as it ramps up its business, in the 21 countries where it provides its services, in the next 1-2 years.

​GRM Overseas Limited​ secured a government order to supply 4,500 MT of premium basmati rice to Oman, valued at Rs 46.5 crore. The shares were up by 8.30% to Rs 154 on the BSE.

Kilburn Engineering Limited secured orders worth Rs 35.44 crore, including rotary dryers, paddle dryers, tea dryers, and spares. Shares were down by 2.16% to Rs 381.30 on the BSE.

TIPS Industries Limited reported Q4 and FY24 performance, with a revenue growth of 29% year-on-year and a profit after tax growth of 66% year-on-year. TIPS Industries Limited also announced a dividend of ₹6 per share and a buyback of shares at Rs 625 per share. Shares were up by 0.82% to Rs 463.45 on the BSE.

Simplex Castings Ltd secured a contract with TsNIIchermet (Russia) as its preferred manufacturer for metallurgical equipment, receiving the first order worth Rs 2 crore. The shares were down by 2% to Rs 181.60 on the BSE.

Mawana Sugar Ltd informed that it closed its crushing operations for the sugar season 2023-24 in its Unit Nanglamal Sugar Complex located at Nanglamal, Meerut, Uttar Pradesh. The shares were up by 1.60% to Rs 98.77 on the BSE.

HCLTech shares plummeted as much as 6.3 per cent on Monday, its biggest fall in nearly 17 months, as India’s No.3 software services company forecast fiscal 2025 revenue growth below estimates.

The stock trimmed some losses to trade 5.62 per cent lower at ₹1,392.05 as of 12.06 p.m., and was the biggest loser on the Nifty IT index, which was down 0.2 per cent.

Including the day’s move, HCLTech is down 5.2 per cent so far this year compared with a 6 per cent fall in the IT index. Larger rival Infosys was down 7.3 per cent, while Tata Consultancy Services was up 2.1 per cent.

AVG Logistics Limited secured contract worth approximately Rs 50 crore over 3 years with an appliance manufacturer, utilizing rail transportation for eco-friendly and efficient movement of electrical appliances. The shares were up by 3.26% to Rs 562.90 on the BSE.

Techno Electric & Engineering Company Limited announced new orders totaling Rs 4,063 crore from domestic entities including Power Grid Corporation of India, Adani Transmission, and others for various substation establishment and smart meter installation projects, to be executed over 24-36 months. The shares were up by 5.34% to Rs 1021 on the BSE.

Shares of India’s Apollo Hospitals Enterprise fell as much as 8.4 per cent on Monday, after the hospital chain sold a stake in its digital unit in a deal that brokerages said undervalued the subsidiary.

The stock trimmed some losses and was last down 4.5 per cent, set for its worst day since June 2, 2022. The stock was the second biggest percentage loser on India’s bluechip Nifty 50 index, which was last up 0.65 per cent.

Religare Enterprises Limited’s Investment, Borrowing, and Share Allotment Committee approved a Corporate Guarantee of up to Rs. 180 Cr for its subsidiary, Religare Broking Limited, to secure credit facilities from Axis Bank Limited. The guarantee replaces existing guarantees and is part of the ordinary course of business, impacting Religare’s contingent liabilities. Shares were up by0.34% to Rs 218 on the NSE.

Ajooni Biotech Limited revised the record date for its Rights Issue to May 7, 2024, with the Issue Opening Date set for May 21, 2024, and the Issue Closing Date on May 31, 2024. The Rights Issue involves issuing 8,00,00,000 fully paid-up Equity Shares at a price of Rs 5 per share. The shares were up by 0.76% to Rs 6.60 on the NSE.

Latteys Industries Limited bagged work order worth Rs 2.06 crore for supplying Solar & Submersible Pumps to companies like KSB Limited, Pune, and others. The order includes both domestic and international entities, with a one-month execution period from the date of the letter of award. Shares were up by 1.84% to Rs 16.60 on the BSE.

The Japanese currency strengthened about 2 per cent from the initial 159 per dollar level in a matter of a few minutes during Asia hours

A total of 2,534 stocks were actively traded, 1,404 advanced, while 1,003 declined and 127 stocks remained unchanged where 140 stocks hit a 52 week high and 10 stocks hit a 52 week low on Monday on the NSE.

Top gainers on the NSE at 12.12 pm include - ICICI Bank (3.12%), Indusind Bank (2.60%), Bharat Petroleum Corporation (2%), Axis Bank (1.84%), Ultratech cement company (1.72%)

Top losers include - Apollo hospitals (-6.35%), HCl technologies (-5.76%), HDFC life (-1.98%), Bajaj Auto (-1.55%), Adani ports (-1.05%)

Orissa Bengal Carrier Limited secured a contract to transport approximately 180,000 Metric Tons of materials for Ambuja Cement Limited. The shares were up by 0.56% to Rs 52.10 on the BSE.

Raj Television Network Limited unveiled two new channels, “Raj Nagaichuvai” and “Raj Pariwar,” launched on DTH platforms. The channels cater to comedy and general entertainment genres, broadcasting in Tamil and Hindi languages respectively. The shares were up by 5% to Rs 83.31 on the BSE.

Royal Sense Limited launched the STERGIC Syphilis Ab Rapid Test Kit, utilizing antigen-antibody interactions to detect Treponema pallidure antibodies. The kit includes test cassettes, sample diluent, and delivers results within 15-20 minutes. The shares were down by 0.42% to Rs 141 on the BSE.

Bajaj Consumer Care Limited disclosed a tax order from the State Goods and Service Circle, Rajasthan, imposing tax of Rs 11.59 lakhs with an interest of Rs 11.07 lakhs interest and penalty of Rs 1.15 lakhs under the State Goods and Services Act, 2017, due to a technical glitch in e-way bill generation. The shares were up by 1.65% to Rs 234.25 on the BSE.

Pvv Infra Ltd. announced issuance of 2,00,000 bonus shares, totaling 47,96,361 equity shares, valued at Rs 10 each. The bonus shares, sourced from Rs 27.90 crore of reserves, are set to be credited within 2 months post-board approval, making the total paid-up share capital to Rs 28.77 crore. The shares were down by 0.05% to Rs 41.20 on the BSE.

Gold prices slipped on Monday as hopes for early interest rate cuts this year dampened, while focus shifted to the Federal Reserve policy meeting and U.S. non-farm payrolls data due this week for further clarity on monetary policy.

Spot gold fell 0.5% to $2,327.09 per ounce by 0334 GMT. U.S. gold futures were down 0.4% at $2,338.30. - Reuters

Bank Nifty began today’s session higher at 48,360 versus previous session’s close of 48,201. The index has rallied post the open and is now at 48,680, up 1 per cent so far today.

The advance/decline ratio stands at 8/4, giving the index a bullish bias. AU Small Finance Bank, up 3 per cent, is the top gainer whereas IDFC First Bank, down 4.8 per cent, is the top loser.

​Veranda Learning Solutions​ announced allotment of 20 lakh equity shares to promoters at Rs 307/share, following conversion of warrants. Shares were up by 1.28% to Rs 182.10 on the BSE.

Gland Pharma received USFDA approval for Cetrorelix Acetate Injection. The product aims to prevent premature LH surges in women undergoing ovarian stimulation. The shares were up by 0.29% to Rs 1734 on the BSE.

Nifty 50 opened with a gap-up today at 22,476 versus Friday’s close of 22,420. By the end of the first hour of trade, the index is hovering around 22,490, up 0.3 per cent so far today.

Tech Mahindra, up 2 per cent, is the top gainer whereas Apollo Hospitals Enterprises, down 8 per cent, is the biggest loser in the index.

Nifty Oil & Gas, up 1 per cent, is the top performing sector so far today. Whereas Nifty Realty, down 1.3 per cent, is the top loser.

The rupee depreciated 5 paise to 83.43 against the US dollar in early trade on Monday amid a strong American currency overseas and withdrawal of foreign funds from domestic equity markets.

However, positive sentiment in the domestic equity markets and retreating crude oil prices in international markets supported the Indian currency at lower level, forex traders said.

Glenmark Pharmaceuticals receives ANDA approval for Acetaminophen and Ibuprofen Tablets, 250 mg/125 mg (OTC). The shares were up by 0.13% to Rs 1081.51 on the BSE.

BSE down 17% at Rs 2680 as it was asked to pay its regulatory fee to market regulatorbased on the annual turnover calculated from the ‘notional value’ of its options contracts, not premium value.

Major gainers on the NSE include - SBI Life insurance company (2.26%), Divis laboratories (2.06%), ICICI Bank (1.94%), Indusind Bank (1.84%), Ultratech cement (1.61%)

Major losers include- Apollo Hospitals (-7.84%), HCL technologies (-5.46%), Mahindra and Mahindra (-1.69%), Bajaj Auto (-1.22%), Shri Ram finance (-1.08%)

Glenmark Pharmaceuticals Ltd. has received final approval from the United States Food & Drug Administration (USFDA) for Acetaminophen and Ibuprofen tablets, 250 mg/125 mg (OTC).

The tablets were determined by the FDA to be bioequivalent1 to Advil®2 Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC), of Haleon US Holdings, LLC.

Crude oil futures traded lower on Monday morning as the Us inflation data brought down the chances of interest rate cuts by US Federal Reserve. At 9.35 am on Monday, July Brent oil futures were at $87.53, down by 0.77 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $83.18, down by 0.80 per cent. May crude oil futures were trading at ₹6944 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6999, down by 0.79 per cent, and June futures were trading at ₹6910 against the previous close of ₹6958, down by 0.69 per cent.

Praveen Achuthan Kutty takes charge as Managing Director & CEO (MD & CEO) of DCB Bank with effect from Monday (April 29, 2024) for a period of three years.

Kutty replaces Murali M. Natrajan, who completed his tenure of 15 years as MD & CEO of the Bank at the end of business hours on April 28, 2024. 

“Since 2009, as MD & CEO of the Bank, Mr. Natrajan provided outstanding leadership and contributed significantly in building a robust, sustainable and scalable business model,” the private sector lender said in a regulatory filing.

The #NSEBell has rung in the celebration of the opening Bell Ceremony of Balu Forge Industries Limited on NSE today at our exchange

@nseindia

The Indian benchmark indices, Sensex and Nifty, opened positively, with Sensex rising 271.71 points to 74,001.87 and Nifty up by 69.05 points to 22,489. Analysts expect short-term market alignment with global trends and note the ongoing results season’s impact on individual stocks. Arvinder Singh Nanda of Master Capital Services Ltd highlights key economic data influencing the market, including India’s fiscal deficit, Q4FY24 results, and global indicators like China’s PMI and Euro Zone’s CPI. Pressure from disappointing earnings reports and regulatory concerns affected India’s benchmark indices, with foreign portfolio investors showing a selling bias. Santosh Meena from Swastika Investmart Ltd notes domestic institutional and high-net-worth investors’ aggressive buying, compensating for foreign institutional selling. The market awaits the US FOMC meeting outcome and monitors global economic data, with domestic factors like Q4 earnings and monthly auto sales also in focus.

“The major negative in the market continues to be the sustained selling by FIIs, triggered by the high bond yields in the US. This selling by FIIs, in both equity and debt, will continue to weigh on markets so long as the US bond yields remain high, which, in turn, will be decided by the US inflation numbers. The latest US core PCE inflation numbers came in on expected lines with 2.8 % YoY growth. Consequently the bond yields have marginally drifted down and the US equity markets surged last Friday. FII selling will continue, but is likely to be lower than in recent days.

ICICI bank results are very good. Impressive growth in deposit and credit and decline in NPAs augur well for the stock. HCL Tech’s low guidance of 3to5% revenue growth in FY25 will weigh on the stock.

Pharma and auto sectors will continue to remain resilient.

BILLWIN

Right Issue of Equity Shares 

HITKITGLO 

E.G.M

Indian shares are set to open higher on Monday, tracking their Asian peers, while ICICI Bank’s strong results are expected to lift financial stocks.

India’s GIFT Nifty was trading at 22,642 as of 08:15 a.m. IST, indicating that the Nifty 50 will open above its close of 22,419.95 on Friday.

Easing concerns about a major escalation in the Middle East conflict and stable Indian corporate earnings powered the domestic benchmark indexes to weekly gains on Friday.

1. IDEA

Oil prices fell in early Asian trading on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon. 

Brent crude futures fell by as much as $1, or 1.1% to $88.50 a barrel before ticking back up to $88.55 at 0149 GMT. West Texas Intermediate (WTI) futures were down 84 cents, or 1%, at $83.01 a barrel.

Stepped-up efforts to mediate a ceasefire between Israel and Hamas moderated geopolitical tensions and contributed to the weak opening on Monday, IG market analyst Tony Sycamore said. A Hamas delegation will visit Cairo on Monday for peace talks, a Hamas official told Reuters.

Prices of copper opened the week higher on Monday, driven by dwindling raw material supply and investors’ focus on a potential BHP Group-Anglo American deal that would make the world’s largest copper miner.

Three-month copper on the London Metal Exchange added 0.2% to $9,985 per metric ton by 0203 GMT, after hitting a two-year high on Friday.

The most-traded June copper contract on the Shanghai Futures Exchange was up 0.5% to 80,760 yuan ($11,145.31) per tonne.

Shortages of copper ore and concentrate, triggered by the closure of the big Cobre Panama mine in December, sent the processing fees for copper to negative for the first time last week. - Reuters

Iron ore futures prices fell on Monday after weak industrial data in top consumer China, while most steelmakers completing their pre-holiday restocking ahead of May Day also weighed on sentiment.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.17% lower at 877.5 yuan ($121.09) a metric ton, as of 0243 GMT. It, however, has climbed more than 14% so far this month.

The benchmark May iron ore on the Singapore Exchange was 0.64% lower at $117.1 a ton.

China’s industrial profits fell in March and slowed gains for the quarter compared to the first two months, official data showed on Saturday, raising doubts about the strength of a recovery for the world’s second-biggest economy. - Reuters

Nomura on ICICI Bank: Maintain Buy on Bank, raise target price at Rs 1335/sh from Rs 1225/Sh (Positive) 

CLSA on ICICI Bank: Maintain Buy on Bank, raise target price at Rs 1350/sh from Rs 1300/Sh (Positive) 

GS on Shriram Finance: Maintain Buy on Company, raise target price at Rs 2864/sh (Positive) 

Nomura on Shriram Finance: Maintain Buy on Company, target price at Rs 2990/sh (Positive) 

Jefferies on Shriram Finance: Maintain Buy on Company, raise target price at Rs 2950/sh (Positive) 

Jefferies on Maruti: Maintain Buy on Company, raise target price at Rs 14750/Sh (Positive) 

MOSL on Maruti: Maintain Buy on Company, target price at Rs 14700/Sh (Positive) 

UBS on Maruti: Maintain Buy on Company, target price at Rs 14000/Sh (Positive) 

MOSL on Apollo Hospitals: Maintain Buy on Company, target price at Rs 7280/Sh (Positive) 

MS on HCL Tech: Maintain Overweight on Company, target price at Rs 1730/sh (Neutral) 

MS on Indigo: Maintain Overweight on Company, raise target price at Rs 4615/Sh (Positive) 

MS on Tech Mah: Upgrade to Overweight on Company, raise target price at Rs 1490/Sh (Positive) 

Nuvama on ICICI Bank: Maintain Buy on Bank, target price at Rs 1290/Sh (Neutral) 

MOSL on ICICI Bank: Maintain Buy on Bank, target price at Rs 1300/Sh (Neutral) 

Bernstein on ICICI Bank: Maintain Market perform on Bank, target price at Rs 1150/Sh (Neutral) 

Nuvama on IDFC Bank: Maintain Hold on Bank, target price at Rs 85/Sh (Neutral) 

MOSL on IDFC Bank: Maintain Neutral on Bank, target price at Rs 88/Sh (Neutral) 

JP Morgan on IDFC Bank: Maintain Neutral on Bank, target price at Rs 75/Sh (Neutral) 

Nomura on SBI Cards: Maintain Reduce on Company, target price at Rs 640/Sh (Neutral) 

UBS on SBI Cards: Maintain Neutral on Company, target price at Rs 805/Sh (Neutral) 

MOSL on SBI Cards: Maintain Neutral on Company, target price at Rs 850/Sh (Neutral) 

GS on SBI Life: Maintain Neutral on Company, cut target price at Rs 1650/sh (Neutral) 

Jefferies on SBI Life: Maintain Buy on Company, raise target price at Rs 1740/sh (Neutral) 

GS on Bajaj Finserve: Maintain Neutral on Company, cut target price at Rs 1470/sh (Neutral) 

Kotak on Indus Towers: Downgrade to Reduce on Company, raise target price at Rs 340/sh (Neutral) 

Kotak on Cummins: Downgrade to Add on Company, raise target price at Rs 3450/sh (Neutral) 

Kotak on Yes Bank: Maintain Sell on Bank, target price at Rs 19/sh (Neutral) 

MOSL on RBL Bank: Maintain Neutral on Bank, target price at Rs 280/sh (Neutral) 

JP Morgan on RBL Bank: Maintain Neutral on Bank, target price at Rs 270/sh (Neutral) 

Nomura on HCL Tech: Maintain Neutral on Company, cut target price at Rs 1400/sh (Neutral) 

Investec on HCL Tech: Maintain Sell on Company, cut target price at Rs 1300/sh (Neutral) 

Kotak on HCL Tech: Maintain Add on Company, cut target price at Rs 1600/sh (Neutral) 

JP Morgan on HCL Tech: Maintain Neutral on Company, target price at Rs 1470/sh (Neutral) 

Nomura on Maruti: Maintain Neutral on Company, target price at Rs 12523/Sh (Neutral) 

Kotak on Maruti: Maintain Neutral on Company, target price at Rs 10500/Sh (Neutral) 

HSBC on SBI Cards: Downgrade to Underperform on Company, cut target price at Rs 650/sh (Negative) 

Bernstein on SBI Cards: Maintain Underperform on Company, target price at Rs 600/Sh (Negative) 

Jefferies on BSE: Downgrade to Hold on Company, cut target price at Rs 2900/sh (Negative)

Watch the ceremony live!

Type of Offer: Acquisition

Acquirer: Raymond Simkins, Milan Bhupendra Dalal, and Borgos Multitrade LLP 

Issue of Public Announcement: 09-Apr-2024

Offer price Rs: 147

CMP: Rs 163.20

(%Prem.)/Disc.: -11.00%

Offer Size : Rs 279.90 Cr

Proposed Acq. No. of shares: 1.90 cr

Proposed Acq. : 26%

INDICATIVE SCHEDULE OF ACTIVITY:

Start Date: 05 June 2024

End Date: 19 June 2024

Obligation Date: 02 July 2024

Settlement Date: 03 July 2024

Elantas Beck India Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 10907.2

Ex-Dividend 30 April 2024 (Tomorrow)

Last date for Cum-Dividend Today

Shift from premium to notional is a regulatory setback & BSE will have to pay a regulatory fee of Rs 1/2.5/3.1bn, which is 13/21/22% of FY24/25/26E APAT

Downgrade to reduce, TP Rs 340

Good run, time for a breather 

Good run has been driven by improved collections (on Vi’s easing cash constraints), strong net tower additions & recently on Vi’s fund-raise 

Believe benefits are adequately priced 

Further, despite fund-raise, Vi’s long-term revival remains contingent on GoI & could again become a drag on Indus from FY2027-32 

Neutral, TP Rs 1400

4Q— a mixed bag 

FY25F guidance weaker than expected 

Net new deal wins at $2.29bn was up 10% y-y 

EBIT margin of 17.6% (-210bp q-q, -50bp y-y) was below consensus 

Lower FY25-26F EPS by 5% 

MS on HCL Tech 

OW, TP Rs 1730 

Slight beat on Services rev; miss on margins; weak F25 guide in context of strong exit rate 

4Q exit rate for Services business implies growth of 4% YoY & in this context weak guidance is -ve. 

EBIT margin guidance of 18-19% in-line

Neutral Call, Target Rs 75

Q4 Pofity Was 5% Below Street Est On Account Of Higher Credit Costs 

Core RoA Remained At 1% With Elevated Opex Continuing As A Headwind 

Key +Ve During Quarter Was Continued Strong Deposit Growth Momentum, Up 10% QoQ 

Strong Deposit Growth Kept Incremental LDR At 68% Despite Healthy Advances Growth 

Key Positive Was Fee Income Growth At 36% YoY 

Commentary Suggests Upward Normalisation In Credit Costs In FY25 

Valuations At 1.4x FY26 P/B & 14x P/E Are Higher Than Midcap Bank Peer Group 

Lower RoE Offset Partly By Higher Growth 

MS on IDFC First BK

EW, TP Rs 78 

Core PPoP grew 22% YoY & broadly in-line 

PAT missed MSe by 4% on slightly higher credit costs. 

While slippages moderated QoQ, credit costs increased as COVIDrelated NPL recoveries continued to taper off 

LCR lower QoQ at 114% vs 120%

OW, TP Rs 7181

While AHL’s deal val lower than expected move to consolidate Keimed is +ve 

Now entire pharmacy biz comes under listed entity 

Fund inflow & integration should solidify AHEL’s leadership position in retail health space 

O-P, TP Rs 7000

Plans to acquire Keimed, a market leader in wholesale pharma distribution 

Deal will be funded by an equity raise of Rs24.75bn in AHL & issuance of shares of AHL to Keimed’s shareholders 

Val of AHL is at disc of Rs56bn (Rs390/sh) to our val

Buy Call, Target Rs 7,500/Sh 

Apollo HealthCo Will Raise Equity Capital Of Rs 2,475 Cr From Advent PE 

Apollo Promoter Owned Distributor Firm Keimed Will Merge Into AHL 

AHEL Will Own 59.2% Stake In AHL Post The Merger Process 

AHL Is Valued At Rs 14,478 Cr, Which Is Lower Vs Rs 17,000 Cr In SOTP Valuation 

AHL Can Focus On Accelerating Growth 

AHL Will Need Strong Execution Given A Complex Organisation Structure

UW, TP Rs 129

PPOP missed MSe by 4% on lower NII & higher operating expenses 

17% PAT miss was due to additional provisions on security receipts 

Lower tractor disbursements(-25% QoQ), drop in collection efficiency, & likely higher overall slippages key discussion pts

Buy Call, Target Rs 1,790 

Q4 Saw Healthy APE Growth, Sequential Margin Expansion, Lower Costs 

In Q4 Co Posted An Improvement In Persistency Were Key Positives 

Est A Stable Operating Performance With APE CAGR Of 16% 

Average Margins Of 29% Over FY24-27 

Valuing Co At 2.2x FY26 EV/Sh

Buy Call, Target Rs 2,900 

Stable Quarter; FY25 Outlook Better Than Other NBFCs 

Valuation Still Benign On A Relative Basis 

PAT Of Rs 1,950 Cr, Up 49% YoY, 3% Above Est Driving RoE/RoA To 3.2%/16.4% 

PpOP Growth 27% YoY/ 6% QoQ Was 2% Above Estimates 

Credit Cost Improved To 2.3% 

Management Continues To Guide For 15% YoY AUM Growth In FY25

Downgrade To Reduce, Target Cut To Rs 650 From 740 

Q4 NIM Contraction, High Credit Costs Outweigh Healthy Spend Growth, Cost Efficiencies 

Co Faces Multiple Headwinds On Its NIM, Costs & Asset Quality 

Cut EPS By 1.5-9.7% For FY25-27 

Bernstein on SBI Cards 

U-P, TP Rs 600 

4Q with an even higher credit cost, NIMs declining further & EPS growth remaining weak at 10% YoY 

And management expects no near-term turnaround in asset quality or overall profitability 

Buy, TP Raised to Rs 1350

NIM & opex performance healthy but growth slightly weaker 

Deposit growth picks up; NIM stable 

Slowdown in loan growth across segments 

Asset quality healthy; 17% avg. ROE over medium term 

JPM on ICICI Bank 

OW, TP Rs 1300 

AQ good with net slippage at just 0.4%& credit costs at 30bps 

Despite NIM drag over last 4Qs, bk able to hold on to core PPOP margins 

Upgrade F25/26E EPS by 4% 

Val reasonable at 13x F26PE & see scope for upward re-rating 

Nomura on ICICI Bank 

Buy, TP Rs 1335 

Another robust qtr. 

Operating leverage emerges; build sector-leading 18% loan growth & RoE over FY25-26F 

Strong deposit growth; robust operational performance 

Expect BK to deliver sector-leading 2.3% RoA/18% RoE over FY25-26F 

Bernstein on ICICI Bank 

Market Perform, TP Rs 1150 

Healthy Q4, maintaining its RoA at 2.36%, justifying premium val. 

RoA remained higher thanks to another qtr of ultra-low credit costs that more than offset a marginal decline in NIM & lower NII 

Can set alert for them at www.researchbytes.com 

8:00 AM Yes Bank

Dial: +91 22 7115 8034

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

10:00 AM SBFC Finance

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/322586m6

10:30 AM Welspun Special

Dial: 044 4770 2473 

11:00 AM L and T Finance Hol

Dial: +91 22 6280 1486

Weblink: https://tinyurl.com/yc77fh5r

11:00 AM Mahindra Life

(Press Release )

Dial: +91 22 6280 1522

Weblink: https://tinyurl.com/3k77yas6

11:30 AM Coromandel Int

Weblink: https://tinyurl.com/mrymzwkm

1:00 PM Jai Balaji Ind

Dial: +91 22 6280 1557

Weblink: https://tinyurl.com/32h6ktva

2:00 PM Usha Martin

(Results, Investor/Analyst Presentation, Press Release )

Dial: + 91 22 6280 1141 

Weblink: https://tinyurl.com/48kz673u

2:00 PM Shakti Pumps

(Investor/Analyst Presentation)

Dial: +91 22 6280 1107 

Weblink: https://tinyurl.com/3bd5vpdy

4:00 PM Veefin Solution

Weblink: https://tinyurl.com/55555mp7

4:00 PM Fedbank

Dial: +91 22 6280 1224

Weblink: https://tinyurl.com/ykkcnarx

4:00 PM UltraTechCement

Dial: +91 22 6280 1286

Weblink: https://tinyurl.com/2bew4vc6

4:00 PM Supreme Petro

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/kwfc67eh

4:00 PM Craftsman Automation

Dial: +91 22 6280 1568 

Weblink: https://tinyurl.com/2w3vzhmz

4:30 PM Eveready

(Results, Press Release )

Dial: +91 22 6280 1141 

Weblink: https://tinyurl.com/v5rhe43e

4:30 PM Birlasoft

Dial: +91 22 6280 1179

Weblink: https://tinyurl.com/mr243n68

5:00 PM Mastek

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/45czaytw

5:00 PM Birlasoft

Dial: +91 22 6280 1179

5:00 PM Poonawalla Fincorp

Dial: +91 22 6280 1414 

5:00 PM Tips Industries

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/ke45xj32

5:30 PM KPIT

Dial: +91 22 6280 1116

Weblink: https://tinyurl.com/3p2bxunn

5:30 PM PNB Housing Fin

Dial: +91 22 6280 1128

Weblink: https://tinyurl.com/mr2psdzp

6:00 PM Spandana Sphoor

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/5n7prru5

7:00 PM Tata Chemicals

Dial: +91 22 6280 1141

Weblink: https://tinyurl.com/mry3wmzr

IDFC First Bank : (replay)

ICICI Bank : (replay)

RBL Bank : (replay)

Aditya Birla Sun Life Asset Mgmt : (replay)

HCL Tech : (replay)

Maruti Suzuki : (replay)

Tanla Platforms : (replay)

Supreme Ind : (replay)

Dhampur Bio Org : (replay)

Quick Heal Tech : (replay)

Results today …

Recent interviews …

A recovery is in the offing in India’s telecommunications sector, with potential tariffs hikes and a shift to high-speed networks set to bolster revenue, according to a top-performing fund manager.

“We are likely headed for a large hike in tariffs,” said Niket Shah, chief investment officer at Motilal Oswal Asset Management Co. He estimates that one such increase can boost the industry’s Ebitda by more than 500 billion rupees, and add up to 7 trillion rupees ($84 billion) in combined market value.

IndusInd Bank (IIB) reported a PAT of ₹2,350 crorein Q4-FY24, growing by 15 per cent y-o-y and 2.2 per cent q-o-q driven by lower credit cost. It was above than our estimate of ₹2,300 crore.

NII grew by 15.1 per cent y-o-y and 1.5 per cent q-o-q, however it was slightly lower than our estimates. Margin profile of the bank was stable over the last six-seven quarter, NIM came in at 4.26 per cent in the quarter and is expected to go up as contribution increases of higher yield loans. PPOP grew by 7.6 per cent y-o-y and 0.6 per cent q-o-q, was below than our estimates.

With revenue down 0.2 per cent (vs. the Street’s estimated 2.2 per cent rise) and volumes up only 2 per cent (3 per cent), Hindustan Unilever’s Q4 belied expectations. Subdued rural demand, price cuts in mass soap (for a better price-value equation) and keen competition from smaller manufacturers (tea, detergent bars, etc.) hit Q4.

Mutual fund houses are likely to dole out higher bonuses and increments this year in a bid to retain and reward top performers. 

Equity fund managers will be in the spotlight given the fast clip at which assets have grown in the past year, especially for the mid- and small-cap schemes. The managers may pocket bonuses in the range of 80-100 per cent of annual salary, on average, much higher than previous years. 

Gold appears unstoppable, skyrocketing so far in 2024, particularly since early March. The yellow metal, which ended at $2,390 per ounce on Friday, has appreciated 16 per cent year-to-date (YTD). Similarly, in the domestic market, gold futures, at ₹72,806, gained 15 per cent. In recording this stellar gain, gold has outperformed equities so far this year, with the Nifty50 and Dow Jones up only 1-2 per cent.

The combined market valuation of six of the top-10 most valued firms increased ₹1,30,734.57 crore last week, with State Bank of India and ICICI Bank emerging as the biggest gainers in line with an overall positive trend in equities.

Thanks to uninterrupted bull run and renewed interest in equity investment, the quantum of assets under management of the mutual fund industry accounts for 26 per cent of the bank deposit as of March-end against 21 per cent logged in FY23.

Foreign Portfolio Investors (FPIs) remained bearish on Indian equities going by the net outflows of ₹6,300 crore so far this month (till April 26) amid concerns around Mauritius Tax Treaty and US Bond Yield surge. 

The geopolitical concerns arising from the Iran-Israel conflict had also weighed in on FPI interest in Indian equities this month despite top Indian corporate earnings growth is largely in line with expectations, said equity market experts.

Buzzing stocks: ICICI Bank , ICICI Securities, Apollo Hospitals, KCP, IDFC First Bank, Sandur Manganese, Zydus Lifesciences, IREDA, Cipla, Welspun Specialty, Adani Enterprises, Bata, Patanjali Foods, BGR Energy, Vodafone Idea

Banco Bilbao Viscaya Argentaria S.A. (Pre market) (Sector- Financials)

ON Semiconductor Corporation (Pre market) (Sector- Technology)

Koninklijke Philips N.V. (Pre market) (Sector- Healthcare) 

Domino’s Pizza Inc (Pre market) (Sector- Hotels) 

Franklin Resources, Inc. (Pre market) (Sector- Financials) 

Revvity, Inc. (Pre market) (Sector- Healthcare) 

NXP Semiconductors N.V. (Post market) (Sector- Technology)

Welltower Inc. (Post market) (Sector- Real Estate)

Arch Capital Group Ltd. (Post market) (Sector- Financials)

SBA Communications Corporation (Post market) (Sector- Real Estate)

MicroStrategy Incorporated (Post market) (Sector- Technology)

Everest Group, Ltd. (Post market) (Sector- Financials)

Yum China Holdings, Inc. (Post market) (Sector- Hotels)

Paramount Global (Post market) (Sector- Media)

Sun Communities, Inc. (Post market) (Sector- Real Estate)

Logitech International S.A. (Post market) (Sector- Technology)

F5, Inc. (Post market) (Sector- Technology)

Japan Market @ Holiday

TENT German Prelim CPI m/m (Expected: versus Previous: 0.4%

Financial Results

Press Release

Presentation

Financial Result and Press Release

Presentation

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 800.2 Cr (26% QoQ, 12.4% YoY) vs QoQ Rs. 634.8 Cr, YoY Rs. 711.6 Cr

EBIDTA came at Rs. 187.8 Cr (78.6% QoQ, 14% YoY) vs QoQ Rs. 105.1 Cr, YoY Rs. 164.7 Cr

EBITDA Margin came at 23.5% vs QoQ 16.6%, YoY 23.1%

Adj. PAT came at Rs. 82.4 Cr vs QoQ Rs. 11.6 Cr, YoY Rs. 56.4 Cr

Quarter EPS is Rs. 4.1

Stock is trading at P/E of 75.9x TTM EPS

(Nirmal Bang Retail Research)

Result has improved due to strong performance of AMC and Broking segments

Segmental Revenue

Broking came at Rs. 1168 Cr vs YoY Rs. 670 Cr, QoQ Rs. 894 Cr

Fund based activity came at Rs. 406 Cr vs YoY Rs. -41 Cr, QoQ Rs. 414 Cr

Asset management came at Rs. 644 Cr vs YoY Rs. 415 Cr, QoQ Rs. 514 Cr

Home Finance came at Rs. 156 Cr vs YoY Rs. 139 Cr, QoQ Rs. 146 Cr

Total income came at Rs. 2141 Cr vs YoY Rs. 1027 Cr, QoQ Rs. 1784 Cr

Segmental Results

Broking came at Rs. 345 Cr vs YoY Rs. 193 Cr, QoQ Rs. 278 Cr

Fund based activity came at Rs. 286 Cr vs YoY Rs. -146 Cr, QoQ Rs. 301 Cr

Asset management came at Rs. 259 Cr vs YoY Rs. 163 Cr, QoQ Rs. 195 Cr

Home Finance came at Rs. 42 Cr vs YoY Rs. 43 Cr, QoQ Rs. 48 Cr

PBT came at Rs. 930 Cr vs YoY Rs. 247 Cr, QoQ Rs. 809 Cr

PAT (After MI) came at Rs. 723 Cr vs YoY Rs. 165 Cr, QoQ Rs. 660 Cr

Quarter EPS is Rs. 49.8

Stock is trading at P/E of 21.4x FY25E EPS & 4.3x trailing P/BV

(Nirmal Bang Retail Research)

Result is marginally below expectations

Revenue from Operations came at Rs. 1212.2 Cr (6.5% QoQ, 1.4% YoY) vs expectation of Rs. 1130.3 Cr, QoQ Rs. 1137.8 Cr, YoY Rs. 1195.2 Cr

EBIDTA came at Rs. 147.6 Cr (-2.7% QoQ, -1.2% YoY) vs expectation of Rs. 153.9 Cr, QoQ Rs. 151.7 Cr, YoY Rs. 149.4 Cr

EBITDA Margin came at 12.2% vs expectation of 13.6%, QoQ 13.3%, YoY 12.5%

Adj. PAT came at Rs. 58.4 Cr vs expectation of Rs. 82.1 Cr, QoQ Rs. 70.9 Cr, YoY Rs. 93.6 Cr

Quarter EPS is Rs. 19.8

Stock is trading at P/E of 26.7x FY26E EPS

(Nirmal Bang Retail Research)

Result is declining

Net Interest Income came at Rs. 386 Cr vs YoY Rs. 348 Cr, QoQ Rs. 383 Cr

NIM came at Rs. 5.04% vs QoQ 5.1%

Non Interest Income came at Rs. 197 Cr vs YoY Rs. 126 Cr, QoQ Rs. 125 Cr

PBP came at Rs. 228 Cr vs YoY Rs. 202 Cr, QoQ Rs. 196 Cr

Provisions came at Rs. 22 Cr vs YoY Rs. -9 Cr, QoQ Rs. -5 Cr

Adj. PAT came at Rs. 151 Cr vs YoY Rs. 156 Cr, QoQ Rs. 150 Cr

Gross NPA came at Rs. 361 Cr vs QoQ Rs. 279 Cr at 1.47% vs QoQ 1.22%

Net NPA came at Rs. 125 Cr vs QoQ Rs. 70 Cr at 0.51% vs QoQ 0.31%

Quarter EPS is Rs. 8.7

Stock is trading at P/E of 11.5x FY25E EPS & 1.9x trailing P/Adj. BV

Slippages came at Rs. 122 Cr vs QoQ Rs. 36 Cr with slippage ratio of 2.01% vs QoQ 0.63%

O/s Restructured book stood at Rs. 14 Cr vs QoQ Rs. 12 Cr at 0.06% vs QoQ 0.05%

(Nirmal Bang Retail Research)

Result is in-line with expectations

AUM details are awaited

NII came at Rs. 5494 Cr vs expectation of Rs. 5235 Cr, YoY Rs. 4514 Cr, QoQ Rs. 5216 Cr

PBP came at Rs. 3906 Cr vs expectation of Rs. 3840 Cr, YoY Rs. 3081 Cr, QoQ Rs. 3689 Cr

Provision came at Rs. 1261 Cr vs expectation of Rs. 1238 Cr, YoY Rs. 1185 Cr, QoQ Rs. 1250 Cr

PAT came at Rs. 1946 Cr vs expectation of Rs. 1936 Cr, YoY Rs. 1308 Cr, QoQ Rs. 1818 Cr

AUM came at Rs. 0 Cr vs YoY Rs. 185683 Cr, QoQ Rs. 214233 Cr

Gross NPA came at 5.45% vs QoQ 5.66%

Net NPA came at 2.7% vs QoQ 2.72%

Quarter EPS is Rs. 51.8

Stock is trading at P/E of 10.5x FY25E EPS & 1.9x trailing P/BV

SBI Life Insurance Company Limited: Net Revenue at Rs. 25116 crore, +26.2% YoY, and+12.5% QoQ. Net Profit at Rs. 35858 crore, +71.9% YoY and -6.8 % QoQ.

Force Motors Ltd.: Net Revenue at Rs. 2011.08 crore, +35% YoY, and+18.9% QoQ. EBITDA at Rs. 278.51 crore, +130% YoY and +24.1% QoQ. EBITDA Margin at 13.8%, +575 bps YoY and +59 bps QoQ. Net Profit at Rs. 137 crore, -8.3% YoY and +44.3% QoQ. Ashika

Utkarsh Small Finance Bank limited: NII at Rs. 539.94 crore, 31.8% YoY and 12% QoQ. Net Profit at Rs. 159.66 crore, 19.3% YoY and 37.6% QoQ. GNPA at 2.51x, Vs 3.04x YoY and 3.23x QoQ. NNPA at 0.03x, Vs 0.19x YoY and 0.39x QoQ.

Shakti Pumps (India) Ltd.: Net Revenue at Rs. 587.12 crore, +235% YoY, and+25% QoQ. EBITDA at Rs. 107.27 crore, +1128.1% YoY and +66.5% QoQ. EBITDA Margin at 18.3%, +1329 bps YoY and +456 bps QoQ. Net Profit at Rs. 71 crore,1454.4% YoY and +73.5% QoQ. Ashika

Eveready Industries India Ltd : Net Revenue at Rs. 280.9 crore, -1.8% YoY, and+-7.9% QoQ. EBITDA at Rs. 25.52 crore, +2377.7% YoY and +3.4% QoQ. EBITDA Margin at 9.1%, +873 bps YoY and +99 bps QoQ. Net Profit at Rs. 271.65 crore,-13.2% YoY and -7.9% QoQ.

KSB Limited: Net Revenue at Rs. 554.7 crore, +13.3% YoY, and -7.9% QoQ. EBITDA at Rs. 71.4 crore, +24.8% YoY and -11.7% QoQ. EBITDA Margin at 12.9%, +119 bps YoY and -55 bps QoQ. Net Profit at Rs. 44.6 crore, +9.0% YoY and -18.8% QoQ. Ashika

Bajaj Finserv Ltd.: NII at Rs. 9495.8 crore, +25.1% YoY and +3.8% QoQ. Net Profit at Rs. 2,118.5 crore, +19.8% YoY and -1.8% QoQ.

Shreeram Finance: NII at Rs. 5,543.47 crore, +22.3% YoY and +5.1% QoQ. Net Profit at Rs. 2,021.28 crore, +56.9% YoY and 7.9% QoQ. Ashika

Motilal Oswal Financial Services Limited.: NII at Rs. 261.5 crore, +60% YoY and +14.8% QoQ. Net Profit at Rs.725 crore, +334% YoY and 9.5% QoQ.

Paisalo Digital Ltd.: NII at Rs. 75.2 crore, +38.3% YoY and -27.5% QoQ. Net Profit at Rs. 36.6 crore, +77.2% YoY and -35.2% QoQ. Ashika

Dolat Algotech Ltd.: Net Revenue at Rs. 131.99 crore, +342.9% YoY, and+51.5% QoQ. EBITDA at Rs. 91.99 crore, +178.7% YoY and +76.7% QoQ. EBITDA Margin at 69.7%, -4108 bps YoY and +992 bps QoQ. Net Profit at Rs. 68.22 crore, +1037% YoY and +64.2% QoQ.

Bank of Maharastra : NII at Rs. 2584.4 crore, +18.2% YoY and 4.8% QoQ. Net Profit at Rs. 1267.32 crore, +39.2% YoY and 18.5% QoQ. GNPA at 1.88x, Vs 2.47x YoY and 2.04x QoQ. NNPA at 0.20x, Vs 0.25x YoY and 0.22x QoQ. Ashika

Supreme Industries Ltd. : Net Revenue at Rs. 3007.89 crore, +15.8% YoY, and+22.8% QoQ. EBITDA at Rs. 490.67 crore, +2.2% YoY and +29.5% QoQ. EBITDA Margin at 16.3%, -217 bps YoY and +84 bps QoQ. Net Profit at Rs. 354.82 crore, -1.3% YoY and +38.5% QoQ.

Atul Industries Ltd. : Net Revenue at Rs. 1212.15 crore, +1.4% YoY, and+6.5% QoQ. EBITDA at Rs. 147.56 crore, -1.2% YoY and -2.7% QoQ. EBITDA Margin at 12.2%, -32 bps YoY and -116 bps QoQ. Net Profit at Rs. 58.79 crore, -36.2% YoY and -18.4% QoQ. Ashika

Maruti Suzuki Ltd. : Net Revenue at Rs. 38471.20 crore, +19.4% YoY, and+14.8% QoQ. EBITDA at Rs. 5221.10 crore, +34.1% YoY and 17.6% QoQ. EBITDA Margin at 13.6%, 148 bps YoY and 32 bps QoQ. Net Profit at Rs. 3952.30 crore, +47.1% YoY and +23.2% QoQ.

CSB Bank : NII at Rs. 386.03 crore, +10.8% YoY and 0.9% QoQ. Net Profit at Rs. 151.46 crore, -3.1% YoY and 1.0% QoQ. GNPA at 1.47x, Vs 1.26x YoY and 1.22x QoQ. NNPA at 0.51x, Vs 0.35x YoY and 0.31x QoQ. Ashika

Welspun Speciality Solutions Ltd. : Net Revenue at Rs. 151.27 crore, +9.8% YoY, and-13.4% QoQ. EBITDA at Rs. 12.07 crore, -33.2% YoY and 1.3% QoQ. EBITDA Margin at 8.0%, -514 bps YoY and 116 bps QoQ. Net Profit at Rs. 40.03 crore, +396.7% YoY and +556.2% QoQ.

Mahindra Holidays & Resort India Ltd. : Net Revenue at Rs. 800.19 crore, +12.4% YoY, and 26.0% QoQ. EBITDA at Rs. 187.78 crore, 14.0% YoY and 78.6% QoQ. EBITDA Margin at 23.5%, 32 bps YoY and 691 bps QoQ. Net Profit at Rs. 83.20 crore, +47.8% YoY and +690.9% QoQ. Ashika

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -3408.88 

(13909.55 - 17318.43) 

DII: NET BUY: +4356.83 

(14475.58 - 10118.75)

Market Indices

NIFTY 50 : 22,419.95

⬇️-150.40/-0.67%

SENSEX : 73,730.16

⬇️-609.28/-0.82%

BANKNIFTY :48,201.05

⬇️+293.90/-0.61%

INDIAVIX: 10.92

⬆️+0.19/+1.77%

Market round-up

Frontline equity indices snapped their 5-day winning streak amid mixed global market cues and as losses in Bajaj Finance offset gains in TechM & HDFC Bank. 

Broader market indices rose outperforming benchmarks.

Rising stocks: 1101

Falling stocks: 1094

Technical Outlook:

NIFTY witnessed selling pressure throughout the day from the resistance zone of 22,560-22650. Until this zone is not taken out decisively, we can expect the consolidation to continue.

As far as the BANKNIFTY is concerned the recovery from the previous day’s lows was short-lived and lacked follow-up buying interest.

Key levels to monitor: 

🔹NIFTY

▪️Support: 22,375-22,054

▪️Resistance: 22,695-23,016

🔹BANKNIFTY 

▪️Support: 47,946-47.058

▪️Resistance: 48,834-49,722

Top 3 stock gainers(NIFTY 500): 

▪️HUDCO (⬆️+12.33%)

▪️Glenmark Life (⬆️+8.58%)

▪️Zensar Tech (⬆️+8.01%)

Top 3 stock losers(NIFTY 500): 

▪️LTTS(⬇️-7.80%)

▪️Bajaj Finance (⬇️-7.72%)

▪️KSB Pumps (⬇️-5.21%)

(Nirmal Bang Retail Research)

Result is ok

Company announced 5:1 stock split

Revenue from Operations came at Rs. 544.2 Cr (-9.7% QoQ, 11.2% YoY) vs QoQ Rs. 602.6 Cr, YoY Rs. 489.6 Cr

EBIDTA came at Rs. 60.9 Cr (-24.7% QoQ, 6.5% YoY) vs QoQ Rs. 80.9 Cr, YoY Rs. 57.2 Cr

EBITDA Margin came at 11.2% vs QoQ 13.4%, YoY 11.7%

Adj. PAT came at Rs. 43.1 Cr vs QoQ Rs. 52.8 Cr, YoY Rs. 40 Cr

Quarter EPS is Rs. 12.4

Stock is trading at P/E of 62.3x TTM EPS

(Nirmal Bang Retail Research)

Result has improved

Advances came at Rs. 200240 Cr vs YoY Rs. 171221 Cr, QoQ Rs. 185217 Cr

Net Interest Income came at Rs. 2584 Cr vs YoY Rs. 2187 Cr, QoQ Rs. 2466 Cr

Non Interest Income came at Rs. 1022 Cr vs YoY Rs. 822 Cr, QoQ Rs. 680 Cr

PBP came at Rs. 2210 Cr vs YoY Rs. 1855 Cr, QoQ Rs. 2012 Cr

Provisions came at Rs. 942 Cr vs YoY Rs. 945 Cr, QoQ Rs. 943 Cr

Adj. PAT came at Rs. 1218 Cr vs YoY Rs. 840 Cr, QoQ Rs. 1036 Cr

Gross NPA came at Rs. 3833 Cr vs QoQ Rs. 3858 Cr at 1.88% vs QoQ 2.04%

Net NPA came at Rs. 409 Cr vs QoQ Rs. 405 Cr at 0.2% vs QoQ 0.22%

Slippages came at Rs. 574 Cr vs YoY Rs. 549 Cr, QoQ Rs. 573 Cr

Quarter EPS is Rs. 1.7

O/s Restructured book came at Rs. 2267 Cr vs YoY Rs. 4188 Cr, QoQ Rs. 2779 Cr

Stock is trading at 2.2x trailing P/Adj. BV

Here is an interesting stock idea

Nifty and Bank Nifty prediction for the week 29April 2024 to 03 May 2024 by BL Guru

SAIL May futures, at ₹170.20 against the spot price of ₹168.55, signals a healthy rollover of long positions

Canara Bank (₹617.6) had announced a split in share with a ratio of 5:1. Consequently, the share price will be divided by 5. This will also lead to necessary adjustments in the futures and options (F&O) contracts on this stock on the record date.

Supply deficit spells an attractive investment opportunity now. Here’s our analysis to guide you on how to go about it

The strategy of combining long underlying with short futures is best suited for the Nifty Index

With the General Elections on, the Indian stock markets have paused in their bullish streak to trade sideways lately. But investors don’t seem to be happy with this breather. Instead, they are putting every possible indicator under the microscope for signs that market will resume its upward climb.

Long-term growth prospects are factored into Triveni Turbines now. Hence, fresh exposure is not called for

While Indian bourses may decouple to an extent from global markets, IT stocks cannot

Failure to breach the upcoming resistances can intensify the sell-off in the Nifty 50, Sensex and Nifty Bank index