Share Market Highlights 7 May, 2024: Sensex and Nifty close lower amidst sectoral weakness; FMCG stocks gain over 2%

Emami share price have risen sharply over the last couple of weeks. The momentum is strong. The stock has risen over 4 per cent on Tuesday when the broader benchmark indices had declined. This shows the inherent strength in the stock. Read more

Dixon Technologies’ subsidiary, Dixon Electro Appliances Private Limited has entered into an agreement with Nokia Solutions and Networks OY (Nokia) for development and manufacturing of telecom products.

Excel Industries’ subsidiary, Excel Rajkot C&D Waste Pvt. Ltd. (Rajkot C&D), has received a Letter from the Office of Rajkot Municipal Corporation (RMC), Rajkot, Gujarat, wherein RMC has levied a penalty for shortfall in processing of construction and demolition (C&D) waste at Rajkot C&D plant in the city of Rajkot.

Indian equity benchmark indices, the Sensex and Nifty, reversed their early gains to close lower on Tuesday. Consumer companies’ gains were outweighed by losses in financials and auto stocks, leading to increased volatility, the highest in fifteen months.

The Nifty 50 dropped 0.62%, or 140.20 points, to 22,302.50, while the S&P BSE Sensex declined by 0.52%, or 383.69 points, to 73,511.85. Except for Nifty FMCG (+2.02%) and Nifty IT (+0.77%), all major sectoral indices ended in the red, with Nifty Realty leading the losses, down 3.49%.

Despite a global market rally driven by expectations of interest rate cuts from major central banks, domestic markets have now retreated for a second consecutive day.

The Nifty Volatility Index surged to 17.01, its highest level since January 30, 2023.

Piramal Pharma Limited’s consumer products division (CPD) announced the launch of its new digital campaign for ‘Polycrol.’

Piramal Pharma stock is down 3.94% on the NSE, trading at ₹149.85.

Marsons Ltd informed about the receipt of orders worth over ₹9 crore from various North Eastern States.

Marsons stock rose 1.99% on the BSE, trading at ₹54.38.

The board of Kajaria Ceramics has approved the following businesses at its meeting:

increase in the limits of investment in Kajaria Plywood Private Limited (‘KPPL’), a wholly-owned subsidiary company, from Rs. 115 crores to Rs. 125 crores, in one or more tranches

increase in the limits of investment in Keronite Tiles Private Limited (‘KTPL’), from Rs. 50 crores to Rs. 65 crores

to set up a manufacturing facility of tiles adhesive at Gailpur (Rajasthan), having annual capacity of 36000 tonnes with an estimated project cost of ₹15 crores

In addition, the board has recommended a final dividend of ₹6 per equity share of face value of ₹1 each for the financial year ended March 31, 2024.

The company reported its consolidated net profit for the quarter ended March 2024 at ₹104.27 crore as against ₹110.69 crore in March 2023 quarter.

Stock rose 1.60% on the NSE, trading at ₹1,189.95.

Shyam Metalics and Energy Ltd announced the start of operations at the recently acquired Ramsarup plant in Kharagpur.

The plant was acquired in May 2022 through its subsidiary Shyam Sel and Power Limited. The company is planning to create around 2,000 job opportunities in the region. According to the company, this move is their commitment to boost socio-economic development in the area.

Gland Pharma Ltd’s shares were up after the company received approval from the United States Food and Drug Administration (USFDA) for two products, Edaravone Injection and Plerixafor Injection. 

Major gainers on the NSE as of 3 pm:

Hindustan Unilever (5.51%), Britannia (2.54%), Tech Mahindra (2.39%), Nestle India (2.18%), TCS (1.48%)

Major losers:

Bajaj Auto (-4.19%), Power Grid (-3.63%), Hindalco (-2.94%), IndusInd (-2.88%), ONGC (-2.76%)

The number of stocks that recorded a 52-week high was 177, and those that hit a 52-week low was 34. 

In addition, 338 stocks traded in lower circuit, while 210 hit the upper circuit.

Jindal Stainless has developed and supplied 3 mm alloy steel sheets for structural application in the Supersonic Missile-Assisted Release of Torpedo (SMART) system, aimed at enhancing the Navy’s anti-submarine warfare capabilities.

Marico (9.67%)

Dabur (5.94%)

Godrej Properties (5.58%)

Hindustan Unilever (2.32%)

The board has recommended final dividend of ₹11 per equity share.

Graphite India’s stock trades at ₹618 on the NSE, down 4.76%.

Exicom Tele-systems filed an appeal against the order of Deputy Commissioner, Uttar Pradesh VAT which directed the Company to deposit total amount of ₹3,11,76,636 (tax and interest). 

The company has received a favorable order for the appeal filed with the Additional Commissioner Grade -2 Appeal, Uttar Pradesh VAT, Ghaziabad.

The order has stated that the final product solar power equipment fall within the ambit of Solar Energy Devices or Solar Energy Equipment’s and parts thereof and is exempted from the payment of VAT and thus the Company is not required to pay the tax and/or interest amount of ₹3,11,76,636. Further, the Authority has also granted refund of TDS (WCT) amount of₹6,60,514, deducted by the customer i.e. Central Electronics Limited, Ghaziabad.

Exicom Teke-Systems stock declines 3.60% on the BSE, trading at ₹268.85.

Bharti Airtel Limited’s stock inches up 0.65% to trade at ₹1,291.70 on the NSE.

Shyam Metalics stock traded at ₹587 on the BSE, down by 0.53%.

Nifty prices toppled around 2.5 percent from their all-time high made a couple of days back, as India VIX increased more than 18 percent so far this week amid mounting global uncertainties and an ongoing general election in India. 

Adding to the market unease, the recent decision by the Reserve Bank of India (RBI) to impose an additional 5 percent provision on under-construction projects has further dampened investor sentiment, particularly impacting financing companies. 

Ongoing volatility is likely to remain intact until the result of the general election in 2024. The broader texture is still bullish, correctional fall will keep landing bargain buying opportunities.

The board of Va Tech Wabag has approved the proposal to enter into and execute the shareholders agreement amongst VA Tech Wabag; Kopri Bio Engineering Private Limited (Kopri Bio) and A K Electrical and Works Private Limited (AKEPL) for execution of a project towards design, build, finance, operate and transfer a 120 MLD sewage treatment plant at Kopri, Thane (East) and, a power generation facility and tertiary treatment plant, for the sale of tertiary treated water of sewage treatment plant at Kopri, Thane (East), awarded by Thane Municipal Corporation.

Va Tech Wabag stock declines 2.05% on the NSE, trading at ₹911.30.

PNC Infratech informed the completion of a project namely four laning of Meerut – Najibabad section in the State of Uttar Pradesh under Bharatmala Pariyojna executed by subsidiary - PNC Meerut Haridwar Highways Private Limited. 

Prudent Corporate Advisory Services, an independent retail wealth management company, has reported that its net profit in March quarter was up 10 per cent at ₹45 crore against ₹41 crore logged in the same period last year. ts income was up at ₹246 crore (₹180 crore).

At 1.26 pm, Prudent Corporate Advisory Services’ share price declined 2.24 per cent, or ₹36.25, to ₹1,584.20 on NSE on Tuesday.

Thomas Cook India announced the launch of video KYC for its retail foreign exchange customers for a safe digital transactions. The company said that the new initiative, ‘Ab Forex Ghar Baithe’, offers customers a paperless means to buy forex without stepping out of home. Read more

Natural gas futures (May contract) on the Multi Commodity Exchange (MCX) has been on an upswing over the past few sessions. The chart hints at more rally, so participants can remain on the long side of the trade. Read more

The Indegene IPO has been subscribed 3.74 times as of 12.57 pm on May 7, 2024. The QIB portion has been subscribed 1.46 times, NII 9.11 times, retail 2.70 times, and that reserved for employees 2.43 times. The issue closes tomorrow.

Ajooni Biotech has leased a 64,000 sq. yards piece of land in Derabassi, Punjab, for cultivation of a Moringa nursery and plantation of Moringa. 

Stock trades at ₹6.10 on the NSE, higher by 6.09%.

Gland Pharma Ltd has received approval from USFDA for edaravone injection, 30 mg/100 mL (0.3 mg/mL) and 60 mg/100 mL (0.6 mg/mL), single-dose bags. 

Stock trades at ₹1,696.70 on the NSE, down by 0.39%.

The FMCG industry saw rural consumption outpace urban consumption in the March quarter after nearly five quarters. Estimates released by NIQ (NielsenIQ) pegs volume growth in rural markets at 7.6 per cent over the year ago period, while urban volume growth stood at 5.7 per cent. Overall, the FMCG sector witnessed value growth of 6.6 per cent at the all-India level. This was driven by 6.5 per cent volume growth and 0.1 per cent price growth.

A total of 967 stocks advanced on the BSE at 12 noon on May 7, 2024, as against 2,669 stocks that declined; 133 stocks remained unchanged. Total stocks traded were 3,769. The number of stocks that recorded a 52-week high was 165, and those that hit a 52-week low was 27. 

In addition, 271 stocks traded in the lower circuit, while 201 hit the upper circuit.

Major gainers on the NSE at 12 noon:

Hindustan Unilever (4.73%), Britannia (2.60%), Nestle India (2.42%), ITC (1.56%), SBI Life (0.79%)

Major losers:

Bajaj Auto (-3.77%), Power Grid (-3.34%), Hindalco (-3.30%), JSW Steel (-3%), Cipla (-3%)

Santosh Meena, Head of Research, Swastika Investmart Ltd

The India VIX, a volatility gauge often nicknamed the “fear index,” has surged over 70% since its April 23rd low of 10. This rise aligns with historical trends, as the VIX typically climbs before major events like general elections. In 2019, it saw a 150% jump (from 12 to 30), and in 2014, it spiked 212% (from 12.5 to 39). Based on this historical context, a further increase in the VIX is likely, with a potential move towards 25 before the election results.

Two key factors are driving the VIX’s rise. First, portfolio investors are buying protective put options to hedge their holdings. Second, traders are speculating on significant price movements post-election by purchasing both calls and put options.

The market’s behavior so far resembles the 2019 pre-election period, with a potential correction followed by an upswing on results day. Crucial support levels to watch include 22300, 22000, and 21700 on the Nifty. For an upward trend to be established, a breakout above 22800 is necessary.

Exhicon Events Media Solutions Limited secured a sizeable tender from Nuclear Power Corporation of India Limited (NPCIL), wherein from the June 2024 to April 2025, Exhicon will be conducting a series of events for the Nuclear Power Corporation of India.

Stock surges 4.43% on the BSE, trading at ₹315.

The record date for the purpose of payment of interim dividend is May 15, 2024. Hindustan Zinc stock declines 3.04% on the NSE, trading at ₹450.15.

TruCap Finance Limited has informed regarding allotment of 2500 fully paid-up, secured, redeemable NCDs having face value of ₹1,00,000 each aggregating to ₹25 crore to eligible investors.

Stock trades at ₹65.25 on the NSE, down by 0.99%.

National Stock Exchange MD & CEO Ashishkumar Chauhan said in an analyst call on Monday that Securities and Exchange Board of India (SEBI) has rejected the exchange’s proposal to increase trading time.

The NSE CEO said that SEBI had returned the exchange’s proposal due to a lack of consensus among the broker community. 

“So as of now, extended timeframe for trading is shelved,” said Chauhan.

In February, the Association of National Exchanges Members of India (ANMI), a body comprising trading members from leading exchanges, had given an in-principle approval to extend trading hours for index derivatives, with the caveat that operational hurdles needed to be sorted out before the move could become a reality. 

Another brokers association Bombay Stock Exchange Brokers’ Forum (BBF) was a lot more apprehensive about the move. 

The SEBI had earlier said that there were divergent views among the broking community on the matter. The regulator had highlighted the need for downtime and maintenance between trading hours. 

NSE’s proposal was to first extend the trading hours for index F&O from 6 pm to 9 pm. Later, the timings would get further extended to 11:30 pm.

IDBI Bank’s stock declines 2.25% on the NSE, trading at ₹86.80.

Thomas Cook (India) has announced the launch of its Video KYC with paperless processes.

Stock inches up on the NSE by 0.27% to trade at ₹202.60.

Major gainers on the BSE at 11 am:

Marico (9.15%); Titagarh (7.08%), Dabur (6.01%), CG Power (5.79%), Arvind (5.42%)

Major losers:

Rainbow Childrens Medicare (-6.30%), SRF (-5.53%), DCM Shriram (-5%), Zen Technologies (-5%), Paytm (-4.99%)

The QIB portion has been subscribed 0.06 times, NII 6.15 times, retail 2.09 times, and those reserved for employees 1.85 times. The issue closes tomorrow.

Goa Carbon Ltd has received an order from the Office of the Superintendent, Central GST & Central Excise, Paradeep on appropriation of tax paid of ₹51,704 due to the mismatch of ITC in GSTR-2A for the Financial Year 2018- 19 along with interest thereon of ₹46,559 which also has already been paid by the company on 20.12.2023 and Department has levied a penalty of ₹20,000 under the Central Goods and Services Tax Act, 2017 for this matter. 

The company is evaluating all legal remedies available to it to challenge the penalty imposed.

Goa Carbon stock trades at ₹905 on the NSE, higher by 6.28%.

GHCL clarified the capacity of its greenfield soda ash project as 5.5 lakh tonnes, in line with the approval received from the board. Stock trades at ₹492.85 on the NSE, down by 0.84%.

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Researchbytes Events Update

As of 07:19 AM Tuesday 07 May 2024

Can set alert for them at www.researchbytes.com 

8:30 AM Fusion Micro Finance

Dial: +9122 6280 1366

Weblink: https://tinyurl.com/mrx9bk62

9:00 AM Happiest Minds

(Press Release )

Dial: +91 22 6280 1458

Weblink: https://tinyurl.com/4ty6burh

10:00 AM Muthoot Microfin Limited

Dial: +91226280 1366

Weblink: https://tinyurl.com/mr2ct5ez

11:00 AM Aeroflex Indust

Dial: +91 22 6280 1290

Weblink: https://tinyurl.com/mtmervut

12:00 PM Arvind SmartSpaces

Dial: +91 22 6280 1227 

Weblink: https://tinyurl.com/449ncd5f

12:00 PM Prudent Corpora

Dial: +91 22 7115 8125

Weblink: https://tinyurl.com/2u3m5rdu

12:30 PM DCM Shriram

Dial: + 91 22 6280 1141

Weblink: https://tinyurl.com/3kuzwjb6

2:30 PM Punjab Chemical

(Results)

Dial: +91 22 6280 1342 

Weblink: https://tinyurl.com/5d8hy335

4:00 PM Lupin

(Press Release )

Weblink: https://tinyurl.com/kthhw6fz

4:00 PM ABS Marine Services

Weblink: https://tinyurl.com/53ysfu52

4:00 PM Energy Mission

Weblink: https://tinyurl.com/2cjjtu83

4:00 PM Allsec Tech

Dial: +91 22 6280 1259 

Weblink: https://tinyurl.com/n5aeh6bc

4:00 PM Apcotex Ind

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/y6dwezyv

( Hosted by Valorem )

4:00 PM Century

Dial: +91 22 6280 1342

Weblink: https://tinyurl.com/barkpfcu

5:00 PM Kansai Nerolac

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

5:00 PM InfoBeans Techn

Weblink: https://tinyurl.com/mvubjamv

5:00 PM Kamat Hotels

Dial: +91 22 6280 1107 

Weblink: https://tinyurl.com/2p9utj69

5:00 PM Guj Heavy Chem

Dial: +91 22 6280 1325 

Weblink: https://tinyurl.com/yd2c49ke

5:00 PM IRB Infra

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/283ywujw

5:30 PM Sonata

Dial: +91 22 6280 1240

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

6:30 PM CreditAccess Gr

Weblink: https://tinyurl.com/3r8waydw

6:30 PM Latent View Ana

Dial: +91 22 6280 1107 

Weblink: https://tinyurl.com/mt2fk6km

6:30 PM Navin Fluorine

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/5yn27dcu

6:30 PM JSW Energy

Dial: 9122 6280 1366

Weblink: https://tinyurl.com/yp7am22c

7:30 PM Max Financial

Dial: +91 22 6280 1141

Weblink: https://tinyurl.com/mrp7am9j

7:30 PM Dr Reddys Labs

(Press Release )

Dial: +91 22 6280 1219 

Weblink: https://tinyurl.com/dkyeb4zc

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The rupee was trading in a narrow range against the American currency in early trade on Tuesday and appreciated 4 paise to 83.48 against the US dollar amid a positive trend in domestic equities. Read more

Indian shares inched higher on Tuesday, driven by gains in consumer goods stocks and supported by renewed confidence that major global central banks will start lowering interest rates this year. Read more

Redington’s step-down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey ( Arena), has executed an agreement between Arena and Iyzi Payment and Electronic Money Services Inc, Turkey ( Iyzico) for the sale of 100% of the equity / ownership interest held by Arena in its fintech payments business, Paynet Ödeme Hizmetler A.Ş (Paynet), which is a wholly-owned subsidiary of Arena. Consequently, Paynet will cease to be a subsidiary of Arena. 

Redington stock trades at ₹213.25 on the BSE, up 1.55%.

The Happiest Minds Technologies board has recommended final dividend of ₹162.5 per equity share. The company reported its net profit for the quarter ended March 2024 at ₹71.98 crore as against ₹57.66 crore in the corresponding quarter last year.

Stock inches up 0.18% on the NSE, trading at ₹807.15.

The board of Godrej Consumer Products has declared an interim dividend for FY 2024-25 at ₹10 per equity share. The record date for the dividend would be Tuesday, May 14, 2024.

Godrej Consumer Products stock surges 4.66% to trade at 1,308.40 on the NSE.

360 ONE WAM said SEBI has notified that 360 ONE Distribution Services Ltd (formerly known as IIFL Wealth Distribution Services Ltd and a wholly-owned subsidiary of the company) has been authorised to act as a Sub-KUA (Sub-KYC-User Agency) enabling it to carry out Aadhaar-based authentication of client KYC under the Aadhaar Act, 2016 and the Prevention of Money-laundering Act, 2002.

360 ONE WAM stock declines 2.10% to trade at ₹750.75 on the NSE.

IRB Infrastructure Developers Ltd and its associate IRB Infrastructure Trust have collectively reported y-o-y toll revenue growth of 29% in April 2024. Stock trades at ₹67.60 on the NSE, down by 0.07%

VA TECH WABAG (WABAG) has secured a repeat order from Office National De L’assainissement (ONAS). The order entails design, build, operate a 36 MLD Wastewater Treatment Plant (WTP) valued at 114.22 million Tunisian dinars (approx. Euro 34 million), located at Sousse Hamdoun II, Tunisia.

Stock surges 3.52% on the NSE, trading at ₹963.10.

Major gainers: Hindustan Unilever (2.79%), Britannia (2.28%), Nestle India (1.80%), Coal India (1.77%), ITC (1.71%)

Major losers: Bajaj Auto (-1.22%), Power Grid (-1.04%), M&M (-0.76%), JSW Steel (-0.70%), Apollo Hospitals (-0.63%)

Crude oil futures traded higher on Tuesday morning as Israel continued with strikes in the southern Gaza city of Rafah. At 9.26 am on Tuesday, July Brent oil futures were at $83.58, up by 0.30 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $78.21, up by 0.29 per cent. May crude oil futures were trading at ₹6581 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6542, up by 0.60 per cent, and June futures were trading at ₹6574 against the previous close of ₹6531, up by 0.66 per cent. Read more

Dr Reddy’s Laboratories is expected to post gains in the fourth quarter ended March 31, 2024 from newly acquired portfolios, contribution from Revlimid and stable sales in the US. Read more

8:30 AM Fusion Micro Finance

Dial: +9122 6280 1366

Weblink: https://tinyurl.com/mrx9bk62

9:00 AM Happiest Minds

(Press Release )

Dial: +91 22 6280 1458

Weblink: https://tinyurl.com/4ty6burh

10:00 AM Muthoot Microfin Limited

Dial: +91226280 1366

Weblink: https://tinyurl.com/mr2ct5ez

11:00 AM Aeroflex Indust

Dial: +91 22 6280 1290

Weblink: https://tinyurl.com/mtmervut

12:00 PM Arvind SmartSpaces

Dial: +91 22 6280 1227

Weblink: https://tinyurl.com/449ncd5f

12:00 PM Prudent Corpora

Dial: +91 22 7115 8125

Weblink: https://tinyurl.com/2u3m5rdu

12:30 PM DCM Shriram

Dial: + 91 22 6280 1141

Weblink: https://tinyurl.com/3kuzwjb6

2:30 PM Punjab Chemical

(Results)

Dial: +91 22 6280 1342

Weblink: https://tinyurl.com/5d8hy335

4:00 PM Lupin

(Press Release )

Weblink: https://tinyurl.com/kthhw6fz

4:00 PM ABS Marine Services

Weblink: https://tinyurl.com/53ysfu52

4:00 PM Energy Mission

Weblink: https://tinyurl.com/2cjjtu83

4:00 PM Allsec Tech

Dial: +91 22 6280 1259

Weblink: https://tinyurl.com/n5aeh6bc

4:00 PM Apcotex Ind

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/y6dwezyv

4:00 PM Century

Dial: +91 22 6280 1342

Weblink: https://tinyurl.com/barkpfcu

5:00 PM Kansai Nerolac

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

5:00 PM InfoBeans Techn

Weblink: https://tinyurl.com/mvubjamv

5:00 PM Kamat Hotels

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/2p9utj69

5:00 PM Guj Heavy Chem

Dial: +91 22 6280 1325

Weblink: https://tinyurl.com/yd2c49ke

5:00 PM IRB Infra

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/283ywujw

5:30 PM Sonata

Dial: +91 22 6280 1240

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

6:30 PM CreditAccess Gr

Weblink: https://tinyurl.com/3r8waydw

6:30 PM Latent View Ana

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/mt2fk6km

6:30 PM Navin Fluorine

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/5yn27dcu

6:30 PM JSW Energy

Dial: 9122 6280 1366

Weblink: https://tinyurl.com/yp7am22c

7:30 PM Max Financial

Dial: +91 22 6280 1141

Weblink: https://tinyurl.com/mrp7am9j

7:30 PM Dr Reddys Labs

(Press Release )

Dial: +91 22 6280 1219

Weblink: https://tinyurl.com/dkyeb4z

Jefferies on Hindalco

Buy Call, Target Raised To Rs 810

Novelis’ Q4 EBITDA Rose 28% YoY (+13% QoQ) & In-line

Volumes Grew 2% YoY While EBITDA/t Rose 8% QoQ To $540, A 7-qtr High

Co’s Earnings Outlook Is Improving With Beverage Can Demand Inflecting Upwards

Raise FY25-26E EPS By 2-3%

Valuations Reasonable At 6.1x FY25E EV/EBITDA

CLSA on Hindalco

Buy Call, Target Rs 770

Novelis’ Profitability Above Guidance While Volume Uptick Modest

Novelis Sees Further Levers For Margin Improvement, Such As Price Revisions

Levers For Margin Imprvement Is A rise in recycling content & Ops efficiencies

Capex Has Been Guided At $1.8 Bn-2.1 Bn

Capex Could Drive Up Leverage But Remain Below 3x

Debt Reduction is In-line With Seasonality

Citi on Guj Gas

Sell Call, Target Rs 450

Q4 Below Expectations, EBITDA whilst up 48% QoQ was 20% below est

Believe Q4 represents a near-term peak in earnings for Co

Higher LNG Prices Whilst Declining Propane Prices Could Impact Margins &/Or Volumes

Valuations At 26x FY26E P/E Are Unjustifiably High, With Peers At 12-13x P/E

Jefferies on Godrej Cons

Buy Call, Target Rs 1,520

Q4 Above Est, With 18% LFL EBITDA Growth

Key Positives Include HSD & Industry-Leading Vol Growth In Soaps

Double-digit Vol Growth In Emerging Categories

Strong Traction In Indonesia & Good EBITDA Delivery In GAUM Despite Fx Headwinds

Weak HI Was Key Dampener, Given Extended Winter

Further Initiatives (LV Launch) Here Should Help

GS on Godrej Cons

Buy, TP Rs 1425

Sector leading vol growth in India continue

Strong consol. EBITDA & PAT growth

India delivers high vol growth despite weak HI season

RCCL brands grew 22% YoY, integration complete

Indonesia’s growth accelerates, healthy margin expansion

Citi on Marico

Buy Call, Target Raised To Rs 610

Q4 In-line; Distribution Initiatives, Pricing Action To Drive Growth

Expect Trajectory To Improve In FY25 Due To Volume Growth Acceleration

Expect Trajectory To Improve In FY25 Due To Pricing-led Growth

Co Took 6% Price Hike In Parachute In April 2024

Believe Continued Focus On NPDs/Innovations Should Be Accretive To Overall Growth

With Strong Growth In International Biz Should Be Accretive To Overall Growth

CLSA on Marico

Sell Call, Target Rs 460

Subdued Volume Growth And Value Growth In Q2; Margin Improved

Margin Improvement Continues But Question Is If This Is At The Cost Of Growth

Distribution Expansion Through Project Setu

Core Categories Continue To Face Structural Issues

GS on Marico

Buy, TP Rs 610

4Q consol. EBITDA grew 12% YoY, driven by 190bps YoY EBITDA margin expansion

Vol & pricing trends also saw clear improvement.

Vol growth improved to 3%, & revenue grew 2% YoY compared to a decline in past few qtrs. 

Nomura on Lupin

Buy Call, Target Rs 1,949

Q4 EBITDA 8% Higher Than Estimate

Co Expects Stronger FY25 Driven By Growth Across Key Geographies

Co Expects Stronger FY25 Driven By Improvement In EBITDA Margin

Think US Product Launches Could Present Upside Potential To Current Earnings Est

A Tight Leash On Costs Could Present Upside Potential To Current Earnings Est

Stock Currently Trades At 31.1x/23.7x FY25/26 EPS Of Rs 54.1/70.9

MS on Titagarh Rail

Initiate OW, TP Rs 1285

see strong evidence of a revival in India’s railways, & believe Titagarh is a large beneficiary

View freight as a cash cow & passenger business as a new growth engine

Forecast a strong 28% earnings CAGR, F24-F27

Freight wagon execution: 1,000 wagons/month, F25-F27e (F24e: 780).

Pax coach execution: 26, 76 & 96 coaches/qtr. in F25e, F26e & F27e (F24e: 7)

Motilal Oswal

India Strategy | Interim review: In line; BFSI and Auto in the fast lane, as expected

- The 4QFY24 aggregate earnings of the 94 MOFSL Universe companies were in line with our estimates and grew 5% YoY (vs. est. of +3% YoY). The earnings growth was fuelled by domestic cyclicals, such as BFSI (+22% YoY) and Auto (+38% YoY) as expected. In contrast, the aggregate performance has been dragged down by the O&G sector, which posted a 20% earnings decline. The MOFSL Universe sales/EBITDA/PBT/PAT grew 6%/11%/5%/5% YoY (vs. est. of +8%/7%/5%/3%).

- Earnings of athe 28 Nifty companies that have declared results so far jumped 13% YoY (vs. est. of +8% YoY), propelled by HDFC Bank, Coal India, ICICI Bank, Maruti Suzuki, and TCS. Conversely, Tech Mahindra, Reliance Industries, and Wipro contributed adversely to Nifty earnings. The sales/EBITDA/PBT/PAT of 28 Nifty companies grew 10%/15%/11%/13% YoY (vs. est. of +13%/9%/10%/8%) in 4QFY24.

- Nifty EPS stable: Our EPS estimates for FY25/FY26 have been stable so far at INR1,133/INR1,315 (vs. INR1,132/INR1,317).

Birla Corporation Better realizations drive EBITDA beat…

Emkay Global

TARGET PRICE (Rs) : 1,900

Birla Corp’s Q4FY24 consolidated EBITDA came 14-19% higher than consensus/our estimate, it grew 73% YoY/25% QoQ to Rs4.7bn. Blended EBITDA/t grew 8% QoQ to Rs974. The beat was mainly owing to better realizations (declined 2% QoQ). Volume growth was steady at 9% YoY to 4.9mt (in line with estimates), aided by positive ramp-up at its Mukutban plant (achieved ~68% utilization in Q4). It has announced an investment of Rs4.3bn ($36/t) to augment capacity by 1.4mt in Kundanganj by FY26E. Management is aiming for 8-10% volume growth (19-19.4mt) and EBITDA/t growth (Rs880-900) in FY25E. We remain positive on the stock, given the gradual ramp-up of the Mukutban plant, leading to improved profitability. We broadly maintain our FY25-26 estimates with a BUY rating and Mar-25E TP of Rs1,900/share (based on 10x EV/E) post quarterly roll-over.

Choice International Ltd, one of the leading financial services companies operating across India, has announced its results for quarter and year ending March 31st, 2024.

Consolidated Financial Performance for Q4 FY24 v/s Q4 FY23

· Total Revenue of Rs. 216.4 Cr v/s. Rs. 139.5 Cr [+55%]

· EBITDA of Rs. 69.4 Cr v/s. Rs. 47.4 Cr [+46%]

· PAT of Rs. 39.4 Cr v/s. Rs. 30.3 Cr [+30%]

· Revenue contribution of 60% Stock Broking, 29% Advisory and 11% NBFC

Consolidated Financial Performance for FY24 v/s FY23

· Total Revenue of Rs. 759.3 Cr v/s. Rs. 395.2 Cr [+92%]

· EBITDA of Rs. 227.8 Cr v/s. Rs. 108.7 Cr [+110%]

· PAT of Rs. 130.9 Cr v/s. Rs. 60.1 Cr [+118%]

Key Business Highlights

· Number of Demat Accounts stood at 848K, a growth of 25% YoY

· AUM for Stock broking stood at Rs. 35K Cr, a growth of 31% YoY

· AUM for Wealth products stood at Rs. 625 Cr, a surge of 72% YoY

· Insurance premium generated during quarter was Rs. 63 Cr, an increase of 212% YoY

- Number of policies sold stood at 14,567, a surge of 109% YoY

· Total Loan book for NBFC segment at the end of Q4 FY24 stood at Rs. 482 Cr

- Retail Loan Book for Q4 FY24 stood at Rs. 307 Cr

- Net Non-Performing assets (NNPA) as on 31st Mar, 2024 is 1.77%

· Advisory segment Order book stood at Rs. 580 Cr, increase of 53% Yo

Farfetched guidance and modest recovery; maintain SELL

Emkay Global

TARGET PRICE (Rs) : 2,800

GFL’s Q4 EBITDA fell 54% YoY to Rs2.4bn (+15% QoQ) on sluggish performance in the bulk and fluorochemicals businesses. Fluoropolymers business is seeing sequential recovery in volumes on a lower base. Management expects to report FY25E EBITDA at Rs18-19bn, which we believe is farfetched; we factor-in ~Rs14bn in our estimates. FY25 outlook too remains subdued on flattish guidance for the bulk and fluorochemicals businesses YoY, driven by steady realizations in bulk chemicals and duty cuts in ref gases in US. Though the fluoropolymers business is recovering, contribution from battery chemicals is still some time away. We believe possible ramp-up in the battery chemicals business has already been factored into the CMP. We cut FY25E/26E earnings by 10%/9% to factor in the sluggish fluorochemicals business outlook. We retain SELL and TP of Rs2,800 (rollover basis, at 30x Mar-26E EPS).

Emkay Global

TARGET PRICE (Rs) : 600

Marico targets low double-digit growth in FY25 backed by high single-digit volume growth in the domestic business. Though its growth businesses are on the path to building profitability, re-igniting growth in core portfolio is key to realizing overall goals. Project SETU, placed to enhance domestic distribution prowess, is likely to help boost Company’s portfolio play. Unlike margin compression expected ahead amid thrust on topline, Management is looking to maintain margin with pricing actions. Though we factor-in the guidance and up our earnings (by 2%/4% for FY25E/26E), we remain skeptical on topline push-back from Marico’s margin strategy (due to high commodity linkages). As such, we maintain ADD, despite being positive on Company actions. We lift our Mar-25 TP to Rs600 (from Rs570), on 42x P/E, in line with its last 5Y avg. fwd. P/E.

(BCORP IN, Mkt Cap USD1.4b, CMP INR1545, TP INR1800, 16% Upside, Buy)

Motilal Oswal

Volume growth at ~8-9% YoY in FY25E; EBITDA/t to grow ~8-10% YoY

- Birla Corporation (BCORP)’s 4QFY24 consol. EBITDA increased 72% YoY to INR4.7b (vs. estimated INR4.0b), while EBITDA/t grew 58% YoY to INR974 (est. INR801). OPM surged 6.6pp YoY to 17.8% (est. ~15.0%) for the quarter. Adj. PAT stood at INR1.9b vs. estimated INR1.4b for 4QFY24.

- Mukutban unit’s capacity utilization improved to ~68% in 4QFY24 and ~77% in Mar’24. It targets 2.7mt of volume from the Mukutban plant (~70% utilization) in FY25. Management guided a volume growth of ~8-9% YoY in FY25 and ~8-10% improvement in EBITDA/t. Currently, BCORP is focusing on expanding the grinding capacity, while clinker expansion is likely by FY27. 

- We retain our earnings estimates for FY25/26. However, we raise our TP to INR1,800 (from INR1,700) due to a higher-than-estimated CFO in FY24 and a lower capex in FY24/FY25E. We value the stock at 9x FY26E EV/EBITDA to arrive at our TP. Reiterate BUY.

(RW IN, Mkt Cap USD1.7b, CMP INR2192, TP INR2585, 18% Upside, Buy)

Motilal Oswal

- Raymond reported revenue/EBITDA growth of 21/29% YoY (6% beat/in line) in 4QFY24, led by the strong real estate revenue recognition (+2.4x YoY). Led by branded apparel (+23% YoY), lifestyle revenue/EBIDTA grew 6%/8% YoY. Improved domestic market conditions led to 7% YoY growth in the engineering business.

- Raymond has created three distinct vectors, i.e., Lifestyle, Real Estate, and an engineering unit Newco (by acquiring MPPL), with each segment reenergizing growth. Raymond maintains its net cash position at the group level and has the ability to scale up each segment with internal accruals. We expect its consolidated revenue/PAT to grow at 15%/20% over FY24-26. Reiterate BUY.

(MMFS IN, Mkt Cap USD3.8b, CMP INR260, TP INR325, 25% Upside, Buy)

Motilal Oswal

- Mahindra & Mahindra Financial’s (MMFS) 4QFY24 PAT declined ~10% YoY to INR6.2b (15% miss). Adjusted for provisions on Mizoram fraud, PAT would have been INR7.2b (in line). FY24 PAT fell 11% YoY to INR17.6b.

- NII stood at INR18.1b (in line), up ~13% YoY. Other income rose ~30% YoY to ~INR1.6b, driven by better fee income.

- Credit costs at ~INR3.4b included provisions of ~INR1.36b related to fraud in Mizoram. Annualized credit costs stood at ~1.4% (flat QoQ).

- Core NIM (calc.) expanded ~15bp QoQ. Including non-interest income, net total income (as % of assets) expanded ~30bp QoQ to 7.1%.

- To full-proof the system against even such frauds of extreme collusion, MMFS has started accelerating process improvements, including heightened due-diligence for customer onboarding and centralized verification of customers. 

- We expect MMFS to use the levers on product mix and fee income to deliver a ~25bp YoY improvement in NIM. Benefits from the ECL provision release and a decline in write-offs will also result in improvement in credit costs. We estimate a CAGR of 16%/40% in AUM/PAT over FY24-FY26, with FY26E RoA/RoE of 2.4%/17%. Retain BUY with a revised TP of INR325 (based on 1.8x FY26E BVPS).

(MRCO IN, Mkt Cap USD8.2b, CMP INR530, TP INR625, 18% Upside, Buy)

Motilal Oswal

- Marico (MRCO) reported an in-line revenue growth with a slight miss in EBITDA in 4QFY24. Domestic revenue was flat owing to the impact of price cuts. Volume grew 3%. International growth was 7% YoY (10% cc growth).

- Parachute coconut oil (PCNO) posted 2%/2% YoY growth in value/volume. The category gained 50bp in market share, but its performance was subdued throughout the year. VAHO revenue was down 7% YoY, affected by a high base and persistent weakness in the mass segment. Saffola oil clocked mid-single digit volume growth, but revenue contracted by mid-teens due to price cuts. Foods sustained strong growth of 24% YoY.

- The premium and urban-centric segments stayed ahead of the rural and mass segments. Rural sentiment too saw revival toward the quarter end. The management is optimistic about growth revival in FY25 and expects double-digit revenue growth, driven by healthy volume growth.

- Gross margin hit a 28-quarter high of 51.6%, driven by softer input costs. EBITDA margin expanded 190bp YoY to 19.4%. EBITDA grew 12% (est. 14%). 

- We reiterate our BUY rating on the stock with a TP of INR625 (45x FY26E EPS). We believe that MRCO is a good play on volume recovery.

(INBK IN, Mkt Cap USD8.6b, CMP INR537, TP INR625, 16% Upside, Buy)

Motilal Oswal

Asset quality improves further

- Indian Bank (INBK) reported a PAT of INR22.5b in 4QFY24 (up 55% YoY/6% QoQ; in line) led by a healthy other income. NII growth was healthy at 9.2% YoY (in line). Margin improved 3bp QoQ to 3.52% during the quarter.

- Gross loan growth was healthy at 13% YoY/5% QoQ, while deposits rose 11% YoY/5% QoQ. Consequently, the C/D ratio was largely flat at 74.8%. Management continues to focus on profitable growth.

- Fresh slippages moderated to INR12.7b (1.1%). Healthy recoveries/ upgrades and higher write-offs, along with healthy growth, resulted in a 52bp/10bp QoQ decline in GNPA/NNPA to 4.0%/0.4%. SMA book stood at 0.5% of loans during the quarter.

- We raise our earnings estimates by 7% each for FY25/26 and expect the bank to deliver an RoA/RoE of 1.3%/17.7%. Reiterate BUY with a revised TP of INR625 (premised on 1.1x FY26E ABV).

(BRIT IN, Mkt Cap USD14.6b, CMP INR5062, TP INR5250, 4% Upside, Neutral)

Motilal Oswal

- Britannia Industries (BRIT)’s revenue grew 3% YoY in 4QFY24 (in line), impacted by price cuts and grammage increase. Volume (grammage) grew 6% YoY; we expect the pack volume growth to be ~3.5% (in line). 

- The non-biscuit portfolio (rusk, cake, bread, etc.) remained the key growth driver, and contributed 25% to the total revenue. Rusk delivered double-digit volume growth, with cheese reporting double-digit growth in revenue. Management remains positive on the non-biscuit growth outlook and expects it to outperform the biscuit portfolio by 1.5x. 

- GM remained flattish YoY to 44.9%, while EBITDA margin contracted 50bp YoY to 19.4% (in line). EBITDA declined 2% YoY. We model an EBITDA margin of ~19% for FY25/26.

- Management has guided double-digit volume growth in FY25 along with 2-3% price hikes. The commentary appears quite promising for BRIT and the staple companies, which were reeling under pressure after weak revenue growth during the last 12-18 months. The volume recovery in FY25E will be in line with our opinion for staple companies (mentioned in our consumer thematic). We raise our EPS by 2% for FY25-26E. Reiterate Neutral with a TP of INR5,250 (premised on 45x FY26E EPS).

(COAL IN, Mkt Cap USD34b, CMP INR461, TP INR530, 15% Upside, Buy)

Motilal Oswal

- 4QFY24 revenue stood at INR374b (-2% YoY/+4% QoQ), in line with our est. of INR376b. Blended ASP was INR1,699/t (-9% YoY/-2% QoQ), largely in line with our estimate.

- Adj. EBITDA (net of OBR) stood at INR98b (+14% YoY/-17% QoQ) in 4Q, in line with our est. of INR95b. EBITDA/t stood at INR488 (+6% YoY/-22% QoQ), vs. our est. of INR472, as lower costs led to improvement in operating performance.

- APAT stood at INR87b (+26% YoY/-14% QoQ) vs. our est. of INR68b. The beat was due to a change in OBR accounting. The company in Feb’24 approved the change in accounting policy on stripping activity, which the group was consistently following in the case of opencast mining with a rated capacity of 1MTPA or more. In 4Q, the company provided for the impact of this change and restated previous financials.

- In 4Q, production stood at 242mt (+8% YoY/+22% QoQ) and dispatches came in at 201mt (+8% YoY/+5% QoQ). SECL/MCL led the pack with dispatches of 48mt/53mt, representing ~50% of total dispatches.

- Apart from NCL and WCL, all the other subsidiaries saw production growth YoY, with ECL clocking the highest sales growth of +55% YoY in 4Q.

- FSA realization came in as expected at INR1,536/t (-1% YoY/flat QoQ) in 4Q. E-auction volumes stood at 23mt vs. 32mt. E-auction premium in 4Q stood at 66% (higher than our est. of 53% and lower than 117% premium in 3Q).

- COAL declared a final dividend of INR5 per share, taking the total dividend for FY24 to INR25.5 per share.

- In FY24, revenue stood at INR1,423b (+3% YoY), adj. EBITDA came in at INR418b (+3% YoY), and APAT stood at INR374b (+18% YoY). Production/dispatches grew 10%/6% YoY to 774mt/753mt. The blended ASP declined 6% YoY to INR 1734/t in FY24

(MANYAVAR IN, Mkt Cap USD2.7b, CMP INR925, TP INR1010, 9% Upside, Neutral)

Motilal Oswal

We met with the CEO and CFO of Vedant Fashions, Mr. Ravi Modi and Mr. Rahul Murarka. Management was confident about a demand recovery post-2QFY25 and anticipated higher contributions from the new categories.

Weak performance in the last five quarters; expect recovery from 2QFY25

The business has remained weak in FY24 due to a weak macro environment and a clustering of weddings. However, after five quarters of lackluster demand, we expect 1QFY25 to remain soft due to a fewer weddings. However, demand should pick up from 2QFY25 supported by wedding dates, higher contribution from newer categories, and a low base. The 15% store additions are likely to continue with its current penetration in 255 cities. The company’s fundamentals were strong, with a 1% YoY revenue growth in FY24 that led to only 3% YoY decline in PAT. Additionally, the return ratios remained robust, with RoE/RoCE at 28%/53% (pre Ind-AS 116).

(MRPL IN, Mkt Cap USD4.8b, CMP INR229, TP INR175, 24% Downside, Sell)

Motilal Oswal

- While MRPL delivered a solid beat vs. our estimates, we believe its earnings are set to decline from 1QFY25 amid weaker SG GRM QoQ. We are building in a GRM of USD8/bbl in FY25/26, leading to an RoE of 18.2%/15.4%. Further, we are modeling a throughput of 17mmt in FY25/FY26, in line with the company guidance.

- We like its strong FCF generation of INR34.8b/INR35.2b in FY25/26 and reduction in debt, resulting in a declining Net Debt/Equity ratio of 0.5x by the end of FY26 (vs. 0.94x currently). MRPL guided INR80b of capex over the next five years towards:

· increasing petchem integration from 10.0% to 12.5%,

· increasing total retail outlets to 1,000 by FY27 (from 100 currently), and

· launching Isobutyl-benzene, with a pilot plant already awarded.

- However, at 2.5x FY26E P/B, we believe the valuations remain expensive; especially, given its FY26E RoE of 15.4% as per our calculation.

- As such, we reiterate our Sell rating with a TP of INR175, implying 24% potential downside from current levels.

GHCL has announced a capital budget of approximately ₹224 crore for the financial year 2024-25, including a Bromine Project of ₹117 crore. The board has also approved a 5.5 mt greenfield soda ash project in Kutch, Gujarat, for ₹4,000 crore. Read more

Muted NII and lower Treasury income led to the decline in South Indian Bank’s Q4 operating profit. Lower provisions aided profitability, with a 0.98 per cent RoA (down 7bps q-o-q). Asset quality improved across segments. With stress from the legacy book recognised, the focus now shifts to profitability. We expect the bank to deliver a sustainable, 1 per cent, RoA from now. Read now

Agri inputs player Rallis India Limited has announced the establishment of a new automated 8,000 tonnes Water-Soluble Fertiliser (WSF) plant in Akola, Maharashtra. This strategic initiative underscores Rallis India’s commitment to innovation, advancing sustainable agriculture practices and enhancing farm productivity, the company said in a statement. The company has invested ₹11.5 crore in the WSF plant at Akola. Read more

Zee Media Corporation Ltd on Monday said its CEO Abhay Ojha has been terminated with effect from May 4, 2024. In a regulatory filing, the company said its Board of Directors at their meeting held on Monday has approved and confirmed the cessation of employment of Ojha from the organisation and his consequent cessation as the Chief Executive Officer of the company with effect from May 4, 2024. Read more

Coromandel International Ltd, an agri solutions company, has increased its stake in climate-smart technology solutions firm Ecozen to 5.54 per cent, an increase of 3.13 per cent. Read more

CG Power and Industrial Solutions Ltd, part of the Murugappa Group, has reported a flat standalone PAT (profit after tax) at ₹240 crore for the quarter that ended March 31, 2024, amid a 17 per cent rise in revenue from operations. Read more

The share of domestic mutual funds (MFs) in companies listed on NSE rose to a fresh all-time high of 8.92 per cent for the quarter ended March, powered by net inflows of ₹81,539 crore during the quarter. Read more

Titan Company’s (₹3,280.15) shares tumbled on Monday, losing 7.2 per cent. The company announced their results on May 3 post market hours, which weighed on the price in today’s session. The year-to-date loss for the stock now stands at 10.8 per cent. Read more

FMCG major Marico posted a 5.29 per cent increase in its consolidated net profit for the quarter ended March. The company clocked ₹318 crore profit during the quarter as against ₹302 crore during the same quarter last year. However, it saw a 16.9 per cent decrease in net profit with ₹383 crore reported in the December quarter. Read more

Micro and Small Enterprises (MSEs) received a setback on Monday as the Supreme Court declined to hear their plea against the new Income Tax provision. However, the apex court granted the MSEs leave to pursue their case in the High Court. Read more

* ABFRL

* BALRAMCHIN

* BIOCON

* GMRINFRA

* VODAFONE IDEA

* SAIL

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Market Indices

NIFTY 50 : 22,442.70

⬇️-33.15/-0.15%

SENSEX : 73,895.54

⬆️+17.39/+0.02%

BANKNIFTY :48,895.30

⬇️-28.25/-0.06%

INDIAVIX: 16.60

⬆️+1.98/+13.54%

Rising stocks: 624

Falling stocks: 1645. 

Top 3 stock gainers(NIFTY 500): 

▪️Godrej Property (⬆️+10.62%)

▪️Prestige estate (⬆️+6.63%)

▪️Tube investment (⬆️+5.07%)

Top 3 stock losers(NIFTY 500): 

▪️PFC(⬇️-8.87%)

▪️REC (⬇️-7.38%)

▪️PNB (⬇️-6.40%)

EQUITY Cash Trades PROV. - 06/05/2024 : Rs. CRS. : 

FIIS : SELL -2,169 (12,598-14,767)

DIIS : BUY +781 (13,791-13,010)

Fast-Moving Consumer Goods (FMCG) Godrej Consumer Products Ltd (GPCL) posted a loss of ₹1,893 crore as against ₹452 crore profit reported during the same quarter in March. Read more

Options writers were caught off guard by freak movements in the underlying indices last month, resulting in losses running into hundreds of crores for large individual traders, said two people in the know. Read more

​

The upmove in the stock of DCM Shriram is gaining momentum. The stock has surged 5 per cent on Monday breaking above the intermediate resistance level of ₹990. That leaves the short-term outlook bullish for this stock. Read more