Stock Market Today: Sensex, Nifty End Higher For A Second Day As SBI Leads Recovery

-The local currency weakened by 2 paise to settle at 83.03 against the U.S. Dollar.

-It closed at 83.01 on Tuesday.

Source: Cogencis

• 10.1 lakh shares changed hands in a large trade

• 0.03% equity changed hands at Rs 1,094.65 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Revenue at Rs 724.2 crore vs Rs 690.1 crore, up 4.94%

• EBITDA at Rs 87.33 crore vs Rs 78.9 crore, up 10.68%

• Margin at 12.05% vs 11.43%

• Net profit at Rs 40.25 crore vs Rs 38.04 crore, up 5.8%

• Revenue at Rs 701 crore vs Rs 699 crore, up 0.28%

• EBITDA at Rs 52 crore vs Rs 59 crore, down 11.86%

• Margin at 7.41% vs 8.44%

• Net loss of Rs 86 crore vs loss of Rs 102 crore

Jefferies on Indian Equity Strategy

• PSU Valuations still at a discount to Nifty PE

• Recent outperformance of PSUs backed by EPS upgrades & RoE improvement

• Governance improvement to drive longer term rerating

• See rerating potential of 25-30% on PE/PB valuations of PSU Banks

• NTPC expected EPS growth of 10-12% higher than Power Grid single digit EPS growth

• Top Picks: SBI, Coal India, NTPC

• 11.3 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 425.55 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Revenue at Rs 758.6 crore vs Rs 492.5 crore, up 54.03%

• EBITDA at Rs 268.1 crore vs Rs 105.9 crore, up 153.16%

• Margin at 35.34% vs 21.5%

• Net profit at Rs 212.7 crore vs Rs 62.3 crore, up 241.41%

• Revenue at Rs 281.2 crore vs Rs 229.7 crore, up 22.42%

• EBITDA at Rs 44.53 crore vs Rs 35.9 crore, up 24.03%

• Margin at 15.83% vs 15.62%

• Net profit at Rs 25.5 crore vs Rs 20.7 crore, up 23.18%

• Looks to set up a greenfield manufacturing facility in Rajasthan land parcel

• Estimated direct and indirect investment in the range of Rs 4,500 crore, to be done over phases

Source: Exchange filing

• Revenue at Rs 2,052.9 crore vs Rs 1,546 crore, up 32.8%

• Ebitda at Rs 331.3 crore vs Rs 215.9 crore, up 53.5%

• Margin at 16.13% vs 13.96%

• Net profit at Rs 179.9 crore vs Rs 107.8 crore, up 66.8%

• Revenue at Rs 25,642.4 crore vs Rs 22112.5 crore, up 15.96%

• Ebitda at Rs 3,590.3 crore vs Rs 3,273 crore, up 9.69%

• Margin at 14% vs 14.8%

• Net profit at Rs 2454 crore vs Rs 1528.1 crore, up 60.59%

• Gets order from Tapi Irrigation for EPC of civil, mechanical & electrical works

• EPC stands for Engineering, Procurement & Construction

Source: Exchange Filing

• Revenue at Rs 552 crore vs Rs 471 crore, up 17.19%

• EBITDA at Rs 51 crore vs Rs 38.35 crore, up 32.98%

• Margin at 9.23% vs 8.14%

• Net profit at Rs 23.75 crore vs Rs 15.29 crore, up 55.33%

• PayU will now accept credit lines on UPI

• Merchants can now accept digital payments via Credit Line

Source: Company Statement

Agency initiates probe into allegations against Paytm Payments Bank.

Source: NDTV reporter quoting sources

As per the agreement, AmpIn Energy and Amplus Energy will set up captive solar and wind power plants of 48 MWdc and 24.3 MW, respectively for Nxtra’s data centres in Tamil Nadu, Uttar Pradesh and Odisha.

Source: Exchange Filing

• Revenue at Rs 284.83 crore vs Rs 272.6 crore, up 4.48%

• EBITDA at Rs 39.99 crore vs Rs 32.1 crore, up 24.57%

• Margin at 14.03% vs 11.77%

• Net profit at Rs 12.73 crore vs Rs 21.11 crore, down 39.69%

• 12.7 lakh shares or 1% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

"The new center is specifically tailored to cater to the technology and digital transformation priorities of key automotive OEMs and Tier 1 suppliers."

Source: Exchange Filing

• Ahluwalia Contracts at 6.11 times its 30 day average

• Mtar Technologies at 6.07 times its 30 day average

• Elgi Equipments at 5.45 times its 30 day average

• Relaxo Footwears at 4.45 times its 30 day average

• Passenger vehicle sales up 13.6% at 3.9 lakh units

• Car sales up 67.5% at 1.27 lakh unit

• 2-wheeler sales up 23.6% at 14.95 lakh units

• Motorcycle sales up 25.1% at 9.7 lakh units

• 3-wheeler sales 9.5% at 53,537 units

Source: Bloomberg

• 25.8 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 260.9 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Step-down arms operationalise aggregate 551 MW solar power projects at Khavda, Gujarat

• Plans to develop 30 GW clean energy at Khavda, to generate ~81 bn units electricity annually

Source: Exchange Filing

To buy product tanker of around 49,999 deadweight tons

Source: Exchange Filing

Consolidated crude steel production in January at 23.62 lakh tonnes up 7% YoY

Source: Exchange Filing

• Price Target of Rs 1,342 (earlier Rs 1,224)

• EBITDA ahead of estimates

• Orderbook increased to Rs 20.4bn (up ~Rs 1bn QoQ, 58% non-auto and 14% tech agnostic)

• 2W industry recovery to drive growth

• Strong capability in AL forging and order ramp-up are growth tailwinds

Source: Exchange Filing

• Lists at a premium of 9.16% to the issue price on NSE

• Lists at Rs 335 on BSE vs issue price of Rs 311

• Lists at a premium of 7.72% to the issue price on BSE

• Lists at Rs 396 on NSE vs issue price of Rs 414

• Lists at Rs 396 on BSE vs issue price of Rs 414

• Lists at discount of 4.35% to issue price on BSE

• Lists at discount of 8.07% to the issue price on NSE

• Lists at Rs 435 on BSE vs issue price of Rs 468

• Lists at discount of 7.05% to the issue price on BSE

The scrip rose as much as 4.98% to Rs 130.60 apiece and was locked in its upper circuit limit as of 10:02 a.m. This compares to a 0.57% decline in the NSE Nifty 50 Index.

It has risen 292.19% in the last twelve months. Total traded volume so far in the day stood at 0.07 times its 30-day average. The relative strength index was at 54.69, indicating that the stock may be oversold.

Out of five analysts tracking the company, two maintain a 'buy' rating and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 22.5%.

The scrip fell as much as 4.43% to Rs 180.30 apiece on NSE. It pared losses trade 2.01% lower at Rs 184.85 apiece, as of 09:24 a.m. This compares to a 0.78% decline in the NSE Nifty 50 Index.

It has declined 14.52% in 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 40.71.

Out of 22 analysts tracking the company, three maintain a 'buy' rating, six recommend a 'hold,' and 13 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside 1.9%.

The broader markets were also lower the S&P BSE MidCap Index was down 0.86% and S&P BSE SmallCap Index was 0.43% lower.

Only S&P BSE Telecommunication rose out of the 20 sectors compiled by BSE.

The market breadth was skewed in the favour of the sellers. About 1,172 stocks rose, 1,779 declined, while 91 remained unchanged on the BSE.

At pre-open, the S&P BSE Sensex Index was down 508.58 points or 0.71% at 71,046.61  while the NSE Nifty 50 was 165.10 points or 0.76% lower at 21,578.15.

MAVRICK 440 PRICE & VARIANTS

Base: Rs 1,99,000/-

Mid: Rs 2,14,000/-

Top: Rs 2,24,000/-

Note: The motorcycle is available in five colourways across variants.

Source: Exchange Filing

• The yield on the 10-year bond opened 3 bps higher at 7.13%.

• It closed at 7.10% on Tuesday

Source: Bloomberg

• The local currency weakened by 10 paise to 83.11 against the U.S. Dollar.

• It closed at 83.01 on Tuesday.

Source: Bloomberg

Elara Capital Retains Sell On Zee, Raise Price Target To Rs 180

• Price target of Rs 180 (earlier Rs 170)

• Muted ad revenue (down 3.4% YoY) on shift of ad spend toward Cricket World Cup

• Raise revenue by 0.2% for FY25E, 1.9% for FY26E

• Increase earnings by 2.5% for FY25E, 21.1% for FY26E due to better margin

• Potential tie-up/turnaround to scale up digital offering key monitorables for upgrade

• Price target of Rs 3,800

• Attractive play on capex cycle theme

• Riding on strong industry tailwinds

• Balance sheet well-placed to take up rise in capex

• Regulatory overhang largely behind

• Ebitda to double from FY23 to FY26, grow over 3x by FY28

• See contribution of new biz scaling from 40% of consol Ebitda (FY23) to ~75% by FY26, 85% by FY28

• Key triggers: CoD of NMIAL Airport and GH2 manufacturing units, equity monetization/raise at subs level

• Price target of Rs 2,100

• Loan yields are a good 30-50 bps lower than its peers

• Combined cost of liabilities grew by over ~170 bps since FY22, ~10-30 bps higher than peers

• Investment implications: Long-term thesis remains solid for the bank

• Best-in-class deposit gathering, superior underwriting outcomes should make it a long-term winner

• Arm Agilus Diagnostics to withdraw DRHP due to commercial considerations

• Agilus to make necessary withdrawal application with SEBI & may refile for IPO in the future

Source: Exchange filing

Source: Exchange filing

• Price target of Rs 610 (vs Rs 725 earlier)

• Q3 EBITDA rose 68% YoY, in-line with estimates

• Cost escalation deteriorated cash flow outlook and project return ratios

• Expect EBITDA/EPS to rise 9-13% CAGR over FY24-26E

• Expect net debt to rise at Rs 45500 cr in FY26 with higher capex at Novelis

• Retain Buy but prefers Coal India over Hindalco

Nuvama

• Retains ‘Buy’, TP cut to Rs 4,400 vs Rs 4,600 earlier

• Competition, exports has affected recent performance

• FY25E/FY26E EPS cut by 4%/5% on likely low volumes

• Expect CAGR of 9% over FY23-26E due to replacement demand

• 450 cc, 650 cc range can potentially support growth

Nomura

• Retains ’Neutral’ rating, TP upped to Rs 3,760 from Rs 3640

• Competition can impact more in FY25

• Success of new models can drive up avg selling price

• Overall retail sales were good at 70,000 levels

• Marketing spends were higher by Rs 2,000 crore

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