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Market breadth was skewed in favour of buyers. Around 2,180 stocks advanced, 1,734 stocks declined, and 109 stocks remained unchanged on BSE.
TCS Q1 Results Today: Tata Consultancy Services Among 15+ Companies To Report Earnings; Check Details
Bharat Petroleum Corp plans new 9-15 million ton per annum refinery, official said.
BPCL may seek overseas partner for new refinery.
Source: Bloomberg
Profit Insight: Mapping Indian Market Performance Around Past 10 Budgets
Commodity prices are moving higher
Consumer staples might see some policy support
Structural risks still prevail with consumer staples
Bullish on IT enabled services and financials
Markets are increasingly looking divergent
The Indian economy in an extended sweet spot
Real rates remain higher than warranted
Expect 75 basis points rate cuts in FY25 starting October 2024
Market rally intensity stronger than anticipated
Earnings for the two next years expected to be in mid-teens
General slowdown in volumes amidst commodity price rise
Source: Nomura Press Meet
Keystone Realtors Ltd. has signed a Conveyance Deed for acquisition of land in Thane for total consideration Rs 91 crore.
Source: Exchange filing
NTPC Ltd. had 10.8 lakh shares changed hands in a large trade.
Tube Investment of India had 10.1 lakh shares changed hands in a bunch trade.
Sun Tv Network Ltd. had 18 lakh shares traded in bunch.
Steel Authority of India had 1.06 crore shares traded in a large trade.
Vedanta Ltd.'s board approved allotment of non-convertible debentures worth up to Rs 1,000 crore on a private placement basis.
Source: Exchange filing
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NBCC (India) Ltd. has received an order worth Rs 36 crore for solar water heating system.
Source: Exchange filing
GE Power Shares Gain After Board Approves Sale Of Hydro, Gas Businesses
HPL Electric Shares Surge Over 18% To Record After Rs 2,100-Crore Order Win
Thermax' arm is in pact with Vebro Polymers Holdings to form a JV for flooring chemical business.
Source: Exchange filing
UCO Bank Ltd. has hiked overnight MCLR by 5 bps to 8.15%
The lender has also hiked 6-month MCLR by 5 bps to 8.75%
Source: Exchange filing
Ahluwalia Contracts (India) Ltd. has received a Rs 894 crore order for development of Lal Bahadur International Airport, Varanasi from Airports Authority of India.
Source: Exchange Filing
Global Surfaces Ltd.'s wholly-owned subsidiary Global Surfaces FZE enters into strategic license agreement with SQIP.
Source: Exchange filing
Indegene Ltd. is in long-term pact with Microsoft on generative Artificial Intelligence.
Source: Exchange filing
Stock Market Live: Nifty, Sensex Fall As HDFC Bank, RIL Drag
H.G. Infra Engineering Ltd. has received a letter of acceptance worth Rs 14.65 crore from Rail Land Development Authority.
Source: Exchange filing
Raymond Shares Hit Upper Circuit After Trading Ex-Date For Lifestyle Arm Demerger
Glenmark Pharma Hits All-Time High On Plan To Exit Glenmark Life
HPL Electric & Power Ltd. has received work order worth Rs 2,101 crore for supply of smart meters.
Source: Exchange filing
Market breadth was skewed in favour of buyers. Around 2,025 stocks rose, 931 stocks declined, and 121 remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 72.10 points or 0.30% higher at 24,396.55, and the S&P BSE Sensex was trading 0.31% or 245.32 points higher at 80,170.09.
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.98% on Wednesday.
Source: Cogencis
The local currency strengthened by 2 paise to open at 83.51 against the US dollar.
It closed at 83.53 on Wednesday.
Source: Bloomberg
Kalpataru Projects International Ltd. has received new orders worth Rs 2,995 crore along with joint venture and international arms.
Source: Exchange filing
Bernstein maintained an Outperform on Sona BLW Precision Forgings Ltd. with a target price Rs 780, which implied an upside of 13%.
See co benefitting from transition to mobility
BEV revenues now at 30%, expected to reach 45% by FY26
Sona now has 30 EV clients with increased Hybrid relevance another benefit
Developed new traction motors for Hybrids and already sells started motors
Expanding product portfolio resulted in 5x revenue growth in 5 years
PLI for EV Motors helps transition to EVs in 2W
Current order book at 7.6x trailing revenues
Nuvama rated 'Buy' on Aarti Industries with target price of Rs854;upside 18%
Gujarat Fluorochemicals with target price of Rs 4697;upside 44%
Jubilant Ingrevia with target price of Rs 632;upside 18%
Prefers Aarti Industries, Gujarat Fluoro, Galaxy Surfactant and Jubilant Ingrevia
Estimate sustained growth for most speciality chemical players after bottoming in Q3FY24
Players catering to agrochem such as SRF likely to report low growth
Players with ready capex may witness higher growth as demand scenario improves
optimistic about battery chemical companies such as Gujarat Fluoro
Reckons SRF and Anupam shall witness weak growth momentum.
Jefferies maintained 'buy' on Reliance Industries Ltd. with a target price Rs 3,580, which implied an upside of 14%.
Jio's Potential Public Listing hinges on value maximisation
Currently with Indian market imputing 20-50% holdco discount to listed subsidiaries
Strong performance of RIL and JFS post spin off leads us to believe Jio could be spun off
Instituitional investors prefer spin offs to avoid holdco discount
Jio lead in tariff hikes unlike past creates a case for possible listing
IPO route offers better control but holdco discount; needs large Retail mobilization
RIL could look to spin off Jio and list it after a price discovery
Assuming Jio is spun off, could list at US$112bn valuation, 7-15% upside to RIL
Healthcare to stablise in second half.
Aiming to exit the growth rate at better growth than FY24
Growth to be led by Transportation
Green shoots visible in Media & Communication
Confident about the good growth in 2QFY25
5%-6% wage hike (divided in 2Q and 3Q)
Have enough levers to compensate this impact
Utilisation has not peaked right now.
This will act as margin lever going forward
Investing strongly in AI and Gen AI technologies across verticals
Nomura upgraded Ambuja Cements Ltd. to 'Buy' from 'Reduce' with a target price at Rs 780 up from Rs 500. The target price implied 17% upside.
Upgrade on strong capacity expansion
Another round of inorganic expansion possible
Highest volume growth in industry
In the process of adding 24 million ton capacity by FY26F
Penna acquisition helps become 3rd-largest player in South India
Behind only Ultratech and Ramco; offset ACC lack of brownfield
Estimate FY24-26F volume/EBITDA CAGRs of 13%/28%; slightly above Ultratech’s
Raise target multiple to 19x from 14x to factor in:
Aggressive capacity expansion
Entry into newer markets
Above industry volume growth
Increased brownfield optionality
Cost-optimization measures
Rallis India Ltd. filed a writ petition in Bombay High Court against tax demand worth Rs 408 crore by Income Tax department.
Source: Exchange filing
Larsen & Toubro Ltd.'s step-down wholly-owned subsidiary incorporated arm L&T CIS in Uzbekistan.
Source: Exchange filing
Citi Research maintained a buy on Jubilant Foodworks Ltd., and set the target price Rs 663, which implied 14% upside.
Use SOTP and hike multiple for Dominos India 36x from 30x
Expect turnaround in Dominos in same store growth trajectory
Other upsides:
Focus on cost control
Better numbers from new ventures
Downside Risks:
Deterioration in consumer sentiment
Inflation
Irrational competition
Limited traction in new products
Escalation in operating expenditure
Turning into an electronics engineering powerhouse increasing shift towards
Eyeing aggressive multi-year growth
Several growth initiatives under way and with mobile and IT-hardware products
Mobile, IT-hardware products are key growth drivers, aided by refrigerators, telecom devices
Strong base to pursue backward integration and increase local value-addition
Plans to foray into display module manufacturing that usually contributes 8-10% of Bill Of Materials cost
Alert: Takeaways from meeting with Atul Lall
Asian Stocks Echo US Rally Ahead Of Inflation Data: Markets Wrap
Greenko To Refinance Dollar Bonds Via Rupee Loans From NaBFID
Price band changes from 10% to 5%: PC Jeweller.
Price band changes from 20% to 10%: GE Power India, Rail Vikas Nigam.
Price band changes from 20% to 5%: Raymond.
Ex/record Dividend: Route Mobile, Oriental Hotels, Century Textiles & Industries, Vimta Labs.
Ex/record Demerger: Raymond.
Ex/record AGM: Century Textiles & Industries, Vimta Labs.
Moved in short-term Framework: Bombay Burmah Trading Corp., Dynamic Services & Security, Omaxe, and Optiemus Infracom.
Moved out short-term Framework: Atul Auto, ION Exchange (India), Orient Cement, and Solara Active Pharma Sciences.
Power Grid To Raise Debt Cap To Rs 15,000 Crore This Fiscal
TCS Bloomberg Estimate
Revenue estimate at Rs 62,128.4 crore.
EBIT estimate at Rs 15,245.5 crore.
Margin estimate at 24.5%.
Net profit estimate at Rs 11,959 crore.
Kesoram Industries Q1 FY25 (Consolidated, YoY)
Revenue down 12% at Rs 879 crore vs Rs 999 crore.
Ebitda down 32.8% at Rs 70 crore vs Rs 105 crore.
Ebitda margin at 7.9% vs 10.5%.
Net loss of Rs 62 crore vs loss of Rs 32 crore.
Tata Elxsi Q1 FY25 (QoQ)
Revenue up 2.3% at Rs 926 crore vs Rs 906 crore (Bloomberg estimate Rs 922.5 crore).
EBIT down 3.6% at Rs 225 crore vs Rs 233.7 crore (Bloomberg estimate Rs 235.2 crore).
Margin at 24.3% vs 25.8% (Bloomberg estimate 25.5%).
Net profit down 6.5% at Rs 184 crore vs Rs 197 crore (Bloomberg estimate Rs 198.2 crore).
Delhivery: Fidelity, Mutual Funds Among Buyers After Canadian Pension Fund Exits
Sula Vineyards Reports Highest-Ever Q1 Revenue Of Around Rs 130 Crore
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