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"Equity markets in India witnessed volatility during the week ended Jan 21, 2022. Global equity markets were volatile as well on the back of expectations of faster interest rate hikes by the US Federal Reserve, rise in US bond yields, higher crude oil prices and concerns over rising inflation", Shibani Kurian, Senior EVP & Head - Equity Research, Kotak Mahindra Asset Management Company wrote in a note and added that "majority of companies are feeling the impact of higher input cost inflation leading to compression in YoY margins (in December quarter earnings). With demand being buoyant, we do expect companies to pass on some of higher input costs in terms of price hikes over the next quarter so as to protect margins".
Shares of Hindustan Zinc Ltd. rose over 2%, the biggest intraday gain in over two weeks to Rs 329.4 apiece after the company reported net income for the third quarter that met the average analyst estimate.
Net income up 33.91% at Rs 2,701 crore vs Rs 2,017 crore (Bloomberg consensus estimate: Rs 2,680 crore)
Revenue up 31.60% at Rs 7,841 crore vs Rs 5,958 crore (Estimate: Rs 8,070 crore)
Total costs at Rs 4,411 crore vs Rs 3,571 crore
Other income at Rs 279 crore vs Rs 311 crore
Of the 20 analysts tracking the company, four maintained 'buy', eight maintained 'hold' and eight maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 5.9%.
Trading volume on the stock was three times the 30-day average volume, at this time of the day.
Source: Bloomberg, Exchange Filing
Shares of Bajaj Finserv Ltd. fell 5.5% in intraday trade to Rs 16,310.2 apiece. The stock has shed nearly 10% over the past two sessions after the company reported a decline in net profit in its December quarter earnings, on Thursday
Net profit down 2.6% at Rs 1,255.79 crore vs Rs 1,289.96 crore
Revenue up 10% at Rs 17,586.74 crore vs Rs 15,958.53 crore
Total costs at Rs 14,370.55 crore vs Rs 13,181.54 crore
Company remains watchful of the covid situation, risk of that is expected to remain elevated in Q4FY2022.
Of the 11 analysts tracking the company, eight maintained 'buy' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 6.4%.
Trading volume on the stock was over two times the 30-day average volume, at this time of the day.
Share price crossed below 50-day moving average, indicating potential downward price momentum.
Source: Bloomberg, Exchange Filing
Revenue up 5.1 times at Rs 614.15 crore vs Rs 120.32 crore
Net loss at Rs 10.18 crore vs Rs 153.13 crore
Ebitda turned positive to Rs 164.91 crore vs loss of Rs 68.13 crore
Source: Exchange filing
Of the 18 analysts tracking the company, 16 maintained 'buy' and two maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 33.1%.
Trading volume on the stock was nearly 2.5 times the 30-day average volume at this time of the day.
Source: Exchange Filing, Bloomberg
The S&P BSE MidCap underperformed its larger peers, losing 0.8% while the S&P BSE SmallCap almost mirrored Sensex and Nifty. Barring S&P BSE FMCG, Auto indices, all the other 17 sectoral indices compiled by BSE Ltd. declined, with S&P BSE Telecom and Consumer Durables falling over 1.7%.
The market breadth was skewed in the favour of bears. About 1,311 stocks advanced, 1,969 declined and 108 remained unchanged.
Asian Paints Q3 Review: Increased Distribution, Discretionary Demand Revival To Aid Sales, Say Analysts
Hindustan Unilever raised to 'buy' from 'accumulate' at Elara Securities; price target set at Rs 2,770.
Bajaj Auto raised to 'accumulate' from 'reduce' at Elara Securities; price target set at Rs 3,880.
Source: Bloomberg
PNB Housing Shares Fall On Analysts’ Concerns Over Asset Quality, Capital-Raising
Variable rate repo auction of Rs 75,000 crore scheduled for today.
RBI had scheduled a Rs 50,000 crore variable rate repo auction for Thursday.
Alert: Repo auctions follow an increase in call money market rate to above 4%.
Alert: Repo auctions despite surplus liquidity conditions, even though size of surplus has reduced.
Source: RBI
AGS Transact Technologies IPO Subscription Status: Day 3 Live Updates
Maturities across the India sovereign yield curve were little changed in Friday morning trading.
The 1-year yield remained unchanged at 4.345%
The 10-year yield fell 1bp to 6.604%
The 18-year yield remained unchanged at 7.133%
The 2-year-10-year yield spread was 192.1bps, vs previous close 193.1bps
Source: Bloomberg
HUL Q3 Review: Analysts Retain 'Buy' Citing Market Share Gains, Demand Revival Despite Inflation Woes
Max Healthcare Institute Ltd. has 2.54 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The S&P BSE MidCap almost mirrored its larger peers, losing 0.91%, while S&P BSE SmallCap outperformed Sensex and Nifty as it shed 0.56%. Barring S&P BSE Power, all the other 18 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology, Bankex, Consumer Durables and Teck shedding 1.5%.
The market breadth was skewed in the favour of bears. About 931 stocks advanced, 1,740 stocks declined and 91 remained unchanged.
Adani Wilmar Ltd. has set price range of Rs 218-230 per share for its IPO that seeks to raise Rs 3,600 crore ($484 million) selling new shares, according to an advertisement in Financial Express newspaper Friday.
The Ahmedabad-based FMCG food company aimed to raised as much as Rs 4,500 crore when it filed DRHP.
Investors can bid for minimum of 65 shares of face value Rs 1 each in the sale.
The IPO opens Jan. 27 and closes Jan. 31.
Kotak Mahindra Capital, JP Morgan, BofA Securities, Credit Suisse, ICICI Securities, HDFC Bank and BNP Paribas are managing the issue.
The company aims to use funds for development and expansion of manufacturing facilities, acquisitions and to repay loans
Source: Bloomberg
Stocks with exposure to Russia may be active after Dow Jones reported Washington is allowing some Baltic states to send U.S.-made weapons to Ukraine, citing comments from U.S. officials.
In Focus: Dr. Reddy's Laboratories
Source: Bloomberg
Net profit up 4.75% to Rs 357.68 crore vs Rs 341.46 crore (Bloomberg consensus estimate Rs 363 crore)
Revenue up 8.87% to Rs 3,123.72 crore vs Rs 2,869.23 crore (Estimate: Rs 3,043 crore)
Total costs at Rs 2,674.80 crore vs Rs 2,453.5 crore
Other income at Rs 30.65 crore vs Rs 43.94 crore
Source: Exchange Filing, Bloomberg
Traders are awaiting the sale of Rs 24,000 crore ($3.2 billion) of Indian government bonds at a weekly auction. A decline in U.S. Treasury yields and crude oil prices could provide some reprieve to Indian assets.
USD/INR rose 0.1% to 74.5100 on Thursday.
10-year yields rose 1 basis points to 6.61% on Thursday.
Global funds sold net Rs 4,680 crore of India stocks Thursday: NSE
They bought Rs 437 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 238 crore of corporate debt.
State-run banks bought Rs 388 crore of sovereign bonds on Jan. 20: CCIL data. Foreign banks bought Rs 361 crore of bonds.
Source: Bloomberg
Bajaj Finance upgraded to 'buy' from 'sell' by Axis Capital; price target set at Rs 8,700.
Hindustan Unilever upgraded to 'buy' from 'add' by Axis Capital; price target set at Rs 2,730.
Source: Bloomberg
PTC India: On the issue of corporate governance raised by three independent directors in their resignation letters, the company said the management is closely monitoring the situation and observed that there are differences of opinion at operation and board level on few issues. These issues are being looked into by a senior level committee of the company.
Aditya Birla Sun Life: Has received approval from International Financial Services Centres Authority to carry out portfolio management services from GIFT City, Gandhinagar.
Ultratech: Has executed a share purchase agreement for acquiring 100% equity shares in National Limestone Co.
PNB Housing Finance: Kapish Jain has resigned as chief financial officer.
Fermenta Biotech: Has signed a pact with Aurigene Pharmaceutical for exclusive licence of its proprietary biocatalytic technology for synthesis of Molnupiravir and supply its enzyme Candida Antarctica B Lipase to APSL, and APSL’s exclusive procurement of the enzyme from the company.
Fedex Securities: Announced an open offer of up to 5,58,373 shares of face value Rs 10 each, representing 16.34% of the voting share capital.
Accel: To buy 26% stake in Bizcarta Technologies India for up to Rs 5 crore.
Data Patterns India: Wins Rs 27 crore order from DRDO.
Natco Pharma: Pact with Medicines Patent Pool, Switzerland to make and sell Molnupiravir capsules.
Earnings: Reliance Industries, JSW Steel, HDFC Life Insurance Company, SBI Life Insurance Company, Hindustan Zinc, IDBI Bank, Bandhan Bank, Gland Pharma, L&T Finance Holdings, Vodafone Idea, PNB Gilts, Polycab India, Tanla Platforms, CSB Bank, PVR, Inox Leisure, Kajaria Ceramics, Jyothy Labs, Heritage Foods, RattanIndia Power, Gokaldas Exports, Kabra Extrusiontechnik, Max Ventures and Industries, Oriental Aromatics, Ramco Industries, Share India Securities, Supreme Petrochem, Supriya Lifescience, Wendt (India)
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