Stock Market Today: Sensex & Nifty's Two-Day Rebound Fails To Recoup Weekly Loss

Overseas investors remained net buyers of Indian equities for the second consecutive session on Friday.

Foreign portfolio investors mopped up stocks worth Rs 1,696.8 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net sellers and offloaded equities worth Rs 3,497.6 crore, the NSE data showed.

The S&P BSE Sensex closed 179 points, or 0.25%, higher at 72,026.15, while the NSE Nifty 50 gained 52 points, or 0.24%, to end at 21,710.80.

The market breadth was skewed in favour of the buyers. About 2,227 stocks advanced, 1,607 declined, and 102 remained unchanged on the BSE.

• Godrej Industries Ltd had 10.1 lakh shares changed hands in a large trade

• The company's 0.4% equity changed hands at Rs 842.6 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• 13.4 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 540 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Approves buyback worth Rs 325 crore via tender offer

• To buy back up to 44.82 lakh shares at Rs 725 apiece

• Buyback size represents up to 8.01% of the paid-up equity capital of the company

Source: Exchange filing

• Gail India Ltd signed a long-term LNG supply deal with Vitol

• Vitol to deliver LNG from global LNG portfolio

• Vitol deal for 1 MT/year LNG supply for 10 years

• Vitol to start LNG supply under term deal in 2026

Source: Exchange Filing

• Power Grid Crop Of India emerged as successful bidder for 2500 MW transmission system in Karnataka

• The company received Karnataka solar energy zone project via TBCB

• Alert: TCBC stands for Tariff Based Competitive Bidding

Source: Exchange Filing

• Banks place bid worth Rs 2.77 lakh crore in 7-day VRR auction conducted today

• Notified amount for the auction was Rs 1 lakh crore

• Auction cut-off was at 6.68%

Source: RBI

• Suzlon Energy Ltd received an order for 225 MW from Everrenew

• The company is to supply 75 wind turbines of 3 MW each to Everrenew

Source: Exchange Filing

• Wardwizard Innovations Mobility Ltd's Dec EV two-wheelers sales at 3,543 units, up 38% on an annualised basis.

Source: Exchange Filing

• The company had 17 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 187.05 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

The scrip fell as much as 2.55% to Rs 2,642.45 apiece, the lowest level since Dec 28, 2023. It was trading 1.32% lower at Rs 2,675.90 apiece, as of 11:16 a.m. This compares to a 0.14% advance in the NSE Nifty 50 Index.

It has risen 35.3% in 12 months. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 62.68.

Out of 37 analysts tracking the company, 19 maintain a 'buy' rating, 12 recommend a 'hold,' and six suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 7.6%.

• Edelweiss Financial Services Ltd announced public issue of secured redeemable NCDs worth Rs 250 crore

Source: Exchange Filing

• Century Textiles & Industries at 5.81x its 30 day average

• Endurance Technologies at 5.15x its 30 day average

• Krishna Institute Of Medical Sciences at 4.46x its 30 day average

• Macrotech Developers at 3.93x its 30 day average

• Sula Vineyards at 3.56x its 30 day average

• Finolex Industries Ltd at 3.56x its 30 day average

• ICICI Prudential Life Insurance Company Ltd had13.4 lakh shares changed hands in a large trade

• The company had 0.1% equity changed hands at Rs 539.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Kotak Mahindra Bank Ltd had 32.7 lakh shares changed hands in a large trade

• The lender's 0.2% equity changed hands at Rs 1,848.25 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• KPI Green Energy Ltd received an order for 3 MW solar power plant

• Project to be completed in FY25 in various tranches

Source: Exchange Filing

The scrip rose as much as 10.00% to Rs 2,703,95 apiece, the highest level since its listing on BSE on Aug 9, 2012. It pared gains to trade 7.44% higher at Rs 2,641.05 apiece, as of 10:43 a.m. This compares to a 0.30% advance in the BSE Sensex Index.

The scrip has risen 437.41% in 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 92.04, which implied the stock is overbought.

• Aditya Birla Capital Ltd had 12.6 lakh shares changed hands in a large trade

• The company's 0.05% equity changed hands at Rs 177.7 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Mix shift from BNPL should improve take rates to 3.8-4%

• Factoring reduced number of loans

• Levers: cost control, embedded insurance uptake

• Revenue lower by 7-9%, margins tweaked to 1.8% / 8.3% for FY25 / FY26

• Tata Steel Ltd had 69.1 lakh shares changed hands in a large trade

• The company's 0.1% equity changed hands at Rs 133.95 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Scrips of NHPC Ltd rose as much as 9.05% to Rs 75.30 apiece, the highest level since listing on Sep 1, 2009. It pared gains to trade 5.0% higher at Rs 72.50 apiece, as of 09:52 a.m. This compares to a 0.33% advance in the NSE Nifty 50 Index.

In 12 months, NHPC Ltd has risen 84.95% Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 75.88, which implied the stock is overbought.

Out of nine analysts tracking the company, eight maintain a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 16.7%.

At pre-open, the S&P BSE Sensex was 0.24% or 174.99 points higher at 72,0022.56, while the NSE Nifty 50 was 0.22% or 47.15 points higher at 21,705.15.

• The yield on the 10-year bond opened flat at 7.23% on Friday.

Source: Bloomberg

• The local currency opened flat at 83.24 against the U.S dollar on Friday.

Source: Bloomberg

• American Tower reports pact to sell operations in India to Brookfield

• American Tower India ops sale proceeds potentially represent up to $2.5 billion

• American Tower agrees to sell India operations to Brookfield

• American Tower India asset sale expected to close in H2 2024

• American Tower India asset sale proceeds to be used to repay existing debts

Source: Bloomberg

• EM assets remain in focus as 2024 Fed cuts become more cemented

• New inflows required to support structurally positive environment for EM fixed income

• DM central bank cuts may provide for such inflows

• Prefer EM rates over EMFX, given signs toward continued disinflation

• Selective opportunities in FX carry still remain

• Gross advances as of Dec 31 at Rs 32,780 crore, up 5%

• Total deposits as of Dec 31 at Rs 32,385 crore, up 5%

• CASA as of Dec 31 at Rs 10,593 crore, up 2%

Source: Exchange Filing

• Total sales value at Rs 1,952 crore vs Rs 1,425 crore YoY

• Average price realisation at Rs 11,732/sq ft vs Rs 9,653/sq ft YoY

• New sales area at 1.66 mn sq ft, up 12.7% YoY

Source: Exchange Filing

• India operations revenue growth of 40% YoY

• Added 22 net new ‘Kalyan’ showrooms in India

Source: Exchange Filing

• The real estate company added 3 projects with 2 million square feet saleable area for a GDV of Rs 6000 crore

• Its net debt stood at Rs 6,750 crore vs Rs 8,040 crore on year

• Collections at Rs 2,590 cr, [RD] 3% YoY

• Pre-sales at Rs 3,410 crore, [GU] 12% YoY

Source: Exchange Filing

• Rates buy with price target of Rs 3,600

• Sharpened policy focus to compress US$60bn opportunity into 5-7 years

• New orders to see material step up with revenues rising at 16% CAGR

• Own-design manufacturing to drive high double-digit EPS CAGR, 20% ROE

• Set to triple its order book from Rs0.8tn in FY23 to Rs2.4tn in FY26

• On course to re-rate by a similar magnitude to BHE in the past decade

• The brokerage rated Dabur India with 'buy' with TP Rs650

• Emkay said weak winter hurts India show; valuation captures headwinds;

• In Q3FY24, Dabur likely to post 7% consol. revenue and 9% earnings growth.

• Expects 4% volume-led revenue growth on the domestic front, with 8% growth in Company’s international business.

• Badshah to contribute ~2% to consol. revenue, with >20% YoY growth.

• Presales for top 7 cities up 20% by sales volumes with 10%+ blended realization gains

• Expect 70% YoY pre-sales growth for stocks under coverage in Q3FY24

• Believes 68-85% of FY24E forecasts being met with GPL at upper end

• Expects Q4 upgrades likely given seasonal strength of the quarter

• Believes stocks are 60% above avg based on 5 yr avg PE valuation

• NTPC Ltd: Buy with price target of Rs 415

• Power Grip Corp Of India: Buy with price target of Rs 270

• JSW Energy Ltd: Buy with price target of Rs 595

• Initiate’s coverage with 'buy' rating and target price of Rs 800

• Estimates PAT CAGR of 28% over FY23-FY26E and an RoA/RoE of 4.1%/22% by FY26E

• Expects IIFL to be able to maintain its NIM at similar levels in FY25/FY26 with a potential upside from credit rating upgrade

• Expect the proportion of off-book loans to improve to 43% by FY26.

• Anticipates the proportion of co-lending to rise to 50%

• Expects branch expansion strategy to take a back seat and higher productivity to result in improved opex-to-average AUM ratio of 3.5% by FY26

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