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Rupee strengthened by 8 paise to close at 83.79 against the US dollar.
It closed at 83.87 on Monday.
Source: Bloomberg
Nifty ends higher in fourth consecutive session
Sensex resumes uptrend after one-day blip
Both the indices closed at their highest levels since August 2
Nifty ends 0.51% or 126.20 points higher at 24698.85
Sensex ends 0.47% or 378.1 points higher at 80802.86
Broader indices also ended higher; Nifty Midcap 100 ended 0.84% up and Nifty Smallcap 250 rose 0.54%
Except Nifty Media and Nifty FMCG, all sectoral indices closed higher; Nifty PSU Bank rose the most
SBI Life and HDFC Life were the top Nifty gainers
To sell 103 acres land parcel in Hyderabad to Mahindra University for Rs 535 crore
Source: Exchange filing
Arm gets US FDA approval for Glycopyrrolate oral solution
Source: Exchange filing
IndusInd Bank Shares Gain On Getting RBI Nod For Mutual Fund Business
Oil & gas sector and RIL to account for 60% of this spending
Investments to increase vertical integration and achieve net zero targets will keep spending high
Infra spending, increasing energy consumption and rising demand for connectivity to support earnings
Source: Moody’s Ratings
FIIs have now been pushed in the background
Money coming from SIPs has completely changed the game
Everybody is waiting for correction but all corrections have been bought into
Market went down on Yen carry trade, hence everyone started talking about it
Board approves second interim dividend of Rs 19/share
To pay total dividend of Rs 8,028 crore for FY25
Source: Exchange Filing
Arm Greaves Finance in pact with River Mobility under 100% EV-focused lending platform evfin.
Source: Exchange Filing
Saraswati Saree Shares Debut At 25% Premium Over IPO Price
Zomato Falls After Antfin Singapore Sells Stake Worth $556 Million
KEI Industries Gains As UBS Initiates 'Buy' With Over 40% Upside
In pact with Salesforce to launch innovative sustainability solutions
Source: Exchange Filing
The scrip rose as much as 4.04% to Rs 6,884 apiece, the highest level since August 1, 2024. It pared gains to trade 3.62% higher at Rs 6,855 apiece, as of 09:20 a.m. This compares to a 0.22 advance in the NSE Nifty 50 Index.
It has risen 24.69% on a year-to-date basis. Total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 57.69.
Out of 33 analysts tracking the company, 23 maintain a 'buy' rating, 6 recommend a 'hold,' and 4 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.5%.
Gets order worth Rs 105 crore from renewable energy sector for supply of steel pipes
Source: Exchange Filing
At pre-open, the Nifty was at 24648.90, up by 0.44% or 107.75 points and the Sensex rose 0.36% or 285.89 points to 80722.73.
The yield on the 10-year bond opened flat at 6.86%.
It closed at 6.86% on Monday.
Source: Bloomberg
The rupee opened flat at 83.87 against the US dollar.
It closed at 83.87 on Monday.
Source: Bloomberg
Opens 90-day positive catalyst watch
Target price at Rs 380 implies 11% upside
OMCs have underperformed Nifty in the last 6months
Underperformance due to refining and marketing margins, and elections
Factors of underperformance now reversing
FY25-26E earnings still around 15-20% ahead of consensus
Dividend yield of 4-5% supportive
Retains Neutral Rating on IndusInd; target of Rs 1,580 implies 17% upside
RBI approval for asset management business
Co can now generate revenue as a ‘manufacturer’ of mutual funds
Distribution business is just 0.4% of PBT, significantly lower than peers
Views development as positive at the margin, but scale to take time
Initiates 'Buy', target price of Rs 6,150, implying 40.8% upside
Highest presence among peers in cables and wires segment
Sees scope for market share gains in branded housing wires and cables
Believes ramp up of branded wires to drive returns and cash generation
Stronger balance sheet and improving brand strength to help expand product range
Expect topline and EBITDA CAGRs of 22% and 31% during FY25-27E
Estimate earnings CAGR of 31% between FY24-27E
Downside risks: Slower domestic infrastructure creation, delays in capex
Maintains 'buy' with target price of Rs 3,180 from 3340 earlier
New target implies 15% upside
Tougher terrain ahead for SUVs; tractors treading well
FY24 was the “year of SUVs” for M&M
FY25 is expected to see better momentum in tractor segment
SUV demand for the company has moderated vs our earlier expectations
Cut volume estimates for SUV segment, resulting in slight cuts in earnings estimates
Keep tractor estimates unchanged for now
Could be possible upside risks to tractor numbers on better than expected festive demands
Top pick in the sector would be Maruti Suzuki
Initiates coverage with 'buy' and target price of Rs 8,550, implying 27% upside
Major beneficiary of electrification infrastructure creation
Presence in 40% of the domestic electrification market, robust competitive positioning
Distribution-led export business model offers incremental growth potential
Growth-levered business model, highest investment among peers
Led by capacity expansion, ramp up in ad spends and B2B focus
Significant room to grow addressable market revenue share; 2nd largest to Havells
FMEG consumer pull is key, expect FMEG Profitability at 5%
Forecast revenue/earnings growth of 20%/23% in FY24-27
Overweight stance on staple companies owing to favourable risk-reward dynamics and anticipated volume recovery
Maintains cautious stance on discretionary stocks; and positive view on jewellery companies
Expect that the volume improvement trajectory for staples will continue in FY25
Volumes aided by stable retail inflation, a healthy progress of the monsoon season, and government’s budgetary allocation towards boosting the rural economy
Paints weak discretionary demand and the changing competitive landscape are adversely affecting growth
Margins of innerwear companies were affected by increased discounts and volatile raw material prices
Liquor companies demand faced challenges despite the seasonality due to election-related restrictions and a lack of approvals for interstate transfers
For QSR’s pace of recovery is expected to be slow, which will likely keep operating margins under pressure
Optimistic about the jewellery sector and anticipate a continued rapid transition in consumer buying habits from informal/local to formalized channels
Top picks: HUL, GCPL, and Dabur Kalyan Jewellers and Titan
Maintains 'buy' on Bharat Petroleum at Rs 333.2 target 14% upside
Opens 90-day positive catalyst watch on the stock
Lower chance of fuel rate cuts a positive sign for marketing margins
Expect gross refining margins to improve sequentially
Believe integrated margins will improve sharply over Q2-Q3FY25
Q3FY25 earnings to be boosted if govt announces compensation for LPG losses
FY25-26 earning estimates remain at 15-20%
Expects the current $8 billion segment to be worth $20 billion in FY30
Shifting global supply chain and incumbents' sizeable capacity should lift export revenue from $2 billion in FY24 to $5 billion in FY30
Revenue and EBITDA CAGRs for UBS's cable and wire coverage to rise 20%/25% in FY24-28E
Favourable supply-demand dynamics to benefit industry leaders
Top-line and margin expansions have driven a re-rating for the C&W segment
Valuations in line with the broader market and seemingly low near-term de-rating risks
Maintains Buy with a target of Rs 1,550, implying 26% upside
Management Meet Takeaways
Positive on tendering environment across key verticals and geographies
FY25 growth guidance of 20%, Profit Before Tax margin of 4.5%-5%
Cashflow of INR 550cr on divestment of non-core assets and improving ROCE
Co is disciplined in order picking and has an impeccable execution track record
Board approves raising of funds via issue of 56 lakh shares on preferential basis
Issue price of preferential issuance of shares at Rs 714/share
Board approves issuance of 13 lakh fully convertible warrants at issue price of Rs 750/share
Source: Exchange Filing
Stock Market Today: All You Need To Know Before Going Into Trade On Aug. 20
Ex/record dividend: Balkrishna Industries, IRB Infrastructure Developers, Titagarh Rail Systems, Dr Lal Path Labs, the Phoenix Mills, PI Industries, Rain Industries, Sun TV Network, Apar Industries, AIA Engineering, the South Indian Bank, and JK Paper.
Ex/record AGM: Titagarh Rail Systems, Apar Industries, The South Indian Bank, Vodafone Idea, JK Paper, Saregama India.
Ex/record buyback: AIA Engineering.
Moved out short-term ASM Framework: Mukka Proteins.
IndusInd Bank Receives RBI Approval For Mutual Fund Business
Ethos: Bandhan Mutual Fund bought 3 lakh shares (1.22%) at Rs 3,346 apiece. Mahen Distribution Ltd. sold 1.6 lakh shares (0.65%) at Rs 3,346 apiece, and Master Capital Services Ltd. sold 1.4 lakh shares (0.57%) at Rs 3,346 apiece.
Interarch Building Products: The public issue was subscribed 3.2 times on day 1. The bids were led by non-institutional investors (7.85 times), retail investors (2.76 times), and qualified institutional investors (0.27 times).
Vedanta Cuts Hindustan Zinc Shareholding To 63.42% Through Share Sale
Tata Motors Sets Sept. 1 As Record Date For Share Capital Reduction
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
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