Stock Market Today: Sensex, Nifty End At Over Two-Week High Led By Finance, Tech Shares

• 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