Stock Market Today: Sensex, Nifty Extend Decline For Third Day After Budget Announcement

Rupee Weakens To Fresh Record Low Against US Dollar

• Gland Pharma Ltd. has received a tentative approval from US Food and Drug Administration for Latanoprostene Bunod ophthalmic solution.

Source: Exchange filing

• Revenue up 3.8% at Rs 3464 crore vs Rs 3338 crore

• EBITDA [RD] 13.3% at Rs 603 crore vs Rs 696 crore

• EBITDA margin at 17.4% vs 20.6%

• Net profit down 29.8% at Rs 252 crore vs Rs 359 crore

[14:31, 7/23/2024] +91 73043 50790: Q1 EARNINGS - HERITAGE FOODS (Cons, YoY)

• Revenue rose 4.6% at Rs 1,114 crore vs Rs 1,064 crore

• Ebitda fell 1.3% at Rs 167 crore vs Rs 169 crore

• Ebitda margin at 15% vs 15.9%

• Net profit fell 15.4% at Rs 92.3 crore vs Rs 109 crore

• Total income rose 20.3% at Rs 3,760 crore vs Rs 3,125 crore

• Net profit rose 45.5% at Rs 513 crore vs Rs 353 crore

• SpiceJet Ltd.'s board has approved raising up to Rs 3,000 crore via QIP.

Source: Exchange filing

Rupee Hits Fresh Record Low As Budget Proposes Higher Capital Gain Tax

• Revenue rose 1.8% at Rs 424 crore vs Rs 417 crore

• Ebitda fell 21.2% at Rs 41 crore vs Rs 52 crore

• EBITDA margin at 9.6% vs 12.4%

• Net loss fell 92.5% at Rs 2 crore vs Rs 24 crore

• Great Eastern Shipping Co. is to sell its Medium Range Product Tanker, Jag Pranav.

Source: Exchange filing

• Rushil Decor Ltd. has expanded into North American market to strengthen global presence.

Source: Exchange filing

• Hahnair partnered with RateGain Travel Technologies Ltd. forairline pricing solution, AirGain to optimise revenue streams.

Source: Exchange filing

• Ajooni Biotech entered Gujarat market for supply of pure veg cattle feed.

Source: Exchange filing

The scrip rose as much as 7.55% intraday to Rs 198.50 apiece, the lowest level since June 5, before paring losses to trade 3.7% lower at Rs 207.13 apiece, as of 10:06 a.m. This compares to a 0.19% decline in the NSE Nifty 50.

It has risen 56.31% on a year-to-date basis and 150.66% in the last 12 months. Total traded volume so far in the day stood at 0.59 times its 30-day average. The relative strength index was at 39.03.

Out of the six analysts tracking the company, one maintain a 'buy' rating, one recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 10.7%.

At pre-open, the NSE Nifty 50 was 59.65 points or 0.24% higher at 24,568.90, and the S&P BSE Sensex was 0.29% or 235.80 points higher at 80,724.30, while investors look forward to Budget announcement from Finance Minister Nirmala Sitharaman.

• The yield on the 10-year bond opened flat at 6.97%.

• It closed at 6.97% on Monday.

Source: Cogencis

• RBI Bank Ltd. has approved appointment of Chandan Sinha as Part-Time Chairman with effect from Aug 3.

Source: Exchange filing

• The local currency strengthened by 2 paise to open at 83.64 against the US dollar.

• It closed at 83.66 on Monday.

Source: Bloomberg

• L&T Technologies Ltd. is in pact with SymphonyAI to provide AI-based services.

Source: Exchange filing

• One 97 Communication Ltd. is in pact with Axis Bank to offer POS solutions and EDC devices to merchant network.

• Alert: EDC device is electronic data captured device.

Source: Exchange filing

• Citi Research maintained a 'Sell' on JK Cement Ltd. and raised the target price to Rs 4,400 which implied a 10% downside

• Q1 EBITDA rose 19% YoY on higher sales volumes, lower costs

• Outperformance vs estimates largely on lower costs

• Company on track to expand capacity to 30 MTPA by FY26

• Marginally tweak FY25-27E EBITDA estimates by 0-3% on lower costs

• Maintain 'Buy' with a target price Rs 500 compared to Rs 450), upside 18.8%

• market is not yet appreciating & fairly pricing in the return of growth and resumption of payouts

• Expect 6% dividend yield on FY26-27E vs. nil payouts for the last 2Y

• Ascribe a higher target multiple for Indus (9x to 10x)

• Introduce a 90-day Positive Catalyst Watch

• Catalysts: Recovery of past dues from VI

• Improved growth outlook as VI revives capex

• Positive developments in the AGR case

• Potential purchase of 3% stake by Bharti.

• Retain Buy with TP Rs. 880, Upside 15%

• Strong growth in aerospace and defense drives revenue

• Margins declined 140bp YoY, mainly due to higher SG&A expenses

• Company expects higher order inflows in 2QFY25

• Margins expected to pick up in upcoming quarters led by op leverage

• Momentum sustenance led by healthy order inflows and high customer stickiness

• Estimate Co to report a CAGR of 33%/50%/69% in revenue/EBITDA/ Adj. PAT over FY24-26

• Maintain EPS Estimates and retain 40x FY26 P/E

• Motilal Oswal Reiterates 'Neutral' Rating on Oberoi Realty Ltd.

• Price target of Rs 1,560, which implied a 10% downside

• Pre-sales doubled to Rs 1,070 cr driven by 360-West bookings

• Started to witness an uptick in its rental portfolio

• Expect 41% CAGR in pre-sales over FY24-26

• Re-rating dependent on re-investment of strong cash flow generation

• Finance Minister Nirmala Sitharaman will present union budget for fiscal year 2024-25 today.

• Catch all live updates on Budget 2024 here.

• Citi Research has maintained a 'Buy' with a target price Rs. 630 up from Rs. 560., which implied an upside of 15%.

• Estimates tweaked to reflect stronger demand growth expectations

• FY25-27E earnings estimates are thus increased by 2-10%

• Raise target P/E for core business to 22 times from 20 times;reflecting better demand trends

• Value core lead acid batteries at Rs.490 per share from Rs.420 earlier

• Continue to value Li-ion cell business at Rs.140 per share

• Based on Exide’s investment for the 1st phase at 2.5 times

• Citi Research has maintained a 'Buy' on GAIL (India) Ltd., and raised its target to Rs 250, which implied a 12% upside.

• Makes minor 0-1% changes to FY25-27E EBITDA estimates.

• Changes made on slight increase in average gas transmission volume forecasts.

• Increase target EV/EBITDA multiple for gas transmission segment from 10 times to 11 times.

• Mahindra Logistics Ltd. has approved re-appointment of Rampraveen Swaminathan as MD & CEO for 5 years with effect from Feb 4, 2025.

Source: Exchange filing

• GE Power India Ltd. has received an order worth Rs 348 crore from NTPC GE Power Services Pvt. Ltd. for renovation and modernisation of steam turbines.

Source: Exchange filing

• Coforge Ltd.'s wholly-owned step-down arm Coforge DPA NA signs an asset purchase pact with OptML Inc.

• Coforge DPA NA is in pact with OptML to acquire customer contracts, key managerial personnel, employees & sub-contractors, vendors.

Source: Exchange filing

Coal India Bags First Critical Mineral Asset With Graphite Block

SEBI Returns Draft Documents Of Crizac's Rs 1,000-Crore IPO

Uttarakhand Government Hikes Hospital Contract Estimate To Rs 593.99 Crore

Gensol Engineering Wins Rs 600-Crore Solar Projects In Gujarat

Suzlon Energy Q1 Results: Profit Rises Threefold, Beats Estimates