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The NSE Nifty 50 and BSE Sensex posted fresh highs during last few minutes of the trade.
The Nifty 50 ended at the highest closing level for fourth session in a row.
HDFC Bank Ltd., and Axis Bank Ltd. were the top gainers in the index.
The NSE Nifty Auto index rose 0.70% to a fresh high of 27,108.45. Mahindra & Mahindra Ltd. and Apollo Tyres Ltd. were lead contributors to the index.
The NSE Nifty Midcap 150 rose 0.10% to a fresh high of 22,515.40. It settled 0.61% lower 22,357.40.
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Arkade Developers Shares End At 29.3% Premium Over IPO Price
Lemon Tree Hotels Ltd. plans to renovate 3,000 rooms in the current year, and 1,500 rooms by financial year 2027–2026, said Managing Director Patanjali Keswani.
Normally, Lemon Tree renovates one-sixth of hotels every year, didn't do it for 4-5 years, Keswani said in an interview to NDTV Profit.
The July–September will be better than the previous quarter in terms of performance, he said. Lemon Tree expects margin profile to remain on similar levels in second quarter. The best quarter for the company is Jan–March.
Lemon Tree's 20% of inventory to remain shut in the second quarter. The company expects average rates to go up by 12-13% once renovation is complete, Keswani said.
KRN Heat Exchanger IPO Oversubscribed Within Minutes Of Opening
Jindal Steel & Power Ltd. and JSW Steel are ICICI Securities Ltd.'s top pick in metal segment. In non-ferrous sector, the brokerage prefers Hindalco Industries Ltd, Lead Metal Analyst Amit Dixit said to NDTV Profit in an interview.
ICICI Securities expects metal companies to not have Ebitda per tonne impacted meaningfully in second quarter of financial year 2024–25, Dixit said.
Indian domestic steel consumption remains strong. Steel companies exposed to external raw material are at an advantage, while Steel companies that have captive raw materials do not have much advantage, he said.
PC Jeweller Shares Hit Multi-Year High As Board To Consider Stock Split
CLSA expects a retail fuel price cut after Oct 5. It believes the government may also raise excise duty on auto fuels.
The hike in excise duty to bring down breakeven price for diesel and petrol. The lower retail prices, higher duties make IOCL, BPCL, HPCL if crude prices rise above $80-85 per barrel, the brokerage said.
Lower than Rs 5 per litre diesel price cut to not impact IGL, MGL's prospects. CLSA believes diesel and petrol marketing margins have shot up to Rs13/10 per litre
HDFC Bank Hits Two-Month High As HSBC Raises Target Price, Maintains 'Buy'
Piramal Pharma Shares Jump As Jefferies Hikes Target Price
Delta Corp Shares Hit Over Two-Month High After Announcing Demerger Of Real Estate Business
Market breadth was skewed in favour of buyers. Around 1,681 stocks rose, 1,168 stocks declined, and 119 stocks remained unchanged on BSE.
Hyundai Motor India Secures SEBI Approval For IPO
At pre-open, the NSE Nifty 50 was trading 0.16% lower at 25,899.45, and the BSE Sensex was trading 0.09% lower at 84,836.45.
Sunil Prabhakaran Nair resigned as Chief Executive Officer and Whole Time Director. The company appointed Padamdeep Singh Handa as Whole Time Director & CEO, it said in an exchange filing
Retains Buy, Hikes target price from Rs 1,870 to 2,010, which implied a14%
Media articles of sell down of 3% of loan book to bring down Loan to Deposit Ratio
Bank seems to be acting on stated intentions
Articles state that low yielding auto and mortgage loans will likely be sold
Further sell-downs to accelerate a return to normal LDR levels
Build in a sharp slowdown in headline loan growth over FY25-26e, LDR of 93%
Expect a 0.5-3% cut in FY25-27 EPS estimates, no changes in Book Value
Increase value ascribed to HDB Financial and upgrade core multiple to 2.5x Price to Book
The yield on the 10-year bond opened flat at 6.75%. It closed at 6.76% on Tuesday, according to date on Bloomberg.
Rupee strengthened by 9 paise to open 83.58 against the US dollar. It closed at 83.67 on Tuesday, according to date on Bloomberg.
Investor Day Key Takeaways:
Maintain buy with target price of Rs 260; upside 20%
Aim for 2x revenue and 3x growth in Ebitda by FY30
Revenue growth achievable led by CDMO contracts
Expects operating leverage and improvement in ROCE
Co expects 1x net debt to Ebitda by FY30 from 3.4x in FY24
Expects EBITDA to increase by 4-10% on stronger margins
India is likely to be among the fastest growing economies in medium-term
India’s earnings have stabilised after a decade long downcycle
Mid-teen profit growth momentum may sustain towards 2030
Estimate MSCI India’s profits to grow at 14% CAGr in next 6 years
Profit pool likely to shift towards Investment Cyclicals
Investment Cyclicals includes Autos, Real Estate, Chemicals, Industrials
It could see the largest rise in profit share, to become second largest profit pool with 25% profit share
Consumer Cyclicals could see the highest absolute growth
An investment upcycle could benefit asset heavy segments like retail, restaurants, hotels
There may be rotation in growth leadership towards Power and New Energy
Financials and Healthcare which led growth recently may lag
Here are 20 Goldman Sachs Buy-rated stocks -
RIL, L&T, NTPC, M&M, UltraTech, Power Grid, Adani Ports, IndiGo, Eicher Motors, Havells, Polycab, Ashok Leyland, Phoenix Mills, Uno Minda, Hitachi Energy, Astral, Embassy REIT, Kajaria, Blue Dart, Amber
Princeton Digital Group will set up data center campus at Mindspace REIT’s Business Park at Airoli West, the company said in an exchange filing.
Stock Market Today: All You Need To Know Going Into Trade On Sept. 25
The offshore Chinese yuan rose past 7.00 mark against the US dollar for the first time since May 2023 as hopes started to rise for the recovery of China's economy post stimulus package announcement. The Chinese yuan rose 0.23% higher at 6.9951 against the US dollar so far, according to data on Bloomberg.
The dollar index lost ground in Asian trade on Wednesday as weak US consumer confidence data raised concerns about the economy. The data from the Conference Board showed the biggest drop in consumer sentiment in year, Bloomberg reported.
The dollar index was trading 0.18% lower at 100.29 as of 08:06 a.m., compared to Wednesday's close of 100.47. T
The benchmark US 10-year Treasury note declined after the lower US consumer confidence data showed signs of weakness in the world's largest economy. It closed 0.56% lower at 3.73%, according to data on Bloomberg terminal.
However, on Wednesday, the yield on the US 10-year Treasury note gained some ground. It was trading 0.18% higher at 3.74%.
Crude oil prices declined on Wednesday after posting biggest gain in a week on rising tension in the middle east. The November contract of crude oil on Intercontinental Exchange was trading 0.31% lower at $74.94 a barrel as of 08:22 a.m.
On Tuesday, the price rose as much as 2.67% to $75.87 a barrel.
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