Stock Market Today: Nifty, Sensex End At New Record Close As RIL, ITC Lead Rally

-The local currency strengthened by 13 paise to close at 83.19 against the U.S dollar.

-It closed at 83.32 on Monday.

Source: Bloomberg

• Supreme Court order in favour of Delhi Metro does not impose any liability on the company

• Company has not received any money from DMRC or DAMEPL under the arbitral award

Source: Exchange Filing

The new solution is built on Salesforce Commerce Cloud to quick-launch digital commerce experiences

Source: Exchange Filing

• To increase prices of Swift and selected variants of Grand Vitara from today

• Prices of Swift have been raised by up to Rs 25,000

• Prices of Grand Vitara Sigma variant have been increased by Rs 19,000

Source: Exchange filing

• Group global wholesales at 3.77 lakh units, up 8% YoY

• Global wholesales of CVs and Daewoo range at 1.11 lakh units, down 6% YoY

• Global wholesales of PVs, including electric vehicles, at 1.55 lakh units, up 15% YoY

• Global wholesales for JLR were 1.10 lakh units, up 16% YoY

Source: Exchange filing

Market breadth was skewed in favour of sellers. Around 1,921 stocks declined, 1,704 stocks rose, and 142 remained unchanged on BSE.

• Updated version gets USD fork, digital dash, traction control

• New price is just Rs 829 more than the outgoing model

• Engine still rated at 24.5 BHP of peak power, 21.5 NM of torque

Source: Company

The scrip fell as much as 20% to Rs 227.60 apiece, the lowest level since March 15. At 11:04 a.m., it was locked in its lower circuit of 20%.

It has risen 44.47% in the last twelve months and 8.48% year to date.

• Retains 'sell'; Increases Fair Value by 13% to Rs 5,200; Downside 33%

• Dixon’s acquisition of Ismartu to further drive market share gains

• Recent tie-ups with Ismartu and Compal have potential to increase exports share over medium term

• Potential tie-up with BBK Group remains the next big catalyst for Dixon's mobile segment

• Raise mobile segment estimate on expanding share in mobile segment

• Sector View: Cautious

On the NSE, Vedanta rose as much as 7.06% during the day to Rs 361.85 apiece, the highest jump since Sept 29. It was trading 6.94% higher at Rs 361.45 per share, compared to a 0.33% advance in the benchmark Nifty as of 9:40 a.m.

The share price has risen 32.94% in the last 12 months. The total traded volume so far in the day stood at 9.4 times its 30-day average. The relative strength index was at 82, indicating the stock may be overbought.

Eight out of the 13 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 13%.

• Rated Neutral with target price of Rs 5605; upside potential 14.6%

• Received Form 483 issued to Alkem post USFDA inspection at cos Baddi formulation site in March 2024.

• Inspection happened after 4 years gap; was GMP and pre-approval inspection

• Inspection led to 10 Form 483 observations

• Observations cover quality systems, facility, production systems and lab control systems.

• Do not rule out possibility of an OAI classification

• Baddi contributes Rs10-13 billion to company's international market sales

• Contributes 8-10% of FY24 consolidated sales

• Co expects 2-3 product launches over next 12-18 months from Baddi

• These launches can potentially be delayed in case inspection is classified as OAI.

The scrip rose as much as 7.47% to Rs 1,400.35 apiece, the highest level since Nov 18, 2021. It was trading 4.87% higher at Rs 1,366.50 apiece, as of 09:26 a.m. This compares to a 0.29% advance in the NSE Nifty 50 Index.

It has risen 132.23% in 12 months. The relative strength index was at 77.06, which implied the stock is overbought.

Out of 18 analysts tracking the company, 11 maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 24.3%.

Project cost estimated at Rs 325 crore

Source: Exchange filing

Market breadth was skewed in favour of buyers. On BSE 1,512 stocks advanced, 1,203 stocks declined, and 100 remained unchanged.

At pre-open, the S&P BSE Sensex Index was up 270.26 points or 0.36% at 74,953.96 while the NSE Nifty 50 was 77.50 points or 0.34% higher at 22,720.25.

• The local currency strengthened by 9 paise to opened at 83.22 against the U.S dollar.

• It closed at 83.31 on Monday.

Source: Bloomberg

• The yield on the 10-year bond opened 2 bps lower at 7.13%.

• It closed at 7.15% on Monday.

Source: Bloomberg

• Recent recovery in global PMIs driving optimism for potential acceleration in demand growth for commodities

• Remains constructive on sector with preference for copper and aluminum

• Preferred BUY on Coal India TP Rs 520, Hindalco TP Rs 700 raised from Rs 610, and Tata Steel TP Rs 200; earlier Rs 165

• Hold JSW Steel (TP Rs 900; earlier Rs 800)

• Steel spreads still below long-term avg; room for further expansion

• Indian metal & mining firms shine in a commodity market lacking volume growth

• Start of new capacities to drive strong 11%/15% India volume CAGR for Tata Steel/JSW Steel over FY24-26e

• Strong preference for Coal India given attractive valuations and limited global exposure

• Margins and profits will be determined by operating leverage

• Commodity costs are expected to remain steady

• QoQ trends divergent; positive for PV,CV; negative for 2W,Tractors

• Watching out for FY25 Plans, New Launches in PV & EV along with Rural/Urban Trend

• Awaiting EV Plans with commentary on PLI and FAME 2 ending

• Maruti top OEM pick TP Rs 14,200 10% upside

• Endurance Technologies among parts makers TP Rs 2,300, upside 21%

• Target price Rs 700

• Has delivered 26 million Sq ft of space in last 3 decades, now has 43 million Sq ft under development

• Balance sheet strengthened to net cash in Dec 23

• Strong pipeline and balance sheet strength to push growth

• Delivers 36% pre-sales CAGR over FY21-23 following a stagnant decade

• Priority launches to sustain the near-term growth momentum

• Robust cash flows and healthy balance sheet to entail intensified BD spends

• Profitability to improve with a lag; expect KPDL to report 21% EBITDA CAGR over FY23-26

• Risks: inability to add new projects, slowing demand

• Target Price Rs 4,300

• Looking to grow volumes driven by new products

• New products and variations to existing ones to be the key drivers

• Interoperability of margins between the exchanges to provide further stimulus

• Retail participation has significant headroom for growth

• FPI participation to improve

• Software transition to aid operations and costs

• Expect MCX to deliver a revenue/EBITDA/PAT CAGR of 28%/205%/157% over FY24-26

• In pact with Korean Air for tech transformation

• Korean Air to use Ramco Aviation Suite software at its engine maintenance center

Source: Exchange filing

• Softbank reduces stake by 5.1% to 1.4% (6.5% in Dec2023)

• FPIs increase holding by 2.5% to 20.2% (from 17.7% in Dec2023)

  - Tiger Global shareholding increases to 1.04%

  - Goldman Sachs shareholding increases to 1.32%

  - Government Pension Fund Global shareholding increases to 1.34%

  - Societe Generale (through ODI / PNotes route) increases to 1.4%

  - Morgan Stanley (through ODI / PNotes route) increases 1.6%

• Total foreign shareholding has fallen 3.3% to 60.4% (earlier 63.7%)

• Nepal property with 102 rooms

• Crosses 10,000-room inventory with addition of Nepal hotel

Source: Exchange filing

• Price target of Rs 3,175 from Rs 2,700 earlier

• Maintains 'buy'

• FY24 Pre-sales of Rs 22,500 crore highest among listed developers

• Believes FY25 can see growth over high base with Hyderabad entry

• FY25/26E pre-sales estimates raised by 25%/19%

• Expect P&L margins to scale towards 15-18% over next 3-4 years

• Net gearing to stay upper end of its 0.5-1 times guidance on large project acquisition

• Target raised to Rs 390 vs Rs 260 earlier

• Well placed to benefit from commodity upcycle

• Capacity increase, profitability, capex program augurs well

• Guided for Group level EBITDA to rise from $5 billion to $6 billion in FY25 and $7.5 billion in FY26

• Key watch: Debt at parent level has declined meaningfully, leverage at VEDL has increased

• Raise blended EV/ EBITDA from 5 times to 5.5 times, earlier average 7 times shows rerating potential