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Market breadth was skewed in favour of buyers. Around 2,698 stocks rose, 1,114 stocks declined, and 111 stocks remained unchanged on BSE.
Net profit at Rs 260 crore vs Rs 268 crore, down 3%
Revenue at Rs 1,150 crore vs Rs 1,274 crore, down 10%
EBITDA at Rs 297 crore vs Rs 316 crore, down 5.8%
Margin at 25.9% vs 24.8%
Net profit at Rs 43 crore vs Rs 38 crore, up 13%
Revenue at Rs 365 crore vs Rs 302 crore, up 21%
EBITDA at Rs 67 crore vs Rs 58 crore, up 15%
EBITDA margin at 18.4% vs 19.3%
Approves appointment of Pooja Bajaj as Executive Director for 5 years effective May 14
Approves raising up to Rs 500 crore via QIP
Source: Exchange filing
Net profit at Rs 236 crore vs Rs 243 crore, down 3%
Revenue at Rs 4,455 crore vs Rs 4,084 crore, up 9%
EBITDA at Rs 422 crore vs Rs 423 crore, down 0.4%
EBITDA margin at 9.5% vs 10.4%
Board recommends dividend of Rs 51/share
Loss of Rs 130 crore vs loss of Rs 334 crore
Revenue at Rs 1,256 crore vs Rs 1,143 crore, up 10%
EBITDA at Rs 278 crore vs Rs 264 crore, up 5.5%
EBITDA margin at 22.2% vs 23.1%
Restructuring of activities under process
Source: Exchange Filing
Overall industry premium stands at Rs 26,919 crore, up 15% YoY
Bajaj Allianz premium stands at Rs 2,389 crore, up 45% YoY
HDFC Ergo premium stands at Rs 1,727 crore, up 20% YoY
ICICI Lombard premium stands at Rs 1,727 crore, up 23% YoY
Reliance General Insurance premium stands at Rs 1,400 crore, up 24% YoY
Tata AIG premium stands at Rs 1,740 crore, up 11% YoY
Niva Bupa premium stands at Rs 444 crore, up 25% YoY
Star Health premium stands at Rs 1,014 crore, up 23% YoY
In partnership for operating food courts in shopping malls.
Source: Exchange Filing
Stock Market Live: Nifty Nears 22,200; Sensex Above 73,000
Rhenus will build a warehouse facility spanning 1.5 lakh sq ft., capable of storing over 7000 products.
The furniture retailer seeks to fulfill majority of the orders within 24 hours.
This marks the first fully outsourced central distribution centre for IKEA.
IKEA has plans to launch its e-commerce operations in the Delhi-NCR region in mid-2025.
Source: Official Statement
WPI inflation at 1.26% in April vs Bloomberg estimate of 1.10%
WPI inflation at 1.26% in April vs 0.53% in March
Source: Ministry of Commerce
Partners with du, from EmiratesIntegrated Telecommunications Company, one of the top telecom companies in the UAE for advanced optical fibre cables
Source: Exchange filing
The scrip rose as much as 9.6% to Rs 1,310 apiece, the highest level since May 7. It pared gains to trade 8.38% higher at Rs 1,293.20 apiece, as of 11:43 a.m. This compares to a 0.35% advance in the NSE Nifty 50 Index.
It has risen 91.20% on a year-to-date basis and 421.68% in the last 12 months. Total traded volume so far in the day stood at 1.23 times its 30-day average. The relative strength index was at 60.75.
Out of the five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 36%.
Passenger vehicles clock highest ever monthly sales yet again, two-wheeler volumes jump by more than a third, according to SIAM data for April 2024.
PV sales were 3,35,629 units in April 2024
Three-wheeler sales were 49,116 units in April 2024
Two-wheeler sales were 17,51,393 units in April 2024
Total two-wheeler sales rose 30.8% YoY to 17,51,393 units in April 2024, as against 13,38,588 units in April 2023.
Total three-wheeler sales rose 14.5% YoY to 49,116 units in April 2024, as against 42,885 units in April 2023.
“Above normal monsoon rainfall, policy continuity post-elections, and push on manufacturing and infrastructure…would help in continuing the auto sector’s growth trajectory.”
— Vinod Aggarwal, SIAM President
The scrip rose as much as 5.04% to Rs 2,417.85 apiece, the highest level since May 9. It pared gains to trade 1.6% higher at Rs 2,339 apiece, as of 11:15 a.m. This compares to a 0.3% advance in the NSE Nifty 50 Index.
It has risen 14% on a year-to-date basis and 67.32% in the last 12 months. Total traded volume so far in the day stood at 0.76 times its 30-day average. The relative strength index was at 75.84, indicating that the stock may be overbought.
Out of the 38 analysts tracking the company, 36 maintain a 'buy' rating, one recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 24%.
Zomato Q4 Results Review: Employee Costs to Drop Despite Higher ESOP Expenses
HAL Shares Hit Record High After UBS Target Price Upgrade
Hero MotoCorp Shares Rise To Record After Joining ONDC
The market breadth was skewed in the favour of buyers. Around 2,053 stocks gained, 639 fell, and 109 were unchanged on the BSE.
Motilal Oswal Maintains BUY on Jindal Steel
Target price raised to Rs 1,090; 17% potential upside
Q4 EBITDA was marginally lower than estimate, but the outlook remains bright
Company will increase its total finished steel capacity from 7.25mt to 13.75mt by FY26
Expects coal cost to moderate by USD 30-40/t in Q1FY25 on consumption basis
Company expects realization and profitability to improve with higher conversion of semis into VAP
At pre-open, the Nifty traded at 22,112.90, up 8.85 points or 0.04% while the Sensex fell 79.41 points or 0.11% to 72,696.72.
The yield on the 10-year bond opened flat at 7.12%.
It closed at 7.11% on Monday.
Source: Bloomberg
Quick comparisons with 2019 elections led to panic
Judging voter turnout with 2019 can often lead to absurd inferences
Phase 1 of 2019 elections differ significantly than that of ongoing elections
Structurally, it is more apt to compare current elections to that of 2014
Average voter turnout of 3 phases at over 66%, close to 2014 levels
Country lacks central vote theme this time, unlike in 2019
Only a case with >5% vote share decline, significant anti-incumbency is where elections become a market-defining event
Rated 'buy' with increased target price of Rs675 (Rs650 earlier), upside 25%
Outperformance vs estqimates driven by higher than expected revenues & better than expected EBITDA margins
Management indicated ~80% of impact of channel rebates and high cost inventory consumption is behind
$300-400m of free cash generation in FY25 will be used to reduce debt
Mgmt.is evaluating potential stake sales at individual businesses.
Raise FY25-26 EBITDA estimates by 10-11% on back of improvement in margins in 4Q.
Continue to value UPL at 7.5x Sep’25E EV/EBITDA
Maintains buy on HAL; Target raised to Rs 5,200 (vs 3600 earlier) (+32%)
Orders and delivery run rate to increase with stable profitability
Expect order wins of Rs5.3trn over FY24-28 implying a quadrupling of the order book by FY28E
Government push should improve HAL's execution capability and profitability
Street's concern about production ramp up looks misplaced
TP increase led by earnings upgrade, roll forward and increased target PE, from 32x to 40x
Rated Buy with target price of Rs 610 (Earlier Rs 635), upside 22%
Estimates Industry headwinds to persist in FY25
Industry supply glut and chinese generic export could keep price under pressure
Demand recovery, liquidation of global supply glut are key rerating catalysts
UPL appears to be on better footing once recovery sets in
Estimates PBT loss in Q1FY25;PE inexpensive
Core inflation hit a new low at 3% YoY with weakness across goods and services
No major surprises in April CPI print, with further decline in core inflation momentum
In-line inflation momentum suggests a manageable supply situation as new crop enters market
Supply dynamics of fresh wheat crops relatively better despite weather shocks in winter period
Impact of intense heatwave could still show up in food prices during peak summer months
Retains FY25 average headline inflation forecast at 4.5% YoY
Expects RBI to keep forecast unchanged at the June MPC meet
Expects RBI MPC to be more tactical around timing of the stance change
Price target increased to Rs 2,986 vs Rs 2,443 (35.2% downside)
4QFY24 /FY24 order inflows growth of 2% YoY/6% YoY and were below expectations
Order inflows slowed down in 4QFY24 / FY24 due to miss in large orders
Large orders pipeline looking healthy but yet to fructify
Valuations at 73x /61x FY25E/FY26 EPS remain expensive
RBI approves Quant Money Managers to acquire aggregate holding of up to 9.98% in Bank
Source: Exchange filing
Morgan Stanley maintains equal weight rating for DLF
Price target of Rs 900 (+7.3% upside)
F24 pre-sales of Rs 14,800 crore, 7% lower than estimates
Sale of Privana West of Rs 5,600 crore in Q1FY25 will help FY25 growth
Collections growth of 14% to Rs 2,200 crore in 4QF24 slower than 80% in past two quarters
Net profit of Rs 920 crore (+62% YoY) better than consensus estimates
Nuvama Maintains 'Buy' on Varun Beverages
Target price Rs 1,690, upside 14%
International Volume up 21%, driven by Morocco & Zimbabwe
Net realisation per case rose 3.5% to INR179
Increasing CY24E/25E EPS by 9%/9%
Target PE to 60x from 55x, factoring in improving rural demand in CY24
Market expansion following SA acquisition, Higher realisation & improving operating leverage
UBS maintains 'Buy' on Zomato at Rs 250 target (27% upside)
Q4 GOV, revenues in line, Ebitda missed estimates on higher employee costs
Dip in Food delivery GOV was due to seasonality
Guidance of 40%+ YoY growth in adj. revenues for next couple of years holds good
ESOP costs expected to go up further, but overall employee costs as % of revenue to trend downwards
Files registration statement with SEC for proposed IPO
Common shares are expected to be offered by Novelis' sole shareholder, a wholly owned subsidiary of Hindalco Industries
Novelis to not receive any proceeds from sale of common shares by sole shareholder
Intends to list common shares on NYSE under the ticker symbol NVL
Number of shares to be offered & price range for IPO have not yet been determined
Source: Press release
Target price raised to Rs 1,185 from earlier Rs 1,030); 27.3% potential upside
Expect EBITDA/t to increase to ~Rs 15,000 in Q1FY25 owing to higher steel prices
Expect EBTIDA CAGR to increase to 34% over FY24–26e
RoCE expected to improve to 21% in FY26 from 13% in FY24
Citi Research On Shriram Finance
Board approved sale of stake in Shriram Housing to Warburg Pincus at 4630 crore
Value of 85% stake at Rs. 96 per share vs Rs 140 per share Citi Est
Values the Co at 2.2x PBV
Co was generating 2.2% ROA, 14% ROE with a 71% AUM growth
Entire stake sale implies SFL was more keen on deploying capital in core business
Nifty May futures up by 0.38% to 22,201 a premium of 96.95 points.
Nifty May futures open interest down by 0.7%.
Nifty Bank May futures up by 0.98% to 48,003.7 at a premium of 249 points.
Nifty Bank May futures open interest down by 3.7%.
Nifty Options May 16 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 21,000.
Bank Nifty Options May 15 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 46,000.
Securities in ban period: Balrampur Chini Mills, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprise, PNB, SAIL, Zee Entertainment Enterprises.
Chalet Hotels Q4 Results: Profit Rises, But Misses Estimates
Great Eastern Shipping: Nalanda India Equity Fund sold 20 lakh shares (1.4%) at Rs 950.25 apiece, Ghisallo Master Fund LP bought 19.58 lakh shares (1.37%) at Rs 950 apiece.
Anant Raj Industries: Axis Mutual Fund Axis Small Cap Fund bought 26 lakh shares (0.8%) at Rs 368 apiece.
Zomato's Payment Arm Surrenders RBI Licence Citing Lack Of Competitive Edge
Zomato Sees Fourfold Rise In Gross Order Value Through Store Expansion Plans
DLF Q4 Results: Profit Up 61.5%, Beats Estimates
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