Stock Market Today: Sensex, Nifty Close Higher For Third Consecutive Session

Source: Bloomberg

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

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

• 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

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

• 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

• 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