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The local currency weakened by 3 paise to close at 83.45 against the U.S. Dollar.
It closed at 83.42 a dollar on Friday.
Source: Bloomberg
In absolute terms, the trade gap widened to $15.6 billion in March compared to $18.7 billion in February, according to a press briefing by the Ministry of Commerce and Industry.
Exports fell 0.7% annually to $41.7 billion.
Imports fell 6% annually to $57.3 billion.
Exports rose 0.7% month-on-month from February.
Imports fell 4.7% month-on-month from February.
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India is likely to witness 'above normal' South-Western monsoon in 2024, according to Indian Meteorological Department. South West monsoons is forecasted at 106% of the long period average. Most conditions are favourable for monsoons, IMD said in a press release on Monday.
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Transaction banking unit in pact with National Bank of Kuwait for digital solutions
Source: Exchange filing
Export-import volume at 9.3 lakh TEU, up 9.7% YoY
Domestic volume at 3.1 lakh TEU, up 16.1% YoY
Source: Exchange Filing
To invest Rs 400 crore for developing office space in Chennai
Source: Exchange Filing
Approves acquisition of 26% stake in Mahindra Susten subsidiary Gelos Solren for Rs 40.1 crore
Mahindra Susten to invest Rs 1,200 crore to set up 150 MW hybrid capacity
Source: Exchange filing
Section 7 petitions of SBI & IDBI Bank against Mumbai Metro One disposed-off by NCLT, Mumbai
Mumbai Metro One Pvt is a 74-26 JV of the company with MMRDA
Source: Exchange filing
Source: Exchange Filing
The scrip rose as much as 14.3% to Rs 558 apiece, the highest level. It pared gains to trade 6.79% higher at Rs 521.35 apiece as of 11:37 a.m. This compares to a 0.62% decline in the NSE Nifty 50. Total traded volume so far in the day stood at 8.38 times its 30-day average. The relative strength index was at 72.97, indicating that the stock may be overbought.
Six analysts tracking the company have a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.3%.
Secures Rs 270 crore order for Vande Bharat Train set
Source: Exchange Filing
Senco Gold Ltd. rose as much as 13.03% to Rs 905.95 apiece, the highest level since its listing on Jul 14, 2023. It was trading 12.91% higher at Rs 905.00 apiece, as of 10:00 a.m. This compares to a 0.93% decline in the NSE Nifty 50 Index.
It has risen 123.29% nine months. Total traded volume so far in the day stood at 32 times its 30-day average. The relative strength index was at 70.81.
Two analysts tracking the company maintained a 'Buy' rating on the company, according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.9%.
Revenue up 1.1% at Rs 61,237 crore (estimate: Rs 61,451.3 crore).
Net profit rose 12.7% Rs 12,502 crore (estimate: Rs 12,034 crore).
Ebit increased 5% to Rs 15,918 crore (estimate: Rs 15,548 crore).
Margin expanded 97 basis points to 25.99% (estimate: 25.3%).
Board approved final dividend of Rs 28 for FY24.
The scrip rose as much as 5.44% to Rs 419.80 apiece, the highest level since its listing on Jul 2, 1997. It was trading 4.99% higher at Rs 418.00 apiece, as of 09:51 a.m. This compares to a 1.00% decline in the NSE Nifty 50 Index.
It has risen 120.41% in 12 months. Total traded volume so far in the day stood at 27 times its 30-day average. The relative strength index was at 85.97, which implied the stock is overbought.
Out of 24 analysts tracking the company, 15 maintain a 'buy' rating, four recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.8%.
Market breadth was skewed in the favour of sellers. Around 2,725 stocks declined, 379 stocks advanced, and 114 remained unchanged on BSE.
At pre-open, the S&P BSE Sensex Index was down 929.74 points or 1.25% points, at 73,315.16 while the NSE Nifty 50 was down 180.35 points or 0.80% at 22,339.05.
The yield on the 10-year bond opened flat at 7.18%.
The local currency weakened by 2 paise to 83.44 against the U.S. Dollar.
It closed at 83.42 a dollar on Friday.
Source: Bloomberg
Reiterates 'Overweight' with TP Rs 485, 22% Upside
Share price could rise significantly over the next 10 years
Could become leading player in battery cell tech
Early mover advantage could in its favour
Addressable TAM to increase to $13 billion for battery segment
Hyundai partnership likely a multi year contract
Current TP at 1.4x P/B vs 3 times for global peers
During scale up phase stocks trade in 4-6x P/B
Implies that Exide could double from here
Bull case sees 88% upside, at 6 times P/B
Q4 BUSINESS UPDATE - ADANI GREEN
Q4 solar sale of energy up 7% YoY
Q4 sale of wind energy up 43% YoY
Q4 hybrid sale of energy up 32% YoY
Source: Exchange Filing
Target implies 47% upside
To benefit from tight oil crude market
Non application of SAED on KG basin to help crude upside
Gas price reforms are earnings accretive
KG field production to drive 3%/6% crude/ gas production CAGR over FY24-26
Build 1% production growth for OVL over Fy24-26
Expect net cash position to rise, consolidated net debt to fall to 0.16x over FY23-26
UBS Maintains Buy on Indian Hotels; Price target revised to Rs 715 vs Rs 500, upside 17.8%
Believes market still underappreciating company's operating leverage
Expect EBITDA accelerating faster than revenue at 24% CAGR from FY24-26E
Earnings forecast raised by 8%/9% for FY25/26E on better avg room rates
Sees current re-rating as sustainable with earnings upgrades
Retains Buy, unchanged Target price of Rs1,790; upside potential 16.2%
US FDA issued OAI status for Dadra plant; adds on regulatory overhang
Expect its US generic sales (excl. gRevlimid) to remain range-bound on FDA issues
Specialty sales remain key for earnings growth, offsetting challenges in US generics
Dadra unit contributes less than 2% of Sun’s consolidated revenue
Expects limited earnings impact due to Dadra OAI
Planned Rs 45,000 crore fund raise to help ramp up network capex and narrow gap with peers on 4G coverage & 5G rollouts
Potential tariff hikes, AGR relief to boost cash flow position
Expects cash shortfall from H2FY26
Uncertainties on future repayments as well as equity dilution
Believe fund raise to drive further upside for Indus Towers as well
Expects 330 bps YoY improvement in Adjusted EBITDA margins to 3.6%
Expects 11% YoY, -0.5% QoQ in volumes; PTL volumes to be strong (+10% QoQ/+22% YoY)
Expects e-commerce/PTL yields to be decent albeit e-commerce yields to be seasonally lower
Expects mid-mile tonnage carried on Delhivery’s network to be flattish QoQ
Beyond Q4, expects Delhivery to report stronger margin trajectory
Believes Delhivery to be well positioned to benefit from any uptick in industry e-commerce volumes in H2CY24
Nifty April futures down 0.92% to 22,601.45 at a premium of 82.05 points.
Nifty April futures open interest down 4.8%.
Nifty Bank April futures down 0.64% to 48,714.10 at a premium of 149.55 points.
Nifty Bank April futures open interest down 8.8%.
Nifty Options April 18 Expiry: Maximum call open interest at 22,700 and maximum put open interest at 22,200.
Bank Nifty Options April 16 Expiry: Maximum call open interest at 49,000 and maximum pPut open interest at 48,000.
Securities in ban period: Balrampur Chini Mills, GNFC, Hindustan Copper, Vodafone Idea, the India Cements, Metropolis, National Aluminium, Piramal Enterprises, Zee Entertainment Enterprises.
Adani Global To Acquire 49% Stake In Adani Esyasoft Smart
AIESL's Aircraft Technicians Call Off Strike Scheduled For April 23
Subex: Ashapura Commodities sold 36.81 lakh shares (0.65%) at Rs 30.64 apiece.
GQG, Fidelity Investments Likely To Participate In Vodafone Idea's Rs 18,000 Crore FPO
TCS Announces Fourth Interim Dividend Of Rs 28 Per Share
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