Stock Market Today: Sensex, Nifty Close At Over Two-Week Low As HDFC Bank, ICICI Bank Drag

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%.

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