Stock Market Today: Sensex, Nifty Resume Uptrend After One-Day Drop As Bank Stocks Rally

-The local currency closed 12 paise weaker against the U.S. Dollar at 83.47.

-It closed at 83.35 on Friday.

Source: Bloomberg

• Revenue up 4.8% to Rs 1,318 crore from Rs 1,257 crore

• Ebitda up 5.6% at Rs 220 crore from Rs 209 crore

• Margin up 10 bps at 16.7% from 16.6%

• Net profit up 5.9% at Rs 166 crore from Rs 157 crore

Stock Market Live: Nifty, Sensex Near Day's High As ICICI Bank, RIL Lead Gains

Out of seven analysts tracking the company, five maintains a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.5%.

Shares of Craftsman Automation Ltd. fell as much as 6.76%, the lowest level since April 24, before paring loss to trade 5.54% lower at 11:34 a.m. This compares to 0.51% advance in the NSE Nifty 50.

The stock has gained 42.86% in 12 months, and fallen 18.08% year-to-date. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 52.66.

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Source: Exchange Filing

• Maintain Neutral, TP cut to Rs.1,370 from Rs.1,440, Downside: 7%

• FY25 Guidance below expectations

• HCL is the only company where we expect FY25 to be similar to FY24, for rest we expect improvement

• Overall discretionary environment remains weak

• HCL was the only company in our coverage to add headcount

• HCL's valuation are at a premium to its own history

• Our key takeaway is that near-term demand continues to be weak

The market breadth was skewed in the favour of buyers. Around 2,199 stocks rose, 722 fell and 136 remain unchanged.

• Target price for BSE cut to Rs 2,550 from Rs 3,100 earlier

• SEBI raised demand on BSE and MCX to calculate regulatory fees and pay the differential amount

• Amount insignificant for MCX - Rs 44mn for past reconciliation and 1-2% of EPS going ahead

For BSE

• Expect 40-50% earnings cut

• Expect 30-40% cut in FY25/26e EPS on one-time cost of Rs 1.65bn and recurring expense

• Estimate BSE would increase option tariff by 44% or by Rs 930 cr of premium turnover to offset impact

• Estimate cost to increase in FY26e to Rs 4.5bn or 40% of FY26e PBT

• Expect stock to consolidate post correction; until visibility on new earning triggers improve

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Source: Exchange Filing

The NSE Nifty 50 was trading 55.60 points or 0.25% higher at 22,475.55, and the S&P BSE Sensex was trading 252.59 points or 0.34% higher at 73,982.75.

The yield on the 10-year bond opened largely flat at 7.18%

Source: Bloomberg

• The local currency opened 4 paise weaker against the U.S. Dollar at 83.39.

• It closed at 83.35 on Friday.

Source: Bloomberg

Nirmal Bang Upgrades to Accumulate, Target Rs 1,460

• The FY25 revenue guidance has come in a bit lower than expected

• FY25 may represent the third year in succession of peer set leading revenue growth despite the slowdown

• The discount is due to the weakening of margins in the services business

• The upgrade is largely due to the stock price correction of 12% from mid-March 2024.

Investec Rates Under Review On BSE From Buy Earlier

• TP Under Review earlier Rs 2,800

• SEBI's directive to BSE to pay regulatory fees could impact PBT by 17-18% for FY25/26e

• BSE could offset impact by taking price hikes

• Exchange could take a one-time provision of Rs 963 million for FY24

• Cumulative impact of past volumes from FY 07-24 ~Rs 1.2 billion

• RIDF balances causing drag on margins

• Calibrating moving towards ROA accretive products

• Recoveries & upgradation at about Rs 6,000 cr

• In FY25, we see recoveries & upgradation at similar levels

• Want PCR to go past 70% next year

• Retail slippages may go up in FY25

• Slippage ratio for FY25 at lower end of 2-2.5%

• One account from mid-corporates slipped into NPA in Q4; account from a road project

• Resolution for delisting of ICICI Securities passed by requisite statutory majority

• Petition for approval of delisting scheme is listed for hearing before NCLT, Ahmedabad

• Bank aware that certain shareholders have filed application before NCLT seeking directions in relation to the delisting scheme

• Appropriate representation shall be made in relation to the application

Source: Exchange filing

• Demand notice worth Rs 99 crore from SEBI for FY 2007-2023

• Remittance demand based on annual turnover considering notional value in case of option contract

Source: Exchange filing