The local currency strengthened by 17 paise to close at 83.33 against the U.S dollar.
Intraday high of 83.33 is the highest in three weeks
It closed at 83.50 on Thursday.
Source: Bloomberg
Saudi Food and Drug Authority completes inspection at Concrod Biotech Ltd.'s Gujarat unit.
Source: Exchange filing
Revenue up 18.1% to Rs 930 crore from Rs 787 crore
Ebitda up 51.6% at Rs 257 crore from Rs 170 crore
Margin up 610 bps at 27.7% from 21.6%
Net profit up 45.7% at Rs 194 crore from Rs 133 crore
Board recommends dividend of Rs 32 per share
Revenue down 0.8% at Rs 368 crore vs Rs 371 crore
Ebitda up 2.8% at Rs 80 crore vs Rs 78 crore
Margin at 21.7% vs 21%
Net profit down 9.6% at Rs 59 crore vs Rs 65 crore
Gets RBI nod for appointing J Natarajan as Executive Director for a year
J Natarajan is serving as the current President of the bank
Source: Exchange Filing
Company has received LOA to operate 1 showroom and 2 workshops in Kolkata
Source: Exchange Filing
The IPO has been subscribed 1.12 times as of 11:39 a.m. on Friday.
Institutional investors: 0.45 times
Non-institutional investors: 1.19 times
Retail investors: 3.01 times
Larsen & Toubro Ltd. received an order worth Rs 1,000-2,500 crore for buildings, factories business.
Source: Exchange filing
M&M Q4 Results Review - Reinforcing ICE Focus Along With Niche In Battery Electric Vehicles: Yes Securities
Market breadth was skewed in favour of buyers. Around 1,927 stocks advanced, 953 stocks declined, and 115 stocks remained unchanged on BSE.
Nomura maintained a 'Buy' on Honeywell Automation India at Rs 53,600 target which implied a 12.1% upside.
Q4 sales in line, margins missed estimates
Revival in real estate, healthcare, hospitality to push building automation demand
Tailwinds for automation segment over the next 12-18 months
Well placed to capatalize growth in renewable energy
Expect EBITDA margin to recover to1 5.6% by FY26
Expect sales/EBITDA/PAT CAGRs of 16%/23%/25% over FY24-26
Raise P/E multiple to 60x (from 55x) on sectoral tailwinds, cyclical upturn in end user industries
At pre-open, the NSE Nifty 50 was 11.40 points or 0.051% higher at 22,415.25, and the S&P BSE Sensex was 0.06% or 47.59 points higher at 73,711.931.
Gets final US FDA approval for Brimonidine Tartrate and Timolol Maleate Ophthalmic Solution
Source: Exchange filing
The yield on the 10-year bond opened flat at 7.08%.
It closed at 7.07% on Thursday.
Source: Bloomberg
Rupee Opens Flat Against Dollar As Fedspeak Weighs On Rate Cut Hopes
US core CPI easing in April and other evidence shows slowdown in US economy
Rising conviction level for Fed rates cuts in July
Unusual cycle allows other central banks to diverge from Fed on favorable local economies
Global rate cutting cycle revving up
Forecasts rate cuts by the ECB, SNB, BoC, PBoC, and BOT
Bank of Canada, Reserve Bank of New Zealand, South African Reserve Bank seem ripe to start cuts
Brazil, Mexico to have significant scope to rate cuts
Nomura maintains BUY on Hindustan Aeronautics at Rs 4,750 target, which implied a 13% upside.
Q4 earnings beat was led by strong margins
Order backlog at Rs 94000 cr, translating to 3.3xTTM sales
HAL’s 4Q gross margin at 63.2% likely on favorable sales mix and stage of execution
Maintain positive stance on the back of strong pipeline o
Improvement of capability on GE deal
Company diversifying MRO segment into commercial aircraft maintenance
Expect revenue/EBITDA/PAT CAGRs of 14%/11%/23% over FY23-26
Info Edge Q4 Profit At Rs 88 Crore
Motilal Oswal re-iterates Buy on LIC Housing Finance Ltd.
PAT declined ~8% YoY, 8% miss, due to one-offs in opex and tax
NIM expanded ~15bp QoQ to ~3.15%
Management guided for NIM of 2.7-2.9% in FY25
Management guided for double-digit loan growth
Guided for credit costs of ~40bp, and cost-income ratio of 13-14% in FY25
Estimate RoA/RoE of 1.6%/14% in FY26 and reiterate our BUY rating
Valuations based on 1.1x FY26E PBV
Motilal Oswal maintained a 'Neutral' on Biocon with a target price Rs 280, which implied a 8% upside
Work-in-progress to improve business outlook across segments
Better show in biosimilar partly offset by lower generics/research services business YoY
Despite YoY growth in EBITDA, PAT declined YoY due to higher depreciation/tax outgo
Capex would be tapered down going forward
Maintain Neutral on the stock as the current valuation factors in the upside in earnings
Motilal Oswal maintained a Buy on M&M with a target price Rs 2,720, which implied a 15% upside.
Capex guidance significantly enhanced for next three years
4QFY24 beat our estimates on all fronts
UV momentum and revival in tractor demand to be drivers for FY24-26E
FES margin expansion due to benign RM and other costs
Raised our EPS estimates by 6%/11% for FY25/FY26
Maintains long-term guidance of 18% RoE
Implied core P/E for MM stands at 24/19x FY25E/FY26E EPS
Coforge Ltd. have made an open offer to acquire 26% stake in Cigniti's share holders
The the offer to open on June 26, close on July 9.
Source: Exchange filing
US Dollar Index at 104.59
US 10-year bond yield at 4.36%
Brent crude up 0.40% at $83.60 per barrel
Nymex crude up 0.25% at $79.43 per barrel
Bitcoin was up 0.03% at $65,300.38
The GIFT Nifty was 19.5 points or 0.09% higher at 22,479.50 as of 07:38 a.m.
Asian Stocks Drop As Traders Rethink Rate Cuts: Markets Wrap
Nuvama maintains 'reduce' on the company with a target price of Rs 119 per share, implying a 20% downside from the previous close.
Q4 Ebitda/net profit missed brokerage estimates by 14%/4%.
Power deficit shift in volumes implies IEX needs to reinvent its products.
View limited upside despite factoring 17% volume growth in FY24–26.
Management expects 15–20% year-on-year volume growth in FY25, driven by rise in electricity demand.
IEX to lose 'business moat', in case of a shift to market coupling.
Nuvama retains its 'buy' call on Crompton Greaves and raises the target price to Rs 393 per share from the earlier Rs 365 apiece, implying a potential upside of 16% from its previous close.
Electronic consumer durables faring well, with B2B lighting remaining robust.
Focus is on improving Butterfly performance, likely to recover Q2 FY25 onwards.
Company is focusing on product innovation in the ECD segment.
Crompton 2.0 remains intact, with sustainable performance ahead.
Citi retains 'buy' and adds the company on its 'positive catalyst watch' with a target price of Rs 230 per share. This implies a 17% upside from the previous close.
Q4 Ebitda 20% ahead of brokerage estimate.
Ebitda beat driven by gas trading segment.
Robust petchem performance drives beat.
Sequential decline in gas transmission on higher depreciation.
Strong LPG segment driven by higher volumes, better prices.
Raises its FY25-26 Ebitda estimates by 1%.
Jindal Saw: Cresta Fund sold 20 lakh shares (0.62%), Nippon India Small Cap Fund bought 18 lakh shares (0.56%), Societe Generale bought 2 lakh shares (0.06%) at Rs 541.45 apiece.
UK Food Watchdog Warned About Indian Spices Since January 2023
Go Digit General Insurance IPO Subscribed 79% On Day 2
Vedanta Declares Interim Dividend Of Rs 11 For FY25
Vodafone Idea Q4 Results: Loss Expands To Rs 7,675 Crore, ARPU Rises
Biocon Q4 FY24 (Consolidated, YoY)
Revenue up 3.8% at Rs 3,917 crore vs Rs 3,774 crore (Bloomberg estimate Rs 3890 crore).
Ebitda down 8.2% at Rs 916 crore vs Rs 997 crore (Bloomberg estimate Rs 818 crore).
Margin at 23.4% vs 26.4% (Bloomberg estimate 21%).
Net profit at Rs 223 crore vs Rs 415 crore, down 46.2% (Bloomberg estimate Rs 164 crore).
Vodafone Idea Q4 FY24 (Consolidated, QoQ)
Revenue fell 0.6% to Rs 10,607 crore vs Rs 10,673 crore (Bloomberg estimate Rs 10,695 crore).
Ebitda down 0.3% to Rs 4,336 crore versus Rs 4,350 crore (Bloomberg estimate Rs 4,321.3 crore).
Margin expands 10 bps to 40.9% vs 40.8% (Bloomberg estimate 40.4%).
Net loss rose to Rs 7,675 crore vs Rs 6,989 crore (Bloomberg estimate Rs 7,701.1 crore).
JK Paper Q4 FY24 (Consolidated, YoY)
Revenue down 1.9% at Rs 1500 crore vs Rs 1,529 crore (Bloomberg estimate Rs 1776 crore).
Ebitda down 18.1% at Rs 310 crore vs Rs 378 crore.
Margin at 20.6% vs 24.7%.
Net profit up 13.6% at Rs 230 crore vs Rs 202 crore (Bloomberg estimate Rs 216 crore).
Kaynes Technology India Q4 FY24 (Consolidated, YoY)
Revenue up 74.8% at Rs 637 crore vs Rs 365 crore (Bloomberg estimate Rs 608 crore).
Ebitda up 60.5% at Rs 95 crore vs Rs 59 crore (Bloomberg estimate Rs 89.78 crore).
Margin at 14.9% vs 16.3% (Bloomberg estimate 14.8%).
Net profit up 96.9% at Rs 81 crore vs Rs 41 crore (Bloomberg estimate Rs 64.06 crore).
Krishna Institute of Medical Sciences Q4 FY24 (Consolidated, YoY)
Revenue up 10.1% at Rs 634 crore vs Rs 576 crore (Bloomberg estimate Rs 653 crore).
Ebitda down 2.6% at Rs 159 crore vs Rs 163 crore (Bloomberg estimate Rs 170 crore).
Margin at 25.1% vs 28.3% (Bloomberg estimate 26.1%).
Net profit down 27.5% at Rs 71 crore vs Rs 99 crore (Bloomberg estimate Rs 85.33 crore).
Prince Pipes and Fittings Q4 FY24 (YoY)
Revenue down 3.2% at Rs 740 crore vs Rs 764 crore (Bloomberg estimate Rs 691 crore).
Ebitda down 37.8% at Rs 92 crore vs Rs 148 crore (Bloomberg estimate Rs 93 crore).
Margin at 12.5% vs 19.4% (Bloomberg estimate 13.4%).
Net profit down 42% at Rs 55 crore vs Rs 94 crore (Bloomberg estimate Rs 53 crore).
Endurance Technologies Q4 FY24 (Consolidated, YoY)
Revenue up 20.2% at Rs 2,685 crore vs Rs 2,234 crore (Bloomberg estimate Rs 2,613 crore).
Ebitda at Rs 389 crore vs Rs 285 crore, up 36.5% (Bloomberg estimate Rs 320 crore).
Margin at 14.5% vs 12.8% (Bloomberg estimate 12.13%).
Net profit up 54% at Rs 210 crore vs Rs 136 crore, (Bloomberg estimate Rs 160 crore).
Container Corp. Q4 FY24 (Consolidated, YoY)
Revenue up 6.4% at Rs 2,325 crore vs Rs 2,184 crore.
Ebitda up 11.3% at Rs 498 crore vs Rs 448 crore.
Margin at 21.4% vs 20.5%.
Net profit up 13.7% at Rs 318 crore vs Rs 279 crore.
Triveni Turbine Q4 FY24 (Consolidated, YoY)
Revenue up 23.9% at Rs 458 crore vs Rs 370 crore (Bloomberg estimate Rs 478 crore).
Ebitda up 35.4% at Rs 90 crore vs Rs 66 crore (Bloomberg estimate 19.3%).
Margin at 19.6% vs 17.9% (Bloomberg estimate Rs 92 crore).
Net profit up 37% at Rs 76 crore vs Rs 56 crore (Bloomberg estimate Rs 75.4 crore).
EClerx Services Q4 FY24 (Consolidated, QoQ)
Revenue up 1.8% at Rs 767 crore vs Rs 753 crore (Bloomberg estimate Rs 759 crore).
EBIT down 6.7% Rs 162 crore vs Rs 174 crore (Bloomberg estimate Rs 181 crore).
EBIT margin at 21.1% vs 23.1% (Bloomberg estimate 23.85%).
Net profit down 6.6% at Rs 130 crore vs Rs 139 crore (Bloomberg estimate Rs 140 crore).
Crompton Greaves Consumer Electricals Q4 FY24 (Consolidated, YoY)
Revenue up 9.5% at Rs 1,961 crore vs Rs 1,791 crore (Bloomberg estimate Rs 121 crore).
Margin at 10.4% vs 11.8% (Bloomberg estimate Rs 196 crore).
Ebitda down 3.7% at Rs 204 crore vs Rs 211 crore (Bloomberg estimate 10%).
Net profit up 1.4% at Rs 133 crore vs Rs 132 crore (Bloomberg estimate Rs 1953 crore).
Restaurant Brands Asia Q4 FY24 (Consolidated, YoY)
Revenue up 16.2% at Rs 597 crore vs Rs 514 crore (Bloomberg estimate Rs 590 crore).
Ebitda at Rs 69 crore vs Rs 27 crore (Bloomberg estimate Rs 58.5 crore).
Margin at 11.6% vs 5.3% (Bloomberg estimate 9.9%).
Net loss of Rs 92 crore vs loss of Rs 80 crore (Bloomberg estimate Net loss of Rs 54.4 crore).
Akzo Nobel India Q4 FY24 (Consolidated, YoY)
Revenue up 2.3% at Rs 973 crore vs Rs 951 crore.
Ebitda up 4.5% at Rs 162 crore vs Rs 155 crore.
Margin at 16.6% vs 16.3%.
Net profit up 13.9% at Rs 109 crore vs Rs 95 crore.
Ratnamani Metals & Tubes Q4 FY24 (Consolidated, YoY)
Revenue down 0.2% at Rs 1,496 crore vs Rs 1,499 crore (Bloomberg estimate Rs 1,493 crore).
Ebitda at Rs 246 crore vs Rs 301 crore, down 18.3% (Bloomberg estimate Rs 237.3 crore).
Margin at 16.4% vs 20% (Bloomberg estimate 15.9%).
Net profit up 0.3% at Rs 193 crore vs Rs 192.6 crore (Bloomberg estimate Rs 54 crore).
Avalon Technologies Q4 FY24 (Consolidated, YoY)
Revenue at Rs 217 crore vs Rs 278 crore, down 20.2% (Bloomberg estimate Rs 229 crore).
Ebitda down 58.1% at Rs 17 crore vs Rs 41 crore (Bloomberg estimate Rs 21.5 crore).
Margin at 7.9% vs 15.1% (Bloomberg estimate 9.4%).
Net profit down 68.9% at Rs 7 crore vs Rs 23 crore (Bloomberg estimate Rs 10.22 crore).
Nifty Rally Could Extend To This Level, Says Analyst