Stock Market Today: Sensex, Nifty Register Best Monthly Gains So Far This Year

-The local currency strengthened by 7 paise to close at 83.39 against the US dollar.

-It closed at 83.46 on Thursday.

Source: Bloomberg

• Maintains 'Buy', raises target to Rs1,750 (up by 15%), upside 20.2%

• Expect ARPU to Rs.305 by FY27

• There are clear signs of reducing competition

• There is a shift in stance from the market leader Jio towards monetisation

Appoints Anil Kumar Mungad as CFO effective July 1

Source: Exchange filing

Shares of Central Depository Services India Ltd. jumped 15.88% to Rs 2,324.80, the highest level since its listing on June 30, 2017. It was trading 15.17% higher at Rs 2,310.50 as of 1:26 p.m., as compared to 0.07% in the NSE Nifty 50 index.

The scrip has gained 106.93% in 12 months, and 26.94% on year to date basis. Total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 71.04, which implied the stock is overbought.

Out of 10 analysts tracking the company, three maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 8.1%

• Flights from Delhi T1 canceled until midnight

• Flights for Terminal 1 to arrive in Terminal 2 & 3

Source: X

• Signs share purchase pact with Vizag Hospital

• To acquire 51% stake in Vizag Hospital subject to fulfillment of terms & conditions of pact

• Agrees to acquire additional 34% stake in Vizag Hospital

Source: Exchange Filing

Board approves raising up to Rs 1,000 crore via bonds

Source: Exchange Filing

Stock Market Live: Nifty, Sensex Near Record Highs As RIL, SBI Lead Gains

In pact with Bajaj Finance for vehicle financing

Source: Bloomberg

Submitted tender in June

Order is yet to be confirmed by DVC

Source: Exchange Filing

Step-down arm signs pact to acquire remaining 86.49% stake in Freaks 4U Gaming for nearly Rs 271 crore

Source: Exchange Filing

India Cements Ltd rose as much as 5.00% to Rs 307 apiece, the highest level since Jan 2, 2008. It pared gains to trade 0.88% higher at Rs 295.81 as of 10:40 a.m., as compared to 0.41% advance in the NSE Nifty 50 index.

It has risen 37.91% in 12 months, and 14.71% on year to date basis. Total traded volume so far in the day stood at 5.0 times its 30-day average. The relative strength index was at 80.44.

Out of seven analysts tracking the company,one recommends a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 42.5%.

• Singapore GRMS down to $3.6/bbl in Q1FY25 vs $7/bbl in Q4

• Expects Singapore GRMs to be in the range of $4-5/nnl in FY25

• Expects net realizations of Indian OMCs to be higher by Rs 10/6 for petrol/diesel

• Operating margins of OMCs to be supported from marketing segment

• Cement volumes likely to grow 7-8% to 455-460 MT in FY25

• Demand to be driven by housing, infra sectors

• Expect capacity additions of 33-35 MTPA in FY25

• FY25 Capacity expansions to be led by east, south regions

• FY25 industry revenues expected to grow 7-8%

• Overall debt levels projected to be higher by 4-6% in FY25

31 financial creditors claim nearly Rs 53,000 crore against company

Admitted claims at Rs 51,914 crore

Major creditors include SBI, ICICI Bank, IDBI Bank, LIC

Home buyers submit claims worth Rs 2,630 crore

Source: Exchange notice

• Lists at Rs 494.95 on NSE vs issue price of Rs 369

• Lists at a premium of 34.13% on NSE

• Lists at Rs 499 on BSE vs issue price of Rs 369

• Lists at a premium of 35.3% on BSE

• Jio Takes The Lead On Tariff Hikes

• The magnitude of the hike is impressive

• Monetisation is now a clear priority for Jio

• Combined with the recent muted spectrum auction, suggest competitive intensity is behind us

• Jio has also taken a step towards monetising 5G by raising the minimum spend required to avail benefits.

• Positive for long term, 1-2 years

• Indus would be an indircet beneficiary of the hike

Broader indices also rose. The S&P BSE Midcap rose 0.54% and S&P BSE Smallcap rose 0.76%

At pre-open, the Nifty was at 24085.90, up 0.17% or 41.40 points and the Sensex was at 79457.58, up by 0.27% or 214.40 points.

• The yield on the 10-year bond opened flat at 6.99%.

• It closed at 6.99% on Thursday.

Source: Cogencis

• The local currency strengthened by 6 paise to open at 83.40 against the US dollar.

• It closed at 83.46 on Thursday.

Source: Bloomberg

• Tariff hike by Jio in line with estimates

• Restricted unlimited 5G to 2GB/day and above plans vs Rs 239 (1.5GB/28 days) earlier.

• Potentially lead to up-trading to the 2GB/day plan by higher data consuming users and provide some monetisation

• Incremental rev/EBITDA for 3 players at Rs 40,000 crore (18%) and Rs 30,000 crore (25%) if Bharti and Vi take similar hikes.

• Arm settles claims with NHAI in Hyderabad-Vijayawada road project dispute

• NHAI agrees to pay Rs 1,387.21 crore to arm in 2 tranches, project to be handed back to NHAI

Source: Exchange Filing

• Cuts FY25-27 estimates by 3% on the back of 2% cut to ARPU estimate.

• Overall ARPU to reach Rs 231 by FY27 Vs Rs 181 currently

• Bakes in another 10% hike in FY27

• More confident that its subscribers are unlikely to churn out

• Expect revenue/PAT at 18%/26% CAGR over FY24-27

• Negative surprise as tariffs unchanged for JioBharat users

• Focus on subscriber additions as tariffs unchanged for JioBharat users.

• Post hike, Jio tariffs are at 5-21% premium to Bharti Airtel’s Vs 3-20% discount earlier

• RIL Target at Rs 3,275 vs Rs 3,245 previously.

• Valuing at 12 times FY26 EV/EBITDA, valuation arrives at Rs 840/share (vs Rs 810 previously).

• Expect 20% tariff hike could lead to 15% rise in ARPU, Rs 206 in FY25.

• Increase in Rev/EBITDA by 11/17% in FY25/26.

• Expect EBITDA of Rs 701 billion /Rs 798 billion in FY25/26

• Citi Maintains 'Neutral' on Ambuja Cements at Rs 675 target (2.4% upside)

• Ambuja to acquire 100% of Adani Cementation

• Deal valued at $70 million at current market price

• Deal at enterprise value per tonne of $27

• Adani Cementation 275 MT limestone reserves to support 4 MTPA clinker plant

• Sets price band in the range of Rs 960-1,008/share

• Bid for offer to open on July 3, close on July 5

Source: Company statement

• Price target of Rs 650 (+22.6% upside)

• Management expects around 2 times growth in premiums and 3 times growth in PAT over FY24-28

• Expects combined operating ratio improvement by 1ppt in FY25, and see medium-term combined operating ratio target of 95%

• Co prepared to implement changes in recently issued Master Circular on Health Insurance

• Stock underperformance (26%) prices in the worst while ignoring growth longevity in retail health insurance

• Price target of Rs 500 (+27% upside)

• Stock price more than doubled in a year reflecting improved business fundamentals

• Believes stock is yet to factor in project execution

• Project execution expected to double group’s revenue in 3-4 years

• Expect margins at 11.1% in FY27E vs 9.2% in FY24 with entry into stainless steel business

• Expect group ROE to 17.4/21.0% in FY27E/28E with contribution from Saudi expansion

• Key risks: decline in utilization rates, challenges in newer geographies

• Price target of Rs 700 (+77.8% upside)

• Expects CV industry to enter an upcycle from FY26E

• Believes in improving positioning of Indian tyre companies vs MNCs

• Continues to offer strong risk-reward at 8x FY26E PE vs 16x peer avg

• Improving demand, premiumization enabling cost-offsetting via price hikes

• Maintains 'Buy' on Ultratech Cement at Rs 11,200 target (4.6% downside)

• Believe stake in India Cement could increase and convert into a strategic investment ahead

• Profitability to be capped in the near term

• Continue to favor UltraTech given strong growth/capex plans

• Recent deals, ongoing expansions to solidify company's presence in southern markets

• Expect capacity market share in South/pan-India to rise to 26/27% by FY27

• Expect market share of top 4 cement groups to rise to 59% by FY27

JSW Port Logistics To Acquire 70.37% Stake In Navkar

Stanley Lifestyle: The company will debut on the stock exchanges at an issue price of Rs 369 per share. The Rs 537-crore IPO was subscribed 98.96 times on its final day.