KEY HIGHLIGHTS
Rupee Closes Lower Against U.S. Dollar
The local currency closed 13 paise lower against the U.S. Dollar at 83.51.
It closed at 83.38 on Friday.
Source: Bloomberg
Sensex, Nifty Retreat From Record Highs; Snap Three-Day Winning Streak: Market Wrap
After recording fresh highs in early trade, Indian benchmarks settled lower on Monday tracking losses in shares of Infosys Ltd., HDFC Bank Ltd., and Mahindra & Mahindra Ltd.
The NSE Nifty 50 settled 30.95 points or 0.13% lower at 23,259.20, and the S&P BSE Sensex ended 203.28 points or 0.27% down at 76,490.08.
The benchmarks also snapped a three-day winning streak with today's decline.
Intraday, the NSE Nifty 50 index rose 0.52% to fresh high of 23,338.70, and the S&P BSE Sensex rose 0.35% to record high of 77,079.40.
"Indian benchmark indices ended flat to negative after reaching an all-time high," said Mandar Bhojane, a research analyst at Choice Broking
The NSE Nifty 50, after a gap-up opening, made an all-time high at the 23,411.90 level. However, after a volatile session, it finally settled at the day's low, below the 23,250 level. If the price closes below the 23,200 level, it may see further correction down to the 23,100 and 23,000 levels, Bhojane said.
On the flip side, if the index closes above the 23,350 level, it could reach a new all-time high near 23,500 and above. The market is expected to remain sideways and volatile within the 23,100 to 23,400 range, he added.
Infosys Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Tata Consultancy Services Ltd., and Bajaj Finance Ltd. weighed on the benchmark index.
UltraTech Cement Ltd., Axis Bank Ltd., Power Grid Corp of India, Grasim Industries Ltd., and NTPC Ltd. limited losses in the index.
On NSE, five sectors settled lower, one remained flat, and six advanced. The NSE Nifty IT was the top dragging sector, and the NSE Nifty Media was the top performing sector.
The NSE Nifty Realty, Auto, and Pharma recorded fresh highs during the day.
On NSE, NSE Nifty Midcap 150 and NSE Nifty Smallcap 250 touched life time highs on Monday before settling 0.36% and 1.32% higher respectively.
Broader markets outperformed benchmarks. The S&P BSE Midcap rose 0.56%, and the S&P BSE Smallcap rose 1.04%.
On BSE, 14 sectors closed higher and six ended in negative out of 20. The S&P BSE IT was the top loser sector, while the S&P BSE Services emerged out to be the top gainer
Market breadth was skewed in favour of buyers. Around 2,630 stocks advanced, 1,362 stocks declined, and 137 stocks remained unchanged on BSE.
GAIL Intends To Set Up Ethane Cracker Project In Madhya Pradesh
GAIL (India) Ltd. intends to set up a 1500 KTA ethane cracker project at investment of Rs 60,000 crore in Madhya Pradesh.
Madhya Pradesh to give 800 hectares of land for project.
Source: Exchange filing
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Landmark Cars To Shut Down Renault Juhu Showroom
Landmark Cars Ltd. is sharing certain facilities with brands to optimise costs.
It will shut down its Renault Juhu showroom in Mumbai as well.
Source: Exchange filing
Prestige Estates Rises To Record High
Prestige Estates Projects Ltd. rose 6.19% to Rs 1,858.40, the highest level since Oct 27, 2010. It was trading 5.34% higher at Rs 1,854.95 as of 2:31 p.m., as compared to 0.03% decline in the NSE Nifty 50.
Nifty Midcap 150 Hits Fresh High
The NSE Nifty 150 Midcap rose 1.01% to record high of 20,084.90, the highest level since its incorporation. The index was trading 0.46% higher at Rs 19,975.65 as of 2:22 p.m.
European Markets Fall After French President Calls Snap Elections
Markets across Europe fell on Monday after French President Emmanuel Macron called to snap election after suffering a defeat in European Union election.
Macron called to dissolve the legislative and prepare for fresh election on Sunday.
The European Union election results showed rise of far-right parties, which indicated their potential power to influence the bloc's policies.
Here Are Nifty 50 Stocks That Rises To Record Highs
KEC International Hits Over Two-Month High After Bagging Orders Worth Rs 1,061 Crores
Shares of KEC International rose to the highest level in over two-month high after bagging multiple orders worth Rs 1,061 crore in various segments.
In transmission and distribution category, it has secured orders in India, East Asia-Pacific, and America, an exchange filing said.
In railways, the company managed to secure an order to build power supply system for Bengaluru Metro Rail Corp, the company said in an exchange filing.
In addition to that, KEC International has secured order to supply power transmission conductors from a infrastructure player in India, according to the exchange filing.
Shares of KEC International Ltd. rose 7.89% to Rs 829.00, the highest level since April 4. It was trading 5.53% higher at Rs 810.35 as of 1:43 p.m., as compared to 0.30% advance in the NSE Nifty 50 index.
The scrip gained 43.95% in 12 months, and 37.51% on year to date basis. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 60.37.
Out of 23 analysts tracking the company, 11 maintain a 'buy' rating, five recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 51.4%.
HCL Technologies Introduces AI Foundry For Business Solutions
HCL Technologies Ltd. has introduced Enterprise AI Foundry for business solutions.
Source: Exchange filing
Havells India Partners With UAE Group Company
Havells India Ltd. has partnered with Jumbo Group for kitchen appliances in United Arab Emirates.
Source: Exchange filing
Powergrid Gains Over 4%
Shares of Power Grid Corp rose 4.57% to Rs 323.35, the highest level since June 4. It was trading 2.96% higher at Rs 318.50 as of 1:06 p.m., as compared to 0.23% advance in the NSE Nifty 50 index.
Nifty, Sensex Off Record Highs As IT Stocks, HDFC Bank Weigh: Midday Market Update
The benchmark stock indices came off their record high levels through midday on Monday as shares of HDFC Bank Ltd. and information technology stocks weighed on them. At 11:56 a.m., the Nifty traded 57 points or 0.24% up at 23,347.15, while the Sensex was up 87.73 points or 0.11% at 76,781.09.
During the day, the Nifty hit its record high of 23,411.90 points and the Sensex also hit a record high of 77,079.04.
"Things seem to have settled down from a highly volatile market last week," Ajith Rambhia, proprietor at Ajira Capital Services said, pointing out that the market players would try to align themselves with the outcome of the election.
Traders should focus on stock-specific action as multiple sector rotations are being seen in the last couple of sessions. He recommends adopting a buy-on-dip approach.
Shares of Infosys Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd, Mahindra & Mahindra Ltd. and Tech Mahindra Ltd. weighed on the Nifty.
Reliance Industries Ltd., Axis Bank Ltd., UltraTech Cement Ltd., Larsen & Toubro Ltd., and Power Grid Corp. cushioned the fall.
All sectoral indices on the NSE rose, except Nifty IT. Nifty Media rose the most.
The broader indices outperformed as the benchmarks as the BSE MidCap was trading 0.62% higher and the SmallCap rose 1.21%.
Except BSE Information Technology and Teck, 18 sectoral indices on the BSE rose, with Services advancing the most.
The market breadth was skewed in the favour of the buyers as 2,676 stocks rose, 1,131 fell and 158 remained unchanged on the BSE.
Paytm Rises To Two-Month High
Shares of One 97 Communication Ltd. rose 8.58% to Rs 414.00, the highest level since April 9. It pared gains to trade 3.54% higher at Rs 394.80 as of 12:54 p.m., as compared to 0.21% advance in the NSE Nifty 50 index.
Crisil Ratings On Asset Reconstruction Companies
ARCs to see 500-700 bps higher recoveries from residential realty in FY25
Higher recoveries on improved viability of stressed projects
Amendments to IBBI regulations to strengthen resolution of stressed real estate assets in medium term
Healthy economic growth, residential demand to lead to 10-12% growth in residential realty in FY25
Low unsold inventories across major micro markets to help ARCs turn around stressed projects
Flexi-Cap Funds Continue To Have Highest AUM, AMFI CEO
Sectoral and thematic funds now have the second highest AUM among active equity MF schemes
Record inflows in thematic funds, driven by new NFO
Highest AUM continues to be held by flexi-cap funds in actively managed equity MF schemes
Mutual fund industry saw inflows of near Rs 20,904 crore via SIPs in May
Equity oriented funds account for close to 82% of SIP accounts
Current SIP AUM stands at Rs 11.52 lakh crore
Source: AMFI CEO, V Chalasani speaking about mutual funds' May data
Man Infraconstruction Acquires Luxury Residential Project In BKC, Mumbai
Man Infraconstruction Ltd. has acquired a luxury residential project in Bandra Kurla Complex area of Mumbai.
Luxury project of 1.5 lakh square feet carpet area to be completed within 3 years.
Source: Exchange filing
Here Are Sectors Trading At Record High
The NSE Nifty Realty rose 1.90% to fresh high of 1,089.85, the highest level since April 15, 2008. The index was trading 13.40 points or 1.25% higher at 1,082.90 as of 12:27 p.m.
The NSE Nifty Pharma rose 1.14% to record high of 19,801.50, the highest level since its inception on Jan 1, 2001. The Nifty Pharma was trading 180.15 points or 0.92% higher at 19,758.15 as of 12:27 p.m.
The NSE Nifty Auto index rose 0.96% to 25,260.05, the highest level since Jan 1, 2004. The NSE Nifty Auto index was trading 5.15 points or 0.021% higher at 25,025.35 as of 12:28 p.m.
Jubilant Pharmova Rises To Record After US FDA Completes Audit & Gives Three Observation
Shares of Jubilant Ltd. rose to the record high after the US Food and Drug Administration completed audit of a contract manufacturing facility in Washington and issued three observations.
AMFI Data For May (MoM)
Mutual Fund industry net inflows at Rs 1.1 lakh crore vs net inflows of Rs 2.39 lakh crore
Net AUM of MF industry at Rs 58.9 lakh crore vs Rs 57.25 lakh crore
Active equity funds see net inflow of Rs 34,697 crore vs inflow of Rs 18,917 crore
Small cap funds see net inflow of Rs 2,725 crore vs inflow of Rs 2,208 crore
Midcap funds see net inflow of Rs 2,606 crore vs inflow of Rs 1,793 crore
Large cap funds see net inflow of Rs 663 crore vs inflow of Rs 357 crore
Flexi cap funds see net inflow of Rs 3,155 crore vs inflow of Rs 2,172 crore
Shyam Metalics & Energy Business Update (YoY)
Stainless steel sales at 4,949 ton in May, up 82.6%
Stainless steel realisations up 34.1% in May
Source: Exchange filing
Aadhar Housing Finance Rises To Record High
Shares of Aadhar Housing Finance Ltd. jumped 8.68% to Rs 398.00 during the day. The stock price was trading 5.68% higher at Rs 387.05 as of 11:34 a.m., as compared to 0.25% advance in the NSE Nifty 50 index.
Bajaj Housing's Net Worth To Rise Over Rs 18,000 Crore After IPO
Bajaj Housing constitutes >27%/12%/15% of BAF’s Assets Under Management/ Profit / Net Worth
BAF has infused further capital of Rs 2,000 crore in April 2024 at Rs 18.1 per share
Assigning 3-4x P/B to BHFL’s post-issue equity translates to 12-16% of BAF’s mkt cap
Focused on prime housing
Two-thirds of AUM is concentrated in Maharashtra (31.5%), Karnataka (23%), and Telangana (14.8%)
Fresh issue in IPO will scale up net worth over Rs 18,000 providing it with growth capital.
RVNL Stocks Rises Over 3% After Securing Hydro-Electric Project Contract
Shares of Rail Vikas Nigam Ltd. shares rose over 3% after it received a contract worth approximately Rs 495 crore from National Thermal Power Corporation.
The contract for civil and hydro-mechanical works is to be executed within a period of 5 and a half years, according to an exchange filing.
RNVL's stock rose as much as 3.27% during the day to Rs 386.80 apiece on the National Stock Exchange. It was trading 0.52% higher at Rs 376.50 per share, compared to a 0.23% advance in the benchmark Nifty at 11:19 a.m.
The share price has risen 107.33% on a year-to-date basis and 203.92% in the last 12 months. The total traded volume so far in the day stood at times its 30-day average. The relative strength index was at 64.08.
Three the analysts tracking the company have 'hold' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside of 17.5%.
Mahanagar Gas Soars Most In Over A Month On Analysts' Bullish Valuation, Volume Growth
Shares of Mahanagar Gas Ltd. hit their highest level in over a month on Monday after several brokerages believed the valuation to be cheap amid expectations of a surge in volume growth.
Shares of the company rose as much as 6.51% to Rs 1,471 apiece, the highest level since May 3. It pared gains to trade 1.88% higher at Rs 1,409 apiece as of 10:06 a.m. This compares to a 0.10% decline in the NSE Nifty 50 Index.
The stock has gained nearly 12% in its four-day rally.
The stock has risen 17.5% on a year-to-date basis and 34.6% in the last twelve months. Total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 58.69
Raymond Rises To Fresh As Its Real Estate Division To Redevelop Mumbai Residential Area
Raymond Ltd. jumped to record high on Monday after its real estate unit was selected to redevelop a residential area in Mumbai.
Shares of Raymond Ltd. jumped 8.63% to Rs 2,685.00, the highest level since its listing on Oct 18, 1995. It was trading 6.64% higher at Rs 2,635.80 as of 11:04 a.m., as compared to 0.26% advance in the NSE Nifty 50 index.
The scrip gained 62.05% in 12 months, and 54.11% on year to date basis. Total traded volume so far in the day stood at 6.0 times its 30-day average. The relative strength index was at 75.47, which implied the stock is overbought.
Out of six analysts tracking the company, five maintain a 'buy' rating, and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.4%.
Suzlon Energy Falls As Independent Director Resignation Flags Corporate Governance Issues
Suzlon Energy shares slumped after an independent director of the company Marc Desaedeleer's resignation letter flagged corporate governance issues in the company.
The scrip fell as much as 5% to Rs 47.40 apiece, the lowest level since May 31. It pared losses to trade 4.1% lower at Rs 47.84 apiece, as of 10:34 a.m. This compares to a 0.28% advance in the NSE Nifty 50 Index.
It has risen 25.21% on a year-to-date basis and 212.42% in the last twelve months. Total traded volume so far in the day stood at 1.32 times its 30-day average. The relative strength index was at 56.96.
Five analysts tracking the company maintain a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 18.3%.
Kronox Lab Sciences Lists At 21% Premium To IPO Price
Kronox Lab Sciences Ltd. was listed on BSE Rs 165, at a premium of 21.32%
It was listed on NSE at Rs 164.95, at a premium of 21.29%.
Note: The issue price for the IPO was Rs 136 per share.
Also Read: Kronox Lab Shares Close 17% Above IPO Price
Systematix India: Renewable Energy Conference Key Takeaways
1. Adani Green Energy
Internal accruals can fund 2-2.5 GW of capacity addition
Final share warrant tranche of Rs 7,000 crore to fund capacity addition of 6GW/ year
Solar Capacity additions come in at Rs 50mn/MW
Wind Capacity additions come in at Rs 65mn/MW
2. NHPC
Plans to add 6.4/9.3GW of capacity by FY28, rest by FY32
Current hydropower capacity at 6,970MW
Solar expected to form 2-3% of total volumes
3. Sterling and Wilson Renewable Energy
Total order book at Rs 8,000 crore
75% order book to be executed in FY25
Order book potential of Rs 12000 crore
Domestic market share at 20%
Market share with PSUs at 40-50%
Margins in International markets are at 10-12%
4. Inox Wind
Company reached net debt-free status Rs 900 crore fund raise
Execution guidance of 800MW/1,200MW in FY25/FY26.
Company generates gross profit of Rs 1 crore per MW
Expects Rs 500-600 crore in cash flows in FY26
Kotak Institutional Equities On Inclusion Of Gas in GST
Inclusion of gas in GST a positive, but benefits only moderate
Tax reduction benefit for Mahanagar Gas is behind
Expect GST rates to be 12% or 18%
Brokerage does not govt will opt for highest slab of 28%
Kotak Institutional Equities expects 2-4% CNG price reduction in Delhi/Mumbai at 18% GST rate
The brokerage expects 7-9% CNG price reduction in Delhi/Mumbai at 12% GST rate
It expects benefits from 7-9% price reduction to be a short-term positive
It believes price reduction benefits to be offset with rising CGDs’ gas costs
Wardwizard Innovations & Mobility Hits Upper Circuit After Bagging Order Worth Rs $1.29 billion
Shares of Wardwizard Innovations & Mobility Ltd. hit an upper circuit of 20% and rose to 62.71, the highest level since April 30. It remained locked in the upper circuit as of 09:54 a.m., as compared to 0.05% decline the NSE Nifty 50 index.
Bharti Airtel Scales Fresh High
Bharti Airtel Ltd. rose 0.67% to Rs 1,434.75, the highest level since its listing. It was trading 0.51% higher at Rs Rs 1,432.50 as of 09:46 a.m as compared to 0.01% advance in the NSE Nifty 50 index.
The scrip gained 71.28% in 12 months, and 38.77% on year to date basis. Total traded volume so far in the day stood at 0.10 times its 30-day average. The relative strength index was at 65.32.
Out of 37 analysts tracking the company, 23 maintain a 'buy' rating, seven recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 71.8%.
Nifty Smallcap 250 Hits Record High
The NSE Nifty Smallcap 250 index rose to record high of 16,327.80. The index was trading 0.65% higher at 16,217.50 as of 09:38 a.m.
Nifty Smallcap 100 Rises To Life Time High
The NSE Nifty Smallcap 100 scaled a fresh high of 17,448.55. It was trading 0.52% higher at 17,302.10 as of 09:37 a.m.
Nifty, Sensex Hits Record High Shortly After Open As RIL, Axis Bank Lead: Opening Bell
India's benchmark indices scaled fresh highs shortly after opening on Monday as Reliance Industries Ltd., Axis Bank Ltd. led. The fresh highs came the day after Narendra Modi took oath as India's prime minister for a third time on Sunday after an unexpected election results.
As of 09:21a.m., the NSE Nifty 50 was 91.90 points or 0.39% higher at 23,382.05, and the S&P BSE Sensex was 233.11 points or 0.30% higher at 76,926.47.
The NSE Nifty 50 rose to the fresh high of 23,411.90, and the S&P BSE Sensex rose to life time high of 77,079.04.
"The NSE Nifty 50 has broken on the higher side from its doji candle and closed near to all time high and the pivot resistance will be at 23,800 levels. f Any decline to the hourly average and previous top of 22,800 will act as strong support from current levels after a sharp up move. RSI and other key technical indicators are strongly overbought and we expect to consolidate or decline from current levels. Highest call Open Interest has moved higher to 23,500 strike while the downside the highest put OI is at 22,800 for the weekly expiry," said Vikas Jain, a senior research analyst at Reliance Securities.
Doji candle stick is a pattern found in charts of financial instruments which indicates reversal of prices.
Reliance Industries Ltd., State Bank of India, Axis Bank Ltd., HDFC Bank Ltd., and Powergrid Corp of India Ltd. added to the benchmark index.
Infosys Ltd., Tech Mahindra Ltd., HCL Technologies Ltd., Tata Consultancy Services Ltd., and Hindalco Industries Ltd. weighed on the benchmark index.
On NSE, 10 sectors advanced out of 12, and one remained flat. The NSE Nifty PSU Bank rose the most among its peers.
The NSE Nifty IT was the only sector which logged losses in early trade.
On BSE, broader markets rose. The S&P BSE Midcap rose 0.88%, and the S&P BSE Smallcap rose 1.03%.
On BSE, 18 sectors advanced out of 20, and two declined. The S&P BSE Power was the top performing sector, and the S&P BSE IT was the worst performing sector.
On NSE, the NSE Nifty Smallcap 100, and the NSE Nifty Smallcap 250 scaled a fresh high in line with the benchmarks.
Market breadth was skewed in favour of the buyers. Around 2,498 stocks advanced, 712 stocks declined, and 122 stocks remained unchanged on BSE.
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May Auto Sales - FADA Data (YoY)
Total auto retail sales up 2.6%
PV retail sales at 3.03 lakh units, down 1%
CV retail sales at 83,059 units, up 4.1%
2-wheeler retail sales at 15.3 lakh units, up 2.5%
Source: Federation of Automobile Dealers' Association
Nifty, Sensex Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 was 29.00 points or 0.12% higher at 23,319.15, and the S&P BSE Sensex was 242.05 points or 0.32% higher at 76,935.4.
Rupee Opens Lower Against U.S. Dollar
The local currency opened 11 paise lower against the U.S. Dollar at 83.49.
It closed at 83.38 on Friday.
Source: Bloomberg
Yield On The 10-Year Bond Open Higher
The yield on the 10-year bond opened higher by 2 basis points at 7.04%.
It closed at 7.02% on Friday.
Source: Cogencis
Kiran Mathew Thomas Resigns As Jio Infocomm's Director
Kiran Mathew Thomas resigned as the director of Infocomm Ltd.'s director with effect from Jun 9.
Source: Exchange filing
Suprajit Engineering Acquires Cable Systems
Suprajit Engineering acquired a Germany-based Stahlschmidt Cable Systems out of insolvency proceedings.
Source: Exchange filing
Brokerages On Ceat
ICICI Securities on CEAT Analyst Meet
The brokerage upgraded the stock to 'Reduce' from 'Sell', with a target price Rs 2,232 up from Rs 2,160.
ICICI Securities expects a slower OEM growth in FY25 due to high base effect
Better growth in replacement/exports as PV replacement market demand has remained sluggish since covid days
Capex to remain elevated around Rs. 1,000 crore in FY25 to complete capacity additions in PCR and OHT
CEAT aims to launch TBR tyres by Q2FY25 and PCR by Q4FY25 in the US market
Focus on pricing, margins and maintain doubledigit RoCE close to mid-teens
Kotak Instituional Equities on CEAT Analyst Meet
The brokerage maintained a Sell with target price Rs 1,850 which implied a downside of 24%.
Medium Term Targets
Sustained leadership in the 2W segment (33% MS now)
Attaining top-2 position in the PV segment (16% MS now)
Growing its export mix to >25% in FY2026E
Company has to clock in Ebitda per kg of Rs. 40.5 (12% above FY2024 levels) over the medium term to justify CMP.
Recent uptick in rubber prices, along with competitive pricing by MRF, needs monitoring.
Nuvama Keeps 'Buy' On Ceat
Nuvama maintained a 'Buy' with target price Rs 3,000 which implied an upside of 22%.
FY25 volume growth is likely to be in high single-digits to low double-digits
FY25 exports to grow in double digits, key focus regions include Latin America, Europe, the US and Middle East
Medium-term target is to increase share of exports to 25% from 19% in FY24
Tyre realisations shall improve on premiumisation and electrification
Raw material costs shall rise 3–4% in Q1FY25 due to higher input costs
Capex is expected to be Rs.1100 cr for FY25E/26E
Revenue CAGR likely to be 9% over FY24–26E
Aggressively targeting EV segment with platform-wins in 2W, PV and CV segments with OEMs such as Tata Motors, M&M, MG Motors, Kia
Building in revenue/earnings CAGR of 9%/11% over FY24–26E
Motilal Oswal Reiterates 'Buy' On JSW Steel
Motilal Oswal reiterated a 'Buy' on JSW Steel with a target price Rs 1,070, which implied a 20.5% upside potential.
Capacity expansion is on track; well placed to capitalize on opportunity, according to the brokerage.
Domestic steel demand is expected to be robust.
Company is well placed to capture domestic and international markets.
Steel sales volumes is expected to hit 30 metric tonne in FY26 (25 metric tonne in FY24).
EBITDA/t is expected to improve with higher realization and lower coal costs.
Global Cues
US Dollar Index at 105.13
US 10-year bond yield at 4.44%
Brent crude up 0.10% at $79.70 per barrel
Nymex crude up 0.13% at $75.63 per barrel
Bitcoin was down 0.12% at $69,602.50
The GIFT Nifty was 21.5 points or 0.09% higher at 23,279.00 as of 07:11 a.m.
Brokerages On Mahanagar Gas
Emkay On Mahanagar Gas
Emkay Global Research maintains a 'buy' on Mahanagar Gas at a target price of Rs 1,680, which implied a 21.7% upside.
Management guides five-year volume CAGR of 6-7%
The company could see margin downtick to spur volume growth
Management expects further decline in APM allocation.
Current UEPL volumes at 0.13 million standard cubic metres a day vs 1.2 mscmd potential in 7-8 years.
Management expects GST rate at 12%; to benefit stakeholders
Comments have been sought by June on the new central excise bill
Motilal Oswal Keeps 'Buy'
Motilal Oswal maintained a 'buy' on Mahanagar Gas at Rs 1,565 target, which implied a 13% upside.
Management maintained overall 6-7% volume growth target
Current APM gas allocation at 70%, shortfall met by additional HPHT volumes
FY25 capex guidance of Rs 1,000 crore, UEPL allocation at Rs 200 crore
The brokerage expects a 7% CAGR in volume over FY24-26
Motilal Oswal refers MGL over IGL on cheaper valuation, lower EV risk
Nuvama Retains Buy
Nuvama maintains a 'buy' on Mahanagar Gas at Rs 1,670 target which implied a 21% upside.
Management expects Ebitda margins to normalise to Rs 9–11/scm
PNGRB withdraws common carrier status, however, it is still sub-judice
Management expects natural gas GST rate at 12%; to help drive volumes
New businesses imply value-unlocking potential over long term.
Brokerage expects 6-7% volume growth in FY25.
Money Market Update
The Indian currency strengthened by 10 paise to 83.37 against the US dollar.
F&O Cues
Nifty June futures up by 1.9% to 23,325.15 at a premium of 35 points.
Nifty June futures open interest down by 2.5%.
Nifty Bank June futures up by 1.01% to 49,908 at a premium of 105 points.
Nifty Bank June futures open interest up by 0.34%.
Nifty Options June 13 Expiry: Maximum call open interest at 24,000 and maximum put open interest at 23,000.
Bank Nifty Options June 12 Expiry: Maximum call open interest at 53,000 and maximum put open interest at 47,000.
Securities in ban period: Balrampurchini Mills, SAIL, Zee Entertainment Enterprises.
Pledge Share Details
India Cements: Promoter EWS Finance and Investments created a pledge for 13.16 lakh shares on June 6.
Trading Tweaks
Price Band revised from 5% to 10%: DB Corp.
Price Band revised from 5% to 20%: Man Industries.
Ex/record Dividend: Dr Lal Path Labs, Nelco.
Ex/record bonus: Motilal Oswal Financial Services.
Moved in short-term Framework: Finolex Cables, KNR Construction.
Moved out short-term Framework: SMS Lifesciences India.
Who’s Meeting Whom?
Astro Microwave Products: To meet analysts and investors on June 13, 14.
Rhi Magnestia India: To meet analysts and investors on June 11.
ITD Cementation: To meet analysts and investors on June 14.
DLF: To meet analysts and investors on June 13.
IPO Offering
Ixigo: The company will offer its shares for bidding on Monday. The price band is set from Rs 88 to Rs 93 per share. The Rs 740.1-crore initial public offering is a combination of a fresh issue of Rs 120 crore and the rest of the offer for sale. The company has raised Rs 333 crore from anchor investors.
Bulk Deals
Sudarshan Chemical: HDFC Mutual Fund bought 10.28 lakh shares (1.48%) at Rs 778.1 apiece, while Rathi Ajay Balkrishna sold 10.28 lakh shares (1.48%) at Rs 778.1 apiece.
Thermax: Nalanda India Equity Fund Ltd. sold 15 lakh shares (1.25%) at Rs 5,100.26 apiece, while SBI Mutual Fund bought 13.74 lakh shares (1.15%) at Rs 5,100 apiece.
Moschip Technologies: Rajesbhai Navinchandra Shah sold 11.81 lakh shares (0.65%) at Rs 185.95 apiece.
Insider Trades
Jindal Saw: Promoter Shradha Jatia bought 19,004 shares on June 4.
Sudarshan Chemical: Promoter Ajay Balkrishna Rathi sold 18.48 lakh shares on June 5.
Usha Martin: Promoter Peterhouse Investments India sold 75,000 shares.
Cantabil Retail: Promoter Deepak Bansal bought 1 lakh shares between June 5 and 7.
Stocks to Watch
Wardwizard Innovations and Mobility: The company received an order worth $1.29 billion from Beulah International for EVs.
Borosil Renewables: The board approved raising up to Rs 450 crore via the rights issue of shares.
Artson Engineering: The company received a Rs 126 crore order for engineering and construction at Guwahati International Airport.
Gland Pharma: The company appointed Srinivas Sadu as executive chairperson and chief executive officer of the company.
Rail Vikas Nigam: The company JV with KRDCL received a project worth Rs 156 crore from Southern Railway for Provision of Automatic Signalling on Ernakulam Thiruvananthapuram Division in Southern Railway.
UCO Bank: The bank will hike MCLR on three-month and one-year tenures by 5 basis points, effective June 10.
Dr Reddy’s Laboratories: The FDA has completed a GMP inspection at the API manufacturing facility in Andhra Pradesh and issued Form 483 with four observations.
Jubilant Pharmova: The FDA completed an audit of a contract manufacturing facility in Washington and issued three observations.
IDBI Bank: The company received income tax order determining Rs 2,701.6 crore refund for AY 2016-17. The company is in the process of evaluating the implications of tax order on financial statements.
Raymond: The company real-estate division has been selected preferred developer for redevelopment of Mumbai residential area. The project has an estimated revenue potential of more than 2,000 crore.
Inox Wind: The company incorporated four wholly owned subsidiaries.
CESC: The company’s step-down arm incorporated wholly owned subsidiary HRP Green Power.
Medplus Health: The company’s arm received 4 licence suspension orders for stores at various locations in Karnataka.
KPI Green Energy: The company’s subsidiary, Sun Drops Energia, approved a private placement of 10,66,098 equity shares to Chairperson and Managing Director Faruk G. Patel, representing 16.62% of the expanded paid-up share capital. Post-completion, Sun Drops will be a subsidiary representing 83.38% of the expanded paid-up share capital.
Apeejay Surrendra Park Hotels: The company has expanded its geographical presence in Uttarakhand by building new hotel in the brand name ‘The Park’.
GIFT Nifty Trades Near 23,300
Most Asian markets rose in early trade on Monday after data showed Japan's economy contracted less than estimated in the first quarter.
The Nikkei 225 was 186.92 points or 0.48% higher at 38,870.85, and the Kospi was 26.21 points or 0.96% down at 2,696.46 as of 06:46 a.m.
The world’s biggest bond market got hammered as a solid US jobs report made traders dial back their bets on Federal Reserve rate cuts, Bloomberg said.
The S&P 500 Index and Nasdaq Composite rose 0.11% and 0.23%, respectively, as of Friday. The Dow Jones Industrial Average fell 0.96%.
Brent crude was trading 0.02% higher at $79.64 a barrel. Gold rose 0.07% to $2,295.42 an ounce.
The GIFT Nifty was 33 points or 0.14% higher at 23,290.50 as of 6:47 a.m.
The Indian benchmark equity indices recovered from their losses on counting day and recorded their highest close on Friday as heavyweights led the rally. The NSE Nifty 50 closed 468.75 points or 2.05%, up at 23,290.15, while the S&P BSE Sensex closed 1,618.85 points or 2.16%, higher at 76,693.36.
Overseas investors turned net buyers on Friday after three consecutive sessions of selling. Foreign portfolio investors mopped up stocks worth Rs 4,391.02 crore, while domestic institutional investors turned net sellers after two buying sessions and sold equities worth Rs 1,289.75 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 10 paise to 83.37 against the US dollar.
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