KEY HIGHLIGHTS
Rupee Flat Against U.S. Dollar
The local currency closed flat at 83.51 against the US dollar.
It closed at 83.51 on Wednesday.
Source: Bloomberg
Nifty, Sensex Log Worst Fall In Over Three Months As HDFC Bank, L&T Fall: Market Wrap
India benchmark indices recorded their worst fall since January, tracking declines in shares of heavyweight HDFC Bank Ltd., Larsen & Toubro Ltd., and Reliance Industry Ltd.
The NSE Nifty 50 ended 345.00 points or 1.55% lower at 21,957.50, and the S&P BSE Sensex settled 1,062.22 points or 1.45% lower at 72,404.17.
The NSE Nifty 50 index fell 1.66% to 21,932.40, and the S&P BSE Sensex fell 1.54% to 72,334.74 during the day.
The benchmark NSE Nifty 50 also slipped below 22,000 level for the first time in 14 sessions.
"On daily charts, the index has formed long bearish candle, which supports further weakness from the current levels. We are of the view that, the short-term market texture is weak but due to temporary oversold conditions, we could see a one technical pullback rally from the current levels. For the traders now, 22,000/72,550 would act as key level to watch out. Above 22,000/72,550, the market could bounce back till 22,100-22,150/72,300-72,500. On the flip side, below 22,000/72,550 the weak sentiment is likely to continue. Below which the market could slip till 21,850-21,800/72,100-72,000," said Shrikant Chouhan, head equity research, Kotak Securities.
"Pessimism persisted in the Indian bourses and bears tightened their grip in today's trading session by breaching all the key support levels to end the session at 21,957.50 with a loss of 345 points. Barring Auto, all other sectors ended the day in red with Energy and Metal being the major laggards. Relentless selling continued in the Mid and Smallcap stocks which resulted in the underperformance of the broader markets. On a technical front, the Index has formed a big bearish candle which indicates dominance of the Bears. Now, the immediate support is placed at 21,830 which is the lower end of an Ascending Triangle Formation while on the higher side, 22,230 will be a crucial hurdle," said Aditya Gaggar, Director, Progressive Shares.
HDFC Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., ITC Ltd., Asian Paints Ltd. dragged on the benchmark index.
Infosys Ltd., State Bank of India, Tata Motors Ltd., Mahindra & Mahindra Ltd., and Hero MotoCorp Ltd. limited the fall in the index.
On NSE, 11 sectors out of the 12 ended lower, and one sector ended higher. The NSE Nifty Oil & Gas was the worst performing sector, and the NSE Nifty Auto was the best performing sector.
The broader markets underperformed; the S&P BSE MidCap Index closed down 2.01%, whereas S&P BSE SmallCap Index was 2.41% lower.
Nineteen out of 20 sectors compiled by BSE declined. Only S&P BSE Auto ended higher.
The market breadth was skewed in the favour of the sellers. About 2,902 stocks fell, 929 rose, while 112 remained unchanged on the BSE.
India VIX Rises To 52-Week High
Escorts Kubota Q4 Earnings Key Highlights (Consolidated, YoY)
Revenue fell 5.47% to Rs 2,093.53 crore from Rs 2,214.48 crore
Ebitda rose 11.75% to Rs 260.56 crore from Rs 233.16 crore
Margin rose 191 basis points to 12.44% from 10.52%
Net profit rose 16.36% to Rs 251.89 crore from Rs 216.46 crore
Orient Electric Q4 Earnings Key Highlights (YoY)
Revenue rose19.72% to Rs 787.66 crore from Rs 657.91 crore
Ebitda fell 33.18% to Rs 30.73 crore from Rs 45.99 crore
Margin fell 308 basis points to 3.9% from 6.99%
Net profit fell 47.96% Rs 12.8 crore from Rs 24.6 crore
Nifty Smallcap 250 Declines More Than 2%
The Benchmark Nifty Trades Below 22,000
HPCL Q4 Earnings Key Highlights (QoQ)
Revenue grew 2.6% to Rs 1,14,556.87 crore from Rs 1,11,306.32 crore
Ebitda grew 122.03% to Rs 4,803.75 crore from Rs 2,163.54 crore
Margin rose 224 bps to 4.19% from 1.94%
Net profit rose 437.36% to Rs 2,842.75 crore from Rs 529.02 crore
SBI Rises To Record High After Net Profit Surges 24%
The stock rose 3.56% higher at Rs 839.65, the highest level since its listing on March 1, 1995. It was trading 2.08% higher at 827.70 as of 2:33 p.m., as compared to 1.22% decline in the NSE Nifty 50 index.
Nifty Loses Over Rs 2 Lakh Crore In Market Cap As It Falls Over 1%: Midday Market Update
India's benchmark stock indices extended their losses and lost nearly Rs 2 lakh crore in market capitalisation so far on Thursday as investors remained cautious amid the ongoing results season and union elections.
Traders anticipate that this trend will persist in the upcoming weeks until the declaration of election results.
At 1:16 p.m., the Nifty fell 249.85 points, or 1.12%, to trade at 22,052.65, and the Sensex declined 777.58 points or 1.06% to 72,688.8.
The support for the Nifty is between 22,000 and 22,200 points, and the resistance is at 22,500, above which Ghose said there's room for upside, according to Rahul Ghose, chief executive at hedged.in.
Also Read: Stock Market Today: Nifty, Sensex Log Worst Fall In Over Three Months As HDFC Bank, L&T Fall
Shares of Larsen & Toubro Ltd., Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., and ITC Ltd. dragged the indices.
While those of Infosys Ltd., Mahindra & Mahindra Ltd., Tata Motors Ltd., Hero MotoCorp Ltd., HCLTech Ltd. minimised the losses.
Most sectoral indices on the NSE fell with Nifty Oil & Gas and Nifty Energy falling the most while Nifty Auto jumped to hit its lifetime high.
Broader markets underperformed their larger peers, with the S&P BSE Smallcap falling 1.48% and the S&P BSE Midcap lossing 1.28% through midday on Thursday.
Seventeen out of 20 sectoral indices fell and four rose. S&P BSE Capital Goods fell the most.
Market breadth was skewed in favour of sellers. Around 2,610 stock declined, 1,063 stocks rose, and 136 stocks remained unchanged on BSE.
Vardhman Textiles Q4 Results Key Highlights (Consolidated, YoY)
Revenue down 1.06% to Rs 2,459.41 crore from Rs 2,485.61 crore
Ebitda up 17.69% at Rs 308.2 crore from Rs 261.87 crore
Margin up 199 bps at 12.53% from 10.53%
Net profit up 26.43% at Rs 202.13 crore from Rs 159.87 crore
Indian Overseas Bank Q4 Earnings Highlights (Standalone)
Net profit rose 24.3 Rs 808.1 crore from Rs 650.07 crore YoY
NII rose 21% to Rs 2,763.08 crore from 2,276.11 crore YoY
Gross NPA at 3.10% vs 3.90% (QoQ)
Net NPA at 0.57% vs 0.62% (QoQ)
Alembic Pharma Q4 Earnings Key Highlights (Consolidated, YoY)
Revenue up 7.85% to Rs 1,516.98 crore from Rs 1,406.45 crore
Ebitda up 22.54% at Rs 260.06 crore from Rs 212.22 crore
Margin up 205 bps at 17.14% from 15.08%
Net profit up 16.78% at Rs 178.21 crore from Rs 152.6 crore
Punjab National Bank Q4 Results Key Highlights (Standalone)
Net interest income up 9% to Rs 10,363 crore. (YoY)
Net profit up 159.8% to Rs 3,010 crore. (Bloomberg estimate: Rs 2,276.99 crore). (YoY)
Gross NPA at 5.73% vs 6.24% (QoQ)
NNPA at 0.73% vs 0.96% (QoQ)
CAMS Q4 Earnings (Consolidated, QoQ)
Revenue up 7.17% to Rs 310.45 crore from Rs 289.67 crore
Ebitda up 12.91% at Rs 125.23 crore from Rs 110.91 crore
Margin up 204 bps at 40.33% from 38.28%
Net profit up 16.32% at Rs 102.98 crore from Rs 88.53 crore
Asian Paints Q4FY24 Highlights (Consolidated, YoY)
Revenue at Rs 8730.8 crore vs Rs 8787.3 crore, down 0.65%
EBITDA at Rs 1691.4 crore vs Rs 1864.7 crore, down 9.29%
Margin at 19.37% vs 21.22%, down 184 bps
Net profit at Rs 1275.3 crore vs Rs 1258.4 crore, up 1.34%
SBI Shares Surge After Q4 Results
Net profit at Rs 20,698 crore Vs Bloomberg estimate of Rs 13,440 crore
Gross NPA at 2.24% vs 2.42% QoQ
Net NPA at 0.57% vs 0.64% QoQ
NII rose 3% on year to Rs 41,655 crore vs Rs 40,393 crore
SBI's Domestic Deposits Up 11.07% YoY
Domestic deposits up 11.07% YoY at Rs 47.24 lakh crore
CASA Deposits up 4.25% YoY at Rs 19.41 lakh crore
Credit cost FY24 at 0.29%, up 3 bps YoY
PVR Inox Opens Multiplex Theatre At Gurugram
PVR Inox Ltd. opened a four screen multiplex at Ambience Mall, Gurugram.
Source: Exchange filing
Alkyl Amines Chemicals Q4 Results Key Highlights (YoY)
Revenue down 13.54% to Rs 356.6 crore from Rs 412.4 crore
Ebitda down 11.23% at Rs 68.94 crore from Rs 77.67 crore
Margin up 49 bps at 19.33% from 18.83%
Net profit down 20.94% at Rs 38.45 crore from Rs 48.64 crore
Venus Pipes & Tubes Q4 Earnings Key Highlights (YoY)
Revenue up 27.18% to Rs 224.1 crore from Rs 176.2 crore
Ebitda up 109.1% at Rs 45 crore from Rs 21.52 crore
Margin up 786 bps at 20.08% from 12.21%
Net profit up 86.44% at Rs 25.04 crore from Rs 13.43 crore
Timken India Q4 Earnings Key Highlights (YoY
Revenue up 11.87% to Rs 897.8 crore from Rs 802.5 crore
Ebitda up 30.01% at Rs 198.8 crore from Rs 152.9 crore
Margin up 309 basis points at 22.14% from 19.05%
Net profit up 35.31% at Rs 141.4 crore from Rs 104.5 crore
Indian Markets Trades At Day's Low
The NSE Nifty 50 erased 260 points from day's high, while erasing over Rs 2 lakh crore market cap.
The S&P BSE Sensex shed 785.53 points from day's high, while the benchmark lost 1.3 lakh crore market crore.
April AMFI Data
MF industry net inflows at Rs 2.39 lakh crore vs outflow of Rs 1.59 lakh crore MoM
Net AUM of MF industry at Rs 57.25 lakh crore vs Rs 53.4 lakh crore MoM
Active equity funds see net inflow of Rs 18,917 crore vs Rs 22,633 crore MoM
Net AUM for active schemes at Rs 24.74 crore as of April vs Rs 23.48 lakh crore as of March
Small cap funds see net inflow of Rs 2,208 crore vs outflow of Rs 94.17 crore MoM
Midcap funds see net inflow of Rs 1,793 crore vs Rs 1,017 crore MoM
Large cap funds see net inflow of Rs 357 crore vs Rs 2,127 crore MoM
Flexi cap funds see net inflow of Rs 2172 crore vs Rs 2,738 crore MoM
Maruti Suzuki Launches All-New Swift At A Starting Price Of Rs 6.49 Lakh
India accounts for nearly half of all Swift cars sold globally, Maruti Suzuki says.
Suzuki has sold 6.5 million Swift units globally.
About 3 million Swift cars have been sold in India.
Source: Press conference
Sula Vineyards Near Two-Month Low As Its Q4 Net Profit Falls
Sula Vineyards Ltd. fell 6.95% to Rs 504.30, the lowest level since March 14. It was trading 6.46% down at Rs 506.95 as of 12:02 p.m., as compared to 0.62% decline in the NSE Nifty 50 index.
The scrip rose 1.36% on year-to-date basis, and in 12 months it has risen 19.32%. Total traded volume so far in the day stood at 1.93 times its 30-day average. The relative strength index was at 30.11.
Out of five analysts tracking the company, four maintain a 'buy' rating, and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.3%.
EMS Emerges As Lowest Bidder For Infrastructure Project
EMS Ltd. emerged as the lowest bidder for infrastructure project worth Rs 148 crore.
Source: Exchange filing
SKF India Surges Over 11% To Record High As Q4 Net Profit Rise
Shares of SKF India Ltd. surged 11.56% to Rs 5,100.00, a six-month high on Thursday after it reported over 42% rise in its net profit during January-March. It was pared gains to trade 6.97% higher at 4,890.00 as of 11:27 a.m., as compared to 0.73% decline in the NSE Nifty 50 index.
Piramal Enterprises Shares Fall After Profit Misses Estimates, Analysts Cut Target Price
Shares of Piramal Enterprises Ltd. fell on Thursday after its fourth-quarter profit missed analysts' estimates by a wide margin, prompting most brokerages to cut both ratings and target price on the stock.
Shares of the company fell as much as 6.38% to Rs 838 apiece, the lowest level since April 22. It pared gains to trade 4.49% lower at Rs 855 apiece as of 10:25 a.m. This compares to a 0.63% decline in the NSE Nifty 50 Index.
The stock has fallen 4.44% on a year-to-date basis and 8.20% in the last 12 months. Total traded volume so far in the day stood at 1.64 times its 30-day average. The relative strength index was at 41.75.
Out of the seven analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.4%.
DLF Shares Snap Two-Day Decline And Rises Over 2%
Shares of DLF Ltd. snapped a two-day decline and rose over 2% on Thursday.
DLF Ltd. rose as much as 2.16% to Rs 870.95, the highest level since May 7. It was trading 0.93% higher at Rs 860.30 as of 10:33 a.m., as compared to 0.69% decline in the NSE Nifty 50 index.
The scrip gained 99.09% in 12 months, and year-to-date basis, it has risen 17.83%. Total traded volume so far in the day stood at 0.35 times its 30-day average. The relative strength index was at 42.68.
Out of 19 analysts tracking the company, 12 maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.2%.
Mahindra & Mahindra Rises To Record High
Mahindra & Mahindra Ltd. rose to Rs 2,256.75, the highest level since its listing on Jan 3, 1996. It was trading 2.29% higher at Rs 2,232.45 as of 11:00 a.m., as compared to 0.70% decline in the NSE Nifty 50 index.
Nifty Auto Rises To Fresh High
The NSE Nifty Auto index rose to 22,994.55, the highest level since its inception on July 12, 2011. It was trading 1.45% higher at 22,783.90 as of 10:29 a.m.
Bajaj Consumer Care Falls To One-Week Low As Q4 Net Profit Falls
Shares of Bajaj Consumer Care Ltd. fell to the lowest level since last Thursday as its net profit declined during January-March missing estimates.
Its consolidated net profit fell 12.1% on the year to Rs 35.6 crore from Rs 40.5 crore in the corresponding period of the previous financial year. the figures are below Bloomberg's estimates of Rs 41.54 crore.
The scrip fell 6.84% to Rs 242.45, the lowest level since May 2. It was trading 6.32% down at Rs 243.90 as of 10:09 a.m., as compared to 0.32% decline in the NSE Nifty 50 index.
The scrip gained 40.55% in 12 months, and on year-to-date basis, it has risen 11.02%. Total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 56.54.
Out of eight analysts tracking the company, eight maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.1%.
Most Shares Of Reliance Group of Companies Fall
Citi Research On India Pharmaceuticals
Volumes Coming Back; Market May Turn Unfavorable Again
Underlying structure of US generic market getting worse as
Volumes from India/China picking up again
US-based players are still holding up, contrary to perception of large scale exits
Market fragmentation is increasing
India’s volume share reached 65%;alarming from competition and regulatory standpoint
Maintain cautious stance on US Gx, prefer non-US Gx like torrent,Sun pharma & cipla
Dr reddy, aurobindo & lupin expected to be most impacted once pricing trends turn unfavorable
Increasing volumes and competition from India are key reasons behind continued erosion in US Gx pricing
DLF Sells Properties Worth Rs 5,590 Crore
DLF Ltd. has sold properties worth Rs 5,590 crore in 3 days at its luxury project in Gurugram.
Source: Exchange filing
Most Shares of Adani Group Of Companies Rise
Larsen & Toubro At Over Two-Month Low Despite Posting A Rise In Q4 Net Profit
Shares of Larsen & Toubro Ltd. declined as much as 5.65% to Rs 3,290.00, the lowest level since Feb 22. It was trading 3.82% down at Rs 3,353.80 as of 9:49 a.m., as compared to 0.32% decline in the NSE Nifty 50 index.
The scrip gained 41.59% in 12 months, and on year-to-date basis, it has declined 4.96%. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 32.98.
Out of 36 analysts tracking the company, 31 maintain a 'buy' rating, three recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.6%.
Kirloskar Oil Hits Lifetime High As Q4 Net Profit Jumps 86% YoY
Shares of Kirloskar Oil Engines jumped to hit their lifetime high after the company's net profit for the quarter ended March jumped 86.04% year-on-year to Rs 147 crore.
The scrip rose as much as 13.14% to Rs 1,169.95 apiece, the highest level. It pared gains to trade 6% higher at Rs 1,095.10 apiece, as of 9:31 a.m. This compares to a 0.26% decline in the NSE Nifty 50 Index.
It has risen 6.14% on a year-to-date basis and 67.8% in the last 12 months. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 79.84, indicating that the stock may be overbought.
Three analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.1%.
Nifty, Sensex Open Lower As L&T, TCS, RIL Drag: Opening Bell
India's benchmark indices opened lower on Thursday tracking declined in shares of Larsen & Toubro Ltd., Tata Consultancy Services Ltd., and Reliance Industries Ltd.
As of 09:17 a.m., the NSE Nifty 50 was trading 10.90 points or 0.05% lower at 22,291.60, and the S&P BSE Sensex was 67.27 points or 0.1% down at 73,399.12.
The NSE Nifty 50 index has made a double bottom on intraday charts in range of 22,200-22,250 levels and sustenance above these could move higher to 22,600 levels, Vikas Jain, senior research analyst at Reliance Securities said. On the higher side crossover of 22,600 levels will witness a breakout while on the downside break down below 22,000 would trigger a sharp selloff. RSI is trending below the average line near the lower end of the range and we would witness some bounce. Highest call OI is at 22,500 strike while the downside the highest put OI is at 22,000 for the weekly expiry, he added.
HDFC Bank Ltd., Mahindra & Mahindra Ltd., State Bank of India, ICICI Bank Ltd., and Infosys Ltd. added to the index.
Larsen & Toubro Ltd., Tata Consultancy Services Ltd., ITC Ltd., Tata Motors Ltd., and Tech Mahindra Ltd. weighed on the index.
On NSE, seven out of 12 sectors opened higher, two were flat, and three declined. The NSE Nifty FMCG declined the most among peers, and the NSE Nifty PSU Bank rose the most.
Broader markets were trading on a mixed note on BSE. The S&P BSE Midcap was trading 0.04% down, and the S&P BSE Smallcap was 0.10% higher.
On BSE, 15 sectors were trading in positive, while five were trading in negative. The S&P BSE Auto was the top gainer, and the S&P BSE Capital Goods was the top loser.
Market breadth was skewed in favour of buyers. Around 1,655 stocks advanced, 1,146 stocks declined, and 102 stocks remained unchanged on BSE.
Nifty, Sensex Lower At Pre-Open
At pre--open, the NSE Nifty 50 was trading 77.70 points or 0.35% lower at 22,224.80, and the S&P BSE Sensex was 0.05% or 33.10 points higher at 73,499.49.
Nomura Keeps 'Reduce' On Gujarat Gas
Nomura maintains REDUCE on Gujarat Gas; cuts target to Rs 470 (13.9% downside)
4QFY24 results below estimates, impacted by lower-than-expected margins
Current volumes up at 11mmscmd, driven by Morbi and other regions
Believe EoI for ceramic customers will enable volume recovery
Expect margins to be impacted as firm provides parity with propane
Expect GGL to have negative gross margins of Rs 0.8-1.4/scm on volumes over Q2-Q4FY25
Retain FY25-26 estimates
Motilal Oswal Retains 'Buy' On Kajaria Ceramics
Motilal Oswal reiterated 'Buy' on Kajaria Ceramics and set the target price Rs 1,500 which implied 30% upside.
Outlines a three-year mission; aims for strong growth across key segments
EBITDA declined 2% YoY to Rs. 170 cr vs estimate of Rs. 210cr due to weak realizations
Targets tiles volume to 150msm in the next three years vs. 108msm in FY24 (at 12% CAGR).
Guided the EBITDA margin to hover in the range of 15-17%.
cut our EPS estimates by 3%/6% for FY25/26
Should benefit from expected recovery in demand in FY25 and reduction in gas prices
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.14%.
It closed at 7.13% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 3 paise to open at 83.48 against the U.S dollar.
It closed at 83.51 on Wednesday.
Source: Bloomberg
Citi Research Keeps 'Buy' On Voltas
Citi Maintains BUY on Voltas with target price Rs 1,628 (earlier Rs 1,428); 17% upside potential
Views that Voltas continues to maintain AC industry leadership with decent margin
International projects business continued to disappoint due to collection delays
Provisioning in project business is likely over
Project business EBIT margin guidance is 4%-5%
Capacity in RAC to increase to 2-2.5 mn units as Chennai manufacturing plant will be commissioned soon
Voltas-Beko is slowly gaining market share in other consumer durable categories
Alembic Pharma Gets FDA Approval For Retin-A Cream
Alembic Pharmaceuticals Ltd. received final US FDA approval for Retin-A cream, Valium injection and Cleocin T gel
Gets tentative US FDA approval for Mektovi tablet and Uptravi tablet
Source: Exchange filing
NTPC Green Energy Signs MoU With Mahatma Phule Renewable Energy & Infra Technology
NTPC Green Energy signs MoU with Mahatma Phule Renewable Energy & Infra Technology.
MoU for joint development of RE projects of up to 10 GW capacity in Maharashtra.
Source: Exchange filing
Piramal Enterprises To Merge With Piramal Capital & Housing Finance
Board approves merger of Piramal Enterprises with subsidiary Piramal Capital and Housing Finance
Piramal Capital and Housing Finance to be renamed as Piramal Finance
Piramal Enterprises shareholders to get 1 share of Piramal Finance
Piramal Enterprises shareholders to also get 1 NCRPS worth `67 of Piramal Finance, subject to RBI approval
Merger process expected to be completed in 9-12 months
Alert: PCHFL, an Upper Layer NBFC, is required to be mandatorily listed by September 2025
Source: Exchange filing
Citi Research Keeps 'Buy' On L&T
Citi Research kept Buy on Larsen & Toubro Ltd., and set the price target of Rs 4,396, which implied 26% upside.
Consolidated Q4FY24 revenue/EBITDA/PAT growth were broadly inline
Belives 10% order inflow growth guidance on strong base is a confidence booster
FY25 management guidance for flat margins in Projects & Manufacturing was bit underwhelming
Retains as top pick given growth in capex in India and Middle East
Global Cues
U.S. Dollar Index at 105.52
U.S. 10-year bond yield at 4.51%
Brent crude up 0.29% at $83.82 per barrel
Nymex crude up 0.39% at $79.30 per barrel
Bitcoin was down 0.11% at $61,499.53
Most Markets In Asia Gain
Jefferies Keeps Hold On BSE
Jefferies maintains 'hold' on BSE Ltd. and hikes target price to Rs 3,100.
Operating Ebitda expanded 45% quarter-on-quarter.
Earnings miss due to SEBI fees.
Near-term margin face headwind from higher SEBI fees.
Medium-term outlook remains healthy, and focus remains on business quality.
Earnings-per-share hike of 1–3% for FY25–27.
CLSA Upgrades HCL Technologies
CLSA upgrades HCLTech from 'outperform' to 'buy' with a target price of Rs 1,524.
Multiple positive structural steps in four–five years.
Macro outlook and cost optimisation requirements favour HCLTech's business model.
Most stable management among its peers.
Higher dividend payout, FCF conversion to PAT.
The target price of Rs 1,524 and dividend yield of 4.4% support 20% returns.
CLSA On Indian IT Sector
Tata Consultancy Services Ltd.'s target price lowered to Rs 3,868.
Indian IT is in an earnings downgrade cycle. This will remain.
Multiple positive structural steps taken by HCLTech should support its multiple premium vs its history.
Highest upside is Tech Mahindra Ltd. and lowest for sell-rated LTIMindtree Ltd.
Hyperscalers' growth improved year-on-year compared to previous two quarters, due to Al-led demand
Most mentioned cost optimisation is in the past and a strong demand revival is ahead.
This demand may reach IT service companies in FY26.
F&O Cues
Nifty May futures up by 0.05% to 22,392.85 at a premium of 90.35 points.
Nifty May futures open interest up by 5.64%.
Nifty Bank May futures down by 0.26% to 48,221 at a premium of 200 points.
Nifty Bank May futures open interest up by 5.73%.
Nifty Options May 9 Expiry: Maximum call open interest at 22,800 and maximum put open interest at 22,000.
Bank Nifty Options May 15 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 48,000.
Money Market Update
The Indian currency closed flat against the US dollar at Rs 83.51.
Pledge Share Details
Adani Power: Promoter Gautam S Adani and Rajesh S Adani (on behalf of SB Adani Family Trust) revoked a pledge for 14.87 crore shares on May 7.
Veranda Learning Solutions: Promoter Kalpathi S Aghoram, Kalpathi S Ganesh, Kalpathi S Suresh created a pledge of 2 lakh shares each between May 2 and May 6.
Bulk Deals
Chennai Petroleum Corp: Polunin Emerging Markets Small Cap Fund LLC sold 7.87 lakh shares (0.52%) at Rs 887.16 apiece.
Block Deals
Vodafone Idea: Ghisallo Master Fund LP bought 19.04 crore shares (0.39%), Citigroup Global Markets Mauritius sold 19.04 crore shares (0.39%) at Rs 12.27 apiece.
Trading Tweaks
Moved out of short-term ASM framework: Aegis Logistics, Lux Industries.
Moved into short-term ASM framework: Tejas Networks.
Ex/record dividend: GM Breweries.
Ex/record AGM: GM Breweries.
IPO Offering
Indegene: The public issue was subscribed 69.91 times on day 3. The bids were led by institutional investors (197.55 times), non-institutional investors (55.07 times), retail investors (7.95 times), and portion reserved for employees (6.48 times).
TBO Tek: The public issue was subscribed to 1.15 times on day 1. The bids were led by institutional investors (0.01 times), non-institutional investors (2.08 times), retail investors (3.14 times), and portion reserved for employees (2.23 times).
Aadhar Housing Finance: The public issue was subscribed to 0.44 times on day 2. The bids were led by institutional investors (0.33 times), non-institutional investors (0.6 times), retail investors (0.41 times), and portion reserved for employees (2.01 times).
Also Read: Indegene Ltd IPO: All You Need To Know
Stocks to Watch
Reliance Industries: The company acquired a 100% stake in Reliance Chemicals for Rs 314.5 crore.
Bank of Baroda: The Reserve Bank of India lifts restrictions on the bank's mobile app, 'Bob World'. The company resumed onboarding customers in the 'Bob World' app.
Nucleus Software: The company approved the appointment of Surya Prakash Kanodia as the CFO.
HDFC Life: The Irdai approved the appointment of Keki M Mistry as the chairperson of the board.
NBCC: The company received an order worth Rs 400 crore from the Supreme Court.
TVS Supply Chain Solutions: The company received a business deal for Eicher’s bus facility in Baggad.
Wipro: The company collaborated with Kognitos to deploy Gen-AI-based business automation solutions.
RVNL: The company received an order worth Rs 167.3 crore from Southeastern Railway.
Juniper Hotels: The company received a term loan worth 491 crore.
Godrej Properties: The company acquired an additional 14% stake in arm Godrej One Premises Management from promoter Godrej & Boyce Mfg. Co. The company's stake stands at 28%.
NTPC: NTPC Green Energy has signed an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology for developing renewable energy power parks and projects in Maharashtra.
Earnings in Focus
State Bank of India, Asian Paints, Punjab National Bank, Bharat Petroleum Corp, Hindustan Petroleum Corp, Abbott India, Escorts Kubota, Timken India, Relaxo Footwear, Alembic Pharmaceuticals, Computer Age Management, Intellect Design Arena, Mahanagar Gas, Vardhman Textiles, Alkylamines Chemicals, Quess Corp, Orient Electric, Venus Pipes and Tubes, Hikal, VST Tillers Tractors, and Indian Overseas Bank.
Earnings Post Market Hours
Tata Power (Consolidated, YoY)
Revenue up 27.24% at Rs 15,846 crore vs Rs 12,454 crore (Bloomberg estimate Rs 16,009.3 crore).
Ebitda up 20.96% at Rs 2,332 crore vs Rs 1,928 crore, (Bloomberg estimate Rs 2,787 crore).
Margin at 14.71% vs 15.47%, (Bloomberg estimate 17.4%).
Net profit up 11.37% at Rs 1,045 crore vs Rs 938.8 crore (Bloomberg estimate Rs 950 crore).
Board recommends final dividend of Rs 2 per share.
Larsen & Toubro (Consolidated, YoY)
Revenue up 15% at Rs 67,079 crore vs Rs 58,335 crore (Bloomberg estimate Rs 65,868 crore).
Ebitda up 5.9% at Rs 7,234 crore vs Rs 6,833 crore, (Bloomberg estimate Rs 7,157 crore).
Margin at 10.8% vs 11.7% (Bloomberg estimate 10.9%).
Net profit up 12.4% at Rs 5,013 crore vs Rs 4,459 crore (Bloomberg estimate Rs 4018 crore).
Bajaj Consumer Care (Consolidated, YoY)
Revenue down 3.8% at Rs 240 crore vs Rs 249.4 crore (Bloomberg estimate Rs 244 crore).
Ebitda down 16.8% at Rs 34.7 crore vs Rs 41.7 crore (Bloomberg estimate Rs 40.87 crore).
Margin at 14.5% vs 16.7% (Bloomberg estimate 16.7%).
Net profit down 12.1% at Rs 35.6 crore vs Rs 40.5 crore (Bloomberg estimate Rs 41.54 crore).
Board approves buyback of up to Rs 166 crore.
Godrej Agrovet (Consolidated, YoY)
Revenue up 1.87% at Rs 2,134 crore vs Rs 2,095 crore (Bloomberg estimate Rs 2,247 crore).
Ebitda up 98.39% at Rs 148 crore vs Rs 74.61 crore (Bloomberg estimate Rs 138.57 crore).
Margin at 6.93% vs 3.56% (Bloomberg estimate 6.2%).
Net profit up 178.99% at Rs 65.48 crore vs Rs 23.47 crore (Bloomberg estimate Rs 77.73 crore).
Board recommended final dividend of Rs 10 per share.
TVS Motor (Standalone, YoY)
Revenue up 23.68% at Rs 8,169 crore vs Rs 6,604 crore (Bloomberg estimate Rs 7,975 crore).
Ebitda up 36.25% at Rs 926.2 crore vs Rs 680 crore (Bloomberg estimate Rs 883 crore).
Margin at 11.33% vs 10.29% (Bloomberg estimate 11.10%).
Net profit up 18.31% at Rs 485.4 crore vs Rs 410.3 crore (Bloomberg estimate Rs 530.4 crore).
Board declares interim dividend of Rs 8 per share.
Kalpataru Projects (Consolidated, YoY)
Revenue up 22.3% at Rs 5,971 crore vs Rs 4,882 crore (Bloomberg estimate Rs 6,098 crore).
Ebitda up 36.1% at Rs 452 crore vs Rs 332 crore (Bloomberg estimate Rs 541.2 crore).
Margin at 7.6% vs 6.8% (Bloomberg estimate 8.9%).
Net profit up 20.7% at Rs 169 crore vs Rs 140 crore (Bloomberg estimate Rs 208 crore).
Board recommends dividend of Rs 8 per share.
Sula Vineyards (Consolidated, YoY)
Revenue up 9.74% at Rs 122.5 crore vs Rs 113.4 crore.
Ebitda down 4.41% at Rs 29.5 crore vs Rs 30.8 crore.
Margin at 24.04% vs 27.18%.
Net profit down 4.84% at Rs 13.55 crore vs Rs 14.24 crore.
Board recommends final dividend of Rs 4.5 per share.
BSE (Consolidated, YoY)
Revenue up 110.36% at Rs 545 crore vs Rs 259 crore.
Ebitda up 19.84% at Rs 152.44 crore vs Rs 127.2 crore.
Margin at 27.98% vs 49.11%.
Net profit up 20.62% at Rs 106.89 crore vs Rs 88.61 crore.
Gujarat State Petronet (Consolidated, QoQ)
Revenue up 3.24% at Rs 4,532 crore vs Rs 4,389 crore.
Ebitda up 24.17% at Rs 970 crore vs Rs 781 crore.
Margin at 21.39% vs 17.79%.
Net profit up 33.63% at Rs 663 crore vs Rs 496.19 crore.
Kirloskar Oil Engines (Consolidated, YoY)
Revenue up 19.95% at Rs 1,660 crore vs Rs 1,384 crore.
Ebitda up 59.36% at Rs 302.69 crore vs Rs 189.93 crore.
Margin at 18.23% vs 13.72%.
Net profit up 86.04% at Rs 147 crore vs Rs 78.91 crore.
Board recommends final dividend of Rs 3.5 per share.
Piramal Enterprises (Consolidated, YoY)
Revenue up 16% at Rs 2,473 crore vs Rs 2,132 crore (Bloomberg estimate Rs 852.55 crore).
Net profit at Rs 137 crore vs loss of Rs 196 crore (Bloomberg estimate Rs 1,013 crore).
Board recommends final dividend of Rs 10 per share.
SKF (Consolidated, YOY)
Revenue up 9.93% at Rs 1,203 crore vs Rs 1,095 crore (Bloomberg estimate Rs 1123 crore).
Ebitda up 27.8% at Rs 213 crore vs Rs 167 crore (Bloomberg estimate Rs 184 crore).
Margin at 17.72% vs 15.24% (Bloomberg estimate 16.4%).
Net profit up 42.54% at Rs 175.23 crore vs Rs 122.93 crore (Bloomberg estimate Rs 137 crore).
Home First Finance (Standalone, YoY)
Total income up 37.35% at Rs 317.7 crore vs Rs 231.3 crore.
Net profit up 30.34% at Rs 83.46 crore vs Rs 64.03 crore (Bloomberg estimate Rs 80.98 crore).
Board recommends dividend of Rs 3.4 per share.
HG Infra Engineering (Consolidated, YoY)
Revenue up 11.25% at Rs 1,708 crore vs Rs 1,535 crore.
Ebitda up 11.98% at Rs 332.55 crore vs Rs 297 crore.
Margin at 19.46% vs 19.34%.
Net profit up 11.17% at Rs 190 crore vs Rs 171 crore.
Vijaya Diagnostic Centre (Consolidated, YoY)
Revenue up 28.3% at Rs 155.2 crore vs Rs 121 crore (Bloomberg estimate Rs 149 crore).
Ebitda up 28.53% at Rs 63.1 crore vs Rs 49.09 crore (Bloomberg estimate Rs 61 crore).
Margin at 40.65% vs 40.57%, (Bloomberg estimate 40.8%).
Net profit up 21.7% at Rs 33.7 crore vs 27.7 crore (Bloomberg estimate Rs 30.75 crore).
Gift Nifty Trades Below 22,400
Asia-Pacific markets were trading on a mixed note early Thursday as market participants await the release of April's trade data from China later on Tuesday.
The Nikkei 225 was 0.16% up, while the S&P ASX 200 was 0.58% down. The Kospi was trading 0.09% higher as of 6:33 a.m. In Japan, investors await the Bank of Japan's summary of opinions from April policy meetings, scheduled for release on Thursday.
Wall Street's enthusiasm for stocks faded after a four-day advance that drove the market to its longest winning run since March, Bloomberg said.
The S&P 500 settled flat, while the Nasdaq Composite ended 0.18% down. The Dow Jones Industrial Average index ended 0.44% higher on Wednesday.
Brent crude was trading 0.28% higher at $83.86 a barrel. Gold rose 0.03% to $2,309.58 an ounce.
The GIFT Nifty was trading 6 points or 0.03% higher at 22,388.50 as of 06:36 a.m.
In yet another range-bound trade, India's benchmark stock indices ended flat as voting trends in the ongoing general election made traders cautious.
The NSE Nifty 50 settled flat at 22,302.5 and the S&P BSE Sensex declined 45.46 points, or 0.06%, to end at 73,466.39.
Overseas investors in Indian equities remained net sellers on Wednesday for the fifth consecutive session as the sell-off hit the highest in nearly a month. Foreign portfolio investors offloaded stocks worth Rs 6,669 crore—the highest since April 12—and domestic institutional investors remained net buyers for the 12th day and mopped up equities worth Rs 5,929 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat against the US dollar at Rs 83.51.
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