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-The local currency closed flat at 83.50 against the US dollar.
-It closed at 83.49 on Friday.
Source: Bloomberg
Saw retail sales growth of 11% and same store sales growth of 4%
Total sales rose 9% YoY including exports, ecommerce, corporate, digital products
Expect to grow at 18-20% percent this year
Source: Exchange filing
Total premium at Rs 42,434 crore, up 14.8% YoY
HDFC Life's total premium at Rs 2,694 crore, up 8.3% YoY
Bajaj Allianz's total premium at Rs 1,082 crore, up 22% YoY
ICICI Prudential's total premium at Rs 1,511 crore, up 14% YoY
Max Life's total premium at Rs 894 crore, down 5.7% YoY
SBI Life's total premium at Rs 2,990 crore, up 21.8% YoY
LIC's total premium at Rs 28,367 crore, up 13.6% YoY
Source: Life Insurance Council
Mercedes-Benz India clocks highest-ever half-yearly sales on the back of demand for top-end vehicles.
Sales rose 9% YoY to 9,262 units in H1 2024 vs 8,528 in H1 2023
SUVs made up 55% Mercedes-Benz’s volumes in H1 2024
Top-end vehicles made up 25% of sales in H1 2024
Mercedes-Benz’s EV portfolio grew by 60% YoY in H1 2024
Electric cars made up 5% of total sales volumes in H1 2024
Source: Company statement
Board appoints Amar Kaul as MD & CEO for 5 years effective July 25
Source: Exchange Filing
Underwhelming Earnings May Play Spoilsport For Indian Stocks' Record Rally
June new business premium up 14.1% at Rs 1,511 crore
June new business sum assured up 13.6% at Rs 85,348 crore
Source: Exchange Filing
Q1 group wholesales (including JLR) up 2% at 3.3 lakh units
Q1 global PV wholesales down 1% at 1.4 lakh units
Q1 global CV wholesales up 6% at 93,410 units
Q1 global JLR wholesales up 5% at 97,755 units
Source: Exchange Filing
Domestic advances as of June-end up 17.3% at Rs 4.3 lakh crore
Domestic deposits as of June-end up 10% at Rs 5.9 lakh crore
Source: Exchange Filing
In pact with China-based Guangxi Ramway Tech for assembly of relays in India
Source: Exchange Filing
Limited fiscal space in their view to stimulate the economy given high public debt
India’s infrastructure upgrades have created long-term positive growth spillovers: policymakers may not be willing to give up
Expects government to stick to fiscal deficit target of 5.1% of GDP for FY25
Consolidation to a deficit of below 4.5% of GDP by FY26
Some expenditure allocation towards welfare spending, may not require a reduction in capex given the higher than expected dividend from RBI
Limited fiscal space for stimulus in FY25
FY26 given the fiscal consolidation target of the central government
Expects capex to provide a positive impulse, while welfare spending will likely remain a drag
See an emphasis on job creation through labor-intensive manufacturing, credit for MSMEs, continued focus on services exports by expanding GCCs, thrust on domestic food supply chain and inventory management to control price volatility.
Budget is also likely to lay out a path for the future of public finance in India, entailing:
a roadmap for public debt sustainability
green finance: the role of public finance in balancing India’s energy security vs. transition needs
Q1 sales value up 36% at Rs 306 crore
Q1 collections up 49% at Rs 165 crore
Source: Exchange Filing
Finalises orders in the range of Rs 10,000-15,000 crore for solar plants in Middle East
Middle East solar plants to have cumulative capacity of 3.5 GW
Source: Exchange Filing
Maintains 'Overweight', Target Rs 6,900, upside:0.9%
Naukri Q1FY25 billing accelerated and were in line with estimates, 99 acres growth slowed
Jobspeak index are providing mixed indications for both IT and overall as index was flat
Channel checks did not indicate recovery in discretionary spends
Peak utilisations may drive some IT hiring
Stock is relatively cheaper and higher quality play on IT recovery.
Consistent improvement in Naukri billings momentum to be driver of stock performance.
Q1 retailer sales up 25% at Rs 3,214 crore
Q1 gross retail sales up 28% at Rs 794 crore
Source: Exchange Filing
Shares of the company rose as much as 10.75% to hit record high of 513.70 apiece. Its trading 5.04% higher at Rs 513.70 apiece, as of 9:26 a.m. This compares to a 0.04% decline in the NSE Nifty 50 Index.
It has risen 253.65% in the last 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 72.04, indicating the stock is overbought.
Both the analysts tracking the company maintain a 'buy' call on the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.3%.
Titan's stock fell as much as 4.12% during the day to Rs 3,204 apiece on the NSE, the lowest since June 4. It was trading 3.7% lower at Rs 3,147 apiece, compared to a 0.03% advance in the benchmark Nifty 50 as of 9:35 a.m.
It has risen 3.3% in the last 12 months and declined 14% on a year-to-date basis. The total traded volume so far in the day stood at 7.4 times its 30-day average. The relative strength index was at 30.
Sixteen out of the 31 analysts tracking the company have a 'buy' rating on the stock, 10 recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 15%.
Market breadth was skewed in the favour of buyers. Around 1,903 stocks rose, 1,318 fell and 134 remained unchanged on the BSE.
At pre-open, the Nifty was flat at 24329.45 and the Sensex was lower by 0.1% at 79915.00.
The yield on the 10-year bond opened flat at 6.99%.
It closed at 6.99% on Friday.
Source: Cogencis
The local currency strengthened by 4 paise to open at 83.45 against the US dollar.
It closed at 83.49 on Friday.
Source: Bloomberg
Order for supply of pipes for mega offshore project
Source: Exchange Filing
Q1 standalone billings at Rs 579.4 crore vs Rs 523 crore
Q1 recruitment solutions at Rs 431.4 crore vs Rs 397.5 crore
Q1 99acres for real estate at Rs 81 crore vs Rs 73.4 crore
Source: Exchange Filing
Maintains 'equal weight'; target price Rs 280
Decline in loans was led by domestic and overseas
Gross loan growth moderated and was below system growth
Deposits degrew 2% sequentially after strong 6% growth in the previous quarter
Loan to deposit ratio at 79.8% vs 79.6% QOQ
Nifty earnings to grow 4% YoY in 1QFY25
Margin tailwinds are likely to ebb due to a high base
Earnings growth is anticipated to be driven, once again, by domestic cyclicals: Auto (+18% YoY), BFSI (+15% YoY), Healthcare (+21% YoY), and Metals (+12% YoY)
Earnings growth is likely to be weighed down by global cyclicals, such as OMC’s which are anticipated to decline 36% YoY, Cement (-15% YoY), Specialty Chemicals (-20% YoY), andReal Estate (+37% YoY)
Strong growth in the following sectors expected in retail (+14% YoY), consumers (+10% YoY), and technology (+6% YoY)
Nifty EPS remain stable at Rs 1,134 and Rs 1,330, respectively.
Estimate the Nifty EPS to grow 13%/17% in FY25/FY26
FY25 to normalize as earnings converge with revenue growth
Top Ideas
Largecaps – ICICI Bank, SBI, L&T, M&M, HCL Tech, Coal India, Titan, Mankind Pharma, CIFC and Hindalco;
Midcaps and Smallcaps – Indian Hotels, Ashok Leyland, Godrej Properties, KEI Industries, PNB Housing, Cello World, Kalyan Jewelers, Persistent Systems, Angel One, Metro Brands
Zambia-based step-down arm gets two large scale exploration licenses for lithium & other minerals
Exploratory licenses valid for 4 years
Source: Exchange Filing
Maintains 'Buy' with target of Rs 700 (14% upside)
FY25 on a positive note with sequential uptick in domestic volumes
Continued double-digit constant currency
Parachute volumes grew low single digit, but offtakes were strong growth in the international markets
Saffola edible oils volumes grew mid-single digit (stability in input and consumer pricing)
Value added hairoils remained under pressure
Foods, digital-first brands sustained robust growth momentum
Forecasts 6% consolidated revenue growth YoY
Forecasts EBITDA margin at 23.5%
Recurring PAT estimate is Rs 4.3 billion, up 4% YoY.
Taloja plant operations disrupted due to heavy rainfall; Extent of damage being worked out
Taking necessary measures to restore normalcy & resume operations in phased manner
Source: Exchange Filing
Maintains buy with target of Rs 1,141, upside 14%
JLR wholesale/ retail volumes improved during the quarter
Wholesale volumes up 5% yoy at 97,900 units
Wholesale volume growth in North America (+38%) and UK (+36%)
Retails at 1 lakh units, up 13% yoy
Waiting list for Range rover electric improved to 39,000
Estimate yearly volumes at 3.98 lakh for FY25
Forecast JLR EBIT margins by 8.4% vs 8.6% reported YoY
Maintains Buy; Target price raised to Rs 12,000 vs Rs 10340 earlier
Huge Addressable Market for CNG motorcycles
First CNG 125cc motorcycle "Freedom" at a starting ex-showroom price of Rs 95,000
Management expects size of the addressable market to be ~650,000 units/month
Built in volumes of 10,000 units/month in second half of FY25
Expect 20,000 units/month in FY26 for this model
Expect revenue/EBITDA CAGR at 12%/15% over FY24–26E
Expect average RoE of ~35%
Target based on 35 times FY26E earnings along with cash/investments of Rs 876/share
Price band Changes from 10% to 5%: Century Extrusions, Cochin Shipyard, Garden Reach Shipbuilders & Engineers.
Ex/record Dividend: Computer Age Management Services.
Ex/record AGM: Nucleus Software Exports.
Moved in short-term Framework: GM Breweries.
NSE Urges SEBI To Reconsider IPO Approval In Delhi High Court Proceedings
Cigniti Technologies: Coforge bought 46.18 lakh shares (16.91%) at Rs 1,398.5 apiece, while Kukunuru Madhava Lakshmi sold 15.49 lakh shares (5.67%) at Rs 1,398.5 apiece, Promoter Sapna P who holds and sold 13.77 lakh shares (5.04%) at Rs 1,398.5 apiece, Venkata Subramanyam Chakkilam sold 13.77 lakh shares (5.04%) at Rs 1,398.5 apiece, Kukunuru Kumar Bapuji sold 3.13 lakh shares (1.14%) at Rs 1,398.5 apiece.
Marico Q1 Update: Revenue To See Single Digit Growth As Parachute, Saffola Drag
Tata Motors JLR Retail Sales Rise 9% In June Quarter
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