Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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April 26, 2024

• Business Standard :
• SBI General Insurance result: Net profit jumps 28% to Rs 240 cr in FY24
• Coromandel International Q4 results: Profit falls 35% to Rs 160 crore
• Happiest Minds to acquire Noida-based PureSoftware for $94.5 million
• Welspun Living Q4 results: Net Profit increases 16% to Rs 146 crore
• Mumbai realty sees 38% increase in property registration in Q1 2024: Report
• Hyundai Motor's Q1 profit drops 2.4%, hurt by weak domestic sales
• Senate passes bill forcing ByteDance to divest TikTok's US ops or face ban
• Q1 results: BNP Paribas beat estimates as lower costs offset trading slump
• Comm min working on infra to achieve $1 tn exports by 2030: Official
• FSSAI collects samples of Nestle Cerelac's baby cereals amid sugar row
• Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD report
• EU flagged cancer-causing chemicals in 527 Indian food products: Report
• Economic Times :
• Vedanta Q4 Results: Net profit drops 27% YoY to Rs 1,369 crore
• Embassy REIT's Q4 Results: Net operating income up 13% to Rs 766 cr
• Glenmark Life Q4 Results: Net profit dips 33% to Rs 98 crore
• Telcos need to invest in AI, large apps need to share revenue: COAI
• Cred launches offline QR code-based ‘scan and pay’ payments
• Puravankara arm Provident Housing raises Rs 1,150 crore from HDFC Capital
• ITC plans to open more hotels overseas: Sanjiv Puri
• Radisson Hotel Group expands portfolio with Svelte Delhi, to be operational by Q3 2024
• FlashAid raises $2.5 million in funding round led by Piper Serica Angel Fund, SOSV
• Hyundai plans to scale up production capacity, introduce more EVs in India
• Godrej Electricals & Electronics secures orders worth over Rs 1,000 cr in FY'24
• Kolkata records 17% Y-o-Y surge in property registrations in March 2024
• Mint :
• IndusInd Bank Q4 Results: Net profit increases 15% YoY ₹2,346 crore
• Tech Mahindra Q4 Results: Net profit at ₹661 crore, revenue at ₹12,871 crore
• Nestle India Q1 net profit rises 27% to ₹934 crore, revenue up 9% YoY
• IndiGo places order for 30 Airbus A350 aircraft
• Lenskart in talks for $200mn funds from Temasek, Fidelity, eyeing $5bn valuation
• JioCinema announces new ad-free premium plan for ₹29 a month
• JNK India IPO subscribed 26.81 times on the last day of bidding process
• Audi to raise prices of cars in India by 2 per cent from June 2024: Report
• Improved US biotech funding to aid FY25 growth- Jonathan Hunt, MD & CEO, Syngene
• Swiggy gets shareholder approval for $1.2 billion IPO: Report
• Govt allows sugar mills to use existing stocks of B heavy molasses for ethanol
• India's oil imports from Russia drops in Feb, Saudi Arabia 2nd largest supplier
• Citi on Bajaj Fin
• Buy Call, Target Cut To Rs 8,675
• Q4 Earnings, Despite Being Impacted 4% By Regulatory Restrictions, Were In-line
• Co Trimmed FY25 Guidance Bridging Premium FY24 RoA To Long-term Guidance In FY25 Itself
• Co Guides For 30-40 bps NIM Moderation In H1FY25
• Co’s Guidance Assumes Lifting Of Regulatory Restrictions In Near Future
• Building In 30 bps NIM Compression, Credit Cost Of 1.7-1.8% & 26-27% AUM Growth
• Cut Earnings Estimates By 7%/7% For FY25/26
• Jefferies on Bajaj Fin
• Buy, TP Rs 9260
• Profit of Rs38bn, +21% YoY, was in line with est.
• Strong AUM growth of 34% was partly offset by lower NIMs, so NII grew by 28%.
• While RBI's embargo affected 4Q perf., expect relaxation in 1/2 qtrs.
• Trim est. by 2-3%
• Jefferies on Laurus Labs
• Underperform Call, Target Rs 250
• Missed Estimates Yet Again With Another Weak Quarter For CDMO
• Mgmt Provided More Color On The Animal Health And Agrochem CDMO Contracts
• Mgmt Believes Animal Health & Agrochem CDMO Contracts Will Scale-up Only Beyond FY26
• Till FY26, Co’s EBITDA Margins Will Remain Under Pressure
• Cut FY25/FY26 Estimates By 15%/3% On Lower CDMO Sales
• GS on Laurus Labs
• Sell, TP cut to Rs 325
• CDMO growth slower than expected, ltd visibility on ramp-up in FY25;
• Lower FY25-FY27E EPS est. by up to 8% to factor in Q4 miss, slower topline/ margin development & revised biz outlook
• EBITDA margin below est at 16.8%
• MS on Cyient
• Overweight Call, Target Cut To Rs 2,250/Sh From 2,400
• Q4 Shows Softer Than Expected Rev Guide But Resilience In Margin Relative To Peers
• Q4 Shows Reiteration Of Medium-term Revenue Growth And Margin Outlook
• MS on L&T Tech
• Underweight Call, Target Rs 4,200
• Q4 Results Missed Estimates
• Weak Revenue Growth Guidance Was Baked Into Buy-side Estimates
• A Reset Of Margin Expectations Came As A Negative Surprise
• Given Stock's YTD Outperformance & Cut To EPS Est, Expect To Underperform
• CITI on L&T Tech
• Sell, TP cut to Rs 4070
• 4Q rev largely in line, while margins missed
• EBIT margins lower largely due to high subcontracting costs
• FY25 overall cc rev growth guidance at 8-10% (vs expectation of 10%+)
• FY25 margins to be c.16% vs consensus at 18.7%
• MS on Dalmia Bharat
• Overweight Call, Target Cut To Rs 2,200
• Management Sounds Confident On The Medium-Term Outlook
• Margin Remain Under Near-Term Pressure Given Weak Prices Over Coming Quarters
• JPA Consolidation Is Pushed Out, Which Could Remain An Overhang
• Cut Estimates & Price Target To Reflect Poor Results And H1FY25 Outlook
• MS on Nestle
• Underweight Call, Target Rs 1,990
• Co’s Earnings Were Ahead Of Our And Consensus Estimates By 9-10%
• See Headwinds To Growth And Margins In FY25
• Believe The Two New Business Initiatives Announced Are Positive
• MS on Tata Steel
• Equal-Weight Call, Target Rs 135
• Believe UK Biz Restructuring Update Is A Positive Development
• UK Biz Update Positive As Discussions With Trade Unions Was An Overhang On Stock
• MS on IndusInd BK
• OW, TP Rs 1925
• Positives: Asset quality improved, strong retail deposit growth, and strong loan growth.
• Negatives: Miss on NII and fees.
• Balance sheet is strong with CET-1 ratio at 15.8% & LCR at 118%.
• Trim EPS by 2% for F25/F26
• Jefferies on IndusInd BK
• Buy, TP Rs 1940
• Profit of Rs24bn, up 15% YoY, was marginally below estimate.
• Stable NIMs and credit quality were key positives, but high opex growth and lower fees dragged profit.
• Credit cost reported was at 1.1% of avg loans, but adj for drawdown at 1.5%
• HSBC on Tech Mahindra
• Hold, TP Rs 1300
• New turnaround plan looks sensible, but execution remains challenging, especially in the current environment
• Margin expansion is highly contingent on pyramid improvement while maintaining average pricing, which will be tough to deliver
• CLSA on Vedanta
• Buy Call, Target Raised To Rs 430
• Q4 EBITDA Of Rs88bn, Up 3% QoQ Was 6% Above Our Est Largely On Better Zinc & Oil Profitability
• Net Debt Reduction By Rs6,000 Cr QoQ On Lower Working Capital Was A Surprise
• Commissioning Of Ongoing Projects Across Segments Would Be A Key Earnings Driver
• Commodity Price Uptick Will Be Key Earnings Driver
• Given Deleveraging Plans At Parent VRL, Dividend Is Likely To Remain Elevated
• Co Is A Good Play On The Metals Upcycle With Its Diversified Commodity Exposure
• Co Is A Good Play On The Metals Upcycle With Ongoing Capacity Increase/Cash Reduction Projs
• CITI on Vedanta
• Buy, TP raised to Rs 425 from Rs 305
• At Rs87.7bn (5% ahead), Vedanta’s 4Q EBITDA rose 3% qoq largely on lower costs, commodity prices were subdued.
• Liability mgmt at holdo gives us confidence around VED India’s balance sheet as well
• Every $100/t in zinc-lead LME impacts EBITDA by 2% and fair value by Rs15/sh.
• Every $100/t change in ally LME impacts EBITDA by 4% and fair value by Rs30/sh.
• Every $10/t change in crude impacts EBITDA by 1.5% and fair value by Rs5/sh
• 4Q Ebitda of Rs88bn (+3% QoQ) 6% above est. largely on better zinc & oil profitability
• Net debt reduction by Rs60bn QoQ a surprise.
• Given deleveraging plans at parent, dividend likely to remain elevated
• A good play on metals upcycle
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