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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May 07, 2024

• News Headlines from Business News Agencies:
• Business Standard
• Investors pull $9.9 billion from hedge funds in March: NASDAQ eVestment
• Wipro, Microsoft team up for AI virtual assistants for financial services
• Marico Q4FY24 results: Net profit up 5% at Rs 318 cr, revenue rises 1.7%
• Elections will not have impact on CV sales: Ashok Leyland MD & CEO
• Quadria Capital acquires minority stake in NephroPlus for $102 million
• India's airlines to have 50% mkt share of int'l passengers by FY28: CRISIL
• FirstCry's parent company Brainbees Solutions re-files documents for IPO
• India and Ghana agree to operationalise UPI link within six months
• Indian Bank Q4 results: Net profit jumps 55% to Rs 2,247 crore, NII up 9%
• Petrobras loads diesel from RIL on crude tanker in India after delay
• Investments through P-note surge to near 6-yr high at Rs 1.5 trillion
• Coromandel expands agtech footprint, increases shareholding in Ecozen
• Economic Times
• Railways clocks 1.46% higher freight loading in April 2024
• Marico eyes foods portfolio to be 2x of current scale in FY27
• Zee Media Corporation terminates CEO Abhay Ojha
• SBI invested Rs 714 crore in TCG’s Gurugram project
• CBAM, permanent establishment rules, transfer pricing key in India’s outbound FDI: EY
• We expect strong momentum to continue in business: Warren Harris, Tata Tech
• VST Zetor launches new range of tractors
• Sterlite Power names Reshu Madan as CEO of global products, services business
• RITES to undertake safety assessment of Vande Bharat trains
• Growing online enrolments, rising tuition fee to drive revenue for education sector: Ind-Ra
• CarTrade Tech Q4 PAT grows 43% YoY, recorded highest revenue
• Hero Realty bags Indian Green Building Council's Gold Rating for green project
• Mint
• KKR wins bidding war to acquire medical devices firm Healthium
• India Bank Q4 Result: NII up 9.2% at ₹6,015 crore
• Gujarat Gas appoints Rajesh Sivadasan as CFO of the company
• India’s services sector is still booming, but signs of weakness are visible
• Jack Dorsey leaves Bluesky board, calls X ‘Freedom Technology’
• PwC India unveils a suite of GenAI-enabled products for CFOs
• Singtel-owned Optus names broadband network boss Stephen Rue as new CEO
• Lupin gets US FDA approval for Travoprost Ophthalmic Solution USP
• CG Power Q4 PAT down 45%, EBITDA margin stood at 13%
• KuCoin Introduces Lifeform in Its 27th Spotlight IEO, Pioneering Decentralized
• Bajaj Healthcare appoints Dayashankar Patel as CFO of the company
• Jefferies on Hindalco
• Buy Call, Target Raised To Rs 810
• Novelis' Q4 EBITDA Rose 28% YoY (+13% QoQ) & In-line
• Volumes Grew 2% YoY While EBITDA/t Rose 8% QoQ To $540, A 7-qtr High
• Co’s Earnings Outlook Is Improving With Beverage Can Demand Inflecting Upwards
• Raise FY25-26E EPS By 2-3%
• Valuations Reasonable At 6.1x FY25E EV/EBITDA
• CLSA on Hindalco
• Buy Call, Target Rs 770
• Novelis’ Profitability Above Guidance While Volume Uptick Modest
• Novelis Sees Further Levers For Margin Improvement, Such As Price Revisions
• Levers For Margin Imprvement Is A rise in recycling content & Ops efficiencies
• Capex Has Been Guided At $1.8 Bn-2.1 Bn
• Capex Could Drive Up Leverage But Remain Below 3x
• Debt Reduction is In-line With Seasonality
• Citi on Guj Gas
• Sell Call, Target Rs 450
• Q4 Below Expectations, EBITDA whilst up 48% QoQ was 20% below est
• Believe Q4 represents a near-term peak in earnings for Co
• Higher LNG Prices Whilst Declining Propane Prices Could Impact Margins &/Or Volumes
• Valuations At 26x FY26E P/E Are Unjustifiably High, With Peers At 12-13x P/E
• Jefferies on Godrej Cons
• Buy Call, Target Rs 1,520
• Q4 Above Est, With 18% LFL EBITDA Growth
• Key Positives Include HSD & Industry-Leading Vol Growth In Soaps
• Double-digit Vol Growth In Emerging Categories
• Strong Traction In Indonesia & Good EBITDA Delivery In GAUM Despite Fx Headwinds
• Weak HI Was Key Dampener, Given Extended Winter
• Further Initiatives (LV Launch) Here Should Help
• GS on Godrej Cons
• Buy, TP Rs 1425
• Sector leading vol growth in India continue
• Strong consol. EBITDA & PAT growth
• India delivers high vol growth despite weak HI season
• RCCL brands grew 22% YoY, integration complete
• Indonesia’s growth accelerates, healthy margin expansion
• Citi on Marico
• Buy Call, Target Raised To Rs 610
• Q4 In-line; Distribution Initiatives, Pricing Action To Drive Growth
• Expect Trajectory To Improve In FY25 Due To Volume Growth Acceleration
• Expect Trajectory To Improve In FY25 Due To Pricing-led Growth
• Co Took 6% Price Hike In Parachute In April 2024
• Believe Continued Focus On NPDs/Innovations Should Be Accretive To Overall Growth
• With Strong Growth In International Biz Should Be Accretive To Overall Growth
• CLSA on Marico
• Sell Call, Target Rs 460
• Subdued Volume Growth And Value Growth In Q2; Margin Improved
• Margin Improvement Continues But Question Is If This Is At The Cost Of Growth
• Distribution Expansion Through Project Setu
• Core Categories Continue To Face Structural Issues
• GS on Marico
• Buy, TP Rs 610
• 4Q consol. EBITDA grew 12% YoY, driven by 190bps YoY EBITDA margin expansion
• Vol & pricing trends also saw clear improvement.
• Vol growth improved to 3%, & revenue grew 2% YoY compared to a decline in past few qtrs.
• Nomura on Lupin
• Buy Call, Target Rs 1,949
• Q4 EBITDA 8% Higher Than Estimate
• Co Expects Stronger FY25 Driven By Growth Across Key Geographies
• Co Expects Stronger FY25 Driven By Improvement In EBITDA Margin
• Think US Product Launches Could Present Upside Potential To Current Earnings Est
• A Tight Leash On Costs Could Present Upside Potential To Current Earnings Est
• Stock Currently Trades At 31.1x/23.7x FY25/26 EPS Of Rs 54.1/70.9
• MS on Titagarh Rail
• Initiate OW, TP Rs 1285
• see strong evidence of a revival in India's railways, & believe Titagarh is a large beneficiary
• View freight as a cash cow & passenger business as a new growth engine
• Forecast a strong 28% earnings CAGR, F24-F27
• Freight wagon execution: 1,000 wagons/month, F25-F27e (F24e: 780).
• Pax coach execution: 26, 76 & 96 coaches/qtr. in F25e, F26e & F27e (F24e: 7)