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Market Highlights

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

May 03, 2024

  • Dow closes more than 300 points higher, S&P 500 posts first winning day in three days. 2-year Treasury yield ends at lowest in nearly a month after Powell suggests rate hike is unlikely. Oil holds steady as traders weigh rise in U.S. supplies, Middle East cease-fire talks.
  • INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON : 02-05-2024 :
  • FIIS F & O : RS. CRS. :
  • TOTAL NET SELL : -16410
  • INDEX FUT. : +363
  • INDEX OPT. : -22053
  • STOCK FUT. : +5163
  • STOCK OPT. : +115
  • SEC. IN F&O BAN FOR, 03 MAY, 2024 :
  • 1. IDEA 2. BIOCON 3. ABFRL
  • ADDITION : ABFRL
  • DELETION : NIL
  • INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 02-MAY-2024 :
  • FIIS : SELL -964 (16.787-17,751)
  • DIIS : BUY +1,352 (15,122-13,770)
  • BSE SENSEX : +128 (74,611)
  • NSE NIFTY : +43 (22,648)
  • BSE MIDCAP. : +382 (42,503)
  • BSE SMLCAP. : +135 (47,451)
  • B. CRUDE : $ 83.56
  • GOLD: $ 2,300=INR 70,650(10gr)
  • SILVER : RS. 82,000 (kg)(5pm)
  • FOREX : RS. $ 83.46
  • 7.10% NEW GOI '34 : 7.1249% (99.8175)
  • 7.18% GOI '33: 7.1598%(100.12)
  • 7.18% GOI '37: 7.2084% (99.7450)
  • Breaking..
  • Big block likely in Yes Bank Tomorrow
  • @CNBCTV18Live
  • @CNBCTV18News
  • Yes Bank - Sources
  • Block deal likely in Yes Bank tomorrow
  • Carlyle set to sell ~1500cr worth stake via block deal tomorrow
  • Alert - Carlyle holds
  • 8.74% stake in Yes Bank (post warrant conversion)
  • Carlyle Stake held by entity named CA BASQUE INVESTMENTS
  • *Alert - Goldman Sachs said to be broker to the deal
  • @nimeshscnbc
  • News Headlines from Business News Agencies :
  • Business Standard :
  • Vodafone Idea in talks to avail loans worth $1.8 billion, says report
  • Blue Star Q4FY24 results: Net profit declines 29% to Rs 159.71 crore
  • Cognizant Q1 profit declines 6% to $546 million, revenue dips 1.2%
  • Wipro to implement Independent Health's medicare prescription payment plan
  • ICICI Bank denies report of MD & CEO Sandeep Bakhshi wanting to quit
  • MDH, Everest row: Centre asks state govts to test spices for quality check
  • Go First planes need parts; lessors to take longer to fly them out of India
  • Air India deploys A350 on international route with Delhi-Dubai flight
  • India GCCs emerge as proof-of-concept foundries for GenAI applications
  • ArcelorMittal March quarter results: Core profit at $1.96 bn, tops forecast
  • India needs to expand universal health coverage for ageing population: ADB
  • RBI's forex intervention eases as conditions turn favourable for rupee
  • Economic Times :
  • Coforge to acquire 54% stake in Cigniti Technologies at Rs 1,415 per share
  • India among fastest-growing markets with potential to be among top 10: Airbnb CBO
  • Fin inclusion, digital growth to drive payments bank momentum in India: Airtel Payments Bank CEO
  • China, Hong Kong account for 56 pc of India's total imports of electronics, telecom, electrical products: GTRI
  • Electric bike sales decline 50% in April amid subsidy changes
  • Agilitas appoints Nirdosh Chouhan as chief technology and product officer
  • Maiva Pharma raises Rs 1000 crore from Morgan Stanley Private Equity, InvAscent
  • Indus Towers facing an Rs 60 cr shortfall in collections from Vodafone Idea in Q4
  • OECD revises India's FY25 growth forecast upward to 6.6%
  • Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive
  • NPCI inks pact with Bank of Namibia for developing UPI-like instant payment system
  • Mint :
  • Cognizant lowers revenue outlook for 2024 after slow March quarter
  • UPI transaction volume declined to ₹19.64 lakh crore in April.
  • Adani Enterprises Q4 Results: Net profit drops 38% to ₹451 crore
  • Adani Ports Q4 net profit jumps 76% YoY to ₹2,040 cr; ₹6 dividend declared
  • Anthill Ventures plans $100 million hybrid fund for Indian startups
  • NCLAT dismisses minority shareholders' plea in Minosha India case
  • Adani Group eyes 5 GW electrolyzer capacity with up to $3 bn investment
  • India's manufacturing activity in April second strongest in 3.5 years
  • India's Serum Institute faces lawsuit on Covishield vaccine over girl's death
  • Microsoft and Brookfield sign biggest-ever clean power deal
  • Coforge Q4 net profit down 5.6% YoY to ₹229.2 cr.
  • Jefferies on Coforge
  • Downgrade To Underperform, Target Cut To Rs 4,290 from Rs7,650
  • Q4 Missed Est On Lower Than Expected Margin
  • Co Did Not Offer Growth Guidance For FY25, Implying Higher Uncertainty
  • Large Acquisition Adds Another Layer Of Execution Risk, Warranting A De-rating
  • Imminent QIP Should Be An Overhang As Well
  • Cut Est By 11-16%
  • CITI On Coforge
  • Sell, TP Cut to Rs 4550
  • Reported soft 4Q – revs & margins below est.
  • Mgmt. suspended FY25 rev growth guidance due to uncertain environment; indicated to deliver robust growth in FY25
  • Lower FY25/FY26E est. by 5%
  • Cut multiple to 28x given lower growth & QIP overhang
  • InCred on Coforge
  • Downgrade To Reduce, Target Cut To Rs 4,431
  • Cigniti Acquisition Drives 6% Cut In FY24-26 EPS CAGR
  • Although Acquisition Adds Capabilities, Geography & Vertical Diversification
  • Associated Dilution Outweighs Gains From Integration
  • Jefferies on Coal India
  • Buy Call, Target Rs 520
  • Q4 reported EBITDA & PAT grew 21-26% YoY,
  • EBITDA, PAT Rise Includes Effect Of Accounting Policy Changes For Stripping Activity Costs
  • Q4 Cash EBITDA, Excluding Noncash Stripping Activity Adjustment, Rose 14% YoY
  • Q4 Cash EBITDA 18% Below Est Due To Sharp QoQ Rise In Staff & Other Expenses
  • Dispatch Volumes Grew 8% YoY While Cash EBITDA/Ton Rose 6% YoY
  • CITI On Coal India
  • Neutral, TP Rs 460
  • 4Q EBITDA excluding OBR adj reversal 14% higher yoy on higher vol (+8%) & lower costs (-13%); though blended realizations fell 10% yoy.
  • Like to-like comparison may not be possible; however, EBITDA appears to be below est.
  • Jefferies on Bajaj Fin
  • Buy Call, Target Rs 9,260
  • RBI Lifts Restrictions It Had Imposed On Co’s eCom & Digital EMI Cards
  • View This Positively, As Resolution Has Come Within Just 6 Months Of Imposition
  • Co Saw An Impact Of More Than 10% On New Loans Booked & 4% On Consol
  • PBT In Q4 Due To This & Self-imposed Restrictions On Physical EMI Cards
  • This Improves Visibility Of Growth, See 24% Profit CAGR Over FY24-27
  • CITI on Bajaj Fin
  • Buy, TP Rs 8675
  • RBI Lifts Restrictions Within 5 Mths; Earnings Impact Was 4% in 4Q
  • Believe rectification & ensuring lifting of restrictions in span of 5 mths is commendable.
  • Management remains committed to avoiding recurrence of regulatory restrictions
  • HSBC on Adani Ports
  • Buy Call, Target Rs 1,560
  • FY25 Guidance Implies 10-14% Growth Which Think Is Achievable
  • Forecast 15% EBITDA CAGR In FY24-27
  • FY25 Est EBITDA Is 4% Above Top-End Of Co’s Guidance Range
  • Jefferies on Adani Ports
  • Buy Call, Target Raised To Rs 1,640
  • Q4 EBITDA 5% Lower Than Expectations As Realisations Were Tad Lower
  • Management Commentary Was Confident On Double Digit Growth
  • FY25 Volume Guidance At 460-480 mt (10-14% Rise YoY) Is In Line
  • CITI on Adani Ports
  • Buy, TP Rs 1782
  • Not only reported strong 4Q but also gave healthy FY25E guidance
  • Notably strong capex planned in FY25E not only underlines strong cash flows & BS but also is an indication of intent to accelerate growth
  • MS on Federal Bank
  • Equal-weight Call, Target Raised To Rs 180
  • Core PPoP Growth Was 4% YoY Adjusted For One-offs In Costs/Fees
  • Asset Quality Was Strong And Credit Costs Stayed Low
  • RoAs Should Stay Strong, With No Likely Rate Cuts In The Near Term
  • Valuation Appears Fair
  • MS on Dabur
  • Overweight Call, Target Rs 604
  • Q4 Broadly In Line
  • Continued share gains & rural growth outpacing urban growth are positives
  • Weaker top-line growth momentum was a negative
  • Jefferies on ONGC
  • Buy Call, Target Rs 390
  • Investor Interactions Indicate Broad Consensus On Better Profitability And Attractive Valn
  • Key Concerns Include Skepticism Around Production Growth
  • Key Concerns Include Whether KG Basin Production Will Be Profitable Given High Opex
  • See Ramp-Up In KG Basin Production In Q3FY25
  • Se Accretion To Profitability (11% To FY26 Consol EBITDA) As Key Triggers
  • MS on Havells
  • Overweight Call, Target Rs 1,826
  • Earnings Were 15-20% Above Estimates
  • Industrials portfolio and Lloyd's contribution margin
  • Core Revenue Growth Should Be Stronger In FY25-26
  • Core Revenue Growth Should Be Driven By Real Estate Cycle And C&W Capacity
  • Co’s Strategy Of ‘Deeper Into Home’ Is A Sustainable Growth Driver
  • CLSA on Metals
  • Aluminium: resilient outlook
  • Demand recovery to support prices; Indian smelters well placed
  • Hindalco– Buy, TP Raised to Rs 770
  • Raise FY24-26CL Ebitda by 4%-13% on higher aluminium price assumptions & also raise profitability est. for Novelis
  • Vedanta – Buy, TP raised to Rs 430
  • Believe Vedanta is well placed to benefit from commodity upcycle given its diversified exposure.
  • In addition, efforts to raise capacity & profitability across segments through its ongoing capex programme augur well.
Panchkarma