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 24, 2024

• India Daybook – Stocks in News*
• Natco Pharma: Company gets establishment inspection report from U.S. FDA. (Positive)
• Lupin: Gets Establishment Inspection Report (EIR) from US FDA For its Aurangabad manufacturing facility (Positive)
• Reliance Industries: Company wins government approval for making additional investments in developing gas reserves in its KG-D6 block in the Bay of Bengal. (Positive)
• Vikas Life: Company’s agro products division received fresh order for premium nuts valued 110m rupees (Positive)
• Zydus Life sciences: Company gets China nod for its oral drug Desidustat, used in treating anaemia in chronic kidney disease patients. (Positive)
• Puravankara: Company gets bid to redevelop residential project in Mumbai (Positive)
• NHPC: Company in pact with JV partners of National High Power Test Laboratory for sale of partial stake to Power Grid. (Positive)
• Power Grid: Company to hold 50% stake in crisis-hit National High Power Test Laboratory after inking a pact to infuse funds. (Positive)
• NBCC: Company secures projects worth Rs 23,500 crore in last fiscal year. (Positive)
• RPP Infra Projects: Company gets new orders worth Rs 413 crore. (Positive)
• Tata Consumer: Net Profit at ₹267.7 crore vs poll of ₹315 crore, Revenue at ₹3,926.9 crore vs poll of ₹3,991 crore. (Positive)
• MCX: Net profit at ₹88 cr vs net loss ₹5 cr (QoQ) Revenue down 5% at ₹181 cr vs ₹192 cr (QoQ) (Positive)
• Adroit Infotech: Company in non-binding agreement to acquire 100% stake of US-based ERP solutions company (Positive)
• Rama Steel: Board approves raising funds up to ₹500 crore via share issue (Neutral)
• Cyient DLM: Net Profit up 80.2% At ₹22.7 Cr Vs ₹12.6 Cr, Revenue up 30.4% At ₹361.8 Cr Vs ₹277.4 Cr (Neutral)
• NELCO: Net Profit up 7% at ₹6.1 cr vs ₹5.7 cr, Revenue down 0.5% at ₹81.6 cr vs ₹82 cr (YoY) (Neutral)
• *CRAFTSMAN:*Company’s board meeting on April 27 to consider proposal for raising of funds (Neutral)
• Century Plyboards: Company completes disposal and transfer of entire stake in Singapore-based unit CSPL. (Neutral)
• Gokaldas Exports: Company approves QIP issue price of Rs 775/share. (Neutral)
• Dr Reddy's: Company voluntarily recalls six lots of Sapropterin Dihydrochloride Powder for Oral Solution. (Neutral)
• Indigo: Company and CP Gurnani launch AI business venture AIonOS. (Neutral)
• IIFL Finance: The special audit directed by the Reserve Bank of India has commenced on April 23. (Neutral)
• PSP Projects: Company is planning to launch qualified institutional placement (QIP) to raise ₹244 crore, (Neutral)
• M&M Financial: Company approves raising borrowing limit to ₹1.3 lk cr (Neutral)
• Paytm: Company completes merchant migration to new UPI IDs. (Neutral)
• Ambuja Cement: Company completes acquisition of 1.5 MTPA grinding unit at Tamil Nadu. (Neutral)
• ICICI Pru: APE up 9.5 % at ₹3,615 cr vs ₹3,300 cr, Value of new business down 26.5% at ₹776 cr vs ₹1,055 cr (YoY) (Negative)
• Tata Elxsi: Company reports Q4 earnings, Net Profit down 4.6% at ₹196.9 cr vs ₹206.4 cr (QoQ), Revenue down 1% at ₹905.9 cr vs ₹914.2 cr (QoQ) (Negative)
• [9:51 am, 24/04/2024] R N Gupta (RNG): India Daybook – Stocks in News*
• Natco Pharma: Company gets establishment inspection report from U.S. FDA. (Positive)
• Lupin: Gets Establishment Inspection Report (EIR) from US FDA For its Aurangabad manufacturing facility (Positive)
• Reliance Industries: Company wins government approval for making additional investments in developing gas reserves in its KG-D6 block in the Bay of Bengal. (Positive)
• Vikas Life: Company’s agro products division received fresh order for premium nuts valued 110m rupees (Positive)
• Zydus Life sciences: Company gets China nod for its oral drug Desidustat, used in treating anaemia in chronic kidney disease patients. (Positive)
• Puravankara: Company gets bid to redevelop residential project in Mumbai (Positive)
• NHPC: Company in pact with JV partners of National High Power Test Laboratory for sale of partial stake to Power Grid. (Positive)
• Power Grid: Company to hold 50% stake in crisis-hit National High Power Test Laboratory after inking a pact to infuse funds. (Positive)
• NBCC: Company secures projects worth Rs 23,500 crore in last fiscal year. (Positive)
• RPP Infra Projects: Company gets new orders worth Rs 413 crore. (Positive)
• Tata Consumer: Net Profit at ₹267.7 crore vs poll of ₹315 crore, Revenue at ₹3,926.9 crore vs poll of ₹3,991 crore. (Positive)
• MCX: Net profit at ₹88 cr vs net loss ₹5 cr (QoQ) Revenue down 5% at ₹181 cr vs ₹192 cr (QoQ) (Positive)
• Adroit Infotech: Company in non-binding agreement to acquire 100% stake of US-based ERP solutions company (Positive)
• Rama Steel: Board approves raising funds up to ₹500 crore via share issue (Neutral)
• Cyient DLM: Net Profit up 80.2% At ₹22.7 Cr Vs ₹12.6 Cr, Revenue up 30.4% At ₹361.8 Cr Vs ₹277.4 Cr (Neutral)
• NELCO: Net Profit up 7% at ₹6.1 cr vs ₹5.7 cr, Revenue down 0.5% at ₹81.6 cr vs ₹82 cr (YoY) (Neutral)
• *CRAFTSMAN:*Company’s board meeting on April 27 to consider proposal for raising of funds (Neutral)
• Century Plyboards: Company completes disposal and transfer of entire stake in Singapore-based unit CSPL. (Neutral)
• Gokaldas Exports: Company approves QIP issue price of Rs 775/share. (Neutral)
• Dr Reddy's: Company voluntarily recalls six lots of Sapropterin Dihydrochloride Powder for Oral Solution. (Neutral)
• Indigo: Company and CP Gurnani launch AI business venture AIonOS. (Neutral)
• IIFL Finance: The special audit directed by the Reserve Bank of India has commenced on April 23. (Neutral)
• PSP Projects: Company is planning to launch qualified institutional placement (QIP) to raise ₹244 crore, (Neutral)
• M&M Financial: Company approves raising borrowing limit to ₹1.3 lk cr (Neutral)
• Paytm: Company completes merchant migration to new UPI IDs. (Neutral)
• Ambuja Cement: Company completes acquisition of 1.5 MTPA grinding unit at Tamil Nadu. (Neutral)
• ICICI Pru: APE up 9.5 % at ₹3,615 cr vs ₹3,300 cr, Value of new business down 26.5% at ₹776 cr vs ₹1,055 cr (YoY) (Negative)
• Tata Elxsi: Company reports Q4 earnings, Net Profit down 4.6% at ₹196.9 cr vs ₹206.4 cr (QoQ), Revenue down 1% at ₹905.9 cr vs ₹914.2 cr (QoQ) (Negative)
• [9:51 am, 24/04/2024] R N Gupta (RNG): Jefferies on ICICI Pru Life
• Buy Call, Target Raised To Rs 680
• For Q4 VNB Of Rs 800 Cr, Down 27% YoY, Missed Estimate
• Q4 VNB Missed Est Due To Fall In Margin To 21%
• Fall In Margin Offset Healthy Prem Growth Of 10% On High Base
• Higher Opex, Mortality Costs, Guaranteed Returns & Weaker Mix Dragged Margins
• Expect Growth To Improve From FY25 As Investment In Channels Set In
• Expect Growth To Improve From FY25 As Normalcy In ICICI Bank's Contribution Set In
• Expect Lower Sensitivity Of VNB, Mortality Costs & Opex
• Citi on 360 One
• Buy Call, Target Rs 850
• Elevated Transactional Income Drive High Core PBT Beat In Q4
• Q4 Active Fresh Flows Remain Strong
• Absolute Rise In Expenses Sequentially, Likely, Captures Higher Revenue Linked Payouts
• Absolute Rise In Expenses Sequentially, Likely, Captures Continued Invst In New Strategies
• Mgmt Has Guided 25-30% Of Recurring Flows From New Strategies Over Medium-term
• Mgmt Expects Lagged Productivity Benefits Stemming From Geography-Expansion
• Mgmt Expects Lagged Productivity Benefits Stemming From Bandwidth Augmentation
• Jefferies on 360 One
• Buy Call, Target Raised To Rs 930
• Co Reported Strong Q4 Earnings, Up 56% YoY
• Strong Q4 Led By Sustained Momentum In Core ARR Revenues, Up 36% YoY
• Strong Q4 Led By One-off Jump In TBR, Up 90% YoY
• Wealth Business Remains In Fast Lane With 35% YoY Growth In Active ARR AUM
• Costs Are Currently Elevated
• AUM Scale-up By Newly Added Teams Should Bring Down C/I Ratio
• AUM Scale-up By Newly Added Teams Should Drive PBT CAGR Of 20% Over FY24-27
• MS on MCX
• Underweight Call, Target Rs 2,085
• Q4 PAT Missed Est And Consensus Sharply
• Operating Revenue Was Also Lower Than Estimate
• Await Details On The Call As To Breakdown For The Same
• Costs Were Higher Vs Estimate As Well
• An Important Point Of Focus On Call, Will Be Understanding Recurring Costs Better
• MS on Tata Elxsi
• Underweight Call, Target Rs 6,860
• Q4 Was A Miss But Management Sounded Constructive On Revenue Growth In FY25
• Good Commentary May Not Be Enough Given Burden Of Higher Expectations
• Good Commentary May Not Be Enough Given Steep Valuations
• EPS Cut Of -3.9% And -5.4% For FY25 And FY26
• MS on Tata Cons
• Overweight Call, Target Rs 1,305
• Organic Top-line Growth Was Slightly Lower Than Est Due To Weaker India Beverages Growth
• Co Delivered 16% EBITDA Margin, Highest In The Last 14 Quarters
• EBITDA Margin Growth Aided By Strong Margin Expansion In Non-Branded
• EBITDA Margin Growth Aided By International Segments
• Growth Businesses (Ex-Nourishco) Performed Well During Q4
• Share In India Branded Business Rose To 18% In FY24
• Market Share Improved In Salt Business, While The Declining Trend In Tea Continued
• CLSA on Tata Consumers
• U-P, TP Rs 1288
• Reported a 9% YoY consolidated increase in revenues (6% growth ex-acquisitions) vs expectation of 11% growth ex-acquisitions
• Gross margin improved by c.400bps YoY while Ebitda margins improve by 190bps YoY to 16.1%
• Absolute Ebitda 3% higher
• MS on Bharti Airtel
• Equal-Weight Call, Target Rs 1,190
• Co Simplifies International Roaming Plans
• Co’s New International Roaming Plans Now Come With Additional Features
• Co’s New IR Plans Now Come With A Simplified Plan Across All Countries
• Co’s IR Plans Are In-line With Its Focus On Premiumisation Strategy
• Citi on Airtel
• Maintain Buy; Hike TP to Rs 1520 from Rs 1305
• Hike FY26 ARPU est. by 3% and EBITDA by 1-2% for FY25/26 given improved visibility of tariff hikes
• Increase valuations of India mobile, homes, and enterprise segments
• Marking-to-market the value of Bharti’s stakes in Indus Towers and Airtel Africa
• Citi on Nestle India
• Buy Call, Target Rs 2,900
• Co’s Long-Term Outlook Remains Intact
• Expect Co To Be A Key Beneficiary Of The Medium To Long-term Growth Opportunity
• Expect Co To Be A Key Beneficiary Due To Its Strong/Dominant Brands
• Co Has A Proven Execution Track Record
• Mgmt’s Focus Is On Distribution Expansion/Sharper Sales & Marketing Initiatives
• Co’s Is Entering Into New Categories (Breakfast Cereals, Pet Care, Health Sciences Et Al)
• UBS on GSPL
• Downgrade To Sell, Target Cut To Rs 280
• Tariff Order Was A Negative Surprise
• Cut FY25/FY26 Standalone Earnings 28%/23%
• Co’s Long-term Fundamentals Remain Solid
• Strong Fundamentals As Co Will Be The Only Network Connected With All Five LNG Terminals In Guj