Indian Stock Market News | BSE/NSE Sensex Updates | Equity Market Highlights

Market Highlights

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

February 07, 2024

*Macquarie on Delhivery*
Outperform Call, Target Raised To Rs 560
Co Is A Cost Leader In A Complex, Tech-intensive Biz Exposed To India’s Large e-Comm Growth Runway
Forecast A 20% 10-year Core Revenue CAGR With Strong Scale Benefits
Expect Net Profit Breakeven In FY25
*Godrej Prop Review*
*Jefferies*
Buy, TP Rs 2700
Back to back record pre-sales qtr & a strong launch pipeline for 4Q, puts Godrej Prop in range for another 50%+ sales growth this year
Management expects PAT margins to jump to 15-18% range vs 10% previously
*CLSA*
Sell, TP Rs 2110
Cash flow continues to lag; spending on land continues to raise debt
3QFY24: record presales but cash flow lags
Raises FY25 presale guidance & it expects 20% growth in mid-term
Raise presale est. 15%-17% over FY24-26
*Jefferies on Nykaa*
Buy, TP Rs 210
3Q EBITDA missed forecasts as weak demand weighed across line items.
Ad income lower as BPC brands prioritised discounts over marketing spends while discounts rose on own label, impacting GM.
BPC contribution margin compressed to 7 qtr low
*HSBC on Nykaa*
Buy, TP Rs 240
Rev growth of 22% (led by BPC GMV growth of 25% and Fashion at 40%) was strong amid weak demand environment
EBITDA margin a tad lower than expected
Think Nykaa with its scale is formidable in BPC and fashion is on superior track now
*Navin Fluorine Review*
*Jefferies*
Hold, TP cut to Rs 2950 from Rs 3425
Weak; Near-term Pain to Persist
Rev/Ebitda came in 12%/47% below as co continued to face product deferrals, execution challenges& -ve op lev.
Mgmt guidance turned more cautious
Cut FY24/25/26E Ebitda 22%/28%/23%
*HSBC on Ashok Leyland*
Buy, TP Rs 230
Strong 3QFY24 op margin in seasonally weak quarter reflects structural improvement in cost efficiencies
CV industry trends should be stable in the long term, and we estimate a FY24-FY27e CAGR of 6%
*HSBC on Finolex*
Downgarde to hold, TP Rs 225
Weak demand from Chinese real estate driving PVC segment lower; expect improvement only towards end of 2024
Pipe demand and margins in agribusiness remain lacklustre
Downgrade due to lack of catalysts which could improve earnings
*HSBC on Indian Hotels*
Buy, TP Raised to Rs 575
Highest-ever Q3 EBITDA was driven by better-than-expected trading; b/s strongest among peers
Strong outlook driven by favourable demand-supply, market share gain, improving cost efficiencies, &continued growth
*MS on Bharti Airtel*
Equal-Weight Call, Target Rs 1,190
Growth Priced In
Strong Execution Is Reflected In Strong 4G & Postpaid Net Adds
Strong YoY Growth In India EBITDA Without Much Support From Increase In Tariffs
Stock Has Run Up, +27% In 6 Months Vs 9% For Sensex & Positives Are Priced In
*Macro and market update this morning*
*China's stock exchanges restrict share selling by some hedge funds*
China's stock exchanges are restricting share selling by some hedge funds, four fund managers and a broker said, in the latest attempt to stabilise a market that has slumped to five-year lows. Authorities have put in place several measures to support the languishing stock market - including restrictions on net selling by mutual fund managers and curbs on short-selling - but have so far failed to stop the market slide.
*China aims to boost chip production despite US restrictions - FT*
Chinese chipmakers expect to make next-generation smartphone processors as early as this year despite U.S. efforts to curb their development of advanced technologies, the Financial Times reported on Tuesday. SMIC, China's leading chipmaker, establishes new semiconductor production lines in Shanghai to mass-produce Huawei-designed chips, utilizing existing U.S. and Dutch-made equipment for 5-nanometre chip production, citing people aware of the move.
*Indian Govt saves $6 bn on Qatar LNG deal renewal, signs $78 bn pact for 20 years*
India on Tuesday signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048 at rates lower than current prices. Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, in a statement said it has signed a pact with QatarEnergy to extend the deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting it into CNG.
*India: People reporting annual income over Rs 1 cr increase to 216,000 in AY24*
The number of people earning above Rs 1 crore annually has risen to over 2.16 lakh as on December 31, 2023, for Assessment Year 2023-24, Minister of State for Finance said. The number has increased from over 1.09 lakh in AY 2019-20 to about 1.87 lakh in AY 2022-23.
*No proposal to hike PM- KISAN amount from Rs 6,000/yr: India's Agriculture Minister*
The government has no proposal to increase the financial benefit to farmers under PM-KISAN scheme to Rs 8,000-12,000 per year, including for women farmers. Launched in 2019, PM-KISAN provides eligible farmers a financial benefit of Rs 6,000 per year. The government has disbursed over Rs 2.81 lakh crore to more than 11 crore farmers. PM-KISAN is one of the largest Direct Benefit Transfer (DBT) schemes.
*Foxconn invites bids for construction of chip assembly plant in India*
Taiwanese electronics major Foxconn has invited bids for construction of a chip assembly and testing plant in India.The plant is proposed to be set up in partnership with HCL Group, according to a regulatory filing. The company has earmarked Rs 1,200 crore as an initial investment for the project. In the filing, Foxconn said it is making an announcement on behalf of subsidiary Foxconn Hon Hai Technology India Mega Development Pvt Ltd for engaging others to build the plant on owned land.
*Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says*
Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Fed reported Tuesday. Household debt rose by $212 billion in the quarter, a 1.2% increase quarterly and about 3.6% from a year ago.With a total of $1.13 trillion in debt, credit card debt that moved into serious delinquency amounted to 6.4% in the fourth quarter, a 59% jump from just over 4% at the end of 2022, the New York Fed reported.
*New York Fed finds slightly higher supply chain pressure in January*
Supply chain pressures rose but remained quite low at the start of the year suggesting shipping disruptions tied to trouble in the Middle East have yet to manifest themselves in generalized disruptions, a report from the Federal Reserve Bank of New York said on Tuesday.
*ECB is confident the next move will be rate cut, de Cos says*
The European Central Bank is confident that inflation is coming back to its 2% target and that its next move will be cutting interest rates, policymaker Pablo Hernandez de Cos said on Tuesday.
*Australia's RBA holds rates as inflation cools, warns hike still an option*
Australia's central bank held interest rates steady at 4.35% on Tuesday but cautioned that a further increase could not be ruled out given inflation was still too high, a strong signal that it isn't in a hurry to start easing policy anytime soon.
*Asian market*
Asia markets were mostly higher Wednesday, with the exception of Japan, tracking Wall Street gains as investors assessed corporate earnings from U.S. and Asian firms.
Brent: 78.84, DXY: 104.14 USD10Y: 4.09%, Gift Nifty: +0.46%
*India Daybook – Stocks in News*
*Azad Eng:* Net Profit at Rs 16.8 crore versus Rs 3.8 crore, Revenue at Rs 89.0 crore versus Rs 60.0 crore (YoY) (Positive)
*ACE:* Net Profit at Rs 88.2 crore versus Rs 46.7 crore, Revenue at Rs 753.0 crore versus Rs 556.0 crore (YoY) (Positive)
*AGI Greenpac:* Net Profit at Rs 67 crore versus Rs 53 crore, Revenue at Rs 622.0 crore versus Rs 567.0 crore (YoY) (Positive)
*Ajmera:* Net Profit at Rs 30.5 crore versus Rs 10.6 crore, Revenue at Rs 206.8 crore versus Rs 79.0 crore (YoY) (Positive)
*Auro Labs:* Net Profit at Rs 2.7 crore versus Rs 0.4 crore, Revenue at Rs 18.0 crore versus Rs 15.6 crore (YoY) (Positive)
*Anant Raj:* Net Profit at Rs 71.0 crore versus Rs 45.0 crore, Revenue at Rs 392.0 crore versus Rs 265.0 crore (YoY) (Positive)
*Akzo Nobel:* Net Profit at Rs 114 crore versus Rs 97.4 crore, Revenue at Rs 1032 crore versus Rs 986.0 crore (YoY) (Positive)
*Birla Corp:* Net Profit at Rs 109.0 crore versus loss Rs 49.9 crore, Revenue at Rs 2312.0 crore versus Rs 2016.0 crore (YoY) (Positive)
*Zaggle:* Net Profit at Rs 15.2 crore versus Rs 7.6 crore, Revenue at Rs 199.5 crore versus Rs 184.0 crore (YoY) (Positive)
*Indraprashtha Med:* Net Profit at Rs 29.4 crore versus Rs 20.9 crore, Revenue at Rs 306.5 crore versus Rs 276.9 crore (YoY) (Positive)
*Radico:* Net Profit at Rs 75.2 crore versus Rs 61.2 crore, Revenue at Rs 4246.0 crore versus Rs 3166 crore (YoY) (Positive)
*Godawari Power:* Net Profit at Rs 229 crore versus Rs 128 crore, Revenue at Rs 1308.0 crore versus Rs 1462.0 crore (YoY) (Positive)
*VMart:* Net Profit at Rs 28.2 crore versus Rs 20.0 crore, Revenue at Rs 889.0 crore versus Rs 777.0 crore (YoY) (Positive)
*Emami Paper:* Net Profit at Rs 39.4 crore versus Rs 1.4 crore, Revenue at Rs 493.0 crore versus Rs 565.0 crore (YoY) (Positive)
*Welcorp:* Net Profit at Rs 290.0 crore versus Rs 54.4 crore, Revenue at Rs 4747.0 crore versus Rs 2410.0 crore (YoY) (Positive)
*Suyog:* Net Profit at Rs 19.0 crore versus Rs 10.0 crore, Revenue at Rs 41.7 crore versus Rs 37.8 crore (YoY) (Positive)
*Umang Dairy:* Net Profit at Rs 1.0 crore versus loss Rs 0.09 crore, Revenue at Rs 76.0 crore versus Rs 74.0 crore (YoY) (Positive)
*MIC Electronics:* Net Profit at Rs 2.7 crore versus loss Rs 0.96 crore, Revenue at Rs 17.5 crore versus Rs 1.2 crore (YoY) (Positive)
*Vakrangee:* Net Profit at Rs 1.2 crore versus Rs 0.12 crore, Revenue at Rs 51.5 crore versus Rs 49.4 crore (YoY) (Positive)
*Endurance:* Net Profit at Rs 152 crore versus Rs 108 crore, Revenue at Rs 2561 crore versus Rs 2095 crore (YoY) (Positive)
*Mistann:* Net Profit at Rs 93.0 crore versus Rs 87.0 crore, Revenue at Rs 330 crore versus Rs 318 crore (YoY) (Positive)
*Prataap Snacks:* Net Profit at Rs 10.8 crore versus Rs 5.3 crore, Revenue at Rs 406 crore versus Rs 418 crore (YoY) (Positive)
*Nazara:* Net Profit at Rs 29.5 crore versus Rs 20.1 crore, Revenue at Rs 320 crore versus Rs 314 crore (YoY) (Positive)
*EIH:* Net Profit at Rs 230 crore versus Rs 149 crore, Revenue at Rs 741 crore versus Rs 586 crore (YoY) (Positive)
*Disa India:* Net Profit at Rs 5.7 crore versus Rs 2.3 crore, Revenue at Rs 61 crore versus Rs 52.8 crore (YoY) (Positive)
*Mangalam Seeds:* Net Profit at Rs 5.2 crore versus Rs 3.2 crore, Revenue at Rs 52 crore versus Rs 21 crore (YoY) (Positive)
*PNC Infra:* Net Profit at Rs 185.0 crore versus Rs 139.0 crore, Revenue at Rs 2047 crore versus Rs 1803 crore (YoY) (Positive)
*JK Tyre:* Net Profit at Rs 220.0 crore versus Rs 65.6 crore, Revenue at Rs 3687 crore versus Rs 3613 crore (YoY) (Positive)
*Berger Paints:* Net Profit at Rs 300.0 crore versus Rs 201 crore, Revenue at Rs 2882 crore versus Rs 2694 crore (YoY) (Positive)
*FSN E-Commerce:* Net Profit at Rs 17.5 crore versus Rs 17.5 crore, Revenue at Rs 1789 crore, up 22 percent (YoY) (Positive)
*Lupin:* Company received USFDA approval of ANDA for Bromfenac ophthalmic solution: (Positive)
*Asian Energy:* Company Secures LoA of Rs 250 CR from CentralCoalfields Ltd. (Positive)
*Kotak Mahindra Bank:* The CCI has approved acquisition of 70 percent stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company. (Positive)
*Biocon:* Company gets U.S. FDA tentative approval for Dasatinib tablets. (Positive)
*ONGC:* Oil and gas production to rise 10% or more this year (Positive)
*Kaynes:* Company and Aptos Technology entered into a collaboration for semiconductor packaging and testing technology. (Positive)
*Max Life:* Gets IRDAI approval for capital infusion of up to ₹1,612 crore by Axis Bank in the company. (Positive)
*Quess Corp:* Company to sell entire stake in unit Qdigi services for Rs 80 cr to Onsite Electro (Positive)
*IOL Chemicals:* Company can now export Losartan Potassium with its certificate of sustainability. (Positive)
*Krishna Institute:* SBI Life buys shares of Krishna Institute of Medical Sciences for Rs 239 crore (Positive)
*Chambal:* Net Profit at Rs 459 crore versus Rs 323 crore, Revenue at Rs 4348 crore versus Rs 8296 crore (YoY) (Neutral)
*Usha Martin:* Net Profit at Rs 107 crore versus Rs 84 crore, Revenue at Rs 797 crore versus Rs 833 crore (YoY) (Neutral)
*Redington:* Net Profit at Rs 348 crore versus Rs 393 crore, Revenue at Rs 23505 crore versus Rs 21674 crore (YoY) (Neutral)
*Kingfa:* Net Profit at Rs 24 crore versus Rs 20 crore, Revenue at Rs 394 crore versus Rs 339 crore (YoY) (Neutral)
*Navin:* Net Profit at Rs 78 crore versus Rs 61 crore, Revenue at Rs 502 crore versus Rs 472 crore (YoY) (Neutral)
*Timken:* Net Profit at Rs 68 crore versus Rs 70 crore, Revenue at Rs 612 crore versus Rs 610 crore (YoY) (Neutral)
*Britannia:* Net Profit at Rs 555 crore versus poll Rs 550 crore, Revenue at Rs 4256 crore versus poll Rs 4300 crore (YoY) (Neutral)
*NLC India:* Net Profit at Rs 254 crore versus loss Rs 396 crore, Revenue at Rs 3164 crore versus Rs 3679 crore (YoY) (Neutral)
*Eveready:* Net Profit at Rs 8 crore versus Rs 5 crore, Revenue at Rs 305 crore versus Rs 330 crore (YoY) (Neutral)
*PG Health:* Net Profit at Rs 72 crore versus Rs 77 crore, Revenue at Rs 310 crore versus Rs 310 crore (YoY) (Neutral)
*Brigade:* Net Profit at Rs 56 crore versus Rs 43 crore, Revenue at Rs 1174 crore versus Rs 820 crore (YoY) (Neutral)
*FIEM:* Net Profit at Rs 41 crore versus Rs 32 crore, Revenue at Rs 487 crore versus Rs 442 crore (YoY) (Neutral)
*Nykaa:* Company approves further investment of up to Rs 150 crore in Nykaa Fashion. (Neutral)
*JB Chemicals:* Company appoints Narayan Saraf as CFO of the company w.e.f. February 23, 2024 (Neutral)
*EID Parry:* Net Profit down 52.9% at ₹118.2 cr vs 250.9 cr, Revenue down 21.6% at ₹7,770.1 cr vs ₹9,913.9 cr (YoY (Negative)
*Syrma SGS:* Net Profit at Rs 20 cr vs Rs 34 cr, Revenue at Rs 707 cr vs Rs 513 cr (YoY) (Negative)
*UPL:* Moody's downgrades UPL to Ba1; outlook remains negative. (Negative)

340