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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.

January 24, 2024

  • CBDT releases key Direct Tax statistics
  • Net Direct Tax Collections increase 160.52% from Rs 6,38,596 crore in FY 2013-14 to Rs 16,63,686 crore in FY 2022-23.
  • Gross Direct Tax Collections of Rs 19,72,248 crore in FY 2022-23 register increase of over 173.31% compared to Gross Direct Tax Collections of Rs 7,21,604 crore in FY 2013-14.
  • Direct Tax to GDP ratio increases from 5.62% in FY 2013-14 to 6.11% in FY 2022-23.
  • Cost of collection down from 0.57% of total collection in FY 2013-14 to 0.51% of total collection in FY 2022-23.
  • Total number of ITRs filed increase of 104.91% to 7.78 crore in FY 2022-23 against 3.80 crore filed in FY 2013-14
  • *Axis BK Review*
  • *CITI*
  • Buy, TP Rs 1370
  • Deposit growth (at 4% QoQ) outpaced peers but was dominated by non-retail TDs (up 12% QoQ).
  • Management signaled its focus on containing LDR & anchoring loan growth to deposit accretion.
  • Amidst deposit challenges, tone down advances growth est.
  • *Bernstein*
  • O-P, TP Rs 1250
  • Maintained its 1.8% RoA level despite suffering a 10 bps QoQ decline in NIM.
  • Strong NII growth & continued lower credit costs helped bank maintain >18% RoE
  • What stood out for us was a punchy 5% QoQ growth in deposits
  • *HSBC*
  • Buy, TP Rs 1404
  • Healthy loan growth, in-line NIM compression, & low credit costs were positives
  • Retail deposits grew a tad slower
  • Cut FY24-26e EPS est. 0.3-1.5%, reflecting minor adjustments to growth, NIM, & opex estimates
  • Expect a FY24-26e EPS CAGR of 14%
  • *UBS on Havells*
  • Buy, TP Rs 1880
  • Q3- Weak consumer weighs on growth & margins
  • Commentary suggests subdued demand
  • Key highlights
  • a)B2C lagging B2B
  • b)7% yoy top-line growth in Lloyd with slower reduction in loss run rate clearly -ve
  • c) Ex Lloyd topline growth far below long term avg
  • *GS on Pidilite*
  • Buy, TP Rs 2850
  • 3Q PBT grew 64% YoY, driven by strong gross margin expansion & double digit vol growth
  • Management’s outlook remains optimistic driven by:
  • a) moderation in input costs
  • b) new initiatives like strengthening rural distribution & ramp up in new segments
  • *MGL Review*
  • *CITI*
  • Buy, TP Rs 1480
  • Solid 3Q, with EBITDA at Rs4.5bn (-6% qoq, +75% yoy), 20% ahead est.
  • Driven, once again, not just by a beat in margins but with vol growth also robust (grew 8% yoy) Qoq decline in EBITDA margin to Rs13.3/scm better than expected
  • *UBS on Indus Tower*
  • Neutral, TP Rs 220
  • In line Qtr; high tower adds for a single tenant is a concern
  • Consol. Rev up 1% QoQ while rental rev up 3% QoQ, both in line
  • Expect management to provide more colour on status of payments / receivables from VIL as well as on overall demand
  • *CLSA on REC*
  • Buy, TP Rs 510
  • 3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income
  • Loan growth of 21% YoY strong
  • Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower
  • 36bp QoQ decline in GNPA is healthy
  • *Macquarie on USL*
  • U-P TP Rs 870
  • 3Q standalone EBITDA ahead of est.
  • Standalone PAT beat sharper given higher other income
  • Liked healthy gross margin delivery, which suggests that moderation in other inputs like packaging as well as mix improvement
  • *JK Cement Review*
  • *Jefferies*
  • Upgrade to buy, TP raised to Rs 4610
  • Healthy 3Q beat with industry-leading vol growth/ profitability, 2nd qtr in a row
  • Co also announced new 6MTPA expansion with 30MTPA cap targeted by FY26 end
  • Upgrade FY24-FY26 EBITDA est by 5-12%
  • *CITI*
  • Sell, TP Rs 3625
  • 3Q EBITDA at Rs6.1bn (up 128% yoy) on higher cement vol, realisations & lower costs
  • Blended EBITDA/t at Rs1330 vs Rs1028 in 2Q
  • Trading at EV/t of $140(expanded capacity) vs regional players at $65-130, risk reward unfavorable
  • *MS on Tata Elxsi*
  • UW, TP cut to Rs 7500
  • F3Q missed expectations, & quality of growth could have been better with higher EPD growth
  • Challenges persist in Media & parts of Transportation business coloring overall demand outlook
  • *MS on L&T Holding Fin*
  • UW, TP Rs 129
  • PBT missed MSe by 1% due to lower other income & higher credit costs.
  • Lower unsecured consumer loan disbursements (-35% QoQ), AUM (-1% QoQ), some drop in collection efficiency, & likely higher overall slippages will be key discussion points
  • *MS on Bharti Airtel*
  • EW, TP Rs 1015
  • Announces part prepayment of deferred liability for spectrum acquired in 2015 auctions
  • Believe this will be positive on an NPV basis over tenure of spectrum.
  • Assuming yield on cash of 6-7%, est. this prepayment could help earnings by 1% for F25
  • *India Daybook – Stocks in News*
  • *Sona BLW:* Net profit up 24% at ₹133.6 cr vs ₹107.1 cr, Revenue up 15.8% at ₹781.8 cr vs ₹675.3 cr (YoY). (Positive)
  • *Glenmark Life:* Net profit up 13.1% at ₹118.8 cr vs ₹105 cr, Revenue up 5.9% at ₹572.8 cr vs ₹540.7 cr (YoY) (Positive)
  • *L&T FH:* Net Profit up 41.1% At ₹640.2 Cr Vs ₹453.6 Cr, NII up 7.2% at ₹1,952.9 cr vs ₹1,820.9 cr (YoY) (Positive)
  • *KEI Ind:* Net Profit up 17.1% at ₹150.6 cr vs ₹128.6 cr, Revenue up 15.5% at ₹2,061.7 cr vs ₹1,784.3 cr (YoY) (Positive)
  • *Cyient DLM:* Net Profit up 21.6% at ₹6.2 cr vs ₹5.1 cr, Revenue up 10% at ₹321 cr vs ₹291.8 cr (QoQ) (YoY)
  • *Purvankara:* Revenue 574 Cr Vs 392 Cr, +46.4%. EBITDA 199 Cr Vs 111 Cr, +79.2% (Positive)
  • *Netweb Tech:* PAT up 72.2% QoQ; revenue rises 74.9%(Positive)
  • *Lupin:* Company gets tentative U.S. FDA approval for ANDA of Rivaroxaban Tablets. (Positive)
  • *AU Bank:* CCI approves merger of Fincare Small Finance Bank with the bank (Positive)
  • *Tata Elxsi:* Net Profit up 3.1% at ₹206.4 cr vs ₹200.2 cr (QoQ) Revenue up 3.7% at ₹914.2 cr vs ₹881.7 cr (QoQ) (Neutral)
  • *Axis Bank:* NII at Rs 12533.0 crore versus Poll of Rs 12547.0 crore, Net Profit at Rs 6071.0 crore versus Poll of Rs 6072.0 crore (Neutral)
  • *Indus Tower:* Net Profit up 19% At ₹1,540.1 Cr Vs ₹1,294.7 Cr, Revenue up 0.9% At ₹7,199 Cr Vs ₹7,132.5 Cr (QoQ) (Neutral)
  • *Pidilite:* Net profit at ₹510.9 cr vs poll of ₹495 cr (YoY), Revenue at ₹3,130 cr vs poll of ₹3,206 cr (YoY) (Neutral)
  • *MGL:* Net profit at ₹317.2 cr vs poll of ₹297 cr, Revenue at ₹1,568.8 cr vs poll of ₹1,514 cr (YoY). (Neutral)
  • *Rallis:* Net Profit up 9.1% at ₹24 cr vs ₹22 cr, Revenue down 5.1% at ₹598 cr vs ₹630 cr (YoY). (Neutral)
  • *KTK Bank:* Net Profit up 10.1% at ₹331.1 cr vs ₹300.7 cr, NII down 0.9% at ₹827.6 cr vs ₹834.8 cr (YoY) (Neutral)
  • *JSW Energy:* Net profit up 28.8 percent at Rs 231.3 crore, Revenues up 13.0 percent at Rs 2542.8 crore (Neutral)
  • *Music Broadcast:* PAT down 37.4% YoY; revenue up 10.5%. (Neutral)
  • *Man Industries:* PAT down 17.7% YoY; revenue rises 26.6%. (Neutral)
  • *Havells:* Net profit at ₹287.9 cr vs poll of ₹330 cr, Revenue at ₹4,400.6 cr vs poll of ₹4,631 cr (YoY) (Negative)
  • *KTK Bank:* Gross NPA at 3.64% vs 3.47%, Net NPA at 1.55% vs 1.36% (QoQ) (Negative)
  • *Sasken:* Revenue Down 6% at Rs 96.4 Cr Vs Rs 102.5 Cr, EBIT Down 58.6% at Rs 3 Cr Vs Rs 12.7 Cr (Negative)
  • *ICRA:* Revenue +11.3% at Rs 114.6 Cr Vs Rs 103 Cr, EBITDA Down 16.3% at Rs 30.3 Cr Vs Rs 36.2 Cr (Negative)
  • *Agro Tech Foods:* PAT down 63.1% YoY; revenue declines 14.3% (Negative)
  • *Tanla Platforms:* PAT down 1.7% QoQ; revenue declines 0.6% (Negative)
Panchkarma