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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 23, 2024

  • *India Daybook – Stocks in News*
  • *Waaree Renewable:* Sales at Rs 324.2 crore up 338% YoY, PAT at Rs 64.5 crore, Up 158% YoY. (Positive)
  • *IREDA:* Net profit of Rs 3355 cr vs Rs 2007 Cr, Revenues at Rs 12081 cr vs Rs 8468 cr (YoY) (Positive)
  • *Zensar tech:* Net profit of Rs 162 cr vs Rs 76.5 Cr, Revenues at Rs 1204 cr vs Rs 1198 cr (YoY) (Positive)
  • *MRPL:* Net profit of Rs 392.0 cr vs loss Rs 195.0 Cr, Revenues at Rs 28383 cr vs Rs 30966 cr (YoY) (Positive)
  • *Spandana:* Net Profit At Rs 127.3 Cr Vs Rs 71 Cr, NII Up 61% At Rs 375.9 Cr Vs Rs 233.9 Cr (YoY)
  • *Colgate:* Net Profit At Rs 330 Cr Vs Poll Of Rs 300 Cr, EBITDA At Rs 469 Cr Vs Poll Of Rs 434 Cr (Positive)
  • *Rossari Biotech:* Company reported 19% rise in revenue to Rs. 463.8 crore and a 34% increase in PAT to Rs. 34.4 crore. (Positive)
  • *Savera Ind:* Dolly Khanna Name Appears With 1.2% Stake in company (Positive)
  • *Suven Pharma:* HSBC Funds Increased stake in Suven Pharmaceuticals Ltd. to 1.55% from 1.48%. (Positive)
  • *Credo Brands:* Societe Generale Funds name appears in Credo Brands Marketing Ltd with 1.27% (Positive)
  • *Motherson Wiring:* Franklin Templeton Investments Increased stake in Motherson Sumi Wiring India Ltd. to 1.20% from 1.05%. (Positive)
  • *TCS:* Company enables Euroclear Finland to integrate the core platform with ECB’s T2S platform. (Positive)
  • *EaseMyTrip:* Company has partnered with CSC under MeitY to offer travel services to its users. (Positive)
  • *Tata Motors:* Company will increase prices by 0.7% (on average) across its passenger vehicles portfolio, including EVs (Positive)
  • *JSW Holdings:* Odisha state approved package for JSW group EV and Component manufacturing plan (Positive)
  • *Keystone:* Company has been selected for redevelopment project worth of Rs 1200 crore in Mumbai (Positive)
  • *Dodla Dairy:* Company’s wholly owned subsidiary Country Delight Dairy commenced new manufacturing of Dairy plant in Kenya (Positive)
  • *Cyient:* Antitrust lawsuit in the US is settled for an amount of $7.4 million (Positive)
  • *Shree Cement:* Company starts commercial production at Nawalgarh cement plant in Rajasthan. (Positive)
  • *Indigo:* InterGlobe Enterprises appoints Aditya Pande as group CEO, w.e.f March 01 2024 (Positive)
  • *Siti Networks:* CoC has decided to extend the last date for submission of resolution plans (Positive)
  • *Elecon Engineering:* Received contract for Rs 82.78 crore from ArcelorMittal Nippon Steel India. (Positive)
  • *Dharmaj Crop:* Company has started commercial production at its new facility in Saykha Manufacturing Plant, Gujarat. (Positive)
  • *Vikas Lifecare:* Company has acquired substantial stakes in the "SKY 2.0" Club, Dubai, for approximately USD 79 million (Positive)
  • *3i Infotech:* Company secures work order worth of Rs 32.7 crore from M/s. Concept Communications for digital ad inventory deployment (Positive)
  • *Advani Hotels:* Along With Results Board to Consider Interim Dividend and Bonus Issue of Shares (Positive)
  • *Persistent:* CC Revenue Growth at 3.1%, Margin at 14.5% Vs 13.7% (Positive)
  • *HPCL:* Company incorporates new unit HPCL Renewable & Green Energy for consolidating existing green business operations (Positive)
  • *Cupid: Minerva Ventures bought 70,000 Shares at Rs 1862.15/ Share (Positive)
  • *Lemon Tree Hotels:* Company has signed a Franchise Agreement for a new property in Anjar, Gujarat (Positive)
  • *REC:* PM Announces New Scheme for Promoting Rooftop Solar (Positive)
  • *IDFC First Bank:* Net Interest Income up 30.5% year-on-year, Loan growth of 27.3% year-on-year, while deposit growth is up 32% from last year (Neutral)
  • *Pfizer:* Company appoints Amit Agarwal as CFO for 5 years effective Feb 26 (Neutral)
  • *Sobha:* Board approves rights issue of shares worth up to Rs 2,000 crore (Neutral)
  • *Coforge:* Net Profit At Rs 238 Cr Vs Poll Of Rs 268 Cr, Revenues At Rs 2323 Cr Vs Poll Of Rs 2332 Cr (Neutral)
  • *Anupam Rasayan:* Company has established a wholly owned subsidiary, Anupam Europe AG, in Basel, Switzerland. (Neutral)
  • *Chambal Fertilizer:* Tendering period for the Buyback opens on January 24, 2024 and closes on January 31, 2024. (Neutral)
  • *JM FIn:* Mr. Atul Mehra has resigned from his position as Joint Managing Director and Key Managerial Personnel of the Company (Neutral)
  • *Best Agrolife:* Company expands its global presence with the incorporation of a new Wholly Owned Subsidiary in Mauritius (Neutral)
  • *SBI:* Bank has acquired 6.35% stake in Canpac Trends Private Limited. (Neutral)
  • *GEPIL:* Order received worth of Rs 7.01 crore from Sanjay Gandhi Thermal Power Station, MP Power Generating Co. Ltd. (Neutral)
  • *NR Agrawal:* Net profit of Rs 31.4 cr vs Rs 19.3 Cr, Revenues at Rs 335 cr vs Rs 380 cr (YoY) (Neutral)
  • *VST Ind:* Net profit of Rs 53 cr vs Rs 79.0 Cr, Revenues at Rs 468 cr vs Rs 442 cr (YoY) (Neutral)
  • *TRIL:* Net Profit Up 13% at Rs 15.6 Cr Vs Rs 13.8 Cr, Revenue Up 11% at Rs 369.3 Cr Vs Rs 331.5 Cr (Neutral)
  • *ZEE Ent:* Sony is said to send merger termination letter to Zee over India merger (Negative)
  • *Seshasayee Paper:* Company faces challenges with lower production and sales volumes, impacted by competitively priced imports and rising input material costs (Negative)
  • *Oberoi Realty:* Net profit of Rs 360.0 cr vs Rs 702.0 Cr, Revenues at Rs 1053 cr vs Rs 1629 cr (YoY) (Negative)
  • *ZEE-Sony merger called off*
  • *CITI*
  • Downgrade to sell, TP cut to Rs 180 from Rs 340
  • Non-Operational Concerns
  • Increasing Competitive Intensity Take Center-Stage
  • Cut 24-26E earnings est. 22-38% (assume slower margin recovery) & lower multiple to 17x Dec FY25 EPS
  • *UBS*
  • Neutral, TP Rs 260
  • Implied value/sh in scenario of merger falling through is Rs190 (c20% downside)
  • Sony files termination notice & seeks penalties
  • Zee refutes claims made by Sony and plans to contest claims
  • *CLSA*
  • Downgrade to sell, TP cut to Rs 198 from Rs 300 ‘
  • Valuation multiple cut from 18X to 12X
  • Zee-Sony merger terminated; valuation will likely slump
  • Challenge of low promoter ownership
  • *Colgate Review*
  • *CLSA*
  • Sell, TP Rs 2001
  • Gross margin led beat for margin but vol growth elusive
  • 8.2% top-line growth in 3Q, 1% below est. While Co exhibited strong margin expansion, believe it missed an opportunity to be agile in its pricing & to spur vol growth
  • *Jefferies*
  • BUY, TP Rs 2930
  • Displayed strong pricing power amidst input cost deflation.
  • As a result, despite LSD volume growth (JEFe), toothpaste segment reported a double-digit rev growth along with an all-time high gross & Ebitda margin; Ad spends too moved up
  • *ICICI BK Review*
  • *UBS*
  • Buy, TP Rs 1175
  • In-line Q3: Steady growth, lower spreads, large NPL upgrade
  • Loan growth stable; CASA decline continues
  • While build in further NIM declines, expect bank to continue to have RoA >2%, aided by low credit costs
  • *JPM*
  • OW, TP Rs 1150
  • Been exception in current earnings season, delivering a beat with 3Q PAT (Rs103bn; +26% y/y; ROE: 18.6%) printing 4% ahead of est
  • Core PPOP (+10% y/y ) was in-line with expectations with loan / deposit growth of 18% / 19% y/y
  • *HSBC*
  • Buy, TP Rs 1270
  • 3Q: healthy operating performance led by a NIM compression of 10bp (vs. HSBCe c20bp)
  • Est. 15% CAGR in PPOP over FY24-26e
  • *CLSA*
  • Buy,TP Rs 1300
  • Performance in line across all parameters
  • NIM moderation underway but still 40bp above 4QFY22 levels
  • *Coforge Review*
  • *Jefferies*
  • Buy, TP Raised to Rs 7400
  • 3Q rev ahead but profits missed due to lower than expected margins
  • While fresh bookings were soft, strong 16% YoY growth in executable order book should support mid-teens growth
  • Expect a 28% EPS Cagr over FY24-26E
  • *Kotak BK Review*
  • *Macquarie*
  • Neutral, TP Rs 1860
  • +ve surprise on margins PAT miss on higher credit costs
  • NIMs flat QoQ despite rising cost of funds
  • Credit costs higher than expectations
  • Upside risk: Better-than-expected loan growth
  • Downside risk: Higher credit costs dampening ROAs
  • *MS*
  • EW, TP Rs 2210
  • Continues to deliver on asset quality, growth & profitability
  • Expect b/s growth to remain strong, & potential moderation in margins to be offset via operating leverage
  • EPS miss largely reflected a few 1-offs
  • *CITI*
  • Neutral, TP Rs 2040
  • NIMs stayed put at 5.22% (against expectations of a 10-12bps decline); NII growth of 16% yoy / 4% qoq was better than Citi’s estimate.
  • Management is confident of sustaining NIMs above 5%
  • *JPM*
  • Neutral, TP Rs 2070
  • 3Q standalone net income (Rs30.1bn, 8% y/y, ROE: 13.2%) 6% below JPMe due to higher AIF/SR related provisions & a MTM loss
  • Notably, KMB only bank until now to improve on core operating margins sequentially
  • *Can Fin Homes Review*
  • *MS*
  • OW, TP Rs 1000
  • PAT in line
  • NIM remained strong, expanding QoQ to 3.95%.
  • Credit costs higher than MSe but coverage largely strengthened
  • Restructured GNPA within guidance & core GNPA increase appears seasonal
  • Disbursements (-7% QoQ) muted
  • *Jefferies*
  • Buy, TP Rs 970
  • 3Q PAT of Rs2bn (32% YoY) 4% below est.
  • NII (31% YoY) in line but provision higher than est.
  • Loan growth disappointed at 13% YoY (16% 2Q) as disbursement fell 7% QoQ
  • *IDFC First BK Review*
  • *MS*
  • EW, TP Rs 85
  • Strong performance on margins/vol growth
  • Slippages flat QoQ; Credit costs rose QoQ to 1.5%
  • Trim est. as build lower fees & slightly higher credit costs
  • Believe current val @1.7x F25e bk already factors cyclical improvement over next 2 yrs
  • *Persistent Review*
  • *CITI*
  • Sell, TP Rs 5470
  • 3Q Slightly Ahead; Val Expensive at 45x 1 yr fwd cons EPS
  • Forward looking indicators –
  • (a) Headcount up 3.3% yoy
  • (b) TTM overall ACV growth at 15% yoy in 3Q
  • (c) no change in demand environment but seeing some green shoots
  • *Nomura on Ultratech*
  • Buy, TP Rs 11500
  • 3Q: Strong realization leads to highest unitary EBITDA performance
  • Roadmap shows co poised to achieve 200MT & maybe even more
  • Fixed cost absorption & lower fuel cost should support EBITDA/t in 4QFY24F
  • Stock to watch
  • 1) NMDC STEEL is on the verge of a Cup and Handle pattern Breakout on the daily chart. The stock has formed a Bullish candle accompanied with strong volumes. Momentum indicator RSI is positive on the daily chart. Therefore, the stock looks good on dips to 51 can test 60 support is at 44. Positional view
  • 2) HONEYWELL AUTOMATION on the verge of an Inverse Head and Shoulder pattern breakout on the daily charts. The stock has formed a strong Bullish weekly candle and in recent past volumes have also shot up. Momentum indicator RSI is also positive on the daily chart. Therefore, the stock looks good in the range of 37506 to 37200 and can test 40000 support at 36350. Positional view.
  • 3) PVR INOX is on the verge of a Falling Channel pattern breakout on the daily chart. The stock has formed a Hammer pattern on the weekly charts. The momentum indicator RSI is positive on the daily charts. Therefore, the stock looks good on dips to 1509 and can test 1777 support is at 1403. Positional view
  • 4) ABFRL has formed a Hammer candle on the weekly charts. The stock is hovering in a Triangular formation. The momentum indicator RSI is positive on the hourly chart. Therefore, the stock looks good on dips to 222 and can test 255 support at 208. Positional view
  • 5) BALKRISHNA IND has seen a Multi-year Rounding pattern breakout on the daily charts. The stock has formed a Bullish candle with strong volumes. Momentum Indicator RSI is positive on the daily charts. Therefore, the stock looks good on dips to 2710 and can test 3000 support at 2535. Positional view.
  • 6) MAS FINANCIAL has seen a Multi-year Triangle pattern breakout on the daily charts. This set up was supported with rising volumes. Momentum indicator RSI is positive on the daily charts. Therefore, the stock looks good on dips to 1000 can test 1270 support is at 915. Positional view
  • 7) MISHRA DHATU NIGAM is on the verge of a Rounding Bottom pattern breakout on the daily charts. Recently the volumes have also spiked up before the breakout. Momentum indicator RSI is positive on the daily charts.Therefore, the stock looks good on dips to 457 can test 520 support is at 414. Positional view
  • 8) GIC RE has seen a multi-year Rounding Bottom pattern breakout on the daily charts. This breakout was supported with strong volumes. Momentum indicator RSI is positive on the daily charts. Therefore, the stock looks good on dips to 350 and can test 450 support at 297. LongTerm view
  • For charts you can visit my X @RahulRanderia
Panchkarma