Market Highlights
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May 14, 2024
- India Daybook – Stocks in News
- Ethos: Net profit up 58.3 % at ₹21 cr vs ₹13 cr, Revenue up 21.7% at ₹253 cr vs ₹208 cr (YoY) (Positive)
- JSPL: Net profit at Rs 934 cr vs poll Rs 1070 cr, Revenue at Rs 13487 cr vs poll of Rs 11839 cr (Positive)
- Chalet Hotels: Net Profit at Rs 82.0 cr Vs Rs 37.0 cr, Revenue at Rs 418 cr vs Rs 338 cr (YoY) (Positive)
- DLF: Net Profit at Rs 920 cr Vs Rs 569 cr, Revenue at Rs 2135 cr vs Rs 1456 cr (YoY) (Positive)
- Anant Raj: Axis MF bought 26 lakh shares (0.76% stake) (Positive)
- Hindalco: Novelis Inc files registration statement on Form F-1 with SEC for the proposed IPO (Positive)
- Vedanta: Cairn Oil & Gas's Reserves and Resources portfolio grows 19% year-on-year to 1.4 Bnboe. Vedanta to consider raising funds via issue of equity shares via FPO, rights issue or other ways on May 16 (Positive)
- Shriram Finance: Company to sell its housing finance arm to Warburg Pincus for ₹4,630 crore (Positive)
- Cochin Shipyard: Company bags order in the range of ₹500-1000 cr from a European client for Hybrid SOVs (Positive)
- Coromandel Intl: Company to acquire an additional 6.99% stake in Dhaksha Unmanned Sys for ₹150 cr (Positive)
- RVNL: Company gets LoA for an order worth Rs 239 crore from Southern Railway (Positive)
- *Hero Moto Corp:*Company joins the ONDC network, the open network will initially offer two-wheeler parts, accessories & merchandise (Positive)
- LTImindtree: EU clears Aramco Digital and LTImindtree Joint Venture. (Positive)
- Electro steel castings: Company approved capacity enhancement of di pipe production plant to 6.5 LTPA, Company’s capacity enhancement at investment of 640m rupees (Positive)
- Infosys: Company completes acquisition of leading semiconductor design services provider. (Positive)
- Biocon: Company signs semi-exclusive distribution and supply deal for the commercialization of generic SAXENDA in MEXICO with MEDIX (Positive)
- TVS Motors: Company introduces new variants to the tvs 1qube portfolio for making electric mobility accessible to everyone (Positive)
- Dhanuka Agri: Launch of new product Herbicide in Domestic market (Positive)
- GIC Housing: Net profit at Rs 54 cr vs Rs 52 cr, Revenue at Rs 84.0 cr vs Rs 97.0 cr (Neutral)
- CE Info: Net profit at Rs 38 cr vs Rs 31 cr, Revenue at Rs 107.0 cr vs Rs 92.0 cr (Neutral)
- Maruti: Company launches 2 new variants of Fronx at an ex-showroom price of ₹8.93 lakh & ₹9.43 lakh (Neutral)
- KPI Green Energy: Company’s board approves raising up to ₹1,000 crore via QIP. (Neutral)
- Sanofi: Net profit at Rs 136.6 cr vs Rs 603.0 cr, Revenue at Rs 732 cr vs Rs 2851 cr (YoY) (Negative)
- JBM Auto: Net profit at Rs 11.2 cr vs Rs 14.0 cr, Revenue at Rs 598 cr vs Rs 673 cr (YoY) (Negative)
- BLS E services: Net profit at Rs 10.9 cr vs Rs 25.2 cr, Revenue at Rs 74 cr vs Rs 73 cr (YoY) (Negative)
- Siyaram Silk: Net profit at Rs 69 cr vs Rs 88 cr, Revenue at Rs 647 cr vs Rs 695 cr (YoY) (Negative)
- CLSA on JSPL
- Underperform Call, Target Raised Rs 940
- Q4 In-line With Est; Debt Rises On Higher Capex
- Strong Steel Prices To Aid Profitability
- Expansion Projects Key To Watch For
- Looks Best Placed Among Ferrous Names
- MS on JSPL
- Underweight Call, Target Rs 655
- EBITDA Beat Estimate
- Volumes Were Higher Than Est; Adjusted For This, EBITDA Was Broadly In Line
- Realisations Were Weaker But Opex Did Better, Helped By Volumes
- Management Commentary Implies Good Margin Expansion In Q1FY25
- Underweight On Expensive Valuation
- Jefferies on AB Capital
- Buy Call, Target Raised To Rs 255
- Cons PAT (Pre Stake Sale Gains) Of Rs 810 Cr (+33%YoY) Was 6% Ahead Of Est
- NBFC PAT Was 2% Below Est Due To Lower NIM
- Among NLF Biz Life Insurance Was In-line; Health Trends Were Better
- AMC Continues To Gain From Capital Mkt Tailwinds
- At NBFC, Profit Growth Should Moderate, But Still Stay Healthy Over FY24-27
- Expect APE Growth To Rebound In-line With Lower Margins
- Expect Underwriting Performance To Improve In Health
- BoFA Sec on AB Capital
- Buy, TP Rs 235
- FY25/26 guidance
- i) NBFC: doubling FY23 AUM by FY26
- ii) LI: >20% CAGR, 18-20% margins
- iii) HI: 100% COR by FY26
- Earnings broadly in line; NBFC/HFC loan book grew 7% QoQ, NIMs down 24bp/40bp QoQ
- CLSA on Zomato
- Buy Call, Target Raised To Rs 248
- Strong Guidance For Blinkit; ESOP Impacts Profit In Q4
- Food Delivery Steady
- ESOP Costs Impact Q4 & Are Expected To Be Higher Going Ahead
- Clear Focus On Quick Commerce Growth
- Bernstein on Zomato
- Outperform Call, Target Raised To Rs 230
- Continues To Reinforce Our Conviction On Quick Commerce Biz
- Achieves Breakeven Milestone For Blinkit (+Ve EBITDA In March)
- Co Plans To Prioritise Growth Maintaining Long-term Adj EBITDA Target Of 4-5%
- Core Biz Food Delivery Delivered Strong
- MS on Zomato
- Overweight Call, Target Rs 180
- Steady Performance Continues; Pressing The Peddle On Quick Commerce Expansion
- Adj EBITDA Was A Profit Of Rs 194 Cr Vs Est Of Rs 186 Cr
- Cash Balance Was Rs 12,240 Cr
- Co Proposed For A New ESOP Pool, 2% Of Diluted Share Capital
- Jefferies on Zomato
- Buy Call, Target Raised To Rs 230
- Co Had A Dream Run Over Last 12 Months Reflected In Its Share Price Move
- Mgmt Recognises That Investor Expectations Are Running High
- Quick Commerce Was A Key Highlight In Q4
- Now Focus Shifts To Aggressive Growth As Store Count Is Set To Double Next Year
- Return Expectation Should Be More Modest At Least In Next Few Months
- Nomura on Zomato
- Buy Call, Target Rs 225
- Food Delivery Business Continues Steady Growth Path
- Quick Commerce To Prioritise Growth While Ensuring Neutral EBITDA In The Near Term
- New ESOP Pool To Incentivise Employees, Approx 2% Dilution
- Expect Q-Commerce To Clock 65-99% YoY Growth In GOV In FY25-26
- Expect Q-commerce CM of 4.6% & Adj EBITDA Margin Of 1.9%
- CITI on Zomato
- Buy, TP Raised to Rs 235
- Delivered largely in-line 4Q
- It also exited 4Q with Adj-EBITDA breakeven (b/e) in QC Mgmt. is sharply accelerating dark-store footprint in QC & expects to maintain Adj-EBITDA b/e in QC through FY25
- MS on DLF
- Equal-weight Call, Target Rs 900
- Q4 Pre-Sales Lower Than Expected; FY25 Outlook Strong
- FY24 pre-sales were 14% higher than guidance & 7% lower than Est
- FY24 Revenue Increased 13% YoY, While EBITDA & Net Profit Were Up 23% YoY
- Jefferies on DLF (1st cut)
- Buy, TP Rs 895
- With inventory exhausted & new launch slipping to 1Q, 4Q relatively subdued; though Rs7.3bn land-sale propped up P&L to a multi-yr high
- Project pipeline for FY25 is further scaled-up & at Rs360bn (4x YoY) implies a strong year ahead
- MS on Varun Beverages
- Overweight Call, Target Rs 1,701
- Q1 Earnings Were 13% Ahead Of Estimate & 11% Above Consensus With Better Margins
- Mgmt Optimistic On Near-Term Demand Trends In India
- Mgmt Optimistic Growth Drivers In International Markets
- MS on Shriram Fin
- Overweight Call, Target Rs 3,050
- HFC Subsidiary's Valuation Has Come Below Estimate As Well As What Media Indicated
- Transaction Has No Material Impact On Or Valuation
- HFC Subsidiary Is Just 4% Of Our SOTP Valuation For SHMF
- CLSA on Shriram Fin
- Outperform Call, Target Rs 2,800
- Shriram’s 84% Stake In Housing Subsidiary Would Be Valued At Rs 3,900 Cr
- This Would Lead To A P&L Gain Of Rs 2350 Cr (3% Of Market Cap)
- CITI on Shriram Fin
- Buy, TP Rs 2930
- Approved to sell its stake (85%) in Shriram Housing Finance to Warburg Pincus for valuation of Rs46.3bn This values SHFL at 2.77x FY24 BV
- Value of SFL’s 85% stake translates to Rs96/sh compared to Rs140/sh ascribed by us
- Jefferies on UPL
- Buy Call, Target Cut To Rs 610
- Posted Profit In Q4 Vs Est Of A Loss
- But Net Debt At $2.65 Bn Is Higher Than Est
- Avg Cost Of Debt Rose To 7% Now Vs 6% Last Year
- Now Est Industry Headwinds To Persist In FY25
- Marred By Brazil Floods & Chinese Generic Exports Impacting Prices
- 20% Of Higher Cost Inventory To Be Liquidated In FY25
- Based On This, Cut FY26 EPS By Approx 8%, While FY25 Cut Is Sharper
- MOSL On UPL
- Neutral Call, Target Rs 560
- Higher Rebates & High-Cost Inventory Liquidation Hit Margin
- Operating Performance Beats Expectations
- Revenue Declined YoY Across Regions Except EU & RoW
- Mgmt Guided For 4-8% Revenue Growth In FY25
- Mgmt Guided For Absolute EBITDA Growth Of Over 50% & CFO Of $300-400 m
- Co Targets To Utilise Entire FY25 CFO For Debt Reduction
- Jefferies on HDFC Life
- Buy Call, Target Rs 750
- Mgmt Expects 15-16% Growth In Premiums With Stable Margins In FY25
- Will Prefer Higher VNB Growth Over Margins With Aspiration To Double Over 4-5 Yrs
- Competition Has Receded Recently; Transition To RBC & IFRS Will Help Reign-In Aggression
- Understand That Changes In Surrender Charges May Have Limited Impact
- Nomura on ABB
- Neutral Call, Target Raised To Rs 7,610
- Earnings Outperformance Continues
- Increase CY24/CY25/CY26 EPS By 14%/9%/6% On Higher Margin Trajectory
- Maintain Neutral As Growth Prospects Likely Priced In
- UBS on HAL
- Buy, TP raised to Rs 5200 from Rs 3600
- Forecast a threefold increase in HAL's order book & 25% revenue growth in manufacturing topline (50% of revenue) in FY23-27E.
- Order intake estimate is 100% above consensus
- Raise EPS forecasts by 4-11% for FY25-27E
- लिस्टेड कंपनियों का पॉलिटिकल कनेक्शन
- Political Connection of Listed Companies
- Virinchi: Madhavi Latha (BJP)
- Heritage foods: Naara Lokesh (TDP)
- Amara Raja: Jayadev Galla (TDP)
- JSPL: Naveen Jindal (BJP)
- Man Infra: Parag Shah (BJP)
- Krystal Integrated: Prasad Lad (BJP)
- CCD: Malvika Hegde (BJP)
- Goa Carbon: Pallavi Dempo (BJP)
- Macrotech Developers: MP Lodha (BJP)
- Genesys: Shazia Ilmi (BJP)
- Sun Tv: Kalanithi Maran (DMK)
- Axiscades: Rajeev Chandrasekhar (BJP)