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.

August 02, 2023

BLOCK DEAL ALERT: CAMPUS ACTIVE
Sources to @CNBC_Awaaz
Block deal for 80 lac shares likely in counter
Deal price band at Rs 295-300 per share
Total deal value of Rs 240 crores
Nuvama broker to deal
More action in US markets as Fitch downgraded US citing known issues of debt. But it’s a courage of FITCH to take action which is known. Last time when SNP downgraded US markets, the CEO was kicked out from the Job.
If Ambuja acquires Sanghi as mentioned in media reports, it’s a great buy and strengthen its presence in Gujarat Market with additional production of 6.1 Mmt capacity of Sanghi Industries. Banks also likely to be benefitted from this deal. One may see action in some other small cap cement stocks.
We believe PVR Inox is right click for your portfolio. Channel checks indicate worst seems over.
Negative news escalated for Soda Ash manufacturers. Russian Soda ash has been dumping into market whose landed cost is lower than Indian players by 10 pc.
Continues to believe that good time to accumulate agri CHEM players if some one has 2-3 years assuming pain would continue for Q2.
TTK health margins were boosted by health care division.
As per our report last week, continue to believe that innerwear companies things are changing in much positive manner.
Now world is running for home textile companies , our analyst Anushka has recommended buy in April.
Syrma excellent acquisition & EPS accretive and as per our understanding, Johari digital would do pat of INR 700 mn in FY 24 with good US clientale. We dont understand valuations of industry but great buy .
Have a great trading day
Abhishek Jain
Arihant Capital
*India Daybook – Stocks in News*
*Bikaji Foods:* Net profit at Rs 41.6 cr vs Rs 16.2 cr, Revenue up 15.1% at Rs 481.7 cr vs Rs 418.5 cr (YoY) (Positive)
*Triveni Turbine:* Net profit up 58.7% at Rs 60.8 cr vs Rs 38.3 cr, Revenue up 45.3% at Rs 376.4 cr vs Rs 259 cr (YoY) (Positive)
*Escorts:* Net profit up 93% at Rs 283 cr vs Rs 147.4 cr, Revenue up 15.5% at Rs 2,327.7 cr vs Rs 2,014.9 cr (YoY) (Positive)
*Anant Raj:* Net profit at Rs 51.0 cr vs Rs 25.0 cr, Revenue at Rs 316.0 cr vs Rs 159.0 cr (YoY) (Positive)
*Sansera:* Net profit at Rs 45.0 cr vs Rs 34.0 cr, Revenue at Rs 660.0 cr vs Rs 532.0 cr (YoY) (Positive)
*TBZ:* Net profit at Rs 11.4 cr vs Rs 2.9 cr, Revenue at Rs 571.0 cr vs Rs 579.0 cr (YoY) (Positive)
*Godrej Agro:* Net profit at Rs 105.0 cr vs Rs 82.7 cr, Revenue at Rs 2510.0 cr vs Rs 2509.0 cr (YoY) (Positive)
*Coal India:* India's July coal production up 14.11% year-on-year to 68.75 million tonne. (Positive)
*Lupin:* Company gets US FDA approval for Turqoz used in treatment of bacterial & parasitic infections (Positive)
*Ashok Leyland:* July sales at 15,068 units vs estimate of 14,700 units (Positive)
*TVS Motor:* Total auto sales at 3.26 lakh units vs estimates of 3.23 lakh units (Positive)
*SML Isuzu: Reports 23% rise in total sales at 1,250 units vs 1,020 units (YoY). (Positive)
*NMDC:* Production up 19% at 2.44 mt vs 2.05 mt (YoY). (Positive)
*SW Renewable:* Company has received order worth Rs 360 crore for a project in India. (Positive)
*Som Distilleries:* Gets approval to supply Indian Made Foreign Liquor (IMFL) brands in Rajasthan (Positive)
*Redington:* Net profit down 21.2% at Rs 248.8 cr vs Rs 315.8 cr, Revenue up 26.1% at Rs 21,187.2 cr vs 16,803.1 cr (YoY) (Neutral)
*Thyrocare:* Net Profit down 20.3% at Rs 17.3 cr vs Rs 22 cr, Revenue up 5.6% at Rs 134.9 cr vs Rs 127.8 cr (YoY) (Neutral)
*Thermax:* Net profit at Rs 58.9 cr vs Rs 58.9 cr, Revenue at Rs 1933 cr vs Rs 1654 cr (YoY) (Neutral)
*Dalmia Sugar:* Net profit at Rs 61 cr vs Rs 54 cr, Revenue at Rs 834 cr vs Rs 924 cr (YoY) (Neutral)
*Metro Brands:* Net profit at Rs 106 cr vs Rs 103 cr, Revenues at Rs 556.0 cr vs Rs 497 cr (YoY) (Neutral)
*Snowman:* Net profit at Rs 3 cr vs Rs 2 cr, Revenues at Rs 129.0 cr vs Rs 87.0 cr (YoY) (Neutral)
*Orient Cement:* Net profit at Rs 37.0 cr vs Rs 37.4 cr, Revenue at Rs 825.0 cr vs Rs 714 cr (YoY) (Neutral)
*Syrma SGS:* Net profit at Rs 28.5 cr vs Rs 15.2 cr, Revenue at Rs 601.0 cr vs Rs 389.0 cr (YoY) (Neutral)
*Maruti:* Company reports total sales at 1.81 lakh units vs estimates of 1.87 lakh units (Neutral)
*Eicher:* Royal Enfield total sales at 73,117 units vs estimates of 74,000 units (Neutral)
*RITES:* Appoints Krishna Gopal Agarwal as Chief Financial Officer w.e.f August 1, 2023 (Neutral)
*Cholamandalam Invest:* Profit at Rs 710 cr vs poll of Rs 787 cr, NII at Rs 2,127 cr vs poll of Rs 1,926.4 cr. (Neutral)
*Campus:* Block deal for 80 lac shares likely in counter. Deal price band at Rs 295-300 per share as per media sources (Neutral)
*Zee Ent:* IDBI Bank files an appeal before NCLAT, Delhi, against ZeeEnt challenging NCLT order of May 19, 2023 (Negative)
*Sula Vineyards:* Company receives excise duty notice of Rs 116 crore from Maharashtra Excise Ministry (Negative)
*Hero Motocorp:* July sales at 3.91 lakh units vs estimates of 4.70 Lakh units. (Negative)
*Bliss Pharma:* Net profit down 48% at Rs 14.4 cr vs Rs 27.5 cr, Revenue up 16% at Rs 159.5 cr vs Rs 188.7 cr (YoY) (Negative)
*HSBC on PVR*
Buy Rating
Target Rs 1,920
Q1 Disappointed, But Sequential Rebound Augurs Well For Rest Of FY24
Hollywood Saw An Impressive Rebound, Hindi Box Office Appears To Have Stabilised
Recovery In Hindi Cinema, Merger Synergies Key Catalysts
*CLSA on PVR*
Buy Rating
Target Rs 2,015
Q1 Admits Up 11%, EBITDA Up 34% QoQ, Big Content Line-up Ahead
PVR Inox Added 27 Net Screens For A Total Of 1,707 Screen Now
Mgmt Said Volatility In Hindi Films Has Reduced, Benefitted From Surge In Hollywood
Management Is Optimistic On The Content Line Up
*UBS on PVR*
Buy, TP Raised to Rs 2100
Stable qtr; sequentially picking up
Expect momentum to continue in upcoming mths with a healthy content pipeline
Believe market is a bit skeptical about revival & is not fully factoring in potential merger synergies
*GS on PVR*
Buy, TP Rs 1950
Strong 1Q, with revenues +14% qoq & 6% ahead of est., resulting in EBITDA which was c.80% above est.
Box office has gradually continued to improve, with July data suggesting 2QFY24 is likely to be another strong qtr.
*CLSA on Escorts*
Sell Rating
Target Raised To Rs 2,002
Q1 Beat Est On Lower RM Costs & Higher Rev, Mainly In Construction & Railway
Believe Valn Is Expensive Given Tractor Ind Growth Likely In Single Digits YoY In FY24
Margin Improves Across Business Segments
Construction Equipment Demand Is Very Strong
*Macquarie on Escorts*
Neutral, TP Rs 2100
Margin surprise drives EBITDA beat
Key +ve surprise was better than-expected margins in all segments
Management reiterated its outlook of low/mid single digit tractor industry vol growth in FY24 & strong demand in const & railway seg
*CLSA on Chola Fin*
Downgrade To Outperform From Buy Rating
Target Rs 1,250
Growth Strong But NIM Compressed
Board Approval For Up To `4,000 Cr QIP
Strong Medium-term Growth Outlook, Driven By New Businesses
NIMs Contracted, Like Peers, While Asset Quality Was Stable
Stock Trading At 26x PE 1-yr Fwd When Its Average Is 18x & Cyclical Peak Is 22x
*MS on Chola Fin*
Equal-weight Rating
Target Rs 1,000
NIM Decline Was Much Sharper Than Est As Well As Company Guidance
Slippages & Credit Costs Were Much Higher, Led By New Business Segments
Lower Operating Costs Provided Some Offset
Management Comments Will Be Key
Given the Recent Run In Stock, It Could Cool-off In Near Term
*Jefferies on Chola Fin*
Buy Rating
Target Rs 1,350
Adj PAT Was 9% Below Estimate Due To Tad Lower NII & Higher Provisions
AUM Rose 40% YoY, NIM Fell 33 bps QoQ Due To Higher CoF
Credit Cost Rose 20 bps YoY Due To Higher Credit Cost In New Business
Bd Approved QIP Of Rs 4,000 Cr Can Be 23% BV Accretive If Equity Is Issued At CMP
*MS on Aptus Value*
Overweight Rating
Target Rs 325
PAT Essentially In-line With Est, NIM Compression Drove A PPoP Miss Of 3%
Operating And Credit Costs Were Lower, Disbursements & AUM Were Strong
Stage 3 Was Lower YoY, PCR Stable
*MS on Navin Fluoro*
Overweight Rating
Target Cut To Rs 4,951
Constructive Outlook Across Specialty Chem & Contract Mfg Was A Surprise
Balanced Biz Mix, Resilient Agro Chem Portfolio
New CDMO Order Wins & Upside Levers To Vol & Margin Keep Us Overweight
*CITI on Navin Fluorine*
Buy, TP Rs 5525
1Q spec. chem (+31%YoY) &CDMO (+33%YoY) growth broadly in line; however HPP(+11%YoY) was a drag on plant shutdown impact & R22 softness
Gross margin expanded 455bps YoY
Outlook for spec. chem and CDMO remains healthy
*MS on UPL*
Overweight Rating
Target Cut To Rs 762
UPL Had A Disappointing Q1, In-line With Some Global Peers
Stock Is Trading At A Steep Discount
Vol Growth In H2FY24 & Lower Price Decline In Q4 Would Be Key Catalysts To Track
*MS on MCX*
Underweight Rating
Target Rs 1,270
Average Daily Traded Value (ADTV) Is the Key Driver Of Profits And Share Price
In July 2023, ADTV Was Down 6.5% MoM To `54,700 Cr Led By Futures
MCX Stock Was Up 11% MoM Outperforming Sensex Which Was Up 3% MoM
*Nomura on Sansera*
Buy Rating
Target Rs 995
Q1FY24 Was In-line With Estimate
Total Orderbook With Annual Peak Rev Stood At `1,690 Cr With Healthy Global Orders
Ramp-up In Aerospace, Defence In Domestic PV To Drive Rev Growth In FY24/25
*HSBC on KEI Ind*
Buy Rating
Target Rs 2,550
Revenue Growth In-line With Est, Lagged Peers Largely Due To Capacity Constraints
Strong Demand & Brownfield Capacity Expansion To Drive Mid To High Teens Rev Growth
*HSBC on Marico*
Buy Rating
Target Rs 610
Domestic Volume Up Amid Weak Rural Demand
Value Down 7% Due To Price Cuts, Intl Biz Delivers 16% CC Growth
Vol To Pick Up In H2FY24, Margin Headwinds Waning
Marico Expects A Gross Margin Expansion Of 300-350 bps In FY24
Foods & Digital Brands Scaling Well, Volume Recovery A Key Catalyst For FY24
*CLSA on Oberoi Realty*
Downgrade To Sell Rating
Target Rs 1,052
Pre-sales In Q1 Were Subdued
Co Expects Better H2FY24 Driven By A Revival Of Sales In Worli & Mulund Projects
Co-took Sharp Price Hikes At Worli & Goregaon Projects Along With Thane
Believe Improvement In Pre-sales Over FY24-26 Is Already Priced Into Stock

426