Market Highlights

---

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

---

July 14, 2023

• Refex Industries was being recommended in Money Times Talk from time to time from as low as Rs 60.
• Hats off to Money Times.
• *India Daybook – Stocks in News*
• *Ahluwalia Contracts:* Company awarded a project worth of Rs. 199.58 Crores for Civil Structural work in Orrisa (Positive)
• *Samvardhana Motherson:* Completes acquisition of 51% in premium car upholstery maker Saddles International' (Positive)
• *Deep Industries:* Enters into a Joint Venture arrangement with Euro Gas Systems to supply oil field equipment to the oil & gas industry (Positive)
• *SPARC:* USFDA issues complete response letter for PDP-716 New Drug Application at API manufacturing facility (Positive)
• *Deep Industries:* Company bags a project worth Rs 130 cr From ONGC (Positive)
• *Glenmark Life:* Nirma, KKR, Blackstone in race to acquire controlling stake in Glenmark Life Sciences (Positive)
• *RVNL:* Gets Letter Of Award for a NHAI Official project worth Rs 808.5 cr (Positive)
• *Metal Stocks:* Metal prices jumped sharply on back of weakness in Dollar index (Positive)
• *ONGC:* Agreements signed to connect ONGC’s natural gas fields with North East Gas Grid (Positive)
• *Oil upstream stocks:* Oil prices rose over 1% on Thursday to their highest in nearly three months (Positive)
• *TTK Healthcare:* Company said the company has revised the floor price for delisting to Rs 1,201.30 per equity share against the earlier price of Rs 1,051.31 (Positive)
• *JBM Auto:* Company and its subsidiaries have won orders for nearly 5000 electric buses (Positive)
• *Tata Metaliks:* Net profit at Rs 4.6 cr Vs Rs 1.2 cr, Revenue down 2.4% at Rs 650.5 cr Vs Rs 666.4 cr (YoY) (Neutral)
• *Century Textiles:* US-based private research university Vanderbilt University has offloaded 6.5 lakh equity shares (Neutral)
• *Patanjali Foods:* To not exercise green-shoe option in its Offer for Sale. (Neutral)
• *Wipro:* Company reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter ended June to Rs 2,870 crore. (Neutral)
• *CSB Bank:* Omers sold 20.89 lakh shares at an average price of Rs 295.02 per share (Negative)
• *Jefferies on Cholmandalam Fin*
• Buy, TP Raised to Rs 1350
• See more upside as it transforms from primarily an auto NBFC to a more diversified NBFC with multiple growth drivers that should drive stronger & less cyclical
• growth vs. past.
• NIMs are likely bottoming out
• Mix shift could lift NIMs with upside risk from potential rate cuts.
• Op. leverage gains as new business scales up can offset higher credit costs in new segments & lift returns
• *Wipro Review*
• *MS*
• UW, TP Rs 352
• Rev growth has decelerated more sharply vs peers, creating a growth gap
• Weak outlook on discretionary spending & consulting biz is keeping 2Q growth outlook soft
• Until growth gap narrows, expect P/E disc to remain high
• *Nomura*
• Neutral, TP Rs 375
• Growth continues to be affected by low discretionary spends
• Discretionary demand remains weak, affecting consulting portfolio
• 2QFY24F guidance shows weakness to persist
• Margin improvement unlikely in FY24F
• *Bernstein*
• U-P, TP Rs 321
• Q1FY24: Revenue & Earnings miss. Soft guide
• Large deal TCV was at $1.2 Bn (up 9% YoY CC).
• Rev weakness across US & Europe geos with decline across BFSI. Energy & Consumer
• Co has committed to investing $1 billion in improving AI capabilities
• *Federal BK Review*
• *UBS*
• Neutral, TP Rs 155
• Margins decline 16bp QoQ; Lower provisions/high other income drove earnings
• Loan growth healthy across segments; CASA ratio moderates 83bp sequentially
• Management guided for NIM improvement in H2; RoA guidance intact at 1.3%
• *CITI*
• Buy, TP Rs 160
• NIMs Disappoint; Growth/Fees Comforting; Credit Cost Contained
• Deposits cost catchup, interest reversals & competition intensity more than offset rise in share of high-yielding segments & repricing benefit
• Guided for NIM improvement 2Q
• *MS*
• EW, TP Rs 145
• 1Q margin declined 16bps, after 18bps last qtr.
• NIM is near trough, but recovery will be gradual unless granular CASA & deposit growth accelerates and/or loan mix improves sharply
• Stk inexpensive @0.9x F24e bk but lacks catalyst