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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.

May 04, 2023

  • *FEDWATCH:*
  • US INTEREST RATE FUTURES PRICE IN A PAUSE IN JUNE, JULY MEETING.
  • US RATE FUTURES SHOW TRADERS PRICE IN RATE CUTS IN SEPTEMBER AFTER FED DECISION.
  • *Very Good Morning!!!*
  • *US Markets in Detail....*
  • *SGXNifty:18,116 (-45) (-0.25%)*
  • *Last Heard*
  • MANKIND: Rs. 90-93
  • Tata Tech: Rs. 69
  • Today
  • *Listing of New Securities of Inox Wind Energy Limited*
  • 236137 equity shares of Rs. 10/- each issued at a premium of Rs.837/- to Non Promoters on a preferential basis pursuant to conversion of warrants .
  • *Provisional Cash Rs. In Crs. (3rd May)*
  • FIIs +1,338 (7,499 – 6,161)
  • DIIs -584 (5,391 – 5,975)
  • *Today’s Major Financial Results:*
  • 360ONE, ADANIENT, BLUESTARCO, BOMDYEING, CEATLTD, DABUR, FSL, HDFC, HEROMOTOCO, IDFC, SUNDRMFAST, TATAPOWER, TVSMOTOR, UBL, VINYLINDIA, etc.
  • Sensex: 61,193 (-161) (-0.26%)
  • Nifty: 18,090 (-58) (-0.32%)
  • BankNifty: 43,313 (-39) (-0.09%)
  • NiftyIT: 27,744 (-281) (-1.00%)
  • MIDCAP: 32,186: +84: +0.26%
  • Dow: 33,414 (-270) (-0.80%)
  • S&P: 4,091 (-29) (-0.70%)
  • Nas: 12,025 (-55) (-0.46%)
  • Brazil: 101,797 (-130) (-0.13%)
  • Ftse: 7,788: +15: +0.20%
  • Dax: 15,815: +88: +0.56%
  • Cac: 7,404: +21: +0.28%
  • MOEX: 2,532 (-48) (-1.86%)
  • WTI Oil: $68.6 (-4.27%)
  • Brnt: $71.95 (-4.47%)
  • Natural Gas: 2.17 (-1.99%)
  • Gold: $2,037: +14: +0.68%
  • Silver: $25.68: +0.24%
  • Copper: $385 (-0.45%)
  • Cotton: $78.76 (-2%)
  • Copper (LME): $8,490 (-87) (-1.01%)
  • Alluminum (LME): $2,368: flat
  • Zinc (LM): $2,611 (-40) (-1.49%)
  • Tin (LME): $26,771: +373: +1.41%
  • Eur-$: 1.1053: +0.5%
  • GBP-$: 1.2552: +0.7%
  • Jpy-$: 135.03: +1.1%
  • Re: 81.8288 (-0.06%)
  • USD-RUB: 79.4362: +1.50%
  • US10yr: 3.34% (-2.58%)
  • GIND10YR: 7.011 (-1.34%)
  • $ Index: 101.2410 (-0.70%)
  • US Vix: 18.34: +3.15%
  • India Vix: 11.84 (-0.50%)
  • BalticDry: 1,552 (-24) (-1.52%)
  • *ADR/GDR*
  • Cogni (-0.84%)
  • Infy (-1.03% )
  • Wit (-1.48%)
  • IciciBk: +0.31%
  • HdfcBk (-0.07%)
  • DrRdy (-0.02%)
  • TatSt (-2.59%)
  • Axis (-0.19%)
  • SBI: +0.14%
  • RIGD: +0.85%
  • INDA (-0.34%) (IShares MSCI INDIA ETF)
  • INDY (-0.07%) (IShares MSCI INDIA 50 ETF)
  • EPI (-0.36%) (Wisdom Tree India Earning)
  • PIN (-0.31%) (Invesco India Etf)
  • Stock futures fell after the Federal Reserve hiked rates by another 25 basis points and investors’ fears of contagion in the regional bank space returned.
  • *S&P 500 futures shed 0.46%. Nasdaq 100 futures declined 0.12%, and futures linked to the Dow Jones Industrial Average dropped 158 points, or 0.47%.*
  • *Shares of PacWest tanked by more than 50% in after-hours trading. The decline came after Bloomberg, citing people familiar, reported that the California bank has been assessing strategic options, including a break up or a possible sale.*
  • Looming ahead are key economic reports that will inform the Fed’s next steps from here. Initial jobless claims are due Thursday. Friday’s main event will be April’s payrolls report, which economists polled by Dow Jones predict will rise by 180,000.
  • *Potential Fed pause, but no Fed pivot yet*
  • *U.S. stock indexes ended lower on Wednesday, after the Federal Reserve raised interest rates by another 25 basis points, while signaling it could be the last move in the most aggressive monetary tightening cycle in four decades.*
  • *Wall Street’s excitement about a potential pause in the Federal Reserve’s aggressive tightening campaign wasn’t enough to keep the stock rally going, with Jerome Powell pushing back on interest-rate cuts for now.*
  • *It reversed gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank's next move would be with interest rate hikes.*
  • Earlier bullish sentiment was dented somewhat after Fed Chair Jerome Powell ruled out cutting interest rates because he did not expect inflation to come down quickly enough.
  • *“In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” the Fed said in a statement.*
  • *The dollar index, which tracks the greenback’s performance against six other global currencies, fell more than 0.7% to a session low of 101.07 on Wednesday. That was its lowest level since April 16.*
  • Powell commented to the press after the statement’s release that dropping that language was a “meaningful change” and that the central bank’s June decision would be driven by incoming data.
  • *Indexes initially held onto gains following the Fed's statement. It increased interest rates by a quarter of a percentage point, as expected, and signaled it could pause further hikes.*
  • *The unanimous decision lifted the U.S. central bank's benchmark overnight interest rate to the 5.00%-5.25% range, the 10th consecutive increase since March 2022.*
  • *Stocks started to swoon after the press conference following the statement. Powell said the Fed still views inflation as too high, and said it was too soon to say the rate hike cycle is over.*
  • The Fed continues to walk the tightrope, and that is they're trying to strike a balance between their inflation fighting credibility while trying to engineer a soft landing.
  • Heading into the session, investors had been anxious for any signals from the U.S. central bank on whether Wednesday's increase would be the last hike for now.
  • Investors worry that higher rates will eventually tip the economy into recession.
  • *After the usual back-and-forth of Fed days, the S&P 500 erased a rally that approached 1%. In late trading, a $370 billion exchange-traded fund tracking the US equity benchmark (SPY) whipsawed as concerns over the stability of the financial system resurfaced after Bloomberg News reported that PacWest Bancorp. has been weighing a range of strategic options, including a sale.*
  • *That’s setting the stage for more volatility on Thursday. Powell said bank conditions had “broadly improved” since early March, but said the strains in the sector “appear to be resulting in even tighter credit conditions for households and businesses,” following a tightening in credit over the past year.*
  • Not even Powell’s forecast for modest growth, instead of a recession was able to embolden stock buyers for long on Wednesday.
  • For one, traders were already expecting the Fed to signal a pause after the May hike. Then, there’s the fact that even if that happens as early as June, borrowing costs will remain high — curtailing credit in crucial corners of the US economy. And there’s the heart of the problem — inflation.
  • History has shown that buying stocks at the end of a hiking cycle has proven to be a winning strategy in relatively low-inflationary environments like in the 1990s. But in the wake of inflationary pressures in the 1970s and beyond, stocks fell in the three months after every last hike, according to Bank of America Corp.
  • Earlier, data showed U.S. private employers boosted hiring in April, but showed signs the labor market was slowing following several rate hikes.
  • A separate report showed U.S. services sector maintained a steady pace of growth in April, but higher input prices indicated inflation could remain elevated for some time.
  • Ed Moya, senior market analyst at Oanda said Wednesday’s rate increase, which marks the central bank’s 10th consecutive hike, “will likely be the last one in this cycle.”
  • “The Fed is concerned that tighter credit conditions will weigh on economic activity and hiring, while helping maintain disinflation trend,” Moya said. “Credit tightening is about to cripple the economy and it appears that as long as we don’t get a perfect storm of hotter-than-expected labor and inflation data, the Fed will keep rates on hold for at the very least till the end of the year.”
  • The SPDR S&P Regional Banking ETF (KRE) declined more than 1%. The regional banking ETF fell more than 6% during Tuesday’s trading session. Shares of PacWest shed nearly 2% after losing about 28% the prior day. Western Alliance shares were down 4.4%.
  • The dollar index, which tracks the greenback’s performance against six other global currencies, fell more than 0.7% to a session low of 101.07 on Wednesday. That was its lowest level since April 16.
  • The decline comes after a sharp Tuesday fall for major indexes.
  • *Volume on U.S. exchanges was 12.03 billion shares, compared with the 10.51 billion average for the full session over the last 20 trading days.*
  • What drove markets
  • *Stocks finished lower in volatile trade on Wednesday after the Federal Reserve announced its decision to raise its benchmark fed-funds rate for the 10th time in a row to a range of 5% to 5.25%, the latest move in its more-than-a-year-long effort to bring down inflation and cool the economy.*
  • The bond market isn’t buying that. Swap contracts continued to imply a significant easing in monetary policy before the end of 2023. Treasury two-year yields sank as much as 16 basis points to around 3.8%, while the dollar notched a back-to-back slide.
  • The central bank also dropped a hint that the 25-basis-point hike could be the last hike in the current monetary tightening cycle.
  • *“In determining the extent to which additional policy firming may be appropriate to return inflation to 2% over time, the FOMC will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” the Federal Open Market Committee, or FOMC, said Wednesday.*
  • It omitted a line from its previous statement in March that said the committee expects “some additional policy firming.” The modification was perceived by market participants as the policy makers finally opened the door to a pause in its policy moves at its June meeting.
  • John Luke Tyner, portfolio manager and fixed-income analyst at Aptus Capital Advisors, said the change in their statement indicates a “hawkish pause” in policy at the 5-5.25% level, “where they lean towards a weak bias of future hikes versus cuts.”
  • *However, Chairman Jerome Powell said in a news conference that “a decision on a pause was not made today,” while repeating that the process of getting inflation back down to 2% “has a long way to go.” He also said the labor market remains “very tight” with strong demand for workers, and that the central bank is prepared to take more action if needed.*
  • Vishal Khanduja, co-head of broad markets fixed-income at Morgan Stanley Investment Management, said policy makers would give themselves a room to “maneuver if the economy goes different directions,” before they make the decision to pause.
  • “This might be the last rate hike that they would do, and they would keep that option in the hand of keeping rates at a higher level. The market is definitely pricing in a few cuts by the end of 2023,” Khanduja told MarketWatch in a phone interview on Wednesday.
  • After the Fed’s decision and Powell’s news conference, fed funds futures traders priced in a 89% probability that policy makers will make no change at their June meeting. Traders also factored in the prospect of multiple rate cuts by year-end.
  • *Powell said it may be too soon to cut rates as inflation is not going to come down quickly. “It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates,” he said.*
  • *The Fed’s decision came at a time when investors have been rattled by a growing list of troubled regional bank, a debt-ceiling debate that could result in the U.S. running out of cash by June and signs that cracks may be appearing in the hitherto strong U.S. labor market. This trifecta helped dragged the S&P 500 index down 1.2% on Tuesday.*
  • *Warning signs in the energy sector are also adding to investor fears that a recession is looming. Oil prices were sharply lower Wednesday, pulling U.S. crude benchmark prices below $70 a barrel to their lowest since March. The S&P 500 Energy Sector saw its 50-day moving average dip below its 200-day for the first time since December 2020, according to FactSet data.*
  • *In U.S. economic data, private-sector employment jumped by 296,000 in April and hit a nine-month high, payroll processor ADP said Wednesday, in a sign the U.S. labor market is still going strong. The increase in hiring was much larger than expected. Economists polled by The Wall Street Journal had forecast a gain of 133,000 private sector jobs.*
  • *The U.S. Labor Departments employment report for April is due Friday.*
  • *Meanwhile, the Institute for Supply Management’s activity index for service sector businesses moved up to 51.9 in April from 51.2 in March. Numbers above 50 indicate companies are expanding. Economists polled by The Wall Street Journal had expected the services index to rise to 51.8.*
  • The U.S. first quarter earnings reporting season continues. Qualcomm QCOM, Zillow Z, and Paramount Global PARA are set to publish numbers after the close bell Wednesday.
  • *Companies in focus*
  • • Shares of Kraft Heinz Co. shot up 2% Wednesday, after the food and beverage company reported first-quarter profit and sales that rose above expectations and lifted its full-year outlook.
  • • Shares of CVS Health Corp. lost 3.7% after the healthcare services and drugstore chain reported a first-quarter profit beat and revenue that rose well above expectations, but cut its full-year earnings outlook.
  • • Shares of Estée Lauder Cos. sank 17.3% after the beauty products company missed fiscal third-quarter profit expectations while beating on sales, but lowered its full-year sales outlook amid the slower-than-anticipated return to growth in Asia.
  • • Shares in Eli Lilly & Co jumped 6.7% after the pharmaceutical company revealed positive results from its late-stage trial into the treatment of Alzheimer’s with its drug Donanemab.
  • • Advanced Micro Devices Inc. shares retreated more than 9.2% after the chip maker said AI and data-center sales would drive the second half of 2023 but that a recovery in the beaten down PC market was needed to improve margins.
  • • Starbucks Corp.‘s stock dropped 9.2% as the company’s new chief executive maintained his predecessor’s annual forecast despite an earnings beat for the quarter.
  • *Key events this week:*
  • # US initial jobless claims, trade balance, Thursday
  • # European Central Bank rate decision, followed by ECB President Christine Lagarde’s news conference, Thursday
  • # US unemployment, nonfarm payrolls, Friday
  • *Currencies*
  • # The Bloomberg Dollar Spot Index fell 0.4%
  • # The euro rose 0.5% to $1.1053
  • # The British pound rose 0.7% to $1.2552
  • # The Japanese yen rose 1.1% to 135.03 per dollar
  • *Cryptocurrencies*
  • # Bitcoin fell 1.3% to $28,321.04
  • # Ether was little changed at $1,869.67
  • *Bonds*
  • # The yield on 10-year Treasuries declined seven basis points to 3.35%
  • # Germany’s 10-year yield declined one basis point to 2.25%
  • # Britain’s 10-year yield advanced three basis points to 3.70%
  • *Commodities*
  • # West Texas Intermediate crude fell 4.9% to $68.14 a barrel
  • # Gold futures rose 1% to $2,043.60 an ounce
  • N.B.: The above information is sourced from the various sites on the internet
  • *Sunidhi-Himanshu*
  • *Macro and Market update this morning*
  • *US Fed hikes interest rates by 25 basis points*
  • The Federal Open Market Committee, the FOMC, raised its benchmark rate to a range of 5% to 5.25% from 4.75% to 5% previously. In its May policy statement, the FOMC said "the extent to which additional policy firming may be required" would "take into account the cumulative tightening of monetary policy," and other incoming data.
  • *IMF asks RBI, other Asian central banks to keep policy tight*
  • IMF urged central banks the region, including India’s, to keep monetary policy tight to bring down inflation. The costs of failing to bring inflation below target are likely to outweigh any benefits from keeping monetary conditions loose,” the IMF said, while rendering the advice to key central banks in Asia, excluding Japan and China.
  • *India April services PMI increased to 13-year high of 62.0*
  • The S&P Global India Services PMI increased to 62.0 in April 2023 from 57.8 in the previous month, beating market forecasts of 57. The latest reading pointed to the strongest expansion in the sector since June 2010.
  • *Indian govt aims 1 billion tonne coal production in FY24 under Action Plan*
  • In a first, the coal ministry has set an ambitious target of 1 billion tonne coal production during 2023-24 under its ’Action Plan’ for the sector and a capex target of Rs 21,030 crore for its PSUs. It is an ambitious, well-crafted roadmap that covers a variety of areas including a total coal production target of 1012 MT for 2023-24,” ministry reported.
  • *Global fertiliser prices fall could being down fertiliser subsidy in FY24*
  • A sharp drop in global prices is likely to bring down the fertiliser subsidy in FY24 to lower than the budget estimate of Rs 1.79 trillion, after touching the record level of Rs 2.52 trillion in the last fiscal year. Global prices are expected to soften further, which could bring down the subsidy burden. “The government’s thrust on promoting nano fertiliser such as urea and diammonium phosphate (DAP) would pull down imports of soil nutrients,” an official said.
  • *Fed's Powell: don't assume Fed can shield U.S. economy from debt limit default*
  • The U.S. Federal Reserve is unlikely to be able to protect the U.S. economy from the damage caused by a failure to raise the federal debt ceiling, Fed Chair Jerome Powell said, adding that the government should never be in a position where it is unable to pay all of its bills. "We don't give advice to either side," Powell said. "We would just point out that it's very important that this be done”, he added.
  • *US ISM services PMI slightly increased in April 2023*
  • The ISM Services PMI increased to 51.9 in April of 2023 from 51.2 in March, and slightly higher than market expectations of 51.8. It marks a fourth consecutive month of growth in the services sector.
  • *ECB to raise interest rates for a seventh time in inflation fight- Reuters*
  • The European Central Bank will raise interest rates for the seventh meeting in a row as its long fight against stubborn inflation continues, with only the size of the move still open to debate. A 25 basis point move, a slowdown after three straight 50 basis point hikes, appears the most likely outcome, although the bigger increase is still a possibility at what is almost certainly not the end of a historic tightening cycle.
  • *Asian markets*
  • Asian markets opened on a negative note, oil prices remained under pressure.
  • Brent $72.78 , DXY 100.965, US10y 3.334%, SGX Nifty -0.42%
  • *Result Calendar 04.05.2023*
  • *ADANIENT*, APTUS, *BLUESTARCO*, BOMDYEING, *CEATLTD*, CHOICEIN, *DABUR*, FILATEX, FSL, *HDFC*, *HEROMOTOCO*, IDFC, J&KBANK, MINDSPACE, PAUSHAKLTD, RESPONIND, SUNDRMFAST, *TATAPOWER*, *TVSMOTOR*, *UBL*
  • *ADANI ENTERPRISE* (yoy)
  • • Revenue expected at Rs 25453 crore versus Rs 24865 crore,
  • • EBITDA expected to be seen at Rs 1942 crore versus Rs 1375 crore
  • • EBITDA margin expected to be seen at 7.63% versus 5.53%
  • • Net profit expected to be seen at Rs 719 crore versus Rs 304 crore
  • *CEAT* (yoy)
  • • Revenue expected at Rs 2877 crore versus Rs 2591 crore,
  • • EBITDA expected to be seen at Rs 297 crore versus Rs 187 crore
  • • EBITDA margin expected to be seen at 10.34% versus 7.23%
  • • Net profit expected to be seen at Rs 91 crore versus Rs 31 crore
  • *DABUR* (yoy)
  • • Revenue expected at Rs 2687 crore versus Rs 2517 crore,
  • • EBITDA expected to be seen at Rs 448 crore versus Rs 453 crore
  • • EBITDA margin expected to be seen at 16.67% versus 18.01%
  • • Net profit expected to be seen at Rs 362 crore versus Rs 294 crore
  • *HDFC LTD* (yoy)
  • • Revenue expected at Rs 5019 crore versus Rs 4368 crore,
  • • EBIT expected to be seen at Rs 5283 crore versus Rs 5023 crore
  • • EBIT margin expected to be seen at 105.258% versus 114.98%
  • • Net profit expected to be seen at Rs 3875 crore versus Rs 3700 crore
  • *HERO MOTO* (yoy)
  • • Revenue expected at Rs 8123 crore versus Rs 7421 crore,
  • • EBITDA expected to be seen at Rs 996 crore versus Rs 827 crore
  • • EBITDA margin expected to be seen at 12.26% versus 11.15%
  • • Net profit expected to be seen at Rs 728 crore versus Rs 627 crore
  • *TATA POWER* (QoQ)
  • • Revenue expected at Rs 14311 crore versus Rs 14129 crore,
  • • EBITDA expected to be seen at Rs 2204 crore versus Rs 3542 crore
  • • EBITDA margin expected to be seen at 15.40% versus 25.07%
  • • Net profit expected to be seen at Rs 2145 crore versus Rs 1052 crore
  • *UBL* (yoy)
  • • Revenue expected at Rs 1834 crore versus Rs 1709 crore,
  • • EBITDA expected to be seen at Rs 190 crore versus Rs 261 crore
  • • EBITDA margin expected to be seen at 10.39% versus 15.29%
  • • Net profit expected to be seen at Rs 203 crore versus Rs 163 crore
  • *TVS MOTOR* (yoy)
  • • Revenue expected at Rs 6505 crore versus Rs 5530 crore,
  • • EBITDA expected to be seen at Rs 662 crore versus Rs 556 crore
  • • EBITDA margin expected to be seen at 10.17% versus 10.07%
  • • Net profit expected to be seen at Rs 348 crore versus Rs 274 crore
  • *Result Calendar 05.05.2023*
  • *ADANIPOWER*,*AJANTPHARM*, *APLLTD*, *BHARATFORG*, BLUEDART, *BRITANNIA*, DCBBANK, EQUITASBNK, *FEDERALBNK*, FLUOROCHEM, GOCOLORS, KFINTECH, MARICO, PAYTM, *PEL*, STYLAMIND, SUNCLAYLTD, TATAINVEST, TATVA, VTL
  • 10 Tata Group stocks that have returned more than 100% in the last five years.
  • ❇️Tata Elxsi +445%
  • ❇️Trent +308%
  • ❇️Auto. Stampings +307%
  • ❇️Nelco +203%
  • ❇️Titan +177%
  • ❇️Tata Consumer +173%
  • ❇️Tata Invest. +154%
  • ❇️Indian Hotel +153%
  • ❇️Tata Power +137%
  • ❇️Tata Commu. +101%
  • 03-05-2023
  • *Stocks in News*
  • *Chola Investment:* Net profit at Rs 855.2 cr vs poll of Rs 722.6 cr, NII at Rs 2,006.9 cr vs poll of Rs 1,733.3 cr (Positive)
  • *Tata Chem:* Net profit up 61.9% at Rs 709 cr Vs Rs 438 cr, Revenue up 26.6% at Rs 4,407 cr Vs Rs 3,098 cr (YoY) (Positive)
  • *Sona BLW:* Net profit up 14.5% at Rs 119.8 cr Vs Rs 104.6 c, Revenue up 35.5% at Rs 742.5 cr Vs Rs 547.8 cr (YoY) (Positive)
  • *REC:* Lists its Green Bonds of $750 million at GIFT IFSC Stock Exchanges (Positive)
  • *AstraZeneca Pharma:* Company gets Central Drugs Standard Control Organisation nod to import Trastuzumab (Positive)
  • *SJVN:* Bags a 200 MW grid-connected solar power project worth Rs 1,200 crore in Khavda Solar Park, Gujarat (Positive)
  • *GR Infraprojects:* Company emerges L-1 bidder for a project worth Rs 737.2 crore (Positive)
  • *HAL, PFC, and Max Healthcare:* Companies might get added to the MSCI Standard Index and may see inflows between $136 million and $288 million as per CNBC reported (Positive)
  • *Bajaj Cons:* PAT at Rs 40.5 cr vs Rs 33.2 cr, Cons revenue from ops at Rs 249.4 cr vs Rs 218.2 cr YoY (Positive)
  • *Coal India:* India targets 1,012 million tonnes of coal production this fiscal (Positive)
  • *Hero MotoCorp:* Company to expand its EV brand VIDA to 100 cities by the end of the ongoing calendar year (Positive)
  • *Reliance Ind:* Shareholders, secured & unsecured creditors approve the demerger of Financial Services biz (Neutral)
  • *KEC:* Net profit down 35.6% at Rs 72.2 cr Vs Rs 112 cr, Revenue up 29.2% at Rs 5,525 cr Vs Rs 4,274.8 cr (YoY) (Neutral)
  • *Aavas:* Net profit up 9.8% at Rs 126.8 cr Vs Rs 115 cr, Revenue up 23.2% at Rs 449.7 cr Vs Rs 365.1 cr (YoY) (Neutral)
  • *ABB:* Net profit down 34.4% at Rs 244.9 cr Vs Rs 373.1 cr, Revenue up 22.5% at Rs 2,411.2 cr Vs Rs 1,968.4 cr (YoY) (Neutral)
  • *SIS:* Net profit down 4.3% at Rs93.1 cr vs Rs97.3 cr, Revenue up 13.1% at Rs 2,995.6 cr vs Rs2,648 cr (YoY)) (Neutral)
  • *Petronet:* Net profit at Rs 614.3 cr vs poll of Rs 665 cr, Revenue at Rs 13,873.9 cr vs poll of Rs 13,090 cr (Neutral)
  • *Titan:* Net profit at Rs 734 cr vs poll of Rs 737 cr, Board recommends a dividend of Rs 10/Sh (Neutral)
  • *Sula Vineyards:* Net profit up 5.2% at Rs 14.2 cr Vs Rs 13.5 cr, Revenue up 7.1% at Rs 120 cr Vs Rs 112 cr (YoY) (Neutral)
  • *Powermech:* Banyan tree Growth Capital sold 154,533 Shares at Rs 2600.94 per share (Neutral)
  • *Suryoday Small Finance Bank:* Jhelum Investment Fund I sold 5.41 lakh shares in the small finance bank (Neutral)
  • *Kolte Patil:* PGIM Mutual Fund has sold its stake in the company, while Societe Generale bought some shares through bulk deals (Neutral)
  • *Central Bank:* Outstanding exposure to Go First as on March 31, 2023 at Rs 1,305 cr (Neutral)
  • *TVS Motor:* The co complied with all govt norms under FAM (Neutral)
  • *Aavas Financiers:* Sushil Kumar Agarwal resigns as MD, w.e.f May 3, 2023 (Negative)
  • *Plastiblends:* Profit down 29.8% at Rs 8.7 cr vs Rs 12.4 cr, Revenue down 9.5% at Rs 198 cr vs Rs 218.8 cr (YoY) (Negative)
  • *Mindspace:* Net profit down 64.2% at Rs 33.8 cr Vs Rs 94.4 cr, Revenue up 12.1% at Rs 168.6 cr Vs Rs 150.4 cr (YoY). (Negative)
  • *MS on Aavas Fin*
  • Equal-weight Rating
  • Target Rs 1,900
  • PAT Beat Largely Reflects Higher Assignment Income & Lower Operating Costs
  • NII/AAUM Was Broadly In-line With Estimates
  • Disbursements And AUM Grew Strongly
  • Stage 3 Ratio And Provision Cover Improved
  • MD's Resignation Is Likely To Overhang Stock Near Term
  • *CLSA on Sona BLW*
  • Downgrade To Underperform
  • Target Cut To Rs 510
  • EV Scale-up Continues
  • Q4FY23 Results Slightly Ahead Of Estimates
  • PLI Incentives Could Add 180-230 bps To Its Margin In FY24-25
  • Stock Building In Mid-teen Revenue Growth
  • *CLSA on Havells*
  • Underperform Rating
  • Target Rs 1,330
  • 4QFY23 Was Largely In-line
  • Switchgears And Lloyd Drive Growth
  • Soft Consumer Demand But Resilient B2B
  • The key Focus Was Growth At Lloyd And Margin In Core Business
  • At 46x FY25 PE, I Believe Valuation Is Demanding
  • *MS on LTMindtree*
  • Overweight Rating
  • Target Rs 5,250
  • Mgmt Sounded Confident In Growth Momentum From Q2
  • Growth To Be Driven By Order Intake, Reversal Of Spending Freeze & Synergy Momentum
  • Levers Are In Place To Return To Pre-merger Margin In FY24
  • M&A Is A Strong Focus Area
  • *CLSA on Tata Power*
  • Sell Rating
  • Target Cut To Rs 189 From 196
  • Cut EPS Est To 10-11% On Collapse In Seaborne Thermal Coal Prices
  • Global Seaborne Prices Are Down 35% QoQ In Q4 Led By An End Of Speculative Rally
  • Stock Expensive At A 21x FY24 PE
  • Catalysts Of War-led Coal Price Spikes, Passive Investor Support & Retail Frenzy Is Behind
Panchkarma