Share Market Highlights May 21, 2024: Sensex, Nifty settle flat; metal stocks shine

The rupee appreciated 6 paise to close at 83.31 against the US dollar on Tuesday following a weak greenback against major currencies overseas and softening crude oil prices in international markets.

However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said.

Benchmark BSE Sensex declined by nearly 53 points in a volatile trade on Tuesday amid weak trends from Asian and European markets and fresh foreign fund outflows.

The 30-share Sensex declined 52.63 points or 0.07 per cent to settle at 73,953.31. During the day, it hit a high of 74,189.19 and a low of 73,762.37.

The broader Nifty of NSE, however, closed higher by 27.05 points or 0.12 per cent to 22,529.05.

Sirca Paints India Ltd’s shares were up by 3.16 per cent after the company said it had entered into an agreement with New Wembley Products LLP for the acquisition of a business undertaking related to the sale and distribution of products. 

This acquisition includes the acquisition of technical knowhow, all intellectual property rights, including brand name, trademark, and other intellectual property, customer and vendor relationships, digital assets, books and records, and identified employees of New Wembley Products LLP. 

Bharat Electronics stock surged, to hit a fresh high at ₹283 on the NSE on Tuesday, after the company reported its financial results for the quarter ended March, 2024. The company reported its consolidated net profit for the quarter ended March, 2024 at ₹1,796.67 crore as against ₹1,382.01 crore in the corresponding quarter ended March, 2023.

The board has recommended a final dividend of ₹0.80 per equity share of ₹1 each fully paid-up for the financial year 2023-24.

Glenmark Pharmaceuticals Ltd.’s subsidiary Glenmark Specialty S.A., entered a marketing and distribution agreement with BeiGene, a global oncology company. This partnership will see Glenmark handle the local development, registration, and distribution of BeiGene’s oncology medicines, Tislelizumab and Zanubrutinib, in India. Tislelizumab, an anti-PD-1 monoclonal antibody, is approved for advanced esophageal squamous cell carcinoma, among other cancers, while Zanubrutinib, a BTK inhibitor, is used for certain hematological malignancies. 

Balu Forge Industries Ltd. announced expansion with the establishment of a forging capacity of 72,000 tons annually. This expansion includes the acquisition of three new forging production lines: a 16-ton closed die forging hammer, a 10-ton closed die forging hammer, and an 8,000-ton capacity mechanical press. These facilities will be part of BFIL’s new greenfield project in Belagavi, Karnataka. 

Analysts have turned bullish on GAIL India stock, which posted strong financial performance for Q4 of FY24. State-run GAIL on Thursday reported a multi-fold jump y-o-y in its consolidated net profit at ₹2,474 crore during Q4 FY24, aided by higher numbers from transmission services, liquid hydrocarbons and petrochemicals. 

It had posted a PAT of ₹643 crore in the same year-ago quarter. However, the country’s largest gas utility’s net profit fell 23 per cent sequentially . GAIL’s consolidated total income stood at ₹33,070 crore (₹33,811 crore).

Major gainers: Hindalco, Coal India, Tata Steel, JSW Steel, and Adani Ports

Major losers: Nestle India, Hero Motocorp, Maruti, IndusInd, and ICICI Bank

The board of MIC Electronics took note of the incorporation of SOA Electronics Trading LLC, a wholly owned subsidiary of MIC Electronics Limited in Dubai, UAE.

MIC Electronics stock surges 4.22% on the NSE, trading at ₹51.90.

Major gainers:

Hindalco (5.07%), Coal India (4.40%), JSW Steel (3.79%), Tata Steel (3.66%), Adani Ports (3.04%)

Major losers:

Nestle India (-1.86%), Maruti (-1%), Hero Motocorp (-0.97%), Ultratech (-0.89%), ICICI Bank (-0.88%)

Stocks advanced on BSE at 3 pm on May 21, 2024, were 1,570 against 2,338 stocks that declined; 160 stocks remain unchanged. Total stocks traded were 4,068. The number of stocks that recorded a 52-week high was 292, and those that hit a 52-week low was 32. 

In addition, 345 stocks traded in upper circuit, while 258 hit the lower circuit.

Fusion Micro Finance stock trades lower by 1.20% on the NSE, trading at ₹475. The company had entered into a loan agreement with the US International Development Finance Corporation (DFC) in Delhi, India.

IDFC First Bank stock trades at ₹77.50 on the NSE, up 0.06%. 

Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank earlier approved a proposal to merge parent IDFC Ltd with the lender.

Orient Green Power Company stock trades at ₹20.95 on the NSE. The company had announced plans to raise up to ₹250 crore through issue of equity rights to its existing shareholders.

Great Eastern Shipping Company has delivered its 2004 built Medium Range Product Tanker “Jag Pahel” to the buyers. The vessel was contracted for sale in April 2024. 

Stock declines 2.39% on the BSE, trading at ₹1,045.05.

Man Industries (India) secures new export order of approx. ₹505 crore.

Stock trades at ₹380.95 on the NSE, up 2.20%.

Welspun Enterprises reported its consolidated net profit for the quarter ended March 2024 at ₹77.67 crore as against ₹142.41 crore in the corresponding quarter last year. 

Stock declines 3.45% on the NSE, trading at ₹383.95.

Vodafone Idea has received order from Joint Commissioner, CGST Commissionerate, Jammu, under the Central Goods and Services Tax Act, 2017, confirming penalty of ₹8,41,77,844 along with demand of tax and Interest, as applicable for alleged disallowance of transitional credit. 

The company does not agree with the order and will take appropriate action(s) for rectification/ reversal of the same, it said. 

Stock trades at ₹13.55 on the NSE, up 1.88%.

Hindalco stock hits a 52-week high at ₹688 on the NSE. Currently trades higher by 4.13% at ₹687.65.

EID Parry India informed that a new 120 KLPD distillery at the sugar unit of the company at Haliyal, Karnataka, has commenced commercial operations at its full capacity.

The stock inches up 0.16% on the NSE, trading at ₹636.95

GRP (19.98%), Pokarna (16.28%), RVNL (13%), IIFL Securities (10.93%), HUDCO (10.43%)

UBL (-2.06), Nestle (-1.85), Radico (-1.64), Godrej Properties (-1.59)

Sluggish NII growth and weak non-interest income led to City Union Bank’s PPoP to decline q/q and y/y. Moderate provisions and taxes aided profitability withRoA at 1.5%. Ahead, we expect net slippages to be negative since most of the stress has been recognised. The focus now is on business growth. We expect loan growth to pick up and strong earnings to persist. We maintain a Buy, at a 12-mth TP of Rs191, 1.5x P/ABV on its FY26e book.

Major gainers on the NSE at 12 noon:

Coal India (4.18%). Hindalco (3.63%), Tata Steel(3.48%), JSW Steel(3.28%), Adani Ports (2.73%)

Major losers:

Nestle India (-1.80%), TCS (-0.90%), SBI Life (-0.79%), HDFC Life (-0.61%), HCL Tech (-0.60%)

Total stocks traded were 3,932. The number of stocks that recorded a 52-week high was 261, and those that hit a 52-week low was 26. 

In addition, 309 stocks traded in upper circuit, while 206 hit the lower circuit.

Vedanta (5.23%), Hindustan Zinc (4.88%), Jindal Steel (3.87%), Hindalco (3.69%), and JSW Steel (3.13%)

Goldiam International’s stock trades at ₹168.55 on the NSE, lower by 1.52%.

Bank Nifty futures (May contract) began today’s session with a minor gap-down at 48,174 as against Friday’s close of 48,288. It is currently trading at 48,170, down 0.25 per cent.

48,300 is resisting the bulls from going ahead. If this level is breached, Bank Nifty futures can rally to 49,000 and then to 49,250.

But if the contract falls from here, it can find support at 47,800. Subsequent support is at 47,500.

Major gainers on the BSE at 11 am:

BBL (16.39%), Rolex Rings (15.54%), Sudarshan Chemical (10.84%), Poly Medicure (9.39%), Balkrishna Industries (8.77%)

Major losers:

Delhivery (-8.74%), Jain Irrigation (-6.60%), Trident (-6.37%), Kiri Industries (-6.29%), and Triveni Turbine (-5.23%)

Mphasis’ stock trades at ₹2,336.80 on the NSE, up 0.62%.

Zuari Industries board has approved the purchase of equity shares of Texmaco Rail and Engineering Limited for maximum upto ₹200 Crore in one or more tranches from the Zuari International Limited, a Wholly Owned Subsidiary of the Company.

Stock trades at ₹326.60 on the NSE, up 0.62%.

Kalpataru Projects International has hit a 52-week high at ₹1,342.60 on the NSE. Currently trades at ₹1,262.80, higher by 5.30%. The company had signed three contracts for the three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia with ARAMCO for a contract value of ~ SAR 3.4 billion (presently equivalent to ₹7550 Crore).

The Nifty 50 May Futures (22,530) is down 0.06 per cent as of now. The immediate outlook is slightly unclear. Support is around 22,470. Resistance is at 22,580. So, 22,470-22,580 can be the trading range for now. We will have to wait for a breakout on either side of this range to get clarity.

Tara Chand InfraLogistic Solutions Limited has been awarded new contracts for deployment of various lifting capacity cranes for capacity expansion/ new construction projects in the Cement and Renewable Energy sectors in the States of Gujarat, Karnataka and Uttar Pradesh. Under these new contracts, the company “Tara Chand InfraLogistic Solutions Ltd” shall provide cranes from 60MT to 800MT lifting capacity for periods of three (3) to twelve (12) months.

Tara Chand InfraLogistic Solutions stock trades at ₹417 on the NSE, down by 0.31%.

Rail Vikas Nigam Ltd stock surges 7.04% on the NSE, trading at ₹320.80, following the receipt of Letter of Acceptance from SER HQELECTRICAL/SOUTH EASTERN RAILWAY for design, supply, and commissioning for upgradation of Electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur (Excl.)- Bhadrak (Excl.) section of Kharagpur division of South Eastern Railway to meet 3000 MT loading Target.

Shriram Properties Ltd has signed a joint development agreement (JDA) for development of a 4- acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru. 

Stock trades at ₹120 on the NSE, up 1.65%.

Route – Tender

Buyback Price: 4,450/ 

Current Market Price: 3944.10/-

Market Cap: Rs 16,498 crore

Buyback Size: ₹ 164.65 Cr (Representing 24.14 % and 24.69 % of the total paidup equity share capital and free reserves)

Buyback Size: 3,70,000 shares (Representing 0.88 % of O/s. shares)

Retail Quota: 55,500 Shares

Last Cum Trading Date – 31 May 2024

Ex-Date – 03 June 2024

Buyback Record Date: 03 June 2024

Buyback Schedule: Not Yet Announced

JSW Steel Review

JPM

OW, TP Rs 1125

Could re-rate as co delivering on vol growth, raw material security, leverage reduction & ROE improvement.

4Q EBITDA in line

JSTL also achieved a 7% net debt reduction QoQ.

Profitability should improve from hereon 

MS

UW, TP Rs 650

Key Takeaways Lower coking coal costs should drive some margin expansion in 1QF25.

However, we don’t see any material expansion in F25

Co expects domestic demand to pick up after elections, but imports from China remain a risk.

CITI

Sell, TP raised to Rs 750

4Q Slightly Below; JSTL Expects Flattish Realizations, But Better EBITDA/t on Costs

Standalone EBITDA/t: Rs7800 vs Rs11100 in 3Q

Mgmt indicated EBITDA should expand on lower coking coal prices & efficiencies 

MOSL

Upgrade to buy, TP Rs 1070

Operating performance in line; outlook bright

Expect JSTL’s domestic vol to be robust with increasing capacities, a better product mix, & export opportunities

Raise revenue/EBITDA est by 2%/5% for FY25

Trading @6.1x FY26E EV/EBITDA

Nomura on BKT

Upgrade to buy, TP Rs 3230

4Q ahead; strong growth momentum to continue; price hikes to support margins

Entering a demand upcycle

Global agri prices have started inching up & should drive replacement demand

Global peers also expect a recovery in 2H

CITI on BKT

Sell, TP Rs 2300

4Q ahead of estimates as volume growth surprised positively.

Mgmt, while being confident of YoY growth in FY25 volumes, expressed caution against extrapolating 4Q volume run rate to FY25, as continued geopolitical uncertainty could impede demand

MOSL on BKT

Neutral, TP Rs 2535

Healthy volume growth boosts overall performance

Demand outlook remains uncertain

ASP improves QoQ due to better mix, freight cost pass-through

Currently trades at a P/E multiple of 31x/25x FY25E/FY26E EPS.

Kotak Inst Eqt on BKT

Sell, TP Rs 2175

4Q adjusted EBITDA of Rs7 bn, 20% above est. driven by a higher-than-expected volume print, partly due to channel filling

Near-term outlook remains volatile owing to geopolitical tensions

Val expensive at 32X FY2025E consolidated EPS.

Nomura on HAL

Buy, TP Rs 5100

Margin surprise stamps business strength

Increase FY25F/FY26F margin by 40bp/77bp on strong commentary

HAL anticipates an EBITDA margin of 26-27% over FY24-27, driven by cost efficiency, an indigenization mandate, & operating leverage

Jefferies on HAL

Buy, TP Raised to Rs 5725

4Q EBITDA 15% above expectations, as margins surprised by 260 bps at 30.4% in 4Q

Mgmt on the call well articulated that margins should be largely sustainable as cost optimisation is a focus

Raise FY24-27E EPS by 16-18%

Jefferies on CONCOR

Buy, TP Raised to Rs 1240

4Q EBITDA was 13% below estimates given lower margins with the drop in domestic cargo realisations and margins.

Management guided for 18-20% YoY FY25E volume growth driven by road to rail shift

Kotak Inst Eqt on CONCOR

Sell, TP Rs 740

Reported meaningful 12% miss on PBT due to weak profitability

EXIM segment’s profit for year is down yoy, adjusted for LLF changes, leading to a meaningful miss versus healthy double-digit growth guidance

Jefferies on Amber Ent

Buy Call, Target Raised To Rs 4,900

Cut FY25 EPS, But Retain FY26 Estimates

Capex Is Est To Normalise In FY25, Doubling RoCE To 19% By FY26

In FY24-27, Est Components Sales CAGR At +26% To Outpace RAC At +11%

Jefferies on Data Pattern

Buy, Target Raised To Rs 4,135 From 3,545

Q4 EBITDA In-line with Est As Higher Margin Offset Lower Revenue Growth

Presentation Highlights 25%+ Revenue Growth Outlook For 2-3 Years

Presentation Highlights Margin Being Maintained At Around 40% (FY24 42.6% vs 37.9% YoY)

RoE And Working Capital Improvement Are Also Upside Drivers

Nomura On Voda Idea

Upgrade To Neutral

Target Raised To Rs 15 From 6.5

Upgrade On An Improving Outlook Following Conclusion Of Its Fund Raise

Subscriber Loss Pace Moderates, Modest Uptick In ARPU

Trent - Analyst meet highlights

1) Management sees significant growth potential in Indian fashion market

2) Competitive intensity increased in last few yrs

3) Both Westside & Zudio have enough headroom for growth

4) Focus remains on organic growth

5) No plan to open large Zudio stores

ZEE Entertainment

UBS

Neutral, TP Rs 190

Q4: strong rev beat, despite some higher than expected operating expenses, led to EBITDA (Rs 2.1bn, 9.7% margin, -54bps QoQ), beating estimate by c25%.

Management confident of 18-20% EBITDA margin target by FY26

GS

Neutral, TP Rs 167

Recovery in rev growth, growing +3% YoY in 4Q (vs -3% in 3Q), with advt. & subscription rev growth accelerating to 10%/12% YoY (vs -3%/+3% in 3Q)

Management expects growth momentum to continue

Expect 9% advt. rev growth in FY25, vs 0% in FY24

BOFA Sec

U-P, TP Rs 132

4Q rev 2% ahead of BofAe led by 8% qoq uptick in ad revenues

EBITDA beat due to lower employee costs; margins at 9.7%

Mgmt. maintained guidance of gradual margin recovery kicking in from 2HFY25 onwards/achieve 18-20% EBITDA margins by FY26

CITI

Sell, TP cut to Rs 137

Decent 4Q- rev up 3% & EBITDA margin at 9.7%

Mgmt. called out potential improvement in industry trends with increased ad-spends by FMCG players & guided towards YoY margin expansion in FY25E 

CLSA

Upgrade to U-P from Sell, TP Raised to Rs 175

Encouraging 4Q; Co revisiting costs & subdued margin is transitory

4Q revenue & Ebitda ahead of est. 

CEO said subdued margin is transitory with an aspirational target of an 18-20% Ebitda margin by FY26

BEL Review

Jefferies

Buy, TP raised to Rs 305

4Q EBITDA 30% above expectations as both margins & reve surprised

Non-defence progress remains muted in last 12 months, but FY24E-26E should see double-digit revenue growth based on order book & pipeline

Nomura

Buy, TP Rs 300

Earnings beat led by strong margins

4Q EBITDA ahead of Nomura est. by 14%

Co has cash & cash equivalents of Rs110bn, compared with Rs80bn in FY23.

Operating cash flow was at INR46bn, up from INR11bn in FY23

Order backlog at Rs759bn (3.8x TTM sales)

MS

OW, TP Raised to Rs 300

Q4F24 earnings beat mainly driven by strong margins

F24 margin of 24.9% was significantly above 21-23% guidance

Expect some operational efficiencies to remain sticky

Raise EBITDA margin est. to 24-24.5% (vs 22.5-23% earlier)

Bandhan BK Review

Kotak Inst Eqt

Buy, TP Rs 250

Steep decline in earnings, led by higher provisions, as bank chose to make significant write-off of NPLs in Q4 

No fresh updates on MD/CEO change along with status of CGFMU audit, which have been key concerns

GS

Neutral, TP Rs 203

PPOP largely in-line ex-one offs

Management hopeful of seeing CGFMU resolution sooner & expect NPL recoveries to come in, & maintains its FY25 credit costs guidance at 1.8%-2%

Believe a cleaner b/s, healthy liability franchise, stabilizing PPOP ROAs & improved overdue portfolio should allow next leadership at bank to have a relatively predictable start

Jefferies

U-P, TP Rs 165

Profit of Rs546mn, -93% YoY, was below est due to higher w-off of older/ CGFMU loans even as mgt expects to recover claim.

QOQ fall is slippage is partly seasonal, but still higher

Clarity on succession is awaited

JPM

OW, TP Rs 260

4Q impacted by elevated provisions of Rs17.7bn

Given ongoing audit, bk took a clean up while audit outcome is expected in next 1Q

Val @1.2x F25E PB & 7x PE supportive

CEO appointment & outcome of guarantee audit key stk catalysts

Nomura on Balkrishna: Upgrade to Buy on Company, raise target price at Rs 3230/Sh (Positive) 

Citi on Phoenix Mills: Maintain Buy on Company, raise target price at Rs 3885/Sh (Positive) 

Jefferies on Amber Ent: Maintain Buy on Company, raise target price at Rs 4900/Sh (Positive) 

Jefferies on Zydus Life: Maintain Buy on Company, raise target price at Rs 1070/Sh (Positive) 

Citi on Endurance: Maintain Buy on Company, target price at Rs 2550/Sh (Positive) 

Investec on IEX: Maintain Neutral on Company, target price at Rs 550/Sh (Positive) 

Jefferies on HAL: Maintain Buy on Company, raise target price at Rs 5725/Sh (Positive) 

Nomura on HAL: Maintain Buy on Company, raise target price at Rs 5100/Sh (Positive) 

Jefferies on Data Patterns: Maintain Buy on Company, raise target price at Rs 4135/Sh (Positive) 

Nomura on Vodafone Idea: Upgrade to Neutral on Company, raise target price at Rs 15/Sh (Positive) 

Antique on TRIL: Initiate Buy on Company, target price at Rs 847/Sh (Positive) 

Jefferies on BEL: Maintain Buy on Company, raise target price at Rs 305/Sh (Positive) 

CLSA on Zee Ent: Upgrade to Underperform Neutral on Company, raise target price at Rs 170/Sh (Positive) 

UBS on Zee Ent: Maintain Neutral on Company, target price at Rs 190/Sh (Positive) 

JP Morgan on JSW Steel: Maintain Overweight on Company, target price at Rs 1125/Sh (Positive) 

Citi on GAIL: Maintain Buy on Company, raise target price at Rs 230/Sh (Positive) 

Jefferies on Concor: Maintain Buy on Company, raise target price at Rs 1240/Sh (Positive) 

CLSA on Bandhan Bank: Maintain Outperform on Bank, cut target price at Rs 210/Sh (Neutral) 

Jefferies on Bandhan Bank: Maintain Underperform on Bank, target price at Rs 165/Sh (Neutral) 

GS on Bandhan Bank: Maintain Neutral on Bank, cut target price at Rs 203/Sh (Neutral) 

Macquarie on Bandhan Bank: Maintain Neutral on Bank, target price at Rs 225/Sh (Neutral) 

Citi on Zee Ent: Maintain Sell on Company, target price at Rs 137/Sh (Neutral) 

Jefferies on Anupam Rasayan: Maintain Underperform on Company, target price at Rs 565/Sh (Neutral) 

Citi on Balkrishna Ind: Maintain Sell on Company, raise target price at Rs 2300/Sh (Neutral) 

Nuvama on Balkrishna Ind: Maintain Buy on Company, target price at Rs 3070/Sh (Neutral) 

Kotak on Balkrishna Ind: Maintain Sell on Company, target price at Rs 2175/Sh (Neutral) 

Citi on Zydus Life: Maintain Sell on Company, target price at Rs 720/Sh (Neutral) 

Citi on Sobha: Maintain Sell on Company, target price at Rs 1519/Sh (Neutral) 

Citi on Delhivery: Maintain Buy on Company, target price at Rs 500/Sh (Neutral) 

CLSA on Delhivery: Downgrade to Underperform on Company, cut target price at Rs 488/Sh (Negative) 

Jefferies on Global Health: Downgrade to Hold on Company, cut target price at Rs 1400/sh (Negative)

PSU steel-maker, the Steel Authority of India Ltd (SAIL) reported a 3 per cent dip, y-o-y in consolidated net profit to ₹1,126 crore for the quarter ending March 31, 2024. The net profit in the year-ago period was ₹1,159 crore.

The dip in profits came on the back of a fall in steel prices and higher costs. 

Revenue from operations stood at ₹27,959 crore, down 4 per cent, y-o-y. 

The rupee appreciated by 6 paise to 83.31 against the US dollar on Tuesday, amid softening crude oil prices in the international market.

Forex traders said, however, the local unit faced some resistance due to subdued sentiment in the domestic equity market and a stronger American currency.

While the 22720-850 objectives continue to remain in play, Friday and Saturday did show signs of distribution. Towards this end, be warned of a pull back should 22480 give away, though the prospects of a recovery would be alive as long as 22417/400 holds. Slippage past the same could call for 22350-22227 initially and with it more visibility on the prospects of a collapse.

Coforge Ltd has announced a collaboration with Microsoft to establish the Coforge Copilot Innovation Hub.

Coforge stock trades at ₹4,758.75 on the NSE, up 0.62%.

Gensol Engineering Limited has announced the appointment of Shilpa Urhekar as its Chief Executive Officer (CEO) for Solar EPC (India). 

Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has obtained approval for Yesafili (aflibercept-jbvf) from USFDA.

Gensol Engineering stock trades at ₹927.65 on the NSE, down by 0.06%.

Sirca Paints India Ltd has entered into a business transfer agreement with New Wembley Products LLP through its authorised partner Dr. S. Harinderbir Singh Lamba.

Sirca Paints stock trades at ₹329.40 on the NSE, higher by 3.31%.

Glenmark Specialty S.A. (Glenmark), a subsidiary of Glenmark Pharmaceuticals Ltd., has announced marketing and distribution agreement with BeiGene, a global oncology company. 

Glenmark Pharmaceuticals stock trades at ₹1,031.50 on the NSE, lower by 1.05%.

Major gainers on the NSE at 9.30 am:

Coal India (2.31%), BPCL (1.46%), Hindalco (1.38%), Apollo Hospitals (1.17%), Tata Steel (1.04%)

Major losers:

Nestle India (-2.19%), Axis Bank (-0.99%), M&M (-0.94%), SBI Life (-0.84%), TCS (-0.81%)

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a flat note on Tuesday. At 9.20 am, while the Sensex lost 0.2%, Nifty was trading flat. Within the Nifty pack, Hindalco was top gainer as it advanced 1.7% followed by Coal India (1.47%) and ONGC (1.31%).

Crude oil futures traded lower on Tuesday morning as the market continued to analyse developments in West Asia following the death of Iran’s President and the health concerns of the Saudi king. At 9.13 am on Tuesday, July Brent oil futures were at $83.24, down by 0.56 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $78.83, down by 0.59 per cent. June crude oil futures were trading at ₹6580 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6579, up by 0.02 per cent, and July futures were trading at ₹6570 against the previous close of ₹6586, down by 0.24 per cent.

21 May 2024 (Today)

Derivative Segment

* Bharat Heavy Electricals Ltd.

* Metropolis Healthcare Ltd.

* PI Industries Ltd.

Cash Segment

* Aether Industries Ltd.

* Eris Lifesciences Ltd.

* Galaxy Surfactants Ltd.

* Gujarat State Fertilizers & Chem 

* Hitachi Energy India Ltd.

* Ircon International Ltd.

* JK Tyre & Industries Ltd.

* Laxmi Organic Industries Ltd.

* Religare Enterprises Ltd.

* Sheela Foam Ltd.

22 May 2024

Derivative Segment

* Grasim Industries Ltd.

* Jubilant FoodWorks Ltd.

* Petronet LNG Ltd.

* Power Grid Corporation Of India

* Sun Pharmaceutical Industries 

* The Ramco Cements Ltd.

Cash Segment

* Avanti Feeds Ltd.

* Ester Industries Ltd.

* FSN E-Commerce Ventures Ltd.

* Gland Pharma Ltd.

* GMM Pfaudler Ltd.

* Gujarat Pipavav Port Ltd.

* HEG Ltd.

* Indigo Paints Ltd.

* Max Healthcare Institute Ltd.

* Metro Brands Ltd.

* Minda Corporation Ltd.

* One97 Communications Ltd.

* POWERGRID InVIT

* Star Cement Ltd.

* Sundram Fasteners Ltd.

* The New India Assurance Co

* Torrent Power Ltd.

23 May 2024

Derivative Segment

* Interglobe Aviation Ltd.

* ITC Ltd.

* Page Industries Ltd.

Cash Segment

* Bayer CropScience Ltd.

* Bikaji Foods International 

* CESC Ltd.

* Esab India Ltd.

* Finolex Cables Ltd.

* Fortis Healthcare Ltd.

* JK Lakshmi Cement Ltd.

* PCBL Ltd.

* Tata Investment Corporation

* UNO Minda Ltd.

* Vaibhav Global Ltd.

24 May 2024

Derivative Segment

* Ashok Leyland Ltd.

* Bosch Ltd.

* Glenmark Pharmaceuticals

* Hindalco Industries Ltd.

* Hindustan Copper Ltd.

* Manappuram Finance Ltd.

* NTPC Ltd.

* Sun TV Network Ltd.

* Torrent Pharmaceuticals 

* United Spirits Ltd.

Cash Segment

* Aegis Logistics Ltd.

* Affle (India) Ltd.

* Century Plyboards Ltd.

* Cochin Shipyard Ltd.

* E.I.D. - Parry (India) Ltd.

* Easy Trip Planners Ltd.

* HUDCO

* India Grid Trust

* Indiabulls Housing Finance Ltd.

* Jamna Auto Industries Ltd.

* JM Financial Ltd.

* PNC Infratech Ltd.

* Sun Pharma Adv Research Co

* Suzlon Energy Ltd.

* The Karnataka Bank Ltd.

* ZF CV Ctrl Sys India Ltd.

25 May 2024

Derivative Segment

* Aurobindo Pharma Ltd.

* Divi’s Laboratories Ltd.

Cash Segment

* Allcargo Logistics Ltd.

27 May 2024

Derivative Segment

* National Aluminium Company 

* NMDC Ltd.

Cash Segment

* Astrazeneca Pharma India 

* Elgi Equipments Ltd.

* Garware Technical Fibres Ltd.

* Jindal Worldwide Ltd.

* Lakshmi Machine Works Ltd.

* Life Insurance Corp of India

* Natco Pharma Ltd.

* NMDC Steel Ltd.

* Sumitomo Chemical India Ltd.

* Suven Pharmaceuticals Ltd.

28 May 2024

Derivative Segment

* Aditya Birla Fashion & Retail

* GNFC 

* IRCTC

Cash Segment

* Amara Raja Energy & Mobility 

* Brigade Enterprises Ltd.

* Campus Activewear Ltd.

* EIH Ltd.

* Engineers India Ltd.

* General Insurance Corp of India

* Ingersoll-Rand (India) Ltd.

* ITI Ltd.

* Linde India Ltd.

* Medplus Health Services Ltd.

* MMTC Ltd.

* NBCC (India) Ltd.

* Rites Ltd.

* The Ugar Sugar Works Ltd.

* TTK Prestige Ltd.

* Uflex Ltd.

29 May 2024

Derivative Segment

* Alkem Laboratories Ltd.

* Bata India Ltd.

* Cummins India Ltd.

* Ipca Laboratories Ltd.

* Samvardhana Motherson Int

Cash Segment

* Deepak Fert & Petrochem Corp 

* Emami Ltd.

* FDC Ltd.

* KIOCL Ltd.

* Lemon Tree Hotels Ltd.

* Mazagon Dock Shipbuilders 

* RHI Magnesita India Ltd.

* SJVN Ltd.

30 May 2024

Derivative Segment

* Apollo Hospitals Enterprise

Cash Segment

* Bharat Dynamics Ltd.

* Swan Energy Ltd.

Gold dipped towards $2,420, retreating from new record highs, as investors analysed Fed members’ recent comments. Despite last week’s lowering US consumer inflation figures, Fed members are not yet ready to say inflation is approaching the central bank’s objective, with some pushing for more policy caution. Fed Vice Chairman Michael Barr emphasised the need for additional time to assess the effectiveness of restrictive policies. More Fed officials are also expected to speak this week. Meanwhile, robust safe-haven demand continued to boost the metal, despite concerns about a possible escalation of geopolitical tensions following the death of Iranian President Ebrahim Raisi.

Silver prices fell near a record high after recent economic data bolstered expectations that the US Federal Reserve will begin decreasing interest rates later this year. Consumer prices in the United States rose less than predicted in April, indicating that inflation has resumed its downward path, raising hopes for a September rate decrease. Furthermore, the appeal of silver as a safe-haven asset has grown as geopolitical tensions in the Middle East threaten to escalate following the deaths of Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian in a helicopter crash. Finally, the white metal continues to benefit from its use in solar panels, which is likely to reach a new high this year, sending the silver market into its fourth straight deficit. 

BHEL,NMDC, Eris Lifesciences Ltd, Metropolis Health and JK Tyre will be among the major firms to report their fourth quarter earnings on Tuesday. PI Industries, Hitachi Energy (Q1), GE T&D, Ircon, Maharashtra Seamless, Aether Industries, Sheela Foam, Galaxy Surfactants, Rategain, Laxmi Organic, Arvind Fashions, Gulf Oil Lubricants, VA Tech Wabag, Greenply, Dollar Industries, Fiem Industries, Mayur Uniquoters, Action Construction and Godawari Power

Earnings Post Market Hours 

ONGC (Q4, Standalone QoQ)

Net profit down 0.23% to Rs 9,869.37 crore. 

Revenue down 0.44% to Rs 34,636.69 crore. 

Ebitda up 3.63% to Rs 15890.73. 

Margin at 45.88% versus 44.08%. 

Power Mech Projects (Q4, Consolidated YoY) 

Net profit up 12% to Rs 84 crore. 

Revenue up 11% to Rs 1,302 crore. 

Ebitda up 15% to Rs 150 crore. 

Margin at 11.5% versus 11.2%.

Amber Enterprises (Q4, YoY)

Net profit down 8.4% to Rs 99 crore. 

Revenue down 6.6% to Rs 2,805 crore. 

Ebitda up 9% to Rs 222 crore. 

Margin at 7.9% versus 6.8%. 

Ujjivan Small Finance Bank (Q4, YoY)

Net profit up 6.5% to Rs 330 crore.

Net interest income up 26% to Rs 934 crore. 

Net NPA at 0.28% versus 0.17% (QoQ) 

Gross NPA at 2.23% versus 2.18% (QoQ) 

Board recommends final dividend of Rs 1.5/share 

IFGL Refractories (Q4, Consolidated YoY) 

Net profit down 57.3% to Rs 13 crore.

Revenue up 7% to Rs 394 crore. 

Ebitda down 28% to 35 crore. 

Margin at 8.8% versus 13.1%. 

Board recommends final dividend of Rs 7 per share. 

Anupam Rasayan (Q4, Consolidated YoY)

Net profit down 44.3% to Rs 40 crore.

Revenue down 16.5% to Rs 401 crore 

Ebitda down 21% to Rs 93 crore. 

Margin at 23.1% versus 24.4%. 

Trident (Q4, Consolidated YoY)

Net profit down 54.8% to Rs 59 crore. 

Revenue up 6.9% to Rs 1,682 crore. 

Ebitda down 24.2% to Rs 202 crore.

Margin at 12% versus 16.9%. 

Data Patterns (Q4, YoY)

Net profit up 28.4% to Rs 71 crore. 

Revenue down 1.5% to Rs 182 crore. 

Ebitda up 26.8% to Rs 93 crore. 

Margin at 51% versus 39.6%. 

Board recommends final dividend of Rs 6.5 per

Krsnaa Diagnostics (Q4, Consolidated YoY) 

Net profit down 1.1% to Rs 18.7 crore. 

Revenue up 24.8% to Rs 166 crore. 

Ebitda up 27% to Rs 44 crore. 

Margin at 26.3% versus 25.9%. 

Rainbow Children’s Medicare (Q4, Consolidated YoY) 

Net profit down 5.3% to Rs 51 crore.

Revenue up 7.6% to Rs 341 crore. 

Ebitda up 7.7% to Rs 106 crore. Margin flat at 30.9%. 

Board recommends final dividend of Rs 3 per share 

India Cements (Q4, Consolidated YoY)

Revenue down 15% to Rs 1,267 crore. 

Net loss at Rs 61 crore versus loss of Rs 227 crore.

Ebitda profit at Rs 38 crore versus 

Ebitda loss of Rs 47 crore. 

Margin at 2.9%. 

VRL Logistics (Q4, YoY)

Net profit down 89% to Rs 22 crore. 

Revenue up 10% to Rs 768 crore. 

Ebitda down 7.7% to Rs 105 crore. 

Margin at 13.7% versus 16.3%.

Apollo Pipes (Q4, YoY)

Net profit down 57% to Rs 6.5 crore. 

Revenue down 2.8% to Rs 245 crore. 

Ebitda down 18% to Rs 24 crore. 

Margin at 9.7% versus 11.5%. 

Oil India (Q4, QoQ)

Net profit up 28% to Rs 2,029 crore. 

Revenue down 1% to at Rs 5,527 crore.

Ebitda up 11% to Rs 2,336 crore. 

Margin at 42.3% versus 39.6%. 

Board approves a dividend of Rs 3.75 per share. 

IRFC (Q4, YoY)

Total income up 5% to Rs Rs 6,473 crore. 

Net profit up 34% to Rs 1,717 crore.

BEL (Q4, Consolidated YoY):

Net profit up 30% to Rs 1,797 crore. 

Revenue up 32% to Rs 8,564 crore. 

Ebitda up 25% to Rs 2,287 crore. 

Margin at 26.7% versus 28.3%. 

City Union Bank (Q4, YoY)

Net profit up 17% to Rs 255 crore. 

NII up 12% to Rs 547 crore.

Net NPA at 1.97% versus 2.19% (QoQ) 

Gross NPA at 3.99% versus 4.47% (QoQ) 

Whirlpool (Q4, YoY)

Net profit up 25% to Rs 79 crore. 

Revenue up 3.6% to Rs 1,734 crore. 

Ebitda up 36% to Rs 144 crore. 

Margin at 8.3% versus 6.3%.

Board recommends a final dividend of Rs 5 per share. 

Chemplast Sanmar (Q4, Consolidated YoY)

Net loss at Rs 31 crore versus net profit of Rs 46 crore. 

Revenue down 8% to Rs 1,051 crore. 

Ebitda down 79% to Rs 21 crore. 

Margin at 2% versus 8.5%.

Triveni Engineering (Q4, Consolidated YoY) 

Net profit down 15.4% to Rs 161 crore. 

Revenue down 15% to Rs 1,548 crore. 

Ebitda down 6.7% to Rs 246 crore. 

Margin at 15.9% versus 14.5%. 

SAIL (Q4, Consolidated YoY)

Net profit down 2.8% to Rs 1,126 crore.

Revenue down 4% to Rs 27,958 crore. 

Ebitda up 19% to Rs 3,482 crore. 

Margin at 12% versus 10%. 

Board recommends final dividend of Re 1 per share 

Rolex Rings (Q4, YoY) 

Net profit down 49% to Rs Rs 23.6 crore. 

Revenue up 5.6% to Rs 316 crore.

Ebitda up 11.5% to Rs 72 crore. 

Margin at 22.7% versus 21.5%. 

Carysil (Q4, Consolidated YoY)

Net profit up 26% to Rs 15.8 crore. 

Revenue up 31% to Rs 191 crore. 

Ebitda up 31.5% to Rs 34.5 crore. 

Margin at 18.1% versus 18%.

Prataap Snack (Q4, Consolidated YoY)

Net profit down 43% to Rs 12.4 crore. 

Revenue down 3% to at Rs 387 crore. 

Ebitda up 5% to Rs 32.5 crore. 

Margin at 8.4% versus 7.8%. 

Nesco (Q4, YoY) 

Net profit up 24% to Rs 105 crore.

Revenue up 20% to Rs 189 crore. 

Ebitda up 17% to Rs 117 crore. 

Margin at 61.9% versus 63.7%.

Stocks to Watch 

IFGL Refractories: Company re-appointed James Leacock McIntosh as managing director for three years from Sept. 1 

Patel Engineering: Acquired 10% stake in Shail Tunnelling & Infra for Rs 51,000. 

Marine Electricals: Received order worth Rs 29 crore from McGeoch Technology for supply of switchboards.

* Lupin:* US FDA concluded pre-approval inspection at New Jersey manufacturing facility. The FDA closed inspection at New Jersey facility with issuance of Form-483 and six observations.

* Jupiter Wagons:* Board approved issuance of convertible warrants worth up to Rs 135 crore.

* Solara Active Pharma:* US FDA inspection at Vishakhapatnam facility closed with zero observations.

* RVNL:* Received order worth Rs 148 crore from South Eastern Railway for electric traction system

* Oil India:* Board recommended issue of bonus shares in the ratio of 1:2. Board set July 2, 2024 as record date for bonus share issue.

* IRFC:* Board approved 2024-25 borrowing of up to Rs 50,000 crore via bonds from domestic and international markets.

* Dish TV:* Board approved convening EGM of shareholders at 11:30 a.m. on June 14.

* Godrej Properties:* Acquired 10 land parcels in fiscal 2024 to build projects worth Rs 21,000 crore

PTI reported.

* Kalpataru Projects:* Signed three Aramco contracts worth approximately Rs 7,550 crore for three packages of third expansion phase of Master Gas System Network in Saudi Arabia.

* Biocon Biologics:* Received US FDA approval for Yesafili Bla.

* Bharti Airtel:* Step-down arm repays $550 million worth senior notes.

* HDFC Bank:* To acquire additional 1.81% stake in Sewa Grih Rin for Rs 17 crore.

ESAF Small Finance Bank: The board approved the appointment of George Kalapa Ambil John as whole-time director, designated as executive director, for three years.

* IDFC Bank:* Shareholders approved the merger with IDFC First Bank.

* HFCL:* The company’s Netherlands based arm acquired 100% stake in Poland-based Blue Diwali.

* Tata Steel:* Company signed pact with National Grid for Port Talbot. National Grid will build new electrical infrastructure.

* Telecom shares:* Department of Telecommunication said that Jio, Vodafone Idea and Bharti Airtel are the final bidders.

* RITES:* Company inked pact with Bangladesh Railway for supplying 200 passenger coaches for Rs 915 cr.

* BLS International:* Company has incorporated subsidiaries in Columbia and Peru.

* Deepak Nitrite:* Declared dividend of Rs 7.5 per share.

Anand Rathi Wealth: Record date for share buyback is June 3.

IPO Offering

Go Digit General Insurance: The public issue was subscribed to 9.6 times on day 3. The bids were led by institutional investors (12.56 times), non-institutional investors (7.24 times), retail investors (4.27 times). 

Block Deal

PB Fintech: Yashish Dahiya sold 54 lakh shares (1.19%), AlokBansal sold 29.7 lakh shares (0.65%), while Societe Generale - Odi bought 15.95 lakh shares (0.35%), Morgan Stanley Asia (Singapore) PTE - ODI bought 14.65 lakh shares (0.32%) and among others at Rs 1325.15 apiece. 

Bulk deal

Thirumalai Chemicals: Nilesh Kishor Shah bought 5.23 lakh shares (0.51%) at Rs 263.92 apiece.

Trading Tweaks 

Moved out of short-term ASM framework: Allsec technologies, Cartrade tech, Suraj Estates Developers. 

Moved into short-term ASM framework: Honeywell Automation India, Semac Consultants.

13:30 EURO ECB Prez. Lagarde Speaks 

13:30 U.S. Treasury Sec Yellen Speaks

22:30 U.K. BOE Gov Bailey Speaks

Lowe’s Companies, Inc. (Pre market) (Sector- Construction)

AutoZone, Inc. (Pre market) (Sector- Auto Ancillary)

James Hardie Industries plc. (Pre market) (Sector- Construction)

Full Truck Alliance Co. Ltd. (Pre market) (Sector- Technology)

Eagle Materials Inc (Pre market) (Sector- Construction)

Toll Brothers, Inc. (Post market) (Sector- Real Estate)

* ABCAPITAL

* BANDHANBANK

* BALRAMCHIN

* BSOFT

* BIOCON

* GRANULES

* GMRINFRA

* HINDCOPPER

* INDIACEM

* PEL

* VODAFONE IDEA

* SAIL

* ZEEL

•Fixed Income

The New 10-Year Benchmark GOI 7.10 2034 traded between 7.00% - 7.08% during this week.

The Old 10-Year Benchmark GOI 7.18 2033 traded between 7.04% - 7.14% during this week, tracking movement in US Treasury Yields, Inflation Data and Fed Chair Jerome Powell’s bullish assessment on U.S. economy.

•Auction Highlights:

RBI conducted the Auction for G-sec, SDL, and T-Bill for the aggregated amount of INR 31,000, INR 6,500 Crore, and INR 27,000 Crore, respectively.

G-sec Cutoff:

7.10% GS 2034: 100.37/7.0458%\u0009\u0009

7.34% GS 2064: 101.12/7.2066%

SDL Cutoff:

08 Years: PN 7.47%

09 Years: AP 7.45%

16 Years: AP 7.45%

17 Years: TS 7.44%

21 Years: AP 7.42%

22 Years: AP 7.42%

23 Years: JK 7.41%

25 Years: AP 7.42%

T-Bill Cutoff:

091 Days: INR 12000 Crore 98.2875/6.9885%

182 Days: INR 7000 Crore 96.5879/7.0847%

364 Days: INR 8000 Crore 93.4053/7.0797%\u0009

•Commodities:

1)Brent Crude Oil: $81.05-$84.49 (Per barrel)

2)WTI Crude Oil: $76.36-$79.66 (Per barrel)

3)Gold: INR 7,282-INR 7,462 24 Carat (1 Gram)

4)Silver: INR 86,500-INR 89,100 (1 KG)

•US Treasury Yield:

1)US 2 Years Treasury: 4.70%-4.89%

2)US 5 Years Treasury: 4.31%-4.55%

3)US 10 Years Treasury: 4.31%-4.53%

•Corporate Bond Highlights:

AAA 5 Years Bond traded between 7.65%-7.70% this week.

AAA 10 Years Bond traded between 7.78%-7.84% this week.

•New Issuances:

MUTHOOT FINANCE LIMITED\u0009

Ratings: AA+/Stable by ICRA & CRISIL; Issue Size: 700 + 500 Crs; Maturity Date: 14/07/2027. 

Allocated 860 Crs at 9.02%

LIC HOUSING FINANCE LIMITED

Ratings: AAA/Stable by ICRA & CRISIL; Issue Size: 750 + 2250 Crs; Maturity Date: 14/05/2029

Allocated 2150 Crs at 7.87%

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

Ratings: AAA/Stable by CARE & CRSIL; Issue Size: 2000 + 3000 Crs; Maturity Date: 30/09/2027. 

Allocated 4558.15 Crs at 7.70%

HERO FINCORP LIMITED

Ratings: AA+/Stable by CRISIL; Issue Size: 200 + 100 Crs; Maturity Date: 10/09/2025. 

Allocated 225 Crs at 8.94%

Ratings: AA/Stable by CRISIL & ICRA; Issue Size: 50 + 100 Crs; Call date: 17/05/2034

Allocated 150 Crs at 9.50%

TATA CAPITAL LIMITED

Ratings: AAA/Stable by CRISIL & ICRA; Issue Size: 250 + 166 Crs; Maturity Date: 21/03/2029

Allocated 416 Crs at 8.1370%

HOUSING AND URBAN DEVELOPMENT CORPORATION LTD

Ratings: AAA/Stable by CARE & ICRA; Issue Size: 500 + 1500 Crs; Maturity Date: 15/05/2029

Allocated 1936 Crs at 7.48%

BAJAJ FINANCE LIMITED

Ratings: AAA/Stable by CRISIL & INDIA Ratings; Issue Size: 500 + 5500 Crs.

Maturity Date: 15/05/2029; Allocated 1305 Crs at 8.06%

BAJAJ HOUSING FINANCE LIMITED

Ratings: AAA/Stable by CRISIL & INDIA Ratings; Issue Size: 500 + 1000 Crs.

Maturity Date: 09/02/2034; Allocated 500 Crs at 7.90%

INDIA INFRADEBT LIMITED

Ratings: AAA/Stable by CRISIL & ICRA; Issue Size: 500 + 500 Crs; Maturity Date: 15/09/2026.

Allocated 710 Crs at 8.2450%

•News Highlights

INDIA

1)India’s retail inflation eased marginally to hit 11-month low of 4.83 per cent on an annual basis in April as against 4.85 per cent in the previous month, the government data showed. A Reuters poll of 44 economists had estimated the number to come down to 4.80 per cent. The Core Inflation, which excludes food and fuel came to 3.2%.

2)India’s Wholesale Price Index (WPI) inflation surged to a 13-month high of 1.3% in April 2024, marking a significant contrast from the previous year’s figure of -0.8% in April 2023

3)The inflation in the food basket grew at 8.7 per cent in April, up from 8.52 per cent in March, as per the National Statistical Office (NSO) data.

4)India’s vegetable inflation stood at 27.80 per cent year-on-year as against 28.30 per cent in March. Meanwhile, inflation rate for cereals and pulses which constitutes a significant portion of India’s staple diet came in at 8.63 per cent and 16.84 per cent respectively. The Fuel and light inflation rate witnessed a contraction of (-)4.24 per cent in April.

5)India’s foreign exchange reserves surged for the second straight week, by USD 2.561 billion to USD 644.151 billion in the week that ended on May 10, according to data shared by the Reserve Bank of India (RBI).

6)The unemployment rate for people aged 15 years and above in urban areas declined to 6.7 per cent in the January-March period from 6.8 per cent a year ago, according to the National Sample Survey Survey (NSSO).

7)Foreign portfolio investors (FPI) have pulled out $3.5 billion from India’s equity markets so far this month. The selling comes on the back of election-induced volatility and the rotation of flows from India to China, where stocks are available at half the valuations.

8)The Centre reduced windfall gains tax on domestically produced crude to Rs.5700 per tonne from Rs 8,400 per tonne, effective May 16, 2024. Export duty on petrol, diesel, and ATF remains nil. The new rates were announced by CBIC in a late-night notification on 15th May 2024, following the revision of rates on May 1.

9)Data released by the commerce department showed that the India’s merchandise exports grew merely 1.07 per cent year-on-year (Y-o-Y) to $34.99 billion during the first month of the current financial year (FY25), while merchandise imports rose sharply by 10.25 per cent to $54.09 billion in this period, leading to the widening of the trade deficit to a five-month high of $19.1 billion. Merchandise exports shrank in 17 out of the 30 key sectors in April.

10)Gross Direct Premium Underwritten of the non-life insurers in April was Rs 29561.82 crore, 16.24 per cent up from Rs 25431.24 crore in April 2023. The premium of general insurers grew by 15.30 per cent Y-o-Y to Rs 26918.86 crore.

11)The Reserve Bank of India (RBI) has responded to tight liquidity conditions in the banking system by announcing a significant reduction in the government’s treasury bill sales and introducing a new selection of bonds for the Centre’s buyback operations. This move aims to alleviate cash constraints for banks, which have been exacerbated by muted government spending during the ongoing general elections. By reducing the supply of treasury bills and offering bonds for repurchase at acceptable prices.

12)The NFO collection data shows that the MF industry collected Rs. 66,000 crores from 185 NFOs in FY 2024 compared to Rs. 62,000 crores from 253 NFOs in FY 2023.

13)Sitharaman said in a social media post that India’s debt-to-GDP ratio was at 81% in FY22, compared with 260.1% for Japan, 121.3% for the US, 111.8% for France and 101.9% for the UK. Sitharaman said that in a comparative analysis with other low and middle-income countries too, India’s external debt scenario was robust.

14)The United Nations in its World Economic Situation and Prospects as of mid- 2024, expects Indian economy to expand by 6.9% in 2024, up from January forecast of 6.2% and sees growth of 6.6% in 2025, mainly driven by strong public investment and resilient private consumption.

15)According to the half-yearly report on foreign exchange management released on 13th May 2024, the share of gold in total foreign exchange reserves increased from 7.37 per cent as at the end of September 2023 to 8.15 per cent as at the end of March 2024.

16)The Federation of Indian Export Organisations (FIEO) expects India’s merchandise exports increase around 14% to $500-510 billion in FY25 from $437 billion in 2023-24, led by technology driven sectors of exports such as machinery, electrical and electronic, automobile, pharma and biotechnology which have received a fillip from the production-linked incentive schemes.

WORLD

1)The United Nations’ mid-2024 report offers a more optimistic outlook for the global economy. They’ve revised their growth projection for 2024 upwards to 2.7%, compared to the 2.41% predicted in January. They also anticipate continued growth of 2.8% in 2025.

2)US data showed the consumer price index (CPI) rose by 0.3% in April, below an expected 0.4% gain, raising hopes that the Fed can cut interest rates twice this year. The annual inflation stood at 3.4%, which also eased from 3.5% of the previous month. Core inflation slowed to an annualized 3.6% in April in line with market expectations.

3)US Retail Sales were unchanged in April, at 0% m/m, missing projections of a 0.6% increase as higher borrowing costs and mounting debt, weighed on American consumers.

4)US citizens that applied for unemployment insurance benefits increased by 222K in the week ending May 11, according to the US Department of Labor (DoL) on Thursday. The prints came in a tad above the initial consensus (220K) and below the previous weekly gain of 232K (revised from 231K).

5)The U.S. producer price index (PPI) for final demand rose 0.5% in April after falling by a downwardly revised 0.1% in March.

6)US housing starts rebounded in April 2024, rising 5.7% to a seasonally adjusted annual rate of 1.36 million units. This follows a significant decline of 16.8% in March.

7)U.S. import costs continued to climb in April, rising 1.1% year-over-year after a 0.4% increase in March. In contrast, export prices dipped further, falling to 1.0% year-over-year growth in April compared to 1.6% in March.

8)U.S. industrial output dipped by 0.4% in April compared to the same month last year. This comes after a slight upward revision to March’s data, which showed a modest gain of 0.1%.

9)Fed Chair Jerome Powell gave a bullish assessment of where the U.S. economy stands, with an outlook for continued above-trend growth and confidence in falling inflation that, while eroded by recent data, remains largely intact.

10)Federal Reserve Chair Jerome Powell affirmed the central bank’s plans to hold interest rates at the highest level in more than two decades as it awaits evidence that a slowdown in inflation will resume after setbacks this year.

11)The CME’s FedWatch Tool shows rate markets are pricing in 70% odds of at least a quarter-point cut from the Fed in September, with 90% odds of two total rate cuts by the end of year.

12)The Eurozone economy showed signs of improvement in Q1 2024, expanding by 0.4% compared to the same period last year. This confirms earlier estimates and marks a positive step forward after two quarters of sluggish growth at 0.1%.

13)The Eurozone job market cooled slightly in Q1 2024, with employment growth coming in at 1.0% year-over-year. This is down from a 1.2% increase in the previous quarter.

14)Germany’s ZEW Economic Sentiment index came in at 47.1 in May, exceeding the forecast of 44.9. This is an improvement from the previous reading of 42.9.

15)Japan’s economy shrank at a 2.0% annualized rate in the first quarter of 2024. This follows a stagnation in the previous quarter, as growth figures were revised down to zero.

16)China’s consumer prices edged up slightly in April, rising to an annual inflation rate of 0.3% compared to 0.1% in March. However, producer prices continued to decline, falling by 2.5% after a 2.8% drop in the previous month. This indicates that businesses are facing deflation, while consumer prices remain relatively stable.

Sanghvi Movers Ltd. | CMP Rs. 1280 | M Cap Rs. 5541 Cr | 52 W H/L 1433/366

(Nirmal Bang Retail Research)

Result has declined

Revenue from Operations came at Rs. 165.4 Cr (-1% QoQ, 30.4% YoY) vs QoQ Rs. 167 Cr, YoY Rs. 126.8 Cr

EBIDTA came at Rs. 92.1 Cr (-19.8% QoQ, 20.2% YoY) vs QoQ Rs. 114.8 Cr, YoY Rs. 76.6 Cr

EBITDA Margin came at 55.7% vs QoQ 68.7%, YoY 60.4%

Adj. PAT came at Rs. 47.7 Cr vs QoQ Rs. 61.3 Cr, YoY Rs. 33.9 Cr

Quarter EPS is Rs. 11

Stock is trading at P/E of 29.5x TTM EPS

Crompton Greaves Consumer Electricals Ltd. | CMP Rs. 339 | M Cap Rs. 21776 Cr | 52 W H/L 345/252

(Nirmal Bang Retail Research)

Result is marginally above expectations

Revenue from Operations came at Rs. 1961 Cr (15.9% QoQ, 9.5% YoY) vs expectation of Rs. 1952.4 Cr, QoQ Rs. 1692.7 Cr, YoY Rs. 1791 Cr

EBIDTA came at Rs. 203.6 Cr (35.9% QoQ, -3.7% YoY) vs expectation of Rs. 194.8 Cr, QoQ Rs. 149.8 Cr, YoY Rs. 211.4 Cr

EBITDA Margin came at 10.4% vs expectation of 10%, QoQ 8.8%, YoY 11.8%

Adj. PAT came at Rs. 138.4 Cr vs expectation of Rs. 119.5 Cr, QoQ Rs. 86 Cr, YoY Rs. 131.2 Cr

Quarter EPS is Rs. 2.2

Stock is trading at P/E of 30.7x FY26E EPS

V-Guard Industries Ltd. | CMP Rs. 376 | M Cap Rs. 16311 Cr | 52 W H/L 375.5/239

(Nirmal Bang Retail Research)

Result is marginally above expectations

Revenue from Operations came at Rs. 1342.8 Cr (15.2% QoQ, 17.8% YoY) vs expectation of Rs. 1291.3 Cr, QoQ Rs. 1165.4 Cr, YoY Rs. 1140.1 Cr

EBIDTA came at Rs. 127.9 Cr (25.8% QoQ, 29.6% YoY) vs expectation of Rs. 122.7 Cr, QoQ Rs. 101.6 Cr, YoY Rs. 98.7 Cr

EBITDA Margin came at 9.5% vs expectation of 9.5%, QoQ 8.7%, YoY 8.7%

Adj. PAT came at Rs. 76.2 Cr vs expectation of Rs. 75 Cr, QoQ Rs. 58.2 Cr, YoY Rs. 52.7 Cr

Quarter EPS is Rs. 1.8

Stock is trading at P/E of 48.4x FY25E EPS

Biocon Ltd. | CMP Rs. 305 | M Cap Rs. 36618 Cr | 52 W H/L 315/218

(Nirmal Bang Retail Research)

Result ahead of Expectation

Revenue from Operations came at Rs. 3917.1 Cr (-0.9% QoQ, 3.8% YoY) vs expectation of Rs. 3890.3 Cr, QoQ Rs. 3953.7 Cr, YoY Rs. 3773.9 Cr

EBIDTA came at Rs. 915.9 Cr (-1.2% QoQ, -8.2% YoY) vs expectation of Rs. 810.2 Cr, QoQ Rs. 926.8 Cr, YoY Rs. 997.3 Cr

EBITDA Margin came at 23.4% vs expectation of 20.8%, QoQ 23.4%, YoY 26.4%

Adj. PAT came at Rs. 135.5 Cr vs expectation of Rs. 140.3 Cr, QoQ Rs. 638.8 Cr, YoY Rs. 316.2 Cr

Quarter EPS is Rs. 1.1

Stock is trading at P/E of 39.4x FY25E EPS

Triveni Turbine Ltd. | CMP Rs. 605 | M Cap Rs. 19232 Cr | 52 W H/L 613/312

(Nirmal Bang Retail Research)

Result is broadly inline with expectation

Revenue from Operations came at Rs. 458.1 Cr (6.1% QoQ, 23.9% YoY) vs expectation of Rs. 478.1 Cr, QoQ Rs. 431.7 Cr, YoY Rs. 369.8 Cr

EBIDTA came at Rs. 89.8 Cr (7.3% QoQ, 35.4% YoY) vs expectation of Rs. 92.2 Cr, QoQ Rs. 83.7 Cr, YoY Rs. 66.3 Cr

EBITDA Margin came at 19.6% vs expectation of 19.3%, QoQ 19.4%, YoY 17.9%

Adj. PAT came at Rs. 76 Cr vs expectation of Rs. 75.4 Cr, QoQ Rs. 68.2 Cr, YoY Rs. 55.5 Cr

Quarter EPS is Rs. 2.4

Stock is trading at P/E of 54.8x FY25E EPS

Container Corporation Of India Ltd. | CMP Rs. 1037 | M Cap Rs. 63184 Cr | 52 W H/L 1088/610

(Nirmal Bang Retail Research)

Result below Expectation

Revenue from Operations came at Rs. 2317.6 Cr (5.1% QoQ, 7% YoY) vs expectation of Rs. 2361.7 Cr, QoQ Rs. 2205.1 Cr, YoY Rs. 2166 Cr

EBIDTA came at Rs. 489 Cr (-4.4% QoQ, 10% YoY) vs expectation of Rs. 542.7 Cr, QoQ Rs. 511.7 Cr, YoY Rs. 444.7 Cr

EBITDA Margin came at 21.1% vs expectation of 23%, QoQ 23.2%, YoY 20.5%

Adj. PAT came at Rs. 294.5 Cr vs expectation of Rs. 365.3 Cr, QoQ Rs. 334.4 Cr, YoY Rs. 279.7 Cr

Quarter EPS is Rs. 4.8

Stock is trading at P/E of 40.5x FY25E EPS

Vodafone Idea Ltd. | CMP Rs. 13 | M Cap Rs. 87559 Cr | 52 W H/L 18/7

(Nirmal Bang Retail Research)

ARPU came at Rs 146 vs expectation of Rs 148 , QoQ Rs 145 , YoY Rs 135

Result is inline with expectations

Revenue from Operations came at Rs. 10606.8 Cr (-0.6% QoQ, 0.7% YoY) vs expectation of Rs. 10695.6 Cr, QoQ Rs. 10673.1 Cr, YoY Rs. 10531.9 Cr

EBIDTA came at Rs. 4335.8 Cr (-0.3% QoQ, 3% YoY) vs expectation of Rs. 4321.3 Cr, QoQ Rs. 4350.4 Cr, YoY Rs. 4210.3 Cr

EBITDA Margin came at 40.9% vs expectation of 40.4%, QoQ 40.8%, YoY 40%

Adj. PAT came at Rs. -7674.6 Cr vs expectation of Rs. -7557.1 Cr, QoQ Rs. -7741.4 Cr, YoY Rs. -6396.5 Cr

Quarter EPS is Rs. -1.2

Stock is trading at P/E of -2.3x FY25E EPS

Restaurant Brands Asia Ltd. | CMP Rs. 103 | M Cap Rs. 5103 Cr | 52 W H/L 138/95

(Nirmal Bang Retail Research)

Result is ahead of expectations

Revenue from Operations came at Rs. 597.1 Cr (-1.2% QoQ, 16.2% YoY) vs expectation of Rs. 589.9 Cr, QoQ Rs. 604.2 Cr, YoY Rs. 514 Cr

EBIDTA came at Rs. 69.2 Cr (1.3% QoQ, 152.9% YoY) vs expectation of Rs. 58.5 Cr, QoQ Rs. 68.4 Cr, YoY Rs. 27.4 Cr

EBITDA Margin came at 11.6% vs expectation of 9.9%, QoQ 11.3%, YoY 5.3%

Adj. PAT came at Rs. -85.3 Cr vs expectation of Rs. -54.4 Cr, QoQ Rs. -36.2 Cr, YoY Rs. -73.4 Cr

Quarter EPS is Rs. -1.7

Stock is trading at P/E of -38.2x FY25E EPS

DCW Ltd. | CMP Rs. 52 | M Cap Rs. 1534 Cr | 52 W H/L 72/42

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 621.7 Cr (56.3% QoQ, 5.7% YoY) vs QoQ Rs. 397.8 Cr, YoY Rs. 588.1 Cr

EBIDTA came at Rs. 63.4 Cr (226.9% QoQ, -36.2% YoY) vs QoQ Rs. 19.4 Cr, YoY Rs. 99.4 Cr

EBITDA Margin came at 10.2% vs QoQ 4.9%, YoY 16.9%

Adj. PAT came at Rs. 15.3 Cr vs QoQ Rs. -11.2 Cr, YoY Rs. 35.4 Cr

Quarter EPS is Rs. 0.5

Stock is trading at P/E of 91.5x TTM EPS

Prince Pipes and Fittings Ltd. | CMP Rs. 660 | M Cap Rs. 7296 Cr | 52 W H/L 776/505

(Nirmal Bang Retail Research)

Result is below expectations

Revenue from Operations came at Rs. 740.1 Cr (19.6% QoQ, -3.2% YoY) vs expectation of Rs. 691.4 Cr, QoQ Rs. 618.6 Cr, YoY Rs. 764.4 Cr

EBIDTA came at Rs. 92.3 Cr (21.9% QoQ, -37.8% YoY) vs expectation of Rs. 92.8 Cr, QoQ Rs. 75.7 Cr, YoY Rs. 148.3 Cr

EBITDA Margin came at 12.5% vs expectation of 13.4%, QoQ 12.2%, YoY 19.4%

Adj. PAT came at Rs. 54.7 Cr vs expectation of Rs. 53.1 Cr, QoQ Rs. 37.6 Cr, YoY Rs. 94.1 Cr

Quarter EPS is Rs. 4.9

Stock is trading at P/E of 31.7x FY25E EPS

DCX Systems Ltd. | CMP Rs. 321 | M Cap Rs. 3573 Cr | 52 W H/L 393/178

(Nirmal Bang Retail Research)

Result is declining

Revenue from Operations came at Rs. 746.2 Cr (276.6% QoQ, 46.2% YoY) vs QoQ Rs. 198.2 Cr, YoY Rs. 510.5 Cr

EBIDTA came at Rs. 37.9 Cr (159.2% QoQ, -17.4% YoY) vs QoQ Rs. 14.6 Cr, YoY Rs. 45.9 Cr

EBITDA Margin came at 5.1% vs QoQ 7.4%, YoY 9%

Adj. PAT came at Rs. 33 Cr vs QoQ Rs. 13.4 Cr, YoY Rs. 41.1 Cr

Quarter EPS is Rs. 3

Stock is trading at P/E of 47.2x TTM EPS

Ratnamani Metals & Tubes Ltd. | CMP Rs. 3150 | M Cap Rs. 22080 Cr | 52 W H/L 3939/2129

(Nirmal Bang Retail Research)

Result above expectations

Revenue from Operations came at Rs. 1495.7 Cr (19% QoQ, -0.2% YoY) vs expectation of Rs. 1324.2 Cr, QoQ Rs. 1257.3 Cr, YoY Rs. 1499.1 Cr

EBIDTA came at Rs. 245.7 Cr (22.6% QoQ, -18.3% YoY) vs expectation of Rs. 237.3 Cr, QoQ Rs. 200.3 Cr, YoY Rs. 300.6 Cr

EBITDA Margin came at 16.4% vs expectation of 17.9%, QoQ 15.9%, YoY 20%

Adj. PAT came at Rs. 192.2 Cr vs expectation of Rs. 163 Cr, QoQ Rs. 132.9 Cr, YoY Rs. 191.6 Cr

Quarter EPS is Rs. 27.4

Stock is trading at EV/EBITDA of 18x FY26E EBITDA

Jain Irrigation Systems Ltd. | CMP Rs. 69 | M Cap Rs. 4632 Cr | 52 W H/L 73/35

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 1726.6 Cr (27.2% QoQ, -1.1% YoY) vs QoQ Rs. 1357.8 Cr, YoY Rs. 1745.4 Cr

EBIDTA came at Rs. 224.2 Cr (35.8% QoQ, 67.3% YoY) vs QoQ Rs. 165.1 Cr, YoY Rs. 134 Cr

EBITDA Margin came at 13% vs QoQ 12.2%, YoY 7.7%

Adj. PAT came at Rs. -8.8 Cr vs QoQ Rs. 9.8 Cr, YoY Rs. 983.7 Cr

Quarter EPS is Rs. -0.1

Stock is trading at P/E of 102.4x TTM EPS

Patel Engineering Ltd. | CMP Rs. 59 | M Cap Rs. 4982 Cr | 52 W H/L 79/20

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 1343.2 Cr (26.6% QoQ, 3.5% YoY) vs QoQ Rs. 1061 Cr, YoY Rs. 1298 Cr

EBIDTA came at Rs. 237.6 Cr (67.2% QoQ, 31.6% YoY) vs QoQ Rs. 142.1 Cr, YoY Rs. 180.6 Cr

EBITDA Margin came at 17.7% vs QoQ 13.4%, YoY 13.9%

Adj. PAT came at Rs. 79.9 Cr vs QoQ Rs. 31.9 Cr, YoY Rs. 77.9 Cr

Quarter EPS is Rs. 0.9

Stock is trading at P/E of 26.5x TTM EPS

Ujjivan Small Finance Bank Ltd. | CMP Rs. 53 | M Cap Rs. 10464 Cr | 52 W H/L 63/26

(Nirmal Bang Retail Research)

Result is above expectations

Disbursements came at Rs. 6681 Cr vs YoY Rs. 6001 Cr, QoQ Rs. 5675 Cr

Advances came at Rs. 29779 Cr (24% YoY, 7.2% QoQ)

Net Interest Income came at Rs. 934 Cr vs YoY Rs. 738 Cr, QoQ Rs. 860 Cr

NIM came at 9.4% vs QoQ 8.8%

Non Interest Income came at Rs. 236 Cr vs YoY Rs. 179 Cr, QoQ Rs. 185 Cr

PBP came at Rs. 519 Cr vs YoY Rs. 411 Cr, QoQ Rs. 457 Cr

Provisions came at Rs. 79 Cr vs expectation of Rs. 79 Cr, YoY Rs. -2 Cr, QoQ Rs. 63 Cr

Credit Cost came at 1.1% vs YoY 0%, QoQ 0.9%

Adj. PAT came at Rs. 330 Cr vs expectation of Rs. 308 Cr, YoY Rs. 310 Cr, QoQ Rs. 300 Cr

Gross NPA came at Rs. 613 Cr vs QoQ Rs. 571 Cr at 2.23% vs QoQ 2.18%

Net NPA came at Rs. 76 Cr vs QoQ Rs. 43 Cr at 0.28% vs QoQ 0.17%

ROA came at 3.4% vs QoQ 3.1%

Quarter EPS is Rs. 1.7

Stock is trading at P/E 7.7x FY25E EPS and trailing P/Adj BV of 1.9x

Tide Water Oil Company (India) Ltd. | CMP Rs. 1937 | M Cap Rs. 3375 Cr | 52 W H/L 1937/858

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 486.8 Cr (-1.9% QoQ, 3.6% YoY) vs QoQ Rs. 496.5 Cr, YoY Rs. 469.9 Cr

EBIDTA came at Rs. 47.2 Cr (13.5% QoQ, 15.7% YoY) vs QoQ Rs. 41.6 Cr, YoY Rs. 40.8 Cr

EBITDA Margin came at 9.7% vs QoQ 8.4%, YoY 8.7%

Adj. PAT came at Rs. 42.9 Cr vs QoQ Rs. 33.6 Cr, YoY Rs. 34.4 Cr

Quarter EPS is Rs. 24.6

Stock is trading at P/E of 23.6x TTM EPS

Dodla Dairy Ltd | CMP Rs. 1011 | M Cap Rs. 6015 Cr | 52 W H/L 1084/475

(Nirmal Bang Retail Research)

Result ok

Revenue from Operations came at Rs. 787.5 Cr (5.4% QoQ, 8.7% YoY) vs QoQ Rs. 746.8 Cr, YoY Rs. 724.3 Cr

EBIDTA came at Rs. 75.4 Cr (-8.9% QoQ, 123.7% YoY) vs QoQ Rs. 82.8 Cr, YoY Rs. 33.7 Cr

EBITDA Margin came at 9.6% vs QoQ 11.1%, YoY 4.7%

Adj. PAT came at Rs. 46.8 Cr vs QoQ Rs. 41.3 Cr, YoY Rs. 22.5 Cr

Quarter EPS is Rs. 7.9

Stock is trading at P/E of 27.9x FY25E EPS

Data Patterns (India) Ltd. | CMP Rs. 2959 | M Cap Rs. 16566 Cr | 52 W H/L 3210/1512

(Nirmal Bang Retail Research)

Result is below expectations

Order book stood at Rs. 1083 Cr vs QoQ Rs. 963 Cr & YoY Rs. 924 Cr

Order inflow was at Rs. 294 Cr vs QoQ Rs. 99 Cr & YoY Rs. 221 Cr

Order inflow in FY24 was at Rs. 670 Cr Vs Rs. 901 Cr in FY23

Revenue from Operations came at Rs. 182.3 Cr (30.7% QoQ, -1.5% YoY) vs expectation of Rs. 243.9 Cr, QoQ Rs. 139.5 Cr, YoY Rs. 185.1 Cr

EBIDTA came at Rs. 93 Cr (54.9% QoQ, 26.8% YoY) vs expectation of Rs. 97.7 Cr, QoQ Rs. 60 Cr, YoY Rs. 73.4 Cr

EBITDA Margin came at 51% vs expectation of 40.1%, QoQ 43%, YoY 39.6%

Adj. PAT came at Rs. 71.1 Cr vs expectation of Rs. 77.3 Cr, QoQ Rs. 51 Cr, YoY Rs. 55.4 Cr

Quarter EPS is Rs. 12.7

Stock is trading at P/E of 65.6x FY26E EPS

Wonderla Holidays Ltd. | CMP Rs. 933 | M Cap Rs. 5278 Cr | 52 W H/L 1107/435

(Nirmal Bang Retail Research)

Result is declining

Revenue from Operations came at Rs. 99.7 Cr (-19.3% QoQ, 1.1% YoY) vs QoQ Rs. 123.6 Cr, YoY Rs. 98.6 Cr

EBIDTA came at Rs. 35.4 Cr (-35% QoQ, -16.3% YoY) vs QoQ Rs. 54.5 Cr, YoY Rs. 42.3 Cr

EBITDA Margin came at 35.5% vs QoQ 44.1%, YoY 42.9%

Adj. PAT came at Rs. 22.6 Cr vs QoQ Rs. 37.4 Cr, YoY Rs. 35.1 Cr

Quarter EPS is Rs. 4

Stock is trading at P/E of 33.4x TTM EPS

Motherson Sumi Wiring India Ltd. | CMP Rs. 70 | M Cap Rs. 30771 Cr | 52 W H/L 75/52

(Nirmal Bang Retail Research)

Result is in-line with expectations

Revenue from Operations came at Rs. 2232.7 Cr (5.4% QoQ, 19.8% YoY) vs expectation of Rs. 2330.5 Cr, QoQ Rs. 2117.3 Cr, YoY Rs. 1864.4 Cr

EBIDTA came at Rs. 291.3 Cr (11.2% QoQ, 39.2% YoY) vs expectation of Rs. 308.6 Cr, QoQ Rs. 262 Cr, YoY Rs. 209.3 Cr

EBITDA Margin came at 13% vs expectation of 13.2%, QoQ 12.4%, YoY 11.2%

Adj. PAT came at Rs. 191.4 Cr vs expectation of Rs. 198.7 Cr, QoQ Rs. 167.9 Cr, YoY Rs. 138.5 Cr

Quarter EPS is Rs. 0.4

Stock is trading at EV/EBITDA of 21x FY26E EBITDA

The Fertilisers And Chemicals Travancore Ltd. | CMP Rs. 671 | M Cap Rs. 43,396Cr | 52 W H/L 909/294

(Nirmal Bang Retail Research)

Result is declining

Revenue from Operations came at Rs. 1061.8 Cr (-3.2% QoQ, -15% YoY) vs QoQ Rs. 1097.3 Cr, YoY Rs. 1248.8 Cr

EBIDTA came at Rs. 37.2 Cr (-13.6% QoQ, -79.8% YoY) vs QoQ Rs. 43 Cr, YoY Rs. 184.2 Cr

EBITDA Margin came at 3.5% vs QoQ 3.9%, YoY 14.7%

Adj. PAT came at Rs. 121.3 Cr vs QoQ Rs. 30.3 Cr, YoY Rs. 165.6 Cr

Quarter EPS is Rs. 1.9

Stock is trading at P/E of 117.5x TTM EPS

Info Edge (India) Ltd. | CMP Rs. 5938 | M Cap Rs. 76828 Cr | 52 W H/L 6355/3701

Result is in-line with expectations

Revenue from Operations came at Rs. 608.3 Cr (2.2% QoQ, 7.9% YoY) vs expectation of Rs. 617.7 Cr, QoQ Rs. 595.4 Cr, YoY Rs. 564 Cr

EBIDTA came at Rs. 246.9 Cr (2.6% QoQ, 12.1% YoY) vs expectation of Rs. 249.8 Cr, QoQ Rs. 240.6 Cr, YoY Rs. 220.3 Cr

EBITDA Margin came at 40.6% vs expectation of 40.4%, QoQ 40.4%, YoY 39.1%

Adj. PAT came at Rs. 223.1 Cr vs expectation of Rs. 214.7 Cr, QoQ Rs. 213.5 Cr, YoY Rs. 197.7 Cr

Quarter EPS is Rs. 17.2

Stock is trading at P/E of 77.8x FY25E EPS

GAIL (India) Ltd. | CMP Rs. 193 | M Cap Rs. 126571 Cr | 52 W H/L 214/103

(Nirmal Bang Retail Research)

Result inline with expectation

Revenue from Operations came at Rs. 32317.7 Cr (-5.6% QoQ, -1.6% YoY) vs expectation of Rs. 33080.4 Cr, QoQ Rs. 34236.5 Cr, YoY Rs. 32843.2 Cr

EBIDTA came at Rs. 3557.8 Cr (-6.9% QoQ, 1058.3% YoY) vs expectation of Rs. 3642.1 Cr, QoQ Rs. 3822.6 Cr, YoY Rs. 307.2 Cr

EBITDA Margin came at 11% vs expectation of 11%, QoQ 11.2%, YoY 0.9%

Lower PAT is on account of higher Depreciation

Adj. PAT came at Rs. 2177 Cr vs expectation of Rs. 2620.7 Cr, QoQ Rs. 2842.6 Cr, YoY Rs. 603.5 Cr

Quarter EPS is Rs. 3.3

Stock is trading at P/E of 12.2x FY25E EPS

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After a long break, domestic markets are expected open on a flat note. With lack of triggers, analysts expect lacklustre trading amidst continuous selling by foreign portfolio investors.

“Investors are optimistic regarding potential interest rate cuts in 2024, supported by favourable US consumer inflation data and improved jobless claims figures, resulting in a surge in gold prices and strengthened the stock market rally,” said Vinod Nair, Head of Research, Geojit Financial Services. 

“However, uncertainties persist regarding the timing of US Fed rate adjustments, with market participants eagerly awaiting clarity from an upcoming Fed chair speech,” he said adding that “The release of PMI data for May from both the US and India next week will be closely monitored for further market insights. Amidst ongoing uncertainties surrounding election results and quarterly earnings, we anticipate continued volatility in the near-term.” 

Shareholders of Nestle India Ltd have rejected a proposal by the company to increase royalty payment to its parent firm, according to a regulatory filing by the company. The board had last month approved increasing royalty payment to its parent firm Societe des Produits Nestle S.A (licensor) by 0.15 per cent per year for the next five years thereby enhancing it to 5.25 per cent of net sales. It had proposed to start the 0.15 per cent per annum increase over the current royalty fee of 4.5 per annum from July 1, 2024. Subsequently, it had sought approval from its shareholders of the same as an ordinary resolution through a postal ballot.

Drug makers Dr Reddy’s Laboratories, Sun Pharmaceuticals and Aurobindo Pharma are recalling products in the US market due to manufacturing issues, as per the latest Enforcement Report of the US Food and Drug Administration (USFDA). Dr Reddy’s Laboratories is recalling close to 20,000 cartons of a medication used to control blood phenylalanine levels in adults and children. Princeton (New Jersey) based Dr Reddy’s Laboratories, Inc, is recalling Javygtor (sapropterin dihydrochloride) Powder for Oral Solution (100mg) due to it being a “Sub-potent Drug”, USFDA stated. The company is also recalling another lot of sapropterin dihydrochloride for the same reason, it added. The USFDA said the drug maker initiated the Class I recall in the US on April 8 this year.

Orient Green Power Company plans to raise up to ₹250 crore through issue of equity rights to its existing shareholders. The company has not disclosed the rights issue ratio, price of each share and the record date, said Sumedha Fiscal Services Ltd and Saffron Capital Advisors Pvt Ltd, the lead managers to the issue, citing the draft letter of offer (DLOF) dated May 17, 2024.

Tata Motors on Monday said its passenger vehicles and passenger electric mobility subsidiaries have tied up with Bajaj Finance for providing supply chain finance solutions to their respective dealers. Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, have joined hands with Bajaj Finance to extend supply chain finance solutions to its passenger and electric vehicle dealers, the company said in a statement.

An interim stay was put on Friday on the implementation of an order suspending manufacturing licences of more than a dozen medicines of Patanjali Ayurved Ltd and Divya Pharmacy. The interim stay is being imposed with immediate effect on the basis of a preliminary inquiry report of a high level committee, Pankaj Kumar Pandey, Secretary Ayush, Uttarakhand government said in an order.

Dalmia Bharat Ltd has commenced production at its new mill in Ariyalur manufacturing unit in Tamil Nadu, according to a regulatory filing by the company. With the commencement of commercial production of this 1 MTPA cement unit, the total cement manufacturing capacity of the company stands at 45.6 MTPA, it said. “With an investment of ₹204 crore, this strategic brownfield expansion is aimed at strengthening its market presence in the South and meeting the growing demand for cement in the region,” the company said in a statement.

Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing. The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT.

Fusion Micro Finance has entered into a loan agreement with the US International Development Finance Corporation (DFC) in Delhi, India. The overall facility from DFC is for $25 million, out of which Fusion Micro Finance has received an initial disbursement of $20 million. These funds will be utilised towards expansion of Fusion Micro Finance’s business operations in India with a mission of advancing financial inclusion and economic empowerment among women entrepreneurs in rural India.

A foreign institutional investor shareholder is likely to sell stake in Indus Towers, per reports. The block deal is likely of 80 lakh shares worth ₹270 crore.

Results calendar: Action Construction Equipment, Aether Industries, Amarnath Fin, Arihant Capital, Artefact, Arvind Fashions, Azad Engineering, Baba Arts, Beeyu Overseas, BHEL, Dollar Industries, DRC Systems, Eris Lifesciences, Fiem Industries, Galaxy Surfcatants, GE T&D, Golkunda Diamonds, Goodricke, Godwari Power, GPT Health, Greenply, GSFC, GTN Textiles, Gulf Oil, Hindustan Motors, HSIL, IL&FS Engineering, JK Tyre, JSL Industries, Lyka Labs, Maharashtra Seamless, Manugraph, Mangalam Drug, Metropolis, Mayur Unique, Morepen Lab, MPS, Natural Capsules, Pritish Nandy, Ramco Systems, Rategain Travel, Religare, Ruchi Infra, Sadbhav Engineering, Sheela Foam, Simplex Realty, TN Telecommunications, Vascon Engineers, VA Tech Wabag and WS Industries.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Nifty and Nifty Bank have made a strong recovery last week. The support on the indices have held very well. The price action during the week indicates that strong buyers are coming into the market at lower levels. That leaves the outlook positive for the Nifty and Nifty Bank index for this week.

Nifty can rise to 22,800-22,830. A break above it can see an extended rise to 23,830 can see an extended rise to 23,100-23,200. Supports are at 22,300 and 22,000.

Nifty Bank index can rise to 49,500-50,000. Supports are at 47,500 and 47,000.

The outlook is bullish for Paras Defence and Space Technologies. There is an inverted head and shoulder pattern formation on the chart.

The neckline resistance at ₹780 is yet to be broken. But the price action on the chart indicates strength and leaves the chances high for the stock to breach ₹780. Such a break can take Paras Defence and Space Technologies share price up to ₹830 in the coming weeks.