Closing bell: Sensex plunges 1%, Nifty below 22,500; Coal India, Grasim shine, L&T, RIL drag

The MRF board has recommended a final dividend of ₹194 (1940%) per share of ₹10 each. The Company has already declared and paid two interim dividends of ₹31 (30%) each per share for the financial year ended March 31, 2024. The total dividend for FY24 works out to ₹200 (2000%) per share of ₹10 each.

Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries and the real estate venture of the Aditya Birla Group, has recorded sales of ₹2,500 crore at the launch of its signature tower Silas at Birla Niyaara at Worli in Mumbai. Read more

The rupee appreciated 3 paise to settle at 83.43 (provisional) against the US dollar on Friday, tracking a weak American currency and retreating crude oil prices. Read more

Best AgroLife Ltd said its subsidiary, Seedlings India Pvt Ltd, has been granted licences for the indigenous manufacture of herbicide and fungicide combinations. The company plans to launch the products under the names “Orisulam” and “Boscalid Pyraclostrobin WG” for weed and disease control in specialty crops. The shares were up by 0.69 per cent at Rs 624 on the NSE.

A total of 1,468 stocks advanced on the BSE, while 2,345 declined and 132 stocks remained unchanged, where 253 stocks hit a 52-week high and 18 stocks hit a 52-week low on the exchange. A total of 3,945 stocks were actively traded today.

Top gainers: Coal India (4.54%), Grasim industries (1.75%), Oil and Natural Gas corporation (1.01%), Bajaj Finserv (0.93%), Hindalco Industries (0.87%)

Top losers: Larsen and Toubro (-2.74%), Maruti Suzuki (-2.31%), Reliance industries (-2.23%), Nestle India (-2.18%), Bharti Airtel (-1.88%)

HFCL Ltd posted 28.46 per cent revenue growth in Q4FY24. The EBITDA margin rose to 15.78 per cent, up from 11.74 per cent in Q4FY23; the company has recommended a dividend of 20 per cent. Revenue from private customers decreased to 74 per cent in FY24 from 83 per cent in FY23. Shares were down by 2.51 per cent at ₹101 on the BSE.

Shares of Rane Brake Lining Ltd hit the upper circuit on NSE and BSE after the company reported a 28 per cent rise in its profit after tax for the January-March 2024 quarter at ₹15.4 crore. Read more

Godrej Properties reported a 14 per cent increase in its net profit in the fourth quarter of FY24. The company’s revenue from operations fell 13.4 per cent.

Shares of Go Fashion (India) hit a 52-week low on the NSE at ₹933.30 following the company’s report of Q4 financial results.

Shares of CEAT Ltd tanked almost 10 per cent on Friday’s trade after the tyremaker on Thursday reported a 22 per cent dip in net profit with ₹102 crore for the quarter that ended in March against ₹132 crore reported during the same quarter last year. 

Freshworks, the Chennai/US-based SaaS company has acquired the US-based startup Device42 for $230 million. This is the first acquisition Freshworks has made post the company’s IPO in September, 2021 that will boost its capabilities in advanced IT asset management.

Top gainers on the NSE include - Coal India (4.54%), Grasim industries (1.75%), Oil and Natural Gas corporation (1.01%), Bajaj Finserv (0.93%), Hindalco Industries (0.87%)

Top losers include- Larsen and Toubro (-2.74%), Maruti Suzuki (-2.31%), Reliance industries (-2.23%), Nestle India (-2.18%), Bharti Airtel (-1.88%)

HFCL Limited reported a 28.46% revenue growth in Q4FY24. The company’s EBITDA margin rose to 15.78% in Q4FY24, up from 11.74% in Q4FY23, and recommends a dividend of 20%. Revenue from private customers decreased to 74% in FY24 from 83% in FY23. Shares were down by 2.51% to ₹101 on the BSE.

At 3:12 pm, the BSE Sensex slumped 1.01% or 751.71 pts to 73,859.40 and the NSE Nifty fell 0.79% or 178.55 pts to 22,469.65.

Go Fashion (India) Limited reported Q4 and FY24 financial performance. The company saw a 12% decline in PAT, a 15% growth in revenue, reaching Rs 762.8 crore for FY24. The shares were down by 1.67% to Rs 1041.25 on the BSE.

CEAT Limited received GST demand orders from authorities in Orissa and Uttar Pradesh, totaling ₹46.2 lakhs for FY 2018-19, with disallowed input tax credit and penalties. the shares were down by 3.79% to ₹2521.30 on the BSE.

Firstsource Solutions Limited approved the acquisition of Quintessence Business Solutions & Services for a consideration of ₹327.81 crore (USD 39.25 Million). QBSS, a Chennai-based company founded in 2011, provides revenue cycle management services for healthcare entities in the USA, with a turnover of USD 14.8 million in FY 2023-2024. The shares were down by 2.11% to ₹206 on the BSE.

BSE Sensex slumped 1020.43 pts or 1.37 per cent at 73,590.68 as of 1.50 pm; and Nifty 50 dropped 265.35 pts or 1.17 per cent at 22,382.85. 

MRF stock declined by 4.42 per cent to trade at ₹1,27,950 on the NSE as of 1.55 pm.

Raymond Limited approved the acquisition of 50,000 equity shares of Ray Global Consumer Enterprise Limited from Ray Global Consumer Products Limited for ₹5 lakhs, making RGCEL a direct wholly-owned subsidiary. RGCEL, incorporated in 2021, currently does not conduct any business, and its turnover for FY24 is Nil. The acquisition aims to facilitate restructuring in the Aerospace business of Raymond Limited. The shares were down by 3.70% to ₹2236 on the BSE.

United Spirits Limited filed a petition in the Bombay High Court challenging a claim of ₹365.33 crore made by the Canteen Stores Department, Ministry of Defence, following a previously settled agreement. Shares were up by 0.49% to Rs 1200 on the BSE

Canara Bank (₹625): The stock is in a long-term uptrend. Last week, it broke out of the hurdle at ₹620 and hit a record high of ₹632.90.

But that said, the chart shows that Canara Bank’s stock did not see a strong follow through rally post the breakout. 

Real estate developer Shriram Properties Ltd (SPL) has announced the acquisition of a 4-acre land parcel in Chandapura, Bengaluru.

According to the company’s statement, the project has a revenue potential of over ₹250 crore and is expected to be developed over the next three years.

The company aims to launch the project during FY25.

The Great Eastern Shipping Company Limited received a penalty of ₹1.33 lakh from the Additional Commissioner of CGST & Central Excise, Mumbai Central, for alleged violations related to the CGST Act, 2017. The shares were down by 2.09% to ₹1,042 on the NSE.

Aditya Vision Limited opened its 147th showroom in Ward-Sarnath, Uttar Pradesh. The shares were down by 1.32% to Rs 3374.90 on the BSE.

After opening higher on Friday, the benchmark indices declined intra-day. BSE Sensex plunged 760.74 pts or 1.02 per cent at 73,850.37 as of 11.53 am; and Nifty 50 declined 186.35 pts or 0.82 per cent at 22,461.85.

All sectoral indices except the healthcare index trade in the negative territory. Nifty IT declined 1.30 per cent to trade at 32,772.00 as of 11.54 am. Nifty PSU Bank and Media stocks declined over 1 per cent. 

Coforge stock tumbled 9.41 per cent to trade at ₹4,487.15. Other major losers of Nifty IT stocks include: HCL Technologies, TCS, LTTS, and Tech Mahindra.

A total of 3,798 stocks were actively traded, 1,283 advanced, while 2,352 declined and 163 stocks remained unchanged where 227 stocks hit a 52 week high and 11 stocks hit a 52 week low on the BSE

Top gainers on the NSE at 12 pm include- Coal India (2.15%), Bajaj Finance (1.69%), Oil and Natural Gas corporation (1.59%), Bajaj Finserv (1.59%), Grasim industries (1.50%)

Top losers on the NSE include - Reliance industries (-2.26%), Nestle India (-2.02%), Larsen and toubro (-1.95%), Bharti Airtel (-1.83%), Maruti Suzuki (-1.65%)

The Swastik Safe Deposit and Investments Limited received a penalty of ₹59.23 lakhs from BSE for non-compliance with Regulation 23(9) of the SEBI LODR Regulations for the half-year ended March 31, 2021.

Shriram Properties Limited acquired a 4-acre land parcel near Electronic City in Bengaluru, aiming to develop a residential project with 4 lakh sqft saleable area and revenue potential exceeding ₹250 crore. The project is expected to launch by FY25. The shares were up by 0.77% to ₹2602 on the BSE.

Aksharchem (India) Limited faced a fire incident at its VS Plant in Mahesana on May 2, 2024, disrupting production operations.There were no human injuries or casualties reported. The company is currently investigating the cause of the fire and assessing the extent of the damage. The shares were down by 0.54% to Rs 276.25 on the BSE.

Mahindra Holidays & Resorts India Limited received an order from the Central GST Division, Bhavnagar-1, Gujarat, demanding a payment of ₹50.89 lakh along with penalties for excess input tax credit for FY 2018-19. The shares were down by 1.06% to Rs 410.30 on the BSE.

Bank Nifty, following muted intraday movement yesterday, has begun today’s session higher at 49,375 versus yesterday’s close of 49,231. However, the index started falling after opening higher and is now hovering around 49,180, down 0.1 per cent.

Tata Consumer Products Limited disclosed a penalty of ₹20,000 imposed by the Deputy Commissioner of State Tax, Patna, for violation based on GSTR 2A data under the CGST/Bihar GST Act, 2017. The shares were up by 1.72% to ₹1109.90 on the BSE.

Swiss Military Consumer Goods Limited acquired land and building in Faridabad, Haryana, for ₹29.53 crore, aiming to establish a new manufacturing facility for luggage and travel gear. The facility, to be completed by December 31, 2024, through a wholly owned subsidiary, SM Travel Gear Private Limited, will have an annual capacity of approximately 10 lakh pieces, with a total investment of ₹56.50 crore. The shares were up by 3.49% to ₹28.43 on the BSE.

Nifty 50 is managing to sustain higher. But the price action on the charts indicate that the index lacks strong follow-through buying. It made a high of 22,794.70 and has come down from there. Nifty is currently trading at 22,685, up 0.15 per cent.

DroneAcharya Aerial Innovations Ltd’s shares were up by 2.38% to ₹154.95 on the BSE. The company secured a work order worth ₹53 lakhs from Alter Dynamics & Artificial Intelligence for utilizing drones in pile inspections above water, meeting Abu Dhabi National Oil Company’s requirements. The project is set to be executed within 2 weeks.

Mahindra & Mahindra reported that it secured a record 674 patents, marking a 380% increase from the previous year. The company’s focus is on research and development, with a total of 1185 patents granted globally. The company’s subsidiary, Mahindra Electric Automobile Ltd., contributed with 115 registered designs and 178 new applications. The shares were up by 0.45% to Rs 2194 on the BSE.

The rupee climbed 9 paise to 83.37 against the US dollar in early trade on Friday, tracking strong sentiment in the domestic equity markets and a weak American currency against major rivals overseas.

Forex traders said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency.

At the interbank foreign exchange, the domestic unit opened strong at 83.40 and touched the intra-day peak of 83.36 against the greenback.

The local unit later traded at 83.37 against the dollar in the morning deals, registering a gain of 9 paise from its previous closing level. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday. - PTI

A total of 2,957 stocks were actively traded, 2,057 advanced, while 782 declined and 118 stocks remained unchanged where 150 stocks hit a 52 week high and 6 stocks hit a 52 week low on the BSE.

Top gainers on the BSE include - Bajaj Finance (5.96%), Bajaj Finserv (4.83%), Ntpc (2.76%), Ongc (2.62%), Shriram finance (2.16%)

Top losers include- Adani Enterprises (-0.65%), Maruti Suzuki (-0.62%), Larsen and Toubro (-0.47%), Hero Motocorp (-0.45%), Bharti Airtel (-0.42%)

Crude oil futures traded higher on Friday morning as market reports indicated that OPEC+ may continue with production output cuts beyond June also. At 9.18 am on Friday, July Brent oil futures were at $83.96, up by 0.35 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $79.22, up by 0.34 per cent. May crude oil futures were trading at ₹6618 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday morning against the previous close of ₹6601, up by 0.26 per cent, and June futures were trading at ₹6602 against the previous close of ₹6576, up by 0.40 per cent.

SIS Ltd, the country’s largest security, facility management and cash logistics service provider, is looking at a 20 per cent increase in revenues for FY25, from its India and overseas operations.

Revenue CAGR for the company is around 15 per cent.

Indian equity benchmark indices, Sensex and Nifty, opened higher on Friday, following a global uptrend after the U.S. Federal Reserve indicated a reluctance towards further rate hikes. The 30-share BSE Sensex climbed 427.44 points to 75,038.55 in early trade. The NSE Nifty gained 125.45 points to 22,774.65. 

Major indexes closed higher in the previous session as markets reacted positively to a less-hawkish Fed stance and lower oil prices, both of which have seen a 1% increase this week.

The Nifty has tripled from its 2020 lows, and there has been a significant rise in demat accounts, indicating increased retail investor participation. Indian retail investors, HNIs, and DIIs are dominating while FIIs are losing influence. Strong GDP growth and corporate earnings are supporting the market rally. Vijayakumar suggests that the market has already factored in the election outcome, with attention now turning to the Budget. He advises investors to consider a multi-asset investment strategy focusing on equity.

Shares of Bajaj Finance will be closely watched after the non-bank lender announced that the Reserve Bank of India had lifted restrictions on its lending products, allowing it to resume loan sanction and disbursal in previously banned segments. Bajaj Finance shares gained 6.49% to trade at ₹7,329.65.

Asian markets opened higher, with the MSCI Asia ex-Japan index up by 1.1%. Wall Street also saw gains after Fed Chair Jerome Powell’s remarks on Wednesday indicating a cautious approach to further interest rate increases.

Foreign institutional investors sold Indian shares worth Rs 964 crore on Thursday, but domestic institutional investors bought shares worth Rs 1,352 crore, offsetting the foreign outflows.

Investors are also keeping an eye on U.S. jobs data due later in the day for further insights into the Fed’s interest rate plans.

Aluminium: resilient outlook

Demand recovery to support prices; Indian smelters well placed 

Hindalco– Buy, TP Raised to Rs 770

Raise FY24-26CL Ebitda by 4%-13% on higher aluminium price assumptions & also raise profitability est. for Novelis 

Vedanta – Buy, TP raised to Rs 430

Believe Vedanta is well placed to benefit from commodity upcycle given its diversified exposure. 

In addition, efforts to raise capacity & profitability across segments through its ongoing capex programme augur well. 

Overweight Call, Target Rs 1,826 

Earnings Were 15-20% Above Estimates 

Industrials portfolio and Lloyd’s contribution margin 

Core Revenue Growth Should Be Stronger In FY25-26 

Core Revenue Growth Should Be Driven By Real Estate Cycle And C&W Capacity 

Co’s Strategy Of ‘Deeper Into Home’ Is A Sustainable Growth Driver

Buy Call, Target Rs 390

Investor Interactions Indicate Broad Consensus On Better Profitability And Attractive Valn 

Key Concerns Include Skepticism Around Production Growth 

Key Concerns Include Whether KG Basin Production Will Be Profitable Given High Opex 

See Ramp-Up In KG Basin Production In Q3FY25 

Se Accretion To Profitability (11% To FY26 Consol EBITDA) As Key Triggers 

Overweight Call, Target Rs 604

Q4 Broadly In Line 

Continued share gains & rural growth outpacing urban growth are positives 

Weaker top-line growth momentum was a negative 

Equal-weight Call, Target Raised To Rs 180

Core PPoP Growth Was 4% YoY Adjusted For One-offs In Costs/Fees 

Asset Quality Was Strong And Credit Costs Stayed Low 

RoAs Should Stay Strong, With No Likely Rate Cuts In The Near Term 

Valuation Appears Fair

HSBC on Adani Ports

Buy Call, Target Rs 1,560

FY25 Guidance Implies 10-14% Growth Which Think Is Achievable

Forecast 15% EBITDA CAGR In FY24-27

FY25 Est EBITDA Is 4% Above Top-End Of Co’s Guidance Range

Jefferies on Adani Ports

Buy Call, Target Raised To Rs 1,640

Q4 EBITDA 5% Lower Than Expectations As Realisations Were Tad Lower

Management Commentary Was Confident On Double Digit Growth

FY25 Volume Guidance At 460-480 mt (10-14% Rise YoY) Is In Line

CITI on Adani Ports

Buy, TP Rs 1782

Not only reported strong 4Q but also gave healthy FY25E guidance

Notably strong capex planned in FY25E not only underlines strong cash flows & BS but also is an indication of intent to accelerate growth

Jefferies on Bajaj Fin

Buy Call, Target Rs 9,260

RBI Lifts Restrictions It Had Imposed On Co’s eCom & Digital EMI Cards

View This Positively, As Resolution Has Come Within Just 6 Months Of Imposition

Co Saw An Impact Of More Than 10% On New Loans Booked & 4% On Consol

PBT In Q4 Due To This & Self-imposed Restrictions On Physical EMI Cards

This Improves Visibility Of Growth, See 24% Profit CAGR Over FY24-27

CITI on Bajaj Fin

Buy, TP Rs 8675

RBI Lifts Restrictions Within 5 Mths; Earnings Impact Was 4% in 4Q

Believe rectification & ensuring lifting of restrictions in span of 5 mths is commendable.

Management remains committed to avoiding recurrence of regulatory restrictions

Jefferies on Coal India

Buy Call, Target Rs 520

Q4 reported EBITDA & PAT grew 21-26% YoY,

EBITDA, PAT Rise Includes Effect Of Accounting Policy Changes For Stripping Activity Costs

Q4 Cash EBITDA, Excluding Noncash Stripping Activity Adjustment, Rose 14% YoY

Q4 Cash EBITDA 18% Below Est Due To Sharp QoQ Rise In Staff & Other Expenses

Dispatch Volumes Grew 8% YoY While Cash EBITDA/Ton Rose 6% YoY

CITI On Coal India

Neutral, TP Rs 460

4Q EBITDA excluding OBR adj reversal 14% higher yoy on higher vol (+8%) & lower costs (-13%); though blended realizations fell 10% yoy.

Like to-like comparison may not be possible; however, EBITDA appears to be below est. 

Jefferies on Coforge

Downgrade To Underperform, Target Cut To Rs 4,290 from Rs7,650

Q4 Missed Est On Lower Than Expected Margin

Co Did Not Offer Growth Guidance For FY25, Implying Higher Uncertainty

Large Acquisition Adds Another Layer Of Execution Risk, Warranting A De-rating

Imminent QIP Should Be An Overhang As Well

Cut Est By 11-16%

CITI On Coforge

Sell, TP Cut to Rs 4550

Reported soft 4Q – revs & margins below est.

Mgmt. suspended FY25 rev growth guidance due to uncertain environment; indicated to deliver robust growth in FY25

Lower FY25/FY26E est. by 5%

Cut multiple to 28x given lower growth & QIP overhang

InCred on Coforge

Downgrade To Reduce, Target Cut To Rs 4,431

Cigniti Acquisition Drives 6% Cut In FY24-26 EPS CAGR

Although Acquisition Adds Capabilities, Geography & Vertical Diversification

Associated Dilution Outweighs Gains From Integration

* Maintain Buy with target price of Rs 9260

* Lifting of RBI’s restrictions to aid business and improve growth visibility

* View this positively, as resolution has come within just 6 months of imposition

* Saw an impact of +10% on new loans booked & 4% on consol. PBT in Q4

* Don’t change est., but this improves visibility of growth - see 24% profit CAGR over FY24-27

* Stays among our top NBFC picks

Route – Tender 

Buyback Price: 2,770/ 

Current Market Price: 2233.10 /-

Market Cap: Rs 28,118 crores 

Buyback Size: Rs 285 Crs (Representing 8.34% and 8.03% of the aggregate of the Company’s fully paid-up equity capital and free reserves)\u0009\u0009

Buyback Size: 10,28,881 shares (Representing 0.82% of O/s. shares)\u0009

Retail Quota: 1,54,332 Shares

Last Cum Trading Date – 29 May 2024

Ex-Date – 30 May 2024

Buyback Record Date: 30 May 2024

Buyback Schedule: Not Yet Announced

Silver prices remained stable as investors continued to examine the Federal Reserve’s expected interest rate path after recent economic data. The Federal Reserve maintained its interest rate steady, and Fed Chair Jerome Powell said that the next rate adjustment from the central bank would most likely be a rate cut. According to a Labour Department study, unit labour expenses increased by 4.7% in the first quarter after being revised unchanged in the fourth. Separately, the Labour Department said that initial unemployment claims remained unchanged last week, while the Commerce Department reported that the United States’ trade deficit reduced marginally in March.

Gold prices were expected to decrease for the second week in a row as investors avoided establishing large holdings ahead of U.S. non-farm payrolls data, which might provide fresh clues about the Federal Reserve’s policy direction. The US central bank maintained interest rates constant and suggested that it is still leaning towards eventually lowering borrowing costs, but raised concerns about recent poor inflation data, which might delay such rate decreases. The number of Americans submitting new jobless claims remained low last week, indicating a relatively tight labour market that should continue to support the economy in the second quarter. SPDR Gold Trust reported that its holdings declined 0.17% to 829.60 tonnes on Thursday, from 831.04 tonnes.

Key economic data slated for release includes Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate, ISM Services PMI from US Zone.

Moved out of short-term ASM framework: Bajel Projects, IRM Energy, VA Tech Wabag. 

Price Band change from 20% to 5%: Semac Consultants. 

Ex/record dividend: Sanofi India.

Cyient: HDFC Mutual Fund bought 11.33 lakh shares (1.02%) at Rs 1,800 apiece. 

Car Trade Tech: CMDB LI sold 3.75 lakh shares (0.8%) at Rs 710.08 apiece. 

Inox Green Energy Services: Sixteenth Street Asian Gems Fund bought 40 lakh shares (1.36%) at Rs 144.5 apiece. 

Zaggle Prepaid Ocean Services: Ventureast Proactive Fund sold 22.27 lakh shares (1.82%) at Rs 302 apiece while ICICI Prudential Mutual fund bought 11.58 lakh shares (0.95%) at Rs 302 apiece. 

Bajaj Finance: The Reserve Bank of India lifted restrictions on the company’s eCOM and online digital Insta EMI Card products with immediate effect.

* Adani Energy:* The company is in a pact with Windson Project to acquire Pointleap Projects for Rs 13.15 crore.

* Max Estates:* The company arm signed an agreement for a residential development project in Gurugram with a GDV potential of over Rs 9,000 crore.

* UGRO Capital:* The company plans to raise Rs 1,323 crore via CCDs and warrants and acquire

‘MyShubhLife’ for an aggregate consideration of Rs 45 crore.

* Mazagon Dock Shipbuilders:* The company received an international shipbuilding order worth $42 million to construct three hybrid-powered vessels.

* Hindustan Unilever:* HUL appointed Vipul Mathur as Executive Director, Personal Care, effective June 1.

* Wipro:* The company will implement Wipro’s Medicare Prescription Payment Plan platform for the upcoming open enrollment period.

* Indian Energy Exchange:* The company achieved 9,044 MU overall volume in April, marking a 14.1% YoY increase, and REC volume at 618 MU, up 211% YoY.

* Jubilant Pharmova:* The company appointed Harsher Singh as CEO of the Radio pharma business.

* Gujarat Industries Power:* The company entered into a loan agreement worth 2,832 crore with the national bank for financing infrastructure and development.

* Moil:* The company reported April production up 22% YoY and sales up 17% YoY.

* KEl Industries:* The company partnered with BRUGG to produce EHV cables up to 400 kV.

* Zydus Lifesciences:* The company to sell shares worth Rs 282 crore of JV Bayer Zydus Pharma

Bayer Zydus Pharma to cease to be a JV of the company post the stake sale.

* Birla Corporation:* The company approved the restructuring of the scope of the second phase expansion of the existing capacity of the grinding cement plant in Uttar Pradesh. The expansion will feature an investment of Rs 425 crore.

* Suzlon Energy:* The company approved the merger of Suzlon Global Services with the company

* TVS Holdings:* The company is to acquire the remaining 10.74% stake in Emerald Haven Realty from Sandwood Investments for Rs 41.16 crore.

* Aptech:* The board approved the amalgamation of Arm MEL Training and Assessments, Aptech Ventures, and Aptech Investment Enhancers to merge with the company.

* Goodyear India:* CFO Manish Mundra resigned effective June 30.

Revenue up 4.07% at Rs 2992 crore vs Rs 2875 crore (Bloomberg estimate Rs 3,055 crore).

Ebitda at Rs 392 crore vs Rs 368 crore, up 6.44% (Bloomberg estimate Rs 454 crore). 

Margin up 29 bps at 13.08% vs 12.79% (Bloomberg estimate 14.9%). 

Net profit down 22.76% at Rs 102.27 crore vs Rs 132.42 crore (Bloomberg estimate Rs 169 crore). 

Board recommends final dividend of Rs 30 per share. 

Revenue up 38.17% at Rs 1,332 crore vs Rs 964 crore (Bloomberg estimate Rs 1,346 crore).

Ebitda down 20.04% at Rs 65.49 crore vs Rs 81.91 crore (Bloomberg estimate Rs 156 crore). 

Margin down 358 bps at 4.91% vs 8.49% (Bloomberg estimate 11.6%). 

Net profit down 62.21% at Rs 10.13 crore vs Rs 26.81 crore (Bloomberg estimate Rs 48.66 crore). 

Revenue up 8.73% at Rs 1,323 crore vs Rs 1216 crore, (Bloomberg estimate Rs 1,331 crore).

Ebitda up 13.41% at Rs 226 crore vs Rs 199 crore (Bloomberg estimate Rs 193 crore). 

Margin up 70 bps at 17.08% vs 16.37%, (Bloomberg estimate 14.5%). 

Net profit up 12.01% at Rs 77.78 crore vs Rs 69.44 crore (Bloomberg estimate Rs 65.8 crore). 

Board recommends dividend of Rs 25 per share. 

Revenue down 0.55% at Rs 2427 crore vs Rs 2,440 crore (Bloomberg estimate Rs 2,441 crore).

Ebitda down 5.27% at Rs 361 crore vs Rs 381 crore, (Bloomberg estimate Rs 372 crore). 

Margin down 74 bps at 14.85% vs 15.59%, (Bloomberg estimate 15.2%). 

Net profit down 17.42% at Rs 231 crore vs Rs 280 crore, (Bloomberg estimate 208 crore). 

Revenue up 24.58% at Rs 833 crore vs Rs 668 crore.

Ebitda down 10.06% at Rs 116 crore vs Rs 130 crore. 

Margin down 539 bps at 13.99% vs 19.39%. 

Net profit up 24.76% at Rs 77.53 crore vs Rs 62.14 crore. 

Revenue up 21.08% at Rs 154 crore vs Rs 127 crore (Bloomberg estimate Rs 154.2 crore).

Ebitda up 135.43% at Rs 12.69 crore vs RFs 5.39 crore (Bloomberg estimate Rs 10.4 crore). 

Margin up 400 bps at 8.25% vs 4.24% (Bloomberg estimate 6.7%). 

Net loss at Rs 0.96 crore vs profit of Rs 4.97 crore (Bloomberg estimate Net loss of Rs 1 crore). 

Revenue up 19.53% at Rs 1,054.08 crore vs Rs 882 crore (Bloomberg estimate Rs 1,034 crore).

Ebitda up 86.32% at Rs 278 crore vs Rs 149 crore (Bloomberg estimate Rs 250 crore). 

Margin up 946 bps at 26.4% vs 16.93% (Bloomberg estimate 24.1%). 

Net profit up 65.82% at Rs 203 crore vs Rs 122 crore (Bloomberg estimate Rs 187 crore). 

Revenue up 18.76% at Rs 2319 crore vs Rs 1953 crore (Bloomberg estimate Rs 2,347 crore).

Ebitda up 20.96% at Rs 245 crore vs Rs 202 crore. 

Margin up 19 bps at 10.54% vs 10.35%. 

Net profit up 22% at Rs 168 crore vs Rs 138.09 crore (Bloomberg estimate Rs 172 crore). 

Revenue up 1.51% at Rs 2,358 crore vs Rs 2,323 crore (Bloomberg estimate 2,385 crore).

EBIT down 4.1% at Rs 301 crore vs Rs 314 crore (Bloomberg estimate Rs 372 crore). 

EBIT down 74 bps margin at 12.76% vs 13.51% (Bloomberg estimate 15.61%). 

Net profit down 5.6% at Rs 229 crore vs Rs 243 crore (Bloomberg estimate 280 crore). 

Board approved fourth interim dividend of Rs 19 per share. 

Signs share purchase agreement to acquire up to 54% stake in Cigniti Tech. 

Revenue down 1.95% at Rs 37,410 crore vs Rs 38,152 crore (Bloomberg estimate Rs 36,909 crore.)

Ebitda up 21.47% at Rs 11,338 crore vs Rs 9,333 crore (Bloomberg estimate of Rs 10,132 crore). 

Margin up 584 bps at 30.3% vs 24.46% (Bloomberg estimate of 27.5%). 

Net profit up 25.78% at Rs 8,640 crore vs Rs 6,869 crore (Bloomberg estimate Rs7,617 crore). 

Board recommends final dividend of Rs 5 per share. 

(CIFC IN, Mkt Cap USD13.1b, CMP INR1302, TP INR1500, 15% Upside, Buy)

Motilal Oswal Financial

- Cholamandalam Inv. & Finance (CIFC)’s 4QFY24 PAT grew ~24% YoY to INR10.6b (9% beat). NII grew ~33% YoY to ~INR23.5b (in line). FY24 PAT rose 28% YoY to INR34.2b.

- Other income jumped ~89% YoY to ~INR5.6b (28% beat). Management expects the fee income to continue growing in line with business growth.

- Opex, in 4QFY24, rose ~63% YoY to ~INR12.85b (15% higher than est.), while the cost-to-income ratio rose ~6pp YoY to ~44% (PY: ~38%). This was primarily due to investments in newer businesses, annual incentives, and CSR expenses. Earlier during the year, the company also moved a large proportion of its outsourced employees to its own payroll.

- GS3/NS3 declined ~35bp/20bp QoQ to 2.5%/1.3%, while PCR on S3 rose ~130bp to ~46%. ECL/EAD declined to 1.72% (PQ: ~2%). 4QFY24 credit costs stood at ~INR1.9b, which translated into annualized credit costs of ~0.5% (PQ: ~1.1% and PY: 0.5%).

- Disbursements were strong at ~INR248b (in line) and grew 18% YoY. Newer lines of businesses contributed ~23% to the disbursement mix (same as the prior quarter).

- NIM (calc.) remained stable QoQ, but core spreads (calc.) declined ~15bp to 6.2%, due to a decline in yields (calc.) by ~20bp QoQ. Management expects the CoB to increase slightly due to liability mix diversification. We model NIM of ~6.8%/6.9% in FY25/FY26.

- We estimate a disbursement/AUM/PAT CAGR of 21%/27%/34% over FY24- FY26. CIFC has levers on cost ratios and business AUM growth to deliver a healthy RoA/RoE of ~2.7%/22% in FY26. We believe in CIFC’s ability to sustain profitable growth in this franchise. We reiterate our BUY rating on the stock with a revised TP of INR1,500 (based on 4.0x FY26E BVPS).

- Key risks to our TP are: 1) higher delinquencies and credit costs in new businesses, particularly CSEL; and 2) pronounced cyclicality in the vehicle finance business, despite management making efforts to mitigate it.

Apr-24 volumes: 2Ws continue to do well; 4Ws struggle

Emkay Global

Auto & Auto Ancillaries ▶ Sector Specific Monthly Notes ▶ May 2, 2024 ▶ 

Auto volume trends in Apr-24 remained on the existing trajectory, highlighted by continued double-digit growth for 2Ws and further weakening of momentum in 4Ws. Among OEMs, 2W market leader HMCL outperformed with ~35% YoY growth (BUY; refer our recent note), while PV leader MSIL reported muted ~5% growth (REDUCE; refer our recent note). Combined retails over Mar-Apr (festive mismatch in Navratras) grew 18% in 2Ws, declined 11% in MHCVs, and were flat for PVs and tractors; we highlight that post-curtailment of FAME subsidy in Mar, E-2W retails fell 4% YoY in Apr-24, with penetration levels below 4% vs. 8.9%/5.4% in Mar-24/FY24, resp

Prabhudas Lilladher

§ Indian benchmark HRC rose for the third consecutive week to Rs 53,600/t (+0.4% WoW). Spot spread for the week improved 1.3% WoW to Rs 24,607/t.

§ Chinese and European HRC prices remained flat WoW to USD 540/t and USD 595/t respectively. Spot spreads for the two geographies improved 1% each WoW respectively to USD 145/t and USD 200/t as coking coal prices declined 1% WoW to USD244/t. Chinese spot iron ore price remained flat WoW to USD 117/t due to ongoing Chinese Labour Day holidays this week.

§ Non-ferrous metal prices continued to inch up this week & stabilized at higher levels. Alumina spot at USD472/t to benefit domestic players (NACL).

§ ICSG forecasted that World’s refined copper production to grow ~2.8% in 2024 and 2.2% in 2025 and refined copper surplus of ~162kt in 2024. World copper mine production’s growth for 2024 has been revised down to 0.5%; primarily attributed to slower project ramp-ups, commissioning delays, and the closure of First Quantum’s Cobre Panama mine with a capacity of 380ktpa.

§ Domestic steel demand remains stable amidst ongoing elections. With stable secondary HRC prices, primary steel mills would attempt smaller price hikes in coming months. With stable coking coal prices (USD230-250/t), global steel prices would remain stable aiding domestic companies. Recent higher spreads in China can however lead to uptick in steel production, exerting pressure on prices. Top picks: HNDL, JSTL and JDSL.

Emkay Global

TARGET PRICE (Rs) : 700 

Ambuja Cements’s consol. EBITDA grew 37% YoY (2% lower QoQ) to Rs17bn, marginally below our expectations (Emkay: Rs17.3bn). Ambuja continues making significant strides towards becoming the lowest-cost cement producer, having achieved ~Rs180/t reduction QoQ in total costs, in Q4. Ambuja targets total cost/t of Rs3,650 by FY28 (a >Rs500/t reduction). Following the recent capital infusion (warrants), Ambuja now boasts of a war chest of Rs243bn, which it aims to use for accelerating its expansion program. Mgmt has chalked out a clear roadmap to reach capacity of 100mt by FY26 (140mt by FY28, clinker backed), along with ~8 billion metric ton limestone reserves. Factoring-in the cost-saving initiatives and growth visibility, we raise FY26E EBITDA by 4%. We maintain BUY on the stock, with revised Mar-25E TP at Rs700/sh (from Rs615), based on implied consol. EV/E of 17x (earlier, 15x) after the quarterly roll-over

Emkay Global

TARGET PRICE (Rs) : 350 

We downgrade Greenpanel Industries to ADD from Buy, factoring in the near-term challenges. Greenpanel’s EBITDA declined 33% YoY/14% QoQ to Rs516mn, with margin shrinking by 443bps YoY/255bps QoQ to 13% (Emkay: 13.6%). MDF volume declined 7% YoY to ~127KCBM, mainly due to sharp fall in the exports segment (down 75% YoY to 11KCBM) as Company consciously reduced exports owing to unfavorable international prices. We anticipate near-term headwinds to persist for the MDF industry due to i) delay in implementation of BIS norms by a year, to Feb25, resulting in increased imports, ii) timber prices staying elevated in FY25, iii) India’s MDF capacity likely growing 30% YoY to ~3mn CBM in FY24E, and projected to rise to 3.6mn CBM by FY25, potentially heightening competitive pressure. We cut FY25-26E EBITDA by 8-19% and shear off Mar-25E TP to Rs350/sh, post-Qtrly rollover.

Emkay Global

TARGET PRICE (Rs) : 660

Amid a muted demand setting, Dabur’s thrust on enhancing its distribution has been rewarding, with 95% of the portfolio seeing market share gains and better growth in Rural (~8% vs ~4% growth in Urban). Management sees high-single to low-double-digit revenue growth for FY25, backed by mid-to-high single-digit volume growth. EBITDA margin is likely to see expansion to 20% in FY25E from 19.4% in FY24, given the raw material scenario remaining favorable as well as better mix and cost efficiencies. Q4 topline growth at 5% was in-line, and better than expected margin aided the EBITDA (+14% YoY)/earnings (+16% YoY) beat of 6%/7%. We maintain FY24-26E revenue/earnings CAGR at 10%/16%; retain BUY, with Mar-25E TP of Rs660, on 46x P/E. Dabur stays our preferred sector pick and a play on Rural demand recover

Emkay Global

TARGET PRICE (Rs) : 1,345

Gravita India (GRAV) clocked lead volume growth of 25% YoY in Q4FY24, despite Red Sea challenges, and guided to 25-30% YoY growth in consol. volumes for FY25E. Mgmt. has added iron, steel and paper to its Vision 2028 and reiterated 25% vol./35% earnings CAGR till FY28. Company highlighted progress on the regulatory framework (BWMR norms, EPRs, etc), with MCX approval expected by Q2FY25 for listing of ADC12 (core AL alloy) to enable AL exposure hedging. Mgmt anticipates paper/steel recycling facilities to start by FY26/27, besides the capex on Li-ion recycling starting FY25. We trim FY25-26E earnings 3-4% each, building-in a modest vol. growth of 30% in FY25E and gradual improvement in WC cycle. We retain our BUY rating on GRAV, rolling over to Mar-25E TP of Rs1,345/sh (from Dec-24E TP of Rs1,325 earlier).

(AJP IN, Mkt Cap USD3.4b, CMP INR2234, TP INR2565, 15% Upside, Buy)

Motilal Oswal Financial

Aims to consistently outperform the industry in branded generics

- Ajanta Pharma (AJP) delivered in-line sales in 4QFY24. However, EBITDA/PAT came in lower than our expectations, due to higher opex and higher tax outgo. AJP continued to outperform the industry in domestic formulation (DF) and Asia market. The performance is expected to improve in the Africa branded generics market going forward.

- We cut our estimates by 6%/7% for FY25/FY26, factoring in a) moderation in US growth prospects, b) higher logistics costs due to ongoing geopolitical tension, and c) a higher tax rate. We value AJP at 27x 12M forward earnings to arrive at a TP of INR2,565.

- We expect a 17% earnings CAGR over FY24-26, backed by a 12%/15% sales CAGR in DF/Asia segment and a 150bp margin expansion. With new launches, MR addition and increased market share in existing products, AJP remains in good stead to outperform in the branded generics market (70% of FY24 sales). AJP continues to build the ANDA pipeline for the US market and implement efforts toward consistent compliance. Maintain BUY.

(DABUR IN, Mkt Cap USD11.2b, CMP INR525, TP INR650, 24% Upside, Buy)

Motilal Oswal Financial

- Dabur’s 4QFY24 revenue growth was largely in line, but EBITDA was above our estimate. Consolidated revenue increased 5% YoY (in line) and 7% YoY in constant currency (cc) terms. For the India business, volume grew 4% YoY (organic growth at ~3% YoY). International business grew 12% YoY in cc.

- The HPC business sustained a healthy growth of 9% YoY, with oral care clocking 22% growth (led by price hikes, share gains, and distribution expansion). Dabur has become the No. 1 oral care player in the markets of Odisha, Karnataka, and AP. In the HPC category, Hair Oil declined 3% YoY, while Home Care, Shampoo, and Skin Care clocked 8%, 6%, and 1% YoY growth, respectively.

- Seasonal businesses, such as the Healthcare division, declined 2% YoY, while F&B was flat YoY. Delay in the winter season impacted health supplement growth adversely; both chyawanprash and honey were weak despite gaining market share. Beverages were hit by the high base. Badshah was up 23% YoY in FY24.

- GM improved 280bp YoY to 48.6% (in line). Conversely, high A&P spending (up 21% YoY) restricted EBITDA margin expansion to 130bp YoY to 16.6% (est. 15.7%). EBITDA growth was healthy, at 14% YoY.

- With an improving volume trajectory and a price hike benefitting revenue (unlike peers), we expect revenue growth acceleration in the ensuing quarters. Dabur’s own initiatives around distribution, new launches, and marketing spend will further boost the growth. The operating margin also has scope for improvement in the medium term, hovering around the ~20% band over the last eight to nine years (unlike peers that enjoyed expansion). We value Dabur at 48x FY26E EPS to arrive our TP of INR650. We reiterate our BUY rating on the stock. Dabur is our top pick in the staples space.

(FB IN, Mkt Cap USD4.9b, CMP INR168, TP INR195, 16% Upside, Buy)

Motilal Oswal Financial

Restructured book declines to ~1.0%

- FB reported a mixed quarter as net earnings stood at INR9.1b (in line), led by lower other income and higher opex (wage provisioning of INR1.62b). NII was in line with our estimate, aided by a 2bp QoQ expansion in margins.

- Advances growth was healthy at 20% YoY/5.1% QoQ. Deposits grew 18% YoY/5.4% QoQ, aided by continued traction in term deposits. The CASA ratio moderated 125bp QoQ to 29.4%.

- Fresh slippages moderated to INR3.5b from INR4.8b in 3QFY24. GNPA/NNPA ratios improved 16bp/4bp QoQ to 2.1%/0.6%. Restructured book declined ~14bp QoQ to 1.0%.

- FB reported RoA/RoE of 1.2%/12.8% in 4QFY24. We fine-tune our estimates and expect FB to deliver RoA/RoE of 1.36%/15.1% in FY26. We reiterate our BUY rating on the stock.

(ACEM IN, Mkt Cap USD16.5b, CMP INR626, TP INR600, 4% Downside, Neutral)

Motilal Oswal FInancial

Targets capacity to increase to 100mtpa/140mtpa by FY26/FY28

- Ambuja Cement (ACEM)’s standalone EBITDA was up 1% YoY to INR8.0b (vs. est. of INR9.3b). EBITDA/t came in at INR837 (est. INR1,038) and OPM stood at 16.7% (vs. est. 19.8%). PAT (adjusted for loss on the sale of Sanghi’s share in open market) was INR5.4b (vs. est. INR6.3b). Consolidated volume grew 17% YoY in 4QFY24. EBITDA grew 37% YoY to INR17b and EBITDA/t was up ~17% YoY (down 17% QoQ) to INR1,025. 

- ACEM targets further cost reduction by INR530/t to INR3650/t (at consol.) by FY28 to become the cost leader in the industry. Its key focus areas would be Logistics optimization, reduction in energy and raw materials costs. It aims to commission clinker/grinding capacity of 4mtpa/4.8mtpa by 4QFY25.

- We maintain our earnings estimate for FY25/FY26. ACEM trades at 19.6x/ 16.8x FY25E/FY26E EV/EBITDA (standalone). We maintain our Neutral rating on the stock as we await clarity on the expansion plans of the company.

(ADSEZ IN, Mkt Cap USD34.6b, CMP INR1339, TP INR1550, 16% Upside, Buy)

Motilal Oswal Financial

- Adani Ports & SEZ (APSEZ) reported a revenue growth of 19% YoY to INR68.9b in 4QFY24 (in line). During the quarter, APSEZ recorded 26% YoY growth in cargo volumes to reach 108.8 MMT.

- EBITDA margin came in at 58.6% in 4QFY24 vs. our estimate of 59.4% (up 220bp YoY, down 190bp QoQ). While EBITDA grew 24% YoY to INR40.4b, APAT increased 11% YoY to INR22.9b (in line with our estimate).

- In 4QFY24, port revenues rose 24% YoY to INR54.7b and EBITDA margins stood at 70% (flat YoY). Logistics revenues grew 5% YoY to INR5.6b and EBITDA margins stood at 18.7% (vs. 24.8% in 4QFY23). During FY24, revenue increased 28% YoY to INR 267b, EBITDA grew 24% YoY to INR 158.7b, and APAT stood at INR89b (+16% YoY). APSEZ has declared a dividend of INR6 per share in FY24, with a total payout of INR13b.

- APSEZ reported a robust FY24 by handling 420 MMT of cargo volume, surpassing the management’s revised cargo volume guidance of 400 MMT. Further, through debt reduction, APSEZ has achieved a net debt-to-EBITDA ratio of 2.3x vs. 3.1x in Mar’23.

- The 4Q performance was largely in line with our estimates. APSEZ is expected to record 2-3x of India’s cargo volume growth, driven by a balanced port mix on the western and eastern coastlines of India and an operational ramp-up at the recently acquired ports. Further, the logistics business will also serve as a value addition to the domestic ports business with a focus on enhancing last-mile connectivity. We expect APSEZ to report 11% growth in cargo volumes over FY24-26. This would drive a CAGR of 14%/15%/19% in revenue/ EBITDA/PAT over FY24-26. We largely retain our estimates and reiterate our BUY rating with a revised TP of INR1,550 (based on 17x FY26E EV/EBITDA).

A recent analysis conducted by TeamLease Services highlights a notable increase in employment demand within the retail lending sector in BFSI, particularly in Tier II and Tier III markets. The analysis, based on data from the firm’s top clients, totalling a base of over 45,000 temp employees, underscores a significant trend in the industry.

Over the past two financial years, the retail lending sector, which includes Personal Loan, Home Loan, Credit Cards and Micro Financing has exhibited remarkable growth, with a 29% increase in overall employment figures. Notably, the Tier II and Tier III segments have witnessed substantial growth rates of 21% and 26%, respectively, YoY between FY23 and FY24. This surge in employment demand reflects the expanding footprint of retail lending institutions in non-metro and semi-urban areas.

The SME Initial Public Offering of Storage Technologies and Automation Limited was subscribed 29.89 times on the second day of bidding led by Retail and NII.

The issue received bids of 8,21,98,400 shares against the offered 27,50,400 equity shares, at a price band of ₹76-78, according to the data available on the SME platform of BSE.

Retail Portion was subscribed 48.05 times, Non-Institutional Investors Portion was subscribed 27.89 times, whereas Qualified Institutional Buyer Portion subscribed 0.12 times. The issue kicked off for subscription on Tuesday, April 30, 2024 and will close on Friday, May 03, 2024.

OneView Corporate Advisors Private Limited is the sole book-running lead manager and Integrated Registry Management Services Private Limited is the registrar to the issue. The equity shares are proposed to be listed on SME Platform of BSE Limited.

Sunil Damania, Chief Investment Officer, MojoPMS

“The adage “Sell in May and Go Away” originated from the practices of British brokers on the London Stock Exchange, who historically took extended summer vacations. However, contemporary market dynamics have rendered this notion obsolete, as trading activity remains robust year-round with no significant impact on volume or liquidity during the summer months.

Examining market trends over the past decade reveals a pattern of positive returns in nine out of ten instances for the three-month period ending in July. This suggests that holding investments from April to July typically yields favourable results, with the sole exception occurring in 2019, coinciding with an election year. Given the current electoral landscape, there exists a likelihood of profit booking in anticipation of market shifts.

Presently, market sentiment reflects confidence in the Modi government’s continuity, with positive expectations already factored into pricing.

While the short-term outlook may appear subdued, our assessment of the equity market for the medium to long term is notably bullish. We maintain a strong conviction that the Indian equity market is poised for significant growth, potentially doubling from the current election cycle to the subsequent one.

Therefore, investors facing short-term uncertainties are encouraged to adopt a perspective focused on long-term gains.”

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

“We are in a bull market. Nifty has tripled from the 2020 March lows. Explosive growth in the number of demat accounts from around 4 crores in March 2020 to above 15 crores now indicates the arrival of the retail investors. Indian retail investors, HNIs and DIIs are calling the shots in this bull market and FIIs are consistently losing the tug of war going on in the market. The rally is fundamentally supported by impressive GDP growth and decent corporate earnings. In such a scenario, old trends and sayings like “sell in May and go away” do not hold good.

The market has already discounted the NDA/BJP in the elections. Therefore, the election outcome is unlikely to influence the market beyond a point. However, the market is likely to react to the Budget which the prime minister has already indicated will be ‘transformational’.

Investors may adopt a multi-asset investment strategy, going forward, with investment in equity, fixed income and gold. The highest weightage should certainly be for equity.”

We remain positive on the sector with a cautious view. Our choice is in the following order –2W, PVs and CVs. Stocks specifically, within the 2Ws, we like Bajaj Auto more than its other two rivals as we see green shoots in the exports now (36% of total volumes). Also the EV strength gaining from Chetak and launch of e-3W can be additional positives. Domestically on the motorcycles side we expect new launches especially the premium ones (Bajaj + KTM + Triumph) to assist posting decent numbers. Market leadership on the 3Ws takes care of profitability.

While on the PV side, we like M&M because of its strength in the proliferating SUV segment, prudent capital allocation and a robust growth strategy in UVs, EVs and CVs. For MSIL, however, we are concerned about its over dependence on SUVs for growth, as rest of the segments are underperformers, particularly the small car segment.

We like Ashok Leyland within CVs as it has a diversified revenue base deriving from LCVs, Defense, MHCVs, exports and spares. We are a cautious on CVs as we need to closely watch for the growth profile hereon considering the tapering off of the CV cycle. Tata Motors too looks good on JLR strength and domestic EV market leadership. However, the recent rally has limited its upside.

CARE ESG Ratings Limited (CareEdge-ESG) (formerly known as CARE Advisory Research & Training Limited), a wholly owned subsidiary of CARE Ratings Limited, has received approval from the Securities and Exchange Board of India (SEBI) to function as a Category I ESG Ratings Provider (ERP). Having received the registration under the SEBI (Credit Rating Agencies) Regulations, 1999[1] on May 2, 2024, CareEdge-ESG will commence its environmental, social and governance (ESG) rating activity.

Investment Banking business of InCred Capital has closed another coveted deal, a mark of the significant strides it has been making in M&A, ECM (Equity Capital Markets) and DCM (Debt Capital Markets).

After the highly successful INR 3,693 Cr IndiaBulls Housing Finance rights issue, which saw total subscription of INR 7,517 Cr, InCred Capital has now announced its lead role in the successful capital raise by UGRO Capital Limited for its capital raise of INR 1,333 Crore

● IEX ACHIEVES 9,044 MU TOTAL VOLUME IN APR’24, AN INCREASE OF 14.1% YOY 

● DAM PRICE IN APRIL AT Rs 5.1/UNIT, LOWER BY ALMOST 45% AS COMPARED TO BILATERAL CONTRACTS 

● RECORD LOW REC PRICE AT Rs. 204 PER REC, AS AGAINST Rs. 1000 IN APR’23 

● REC VOLUME AT 618 MU, UP 211% YOY 

● GOVERNMENT MANDATES SALE OF SURPLUS POWER ON POWER EXCHANGES

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -964.47 

(16786.8 - 17751.27) 

DII: NET BUY: +1352.44

(15122.33 - 13769.89)

AARTIDRUGS, ADANIGREEN, BRITANNIA, CARBORUNIV, FSL, GOCOLORS, GODREJPROP, HFCL, INOXGREEN, INOXWIND, JSWINFRA, MRF, MRPL, PAUSHAKLTD, RAYMOND, TATATECH, TATVA, TITAN

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Skipper : (replay)

Greenpanel Industries : (replay)

Adani Enterpris : (replay)

RamkrishnaForge : (replay)

Ajanta Pharma : (replay)

Dabur India : (replay)

Dhampur Sugar : (replay)

Federal Bank : (replay)

Filatex India : (replay)

Nuvoco Vistas C : (replay)

Results today …

Recent interviews …

Replays available at www.researchbytes.com

* ABFRL

* BIOCON

* VODAFONE IDEA

U.K., Japan and Korea @ Market Holiday

10.30 India HSBC Service PMI (Previous: 61.2)

13.30 Euro Final Service PMI (Previous: 52.9)

Japan and China @ Market Holiday

14:00 U.K. Final Service PMI (Expected: 54.9 versus Previous: 54.9)

18:00 U.S. Non-Farm Employment Change (Expected: 238K versus Previous: 303K)

18:00 U.S. Unemployment Rate (Expected: 3.8% versus Previous: 3.8%)

18:00 U.S. Average Hourly Earnings m/m (Expected: 0.3%versus Previous: 0.3%) 

19:15 U.S. Final Service PMI (Expected: 50.9 versus Previous: 50.9)

19:30 U.S. ISM Services PMI (Expected: 52.0 versus Previous: 51.4)

Hershey Company (The) (Pre market) (Sector - Manufacturing) 

TC Energy Corporation (Pre market) (Sector - Energy) 

Cheniere Energy, Inc. (Pre market) (Sector - Energy) 

CBRE Group, Inc. (Pre market) (Sector - Realty) 

Corebridge Financial Inc. (Pre market) (Sector - Financials) 

Trimble Inc. (Pre market) (Sector - Technology) 

Magna International, Inc. (Pre market) (Sector - Automobiles) 

Cboe Global Markets, Inc. (Pre market) (Sector - Financials) 

Brookfield Renewable Partners L.P. (Pre market) (Sector - Energy) 

Berkshire Hathaway Inc. (Tentative) (Sector - Financials) 

Credicorp Ltd. (Tentative) (Sector - Financials)

Investing in manufacturing, while promising, requires caution due to its cyclical nature and external dependencies, advising investors to allocate only a portion of their portfolio to this sector for diversification

Dabur India has said that Badshah Masala’s spice products comply with FSSAI norms for the domestic market, and international export consignments are screened by the Spice Board of India. It added that spice products for international markets undergo steam sterilisation, and there is an in-house micro lab for microbial testing of batches.

Here’s an interesting stock idea: The stock idea that we have for you today is Hindustan Petroleum Corporation (HPCL). The corrective fall has ended, and the stock has begun a new leg of upmove. That keeps the broader uptrend intact and the share price can go up further in the coming days.

Within days of State Bank of India putting its 25 per cent stake in Yes Bank on the block, interest is visible from West Asia and Japan.

According to four bankers aware of the matter, UAE’s largest bank, First Abu Dhabi Bank (FAB), and Japan’s leading lender, Mizuho Bank, have shown interest acquiring SBI’s stake in Yes Bank.

Hindustan Petroleum Corporation (HPCL) share price can rise to ₹620

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