Stock Market | Share Market Updates - Find here all the updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for August 16, 2024.
ALL UPDATES
- August 16, 2024 16:21
Market Update: Markets surge; Sensex soars over 1,300 points, Nifty closes above 24,500
Nifty and Sensex rebounded sharply today, with benchmark indices recording significant gains. The BSE Sensex closed at 80,436.84, up 1,330.96 points or 1.68 per cent, while the Nifty 50 ended at 24,541.15, gaining 397.40 points or 1.65 per cent.
- August 16, 2024 16:04
Stock market live updates: Mahindra & Mahindra Financial Ltd announces two leadership appointments
Mahindra & Mahindra Financial has announced the appointment of Bijoy Thaplial as the Chief Business Officer – Leasing, Partnerships and Payments, and Mod Narayan Singh as Chief Compliance Officer (CCO).
- August 16, 2024 15:59
Stock market live updates: Intellect Design Arena in focus
Intellect Design Arena Ltd, a financial technology company, launched a Global Partnership Office in Bengaluru on August 16, 2024. The new facility aims to foster partnerships and accelerate the deployment of the company’s eMACH.ai-based financial technology solutions.
The shares of Intellect Design Arena Ltd closed at ₹954 (+1.06%) on the BSE.
- August 16, 2024 15:38
Stock market live updates: Only three stocks in Nifty 50 pack closed the day’s trade in red
Top gainers on the NSE
Wipro (4.23%), Tech Mahindra (3.98%), Grasim (3.65%), M&M (3.45%), Tata Motors (3.36%)
Top losers:
Divi’s Lab (-0.62%), SBI Life (-0.07%), Dr Reddy’s Lab (-0.02%)
- August 16, 2024 15:35
Stock market live updates: Sensex ends above 80,400 level
BSE Sensex closed at 80,436.84, higher by 1330.96 pts or 1.68% on Friday, and Nifty 50 ended at 24,541.15, up by 397.40 pts or 1.65%.
- August 16, 2024 15:28
Stock market live updates: Sensex soars over 1000 pts: Santosh Meena, Head of Research, Swastika Investmart Ltd, comments on Sensex outlook
Indian markets joined the global rally today, rebounding after a brief period of underperformance driven by FIIs’ selling in both the cash and F&O segments. Concerns over slightly weaker earnings, high valuations, and the Hindenburg issue had weighed on the market recently. However, a shift in global sentiment from panic to optimism has fueled today’s upturn.
Several factors have contributed to this bullish momentum. The fear of a reversal in the yen carry trade has subsided, and strong retail sales figures, along with better-than-expected job data, have alleviated concerns about a potential U.S. recession. Additionally, the market is now fully pricing in a 25 basis point rate cut by the U.S. Federal Reserve in September, further boosting investor confidence.
FIIs have turned net sellers in index futures this week, but today’s trading session has seen a significant short-covering move. If the Nifty can sustain above its 20-DMA, around 24,500, the bullish momentum could extend towards the 24,800-25,000 zone. On the downside, the 24,200 level now serves as a key support.
- August 16, 2024 15:27
Stock market live updates: Debt Outlook by Puneet Pal, Head Fixed Income, PGIM INDIA Mutual Fund
We expect the 10 yr benchmark bond yield to keep drifting lower gradually
The month of July 2024 saw bull steepening of the yield curve with the shorter segment (3-5 yrs) of the curve outperforming the rest of the curve. The 5 yr segment of the curve outperformed across the curve, as yields in the segment came down by 17 bps compared to the fall of 7 bps in the benchmark 10 yr bond yield which ended the month at a yield of 6.93%. The longer end of the curve (30-40 yrs) underperformed, as the yields remained flat. The bull steepening of the curve was triggered by two specific announcements in the Union Budget; first was the reduction in the T-bill borrowing amount for FY25, and second was the higher bond switch amount (financing the buyback of shorter maturity securities by issuing longer maturity securities), which increases the supply of longer duration securities. Towards the end of the month, RBI announced that the incremental new issuances of the 14 yr and the 30 yr government
securities (G-secs) shall not be eligible for Fully Accessible Route (FAR) status, thus the bullish sentiment on the longer end of the curve got tempered down and the curve started steepening.
During the month, the Union Budget projected a fiscal deficit of 4.90%, lower than the 5.10% given in the Interim budget. Though the borrowings through dated government securities came down only by INR 120 bn owing to reduction in the amount of borrowing through T-bills, small savings and other receipts which has kept the share of market borrowings (G-secs) in financing the fiscal deficit at 72% compared to 70% in the interim budget. The gross and the net borrowings have been kept at INR 14.01 trn and INR 11.63 trn respectively. The consolidated fiscal deficit (center plus state) narrows to 7.70% of GDP, which is a 5 yr low. The budget assumes the growth in nominal GDP to be at 10.50%. Overall, the tax assumptions are conservative with tax revenue growth pegged at 10.80% and though the capex spend was kept unchanged the overall expenditure has been increased by INR 650 bn. Hence the increased head room from additional RBI dividend was uitlized almost equally to increase revenue expenditure and to cut fiscal deficit which is lower by INR 700 bn compared to the interim budget.
Monsoon picked up and till August 1, cumulative rainfall was 4.4% above the long-term average while weekly rainfall was 18% above the long-term average. On a cumulative basis, rainfall was excess in central India and southern India, normal in northern India, and deficient in east and north-east India. As of July end, out of the 36 sub-divisions, nine have received deficient rainfall, 14 have received normal rainfall, and 13 have received excess rainfall. As of August 1, the total kharif acreage was 2.9% higher than the same period last year, while rice sowing was annually higher by 5.3% higher 27.7 mn hectares. Oilseeds acreage was 3% higher at 18 mn hectares while pulses acreage at 11.1 mn hectares was 11% higher than last year. Coarse cereal acreage was 3.2% higher at 16.6 mn hectares. Sugarcane acreage was 1% higher at 5.8 mn hectares, and cotton acreage was 8.3% lower at 10.8 mn hectares. Basin-wise reservoir
levels had moved to surplus. Among major river basins, Cauvery (south), Godavari (west and south), Krishna (west and south), Narmada (central and west), Tapi (central and west), and West flowing southern rivers were surplus. While Ganga (north and east), Indus (north India), and Mahanadi (central and east), were deficient. Basins and reservoirs levels were around 7% above the long-term average, but around 8% below last year levels for week-ending August 1.
Banking sector liquidity eased on back of higher government spending, however, short-term money market yields remained elevated due to skewed distribution of liquidity with 3-month maturity Bank CD’s trading at 7.16%. The INR depreciated on back of weakness in Asian currencies even as FPI inflows remained positive with USD 2.67 bn of FPI inflows coming into debt after the first month of inclusion in the JP Morgan EM Index. INR ended the month at an all-time low of 83.73 per USD compared to last month’s closing of 83.39.
The OIS curve moved lower in line with global bond yields with the 1 yr OIS down by 15 bps in July at 6.67%, while the 5 yr OIS was down by 22 bps ending the month at 6.22%.
Global bond yields also cooled off with the benchmark US 10 yr bond yield down by 37 bps on back of relatively softer economic data. BOJ hiked rates as expected by the markets.
Going ahead we believe that the RBI is likely to maintain status quo on policy rates in the ensuing MPC meeting on August 8. The rate cutting cycle in the developed markets has started in right earnest with the Bank of England cutting rates following the rate cuts from the ECB and the Bank of Canada. Given the current growth/ inflation dynamics and the wedge between the deposit and the credit growth rates which is nudging banks to increase their deposit rates, we believe that rate cuts in India are still some time away, and we believe that rate cuts in India will start from Q3/Q4 of FY25 onwards. Markets tend to react before the start of a rate cutting cycle and any retracement in yields from current levels offers a good opportunity to investors to increase their allocation to fixed income as real and nominal yields remain attractive with favourable demand supply dynamics playing out in the sovereign bond market. We expect the 10 yr benchmark bond yield to keep drifting lower gradually and converge with the policy repo rate before the start of the rate cutting cycle.
- August 16, 2024 15:26
VC deals in APAC fall by 16.5% in first half: GlobalData
The funding environment continues to be dull with investment funds treading a cautious approach in the backdrop of macroeconomic conditions. Venture capital (VC) deals in the Asia-Pacific (APAC) region suffered a decline of 16.5 per cent year-over-year in the first half of 2024.
A total of 2,082 VC deals with disclosed funding rounds were announced during this period, compared to 2,492 deals in the same period last year.
- August 16, 2024 15:21
Stock market today live updates: Federal Bank stock in focus
The Federal Bank received an order from the Office of the Deputy Commissioner of State Tax (GST), Mazgaon, Maharashtra levying a penalty of ₹13,87,029. The Bank will be filing an appeal against the said Order.
Stock trades flat on the NSE at ₹203.48.
- August 16, 2024 15:13
Stock market today: Sensex, Nifty soar 1.7%
BSE Sensex climbed 1341.55 pts or 1.70% to trade at 80,447.43, and Nifty 50 surged 403.60 pts or 1.67% to trade at 24,547.35 as at 3.10 pm.
- August 16, 2024 15:08
Stock market today: Mahindra & Mahindra Financial Services appoints Mod Narayan Singh as CCO
Mahindra & Mahindra Financial Services board has approved the appointment of Mod Narayan Singh as the ‘Chief Compliance Officer’ of the Company w.e.f August 19, 2024.
- August 16, 2024 15:06
Stock market live updates today: Top gainers, losers on the NSE
Top gainers on the NSE as at 3 pm
Wipro (3.93%), Tech Mahindra (3.78%), Grasim (3.39%), M&M (3.35%), Tata Motors (3.29%)
Top losers:
Divi’s Lab (-0.63%), SBI Life (-0.24%), Maruti (-0.13%), Sun Pharma (-0.09%), Dr Reddy’s Lab (-0.08%)
- August 16, 2024 15:03
Stock market live updates: BSE snapshot as at 3 pm
Stocks advanced on BSE at 3 pm on August 16, 2024, were 2,474 against 1,415 stocks that declined; 120 stocks remain unchanged. Total stocks traded were 4,009. The number of stocks that recorded a 52-week high was 195, and those that hit a 52-week low was 43.
In addition, 304 stocks traded in upper circuit and 263 stocks hit the lower circuit.
- August 16, 2024 14:52
Stock market live updates: Hemadri Cements temporarily suspends production in AP facility
Hemadri Cements has temporarily suspended production at its factory situated at Vedari Village, Jaggaiahpet Mandal, Krishna District.,A.P. and is in the process of evaluating the feasibility of increasing the capacity as well as to reduce the cost of production.
Shares trade at ₹89.99 on the BSE, down by 0.11%.
- August 16, 2024 14:43
Stock market update: Ola Electric Mobility shares hit upper circuit
Shares of Ola Electric Mobility Ltd surged 20 per cent on Friday to hit the upper circuit limit after the Ola Group announced its foray into the electric motorcycle segment with the launch of three models and two more in the pipeline.
The company also reported a jump in revenue from operations for the April-June quarter of 2024-25.
The stock jumped 19.99 per cent to Rs 132.76 -- its highest trading permissible limit for the day -- on the BSE.
On the NSE, shares of the firm soared 20 per cent to Rs 133.08 -- its upper circuit limit.
(PTI)
- August 16, 2024 14:35
Stock in focus: NSE, BSE imposes fine on Geojit Financial Services
Geojit Financial Services has been slashed with a fine of ₹10,000 each by NSE and BSE for the delay in submitting the voting results.
Stock trades at ₹102.19 on the NSE, up 1.88%.
- August 16, 2024 14:29
Stock market live updates: Paras Defence stock hits upper circuit on securing new work order from L&T
Paras Defence and Space Technologies has hit the upper circuit at ₹1,208.35 on the NSE on securing work order from L&T (for approximately ₹305 Crore) comprising of manufacturing and supply of 244 nos. of Sight – 25HD EO (Electro-Optics) System along with Extended Warranty Charges and Integrated Logistics Support (ILS) Package, for their CIWS Program.
- August 16, 2024 14:23
Stock market live updates: Sensex surges past 80,000 mark as market rallies on Fed rate cut hopes
Sensex and Nifty rallied today, with the BSE Sensex crossing the 80,000-point mark. As of 12:30 pm, the Sensex stood at 80,052.85, up 946.97 points or 1.20 per cent from the previous close. The broader Nifty 50 index also posted significant gains, trading at 24,433.80, up 290.05 points or 1.2 per cent.
The market surge was primarily driven by expectations of a potential rate cut by the US Federal Reserve in September, following a milder-than-expected July consumer price index in the United States. The US CPI slowed to 2.9 per cent from 3.0 per cent in June, while core inflation rose 3.2 per cent, below the projected 3.3 per cent.
- August 16, 2024 14:19
Tata Motors stock in focus: Shares climb close to 3%
Track Tata Motors’ stock price movements here
- August 16, 2024 14:17
Stock market live updates: Ola Electric shares surge nearly 16%
Shares of Ola Electric Mobility Ltd surged nearly 16 per cent on Friday morning after the Ola Group announced its foray into the electric motorcycle segment with the launch of three models and two more in the pipeline.
The company also reported a jump in revenue from operations for the April-June quarter of 2024-25.
The stock jumped 15.77 per cent to Rs 128.09 on the BSE.
At the NSE, it soared 15.59 per cent to Rs 128.20.
(PTI)
- August 16, 2024 14:11
Stock market update: Croissance Ltd secures new contract
BSE-listed Croissance has secured a contract to construct a premium Villa in Nandi Hills, Bengaluru, for ₹50 crore.
- August 16, 2024 14:09
Stock market live updates: Intellect Design Arena announces opening of global partnership office in Bengaluru
Intellect Design Arena Ltd announced the opening of a Global Partnership Office in Bengaluru.
Stock trades at ₹959.90 on the NSE, up 1.81%
- August 16, 2024 14:08
Electronics Mart India commences operations at its brand store in Andhra Pradesh
Electronics Mart India Limited commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ in Andhra Pradesh.
Stock trades at ₹236.30 on the NSE, higher by 2.66%.
- August 16, 2024 14:06
Stock market update: Franklin Templeton launches open-ended ultra-short term debt fund
Franklin Templeton (India) announced the launch of its open ended ultra-short term debt fund - Franklin India Ultra Short Duration Fund (FIUSDF). The fund shall invest in debt and money market instruments like non-convertible debentures, bonds, certificates of deposits, commercial papers, treasury bills and government securities such that the Macaulay duration of the portfolio is between 3 months and 6 months. FIUSDF will be managed by Rahul Goswami, Chief Investment Officer & Managing Director, India Fixed Income and Pallab Roy, Portfolio Manager, India Fixed Income.
- August 16, 2024 13:30
Stock market today: Ashapuri Gold Ornament has received an order for supply of Antique Gold Jewellery for ₹105 crore.
- August 16, 2024 13:22
Share market today: Ambuja Cements has completed acquisition of Penna Cements Industries Limited. The stock rose 1.13% on the NSE to trade at ₹630.25.
- August 16, 2024 13:11
Stock market live today: Top gainers of Nifty realty stocks: DLF (4.80%), Brigade (2.69%), Oberoi Realty (2.48%), Godrej Properties (2.13%), Sunteck (1.75%)
- August 16, 2024 13:01
Share market live today: Devang Shah, Head Fixed Income, on ‘INR being at a record low’
Essentially, the note aims to address how market volatility has significantly increased due to weaker-than-expected US economic data, surprise BOJ rate hike and the reversal of yen carry trades. However, we believe that the INR will continue to remain stable with no major risk of volatility or depreciation in the current fiscal year, mainly on account of strong macro health, strong FPI flows and growth in services, weak US macros, strong reserves build-up, and slowdown in China.
The note outlines the impact of currency on Bond Markets and RBI Monetary Policy:
· Currency depreciation generally has a negative impact on the bond markets, as central banks often adopt a more hawkish stance to defend currency. This is due to their dual mandate of ensuring financial stability and managing inflation.
· Strong macro position will not lead to any significant depreciation for INR, but RBI can choose to remain cautious in its monetary policy and can keep liquidity/ financial conditions tighter in near term. This approach can put brake to rally in the bond markets and can lead to near term volatility.
· RBI will be using its strong reserves position to intervene and defend INR depreciation, which can lead to banking liquidity going into deficit, impacting short end of the curve. Data shows RBI has already intervened close to ~10-15 Bn USD in the last few trading sessions.
· We believe that RBI action of OMO sales to drain out liquidity infused due to JP Morgan Inflows would be small and positive demand supply dynamics for bonds should not lead to any major upside in yields but can put some brake to near term rally in bonds.
· If there is any major depreciation in INR due to Risk off or geopolitical uncertainty RBI would be on pause on rates/ stance for a longer time than market expectations.
- August 16, 2024 13:00
Stock market news today: Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Shares and Stock Brokers, on wholesale inflation
India’s WPI inflation eased to a three-month 2% low in Jul’24 (vs 3.4% the month prior), driven by a y/y drop in food prices (the base effect).
Primary articles inflation declined. Inflation in primary articles declined to a nine-month, 3.1%, low on the significant y/y fall in food prices (the higher base effect) despite rising sequentially.
Manufacturing products inflation firm. Prices of manufactured products continued in positive territory, at 1.6%, the highest in the last 17 months, driven by a rise in prices of chemical and textile products.
Global prices steady. G20 producer prices held steady in Jun’24 as producer price deflation continued in major euro economies and China, with a decline seen in India, the US and the UK. Low inflation was seen, with the CRB commodity price index continuing its downtrend on account of weak demand.
WPI expected to moderate. The easing in the WPI is temporary, driven by the favourable base effect. Sequentially, prices of most food items, particularly vegetable prices, rose. Further, commodity prices have started to come off on weak global demand despite heightened geopolitical risks. As the base effect moderates, we will see wholesale inflation rising, though we expect weaker momentum as the better monsoon would lower food prices with commodity prices expected to continue on a downward trajectory. Risks to our outlook emerge from heightened geopolitical risks.
- August 16, 2024 12:58
Stock market today: Orient Technologies Ltd’s initial public offering to open on Wednesday, August 21, 2024; price band set at ₹195-206 per equity share
- August 16, 2024 12:57
Share market live today: Finance ministry permits 15 securities firms to undertake Aadhaar-based verification of clients
The finance ministry has permitted 15 securities firms, including SBICAP Securities, IIFL Securities, and Angel One, to conduct Aadhaar authentication of their customers.
The Revenue Department under the finance ministry has issued a notification under the Prevention of Money-laundering Act allowing the 15 reporting entities to conduct Aadhaar-based KYC (know your customer) process.
The 15 entities also include JM Financial Services, Arihant Capital Market, SMC Global Securities, Aditya Birla Money, R.K. Stock Holding, Monarch Networth Capital, RKSV Securities, Comfort Securities, and OPG Securities Pvt Ltd. - PTI
- August 16, 2024 12:56
Stock market today: Rama Steel Tubes announced reduction in total sanctioned bank loans limits of ₹20 Crore over a month. Shares were down 1.58% to trade at ₹10.56 on the NSE.
- August 16, 2024 12:33
Stock market live today: Nifty IT climbed 2.34% to trade at 40,661.80, and Nifty realty rose 1.94% to 1,043.00.
- August 16, 2024 12:31
Share market news today: Raj Singh Poonia has resigned from the position of Chief Financial Officer of Newtime Infrastructure with effect from August 14, 2024.
- August 16, 2024 12:30
Stock market live today: Pawan Bharaddia, Co-founder of Equitree Capital, on market outlook
The chatter around valuations remains subjective and questionable. While the markets have been on a roll, as evidenced by our portfolio’s returns of 10.6% in the last month, 30.1% over 3 months, and 88.8% over the past year, earnings growth has also been very buoyant, thereby still keeping the overall valuation under check.
Our simple belief is that markets, in the longer term, will reward companies that deliver consistent earnings. We prefer to look at valuations in the context of those earnings, which is why we’re comfortable with our portfolio trading at a median PE of 21.5x FY25 PAT, especially given our expectation of continued 30% growth in FY25.
- August 16, 2024 12:12
Share market live today: BSE Sensex soared 1004.72 pts or 1.27 % to trade at 80,110.60, and Nifty 50 surged 283.20 pts or 1.17% to trade at 24,426.95 as at 12.08 pm.
- August 16, 2024 12:05
Share market live news: 2,350 stocks advance, while 1,410 decline
Stocks advanced on BSE at 12 noon on August 16, 2024, were 2,350 against 1,410 stocks that declined; 136 stocks remain unchanged. Total stocks traded were 3,896. The number of stocks that recorded a 52-week high was 170, and those that hit a 52-week low was 36.
In addition, 256 stocks traded in upper circuit and 242 stocks hit the lower circuit.
- August 16, 2024 12:05
Stock market live today: Top gainers and losers on NSE at 12 pm
Top gainers:
Wipro (3.08%), LTIMindtree (2.59%), M&M (2.54%), Tech Mahindra (2.46%), Tata Motors (2.33%)
Top losers:
SBI Life (-0.63%), HDFC Life (-0.55%), Divi’s Lab (-0.47%), Sun Pharma (-0.43%), Hero Motocorp (-0.40%)
- August 16, 2024 12:04
Stock market live today: Brigade Group partners with abCoffee for Bengaluru outlets
Brigade Group has partnered with abCoffee, grab-and-go specialty coffee, to establish outlets across its commercial office spaces in Bengaluru.
Brigade Enterprises stock was up 1.18% on the NSE, trading at ₹1,134.70.
- August 16, 2024 11:47
Stock market live news: Stock to watch: Indian Metals & Ferro Alloys
Indian Metals & Ferro Alloys informed that SC upholding the right of States to impose levies on mineral bearing land is significant and has financial implications for the mining sector at large as well as downstream industries. However, there are no pending claims against the Company on this account as on date.
Stock declined 1.15% on the NSE, trading at ₹668.40.
- August 16, 2024 11:21
Stock market live today: MTNL stock falls 3.14% amid board’s approval of BSNL service deal
MTNL shares fall 3.14% to 60.16 on the NSE. Its board approved a service agreement with BSNL for a period of ten years, and also a slew of other proposals, including share-sale in overseas subsidiary Mahanagar Telephone (Mauritius). - write some headlines
- August 16, 2024 11:15
Stock market live today: Major stocks that hit 52-week high: Vinny (20%), Suprajit (9.62%), Zaggle (9.29%), Khaitan (4.99%), MCX (3.53%)
- August 16, 2024 11:15
Stock market live news: Kotak Institutional on metals and mining
The Supreme Court (SC) has ruled that a state can levy taxes on mineral rights and clarified that it would be applicable from 2005. We believe the states can levy additional taxes but would need to be rational to ensure investments and job creation in states. Further, the center could potentially intervene to protect the federal structure and maintain uniformity. The liabilities would get crystalized in due course on case-by-case basis and we see only a marginal negative impact on coverage companies. Non-integrated companies like JSP, JSTL are better than integrated ones—TATA and SAIL.
- August 16, 2024 11:14
Share market live today: Arihant Capital on Axiscades Tech
AXISCADES Technologies beat our EBITDA Margin & PAT estimate led by lower RM cost and higher other income; Revenue was below our estimates due to de-growth in segments. Reported revenue of INR 2,233 Mn (down by 12.7% QoQ/ +4.5% YoY) below our estimate of INR 2,560 Mn. De-growth led by Strategic technology solutions. Revenue in USD stood at $26.2Mn against our estimate of $31.5 Mn, down by 15.5% QoQ/down 2.6% YoY Segments: Technology Services and Solutions de-grew by 4% QoQ/ up 14.4% YoY and Strategic technology solutions de-grew by 34% QoQ/ down 21.3% YoY. EBITDA stood at INR 310 Mn and de-grew by 4% QoQ/down 5.8% YoY below our estimate of INR 334 Mn. Adjusted EBITDA margin expansion by 126bps QoQ/ down 153bps YoY at 13.9% against our estimate of 13.0% led by an increase in other income 88.3% QoQ/503% YoY due to (Includes INR 65.919 Mn from sale of leasehold land and building transferred for a consideration of INR 149 Mn. RM decline also helped in margin expansion. The company reported adj PAT of INR 167.8 Mn grew by ~87% QoQ/~194 Mn above our estimate of INR 88.6 Mn. EPS stood at INR 4.07 against INR 2.11 in Q4FY24 (INR 1.47 in Q1FY24).
- August 16, 2024 11:14
Stock market live today: Swarnendu Bhushan, Co Head, Institutional Research, PL Capital – Prabhudas Lilladher, on Endurance Technologies (ENDU IN)
Rating: ACCUMULATE | CMP: Rs2,478 | TP:Rs2,696
Q1FY25 Result Update – Healthy order book to drive growth
Quick Pointers:
Healthy orders across product portfolio
Targeting strong growth in aftermarket business with exports to ~37 countries
We increase our estimates by 1-2% over the forecast period and upgrade our rating from “HOLD” to “ACCUMULATE” given the recent correction in stock price. ENDU’s consolidated revenue for Q1FY25 grew by 15.3% YoY, in line with consensus estimates, but marginally lower than PLe. EBITDA grew by 16.4% YoY, while margin remained flat at 13.2%, mainly due to higher other expenses in proportion to sales. Subdued performance on the operational front was offset by 2x growth in other income, which led PAT to increase by 24.7% over last year. With a healthy order book, RFQs across business divisions and diversification, the management remains optimistic on its growth prospects.
ENDU shall witness steady growth on the back of 1) a healthy order book with addition of new customers, 2) volume and revenue growth led by double-digit growth in 2W industry, 3) focus on increasing sales of after-market products, 4) expansion of its product portfolio, especially in premium segment, which could result in diversification benefits. Factoring this, we estimate its revenue/EBITDA/EPS to grow at a CAGR of 21%/29%/39% over FY24-26E and assign ‘ACCUMULATE’ with a TP of Rs2,696 (earlier Rs2,664), valuing it at 29x on its FY26E EPS.
Standalone revenue driven by healthy growth in 2W industry: Its Q1FY25 standalone revenue increased by 16.2% YoY to Rs21.2bn (including the incentive of Rs228mn for Maharashtra state mega project). In terms of products, Suspension revenue increased by 25.2% YoY to Rs7.4bn, Disc Brake grew by 23.4% YoY to Rs3.2bn, Die Casting grew by 15% YoY to Rs6.3bn and After Market revenue increased by 16.2% YoY to Rs1.1bn. EBITDA was reported at Rs2.7bn, up by 19.1% YoY, while margin expanded by 30bps YoY to 12.9%. The growth in EBITDA was suppressed by higher other expenses (up 100bps YoY) in proportion to sales.
Growth in Europe business aided by higher volume: Its Europe operations revenue increased by 17.2% YoY to Rs7.21bn. EBITDA grew by 20.7% YoY to Rs1.2bn with a margin of 16.5%, which expanded by 40bps YoY. The growth was mainly aided by higher volume as well as lower electricity and gas price in Europe as compared to last year.
Weak performance from Maxwell entity: Revenue from Maxwell declined significantly from Rs160mn in Q1FY24 to Rs30mn in Q1FY25. The de-growth was mainly led by global slowdown in the EV sales. However, the company indicated its key customers have started to ramp up productions, which could result in gradual recovery in the upcoming quarters.
- August 16, 2024 11:13
Stock market live today: Swarnendu Bhushan, Co Head, Institutional Research, PL Capital – Prabhudas Lilladher, on Hero Motocorp (HMCL IN)
Rating: ACCUMULATE | CMP: Rs5,072 | TP:Rs5,911
Q1FY25 Result Update – Lower spares sales and mix impact revenue and realization growth
Quick Pointers:
Multiple new launches and refreshers planned in ICE and EV segment.
Encouraging response for Xtreme125R, its production to be scaled up to 40k/month.
HMCL’s Q1FY25 standalone revenue increased by 15.7% YoY, 3% lower than PLe/BBGe. Despite healthy volume growth of 13.5% YoY/10.3% QoQ, ASP declined by 3.4% QoQ due to lower spares sales and slight mix impact. Its EBITDA margin came in 14.4% after accounting for the 190bps impact from the EV business; its ICE margin stood at 16.4%. Decent overall performance led APAT to increase by 18.8% YoY. Going ahead, the management aims to scale up production of Xtreme125R having received healthy response from customers. Additionally, it has planned a slew of new launches and refreshers in ICE and EV segments in the upcoming quarters, which shall aid in volume expansion.
We revise our estimates downwards by 1-2% over the forecast period to factor in the mix impact on its ASP profile. However, we maintain our positive view on HMCL based on 1) scale-up plan of Xtreme125R motorcycle in response to healthy demand, 2) healthy demand in rural & urban region during festive period, could boost volume growth, 3) healthy portfolio in the 125cc segment, which will help sustain margin profile and market share gains, and 4) steady growth in exports business aided by expansion into different regions. We maintain our “ACCUMULATE” rating with a TP of Rs5,911 (previous Rs5,914), valuing the core business at 20x and its stake in NBFC & Ather at Rs220.
Miss on revenue estimates led by decline in spares revenue: Q1FY25 revenue came in at Rs101.4bn (PLe Rs104.6bn; BBGe: Rs104.3bn) driven by volume growth of 13.5% YoY/10.3% QoQ. Revenue growth was below estimates due to lower spares revenue and impact of product mix. Consequently, ASP grew by 1.9% YoY, but declined by 3.4% QoQ to Rs66,076/unit (PLe: Rs 68,151; BBGe: Rs67,955). PAT came in at Rs11.2bn, against PLe/BBGe of Rs11.6bn.
EV business impacted EBITDA margin by 198bps: EBITDA grew by 21% YoY to Rs14.6bn (PLe: Rs14.9bn; BBGe: Rs15.4bn), while margin expanded by 60bps YoY to 14.4%. ICE EBITDA margin stood at 16.4% (up 120bps YoY/80bps QoQ), while blended EBITDA margin was at 14.4%, up 63bps YoY. The blended margin had a 198bps impact from its EV business. Overall, the growth in margin was led by better operating leverage, cost cutting measures and pricing actions.
New launches anticipated in EV business: Revenue from EV business came in at Rs1.3bn with 10,559 units sold in Q1FY25 with an ASP of Rs118,382/unit. EBITDA loss during the quarter was Rs1.8bn. The company aims to scale its presence in the Indian market as well as expand its product portfolio with the launch EVs in the mid and affordable segment in the upcoming quarters, which shall aid in better operating leverage. Additionally, it aims to reduce the material cost of EVs and certify its products under the PLI scheme to pave the way towards profitability.
- August 16, 2024 11:11
Stock market live today: Param Desai, research analyst of PL Capital – Prabhudas Lilladher, on Ipca Laboratories (IPCA IN)
Rating: REDUCE | CMP: Rs1,349 | TP:Rs1,250
Q1FY25 Result Update – Mixed Bag – Strong margins; weak export sales
Quick Pointers:
Guided 9% revenue growth ex Unichem and 100-150 bps margin improvement in FY25
Higher GMs aided by better product mix, procurement synergies and operational efficiencies
Ipca Labs (IPCA) Q1 EBITDA of Rs3.9bn was in line with our estimate. Management guidance of 9% revenue growth (excluding Unichem) was below our estimate while increase margin guidance by 50-110bps. Our FY25E and FY26E EPS broadly stands unchanged. Domestic formulation business continues to outperform and grow at healthy levels. However, recovery in API segment along with resumption of US sales is likely to be gradual. At CMP, the stock is trading at 32.2x PE and 16.2x EV/EBTIDA on FY26E. We maintain our ‘Reduce’ with revised TP of Rs1,250/share, valuing at 30x FY26E P/E.
Revenue miss; Healthy domestic sales while weak exports: IPCA’s revenues came in at Rs 21bn, up 32% YoY below our est. Adjusted for Unichem; sales was up 4% YoY. Domestic formulations remained healthy at 12% YoY, in line with our est. Export formulation remained weak with flat YoY to Rs 3.96bn against our est of Rs 4.5bn. Branded business declined by 1% YoY while generics was down 19% YoY. Institutional business witnessed growth of 19% YoY. API revenues were down 2% YoY to Rs 2.9bn, below our est. Export API was down by 10% YoY whereas domestic API was up 19% YoY. Revenues from subsidiaries including Unichem came in line at Rs5.3bn.
Higher GMs; Ex-Unichem OPM at 21%: Consolidated gross margins stood at 69.2%, up 170bps YoY and 300bps QoQ sharply above our est. There was a forex gain of Rs 52mn booked under other expenses. Adj for forex; other expenses were flat QoQ and 36% YoY. EBITDA adj for forex gain came in at Rs 3.9bn up 32% YoY in line with our est. OPM came in at 18.5%, flat YoY. Unichem margins stood at 9.7%. Adj for Unichem EBITDA came in at 3.44bn with OPM at 21%. PAT came in at Rs1.92bn; up 16% YoY.
Key Concall takeaways: (1) Domestic market: The acute portfolio achieved 12% growth while Chronic portfolio witnessed 20% increase. Current MR strength at 6500 POCM improved to Rs0.45m vs 0.421mn last year despite 500 MR addition. 2) Unichem – Air/Sea freight ratio has changed to 17:83 thereby driving Unichem margins GMs have improved by better product mix, procurement synergies and operating efficiencies. Expected to improve by 50-100bps for FY25. (3) US – No plans to file any new products in FY25. Targets to launch 5-6 products in FY25 and another 5-6 in FY26 (4) Branded formulation business: Exports encountered significant challenges with shipping delays and supply chain issues, leading to a decline in business. However, the Australia and New Zealand markets performed well during the quarter. (5) API: Business continues to face some challenges in Q1FY25. Decline due to price erosion and also faced logistics challenges. (6) Other: Focus remains on commercializing couple of intermediate products in FY25. Targets 3-4 product launches for the remaining year. Export margins remained strong except for UK markets. Sea freights have surged by 3x. Price erosion has stabilized at low single digit levels. (7) Guidance: Lowered ex Unichem revenues guidance to grow by 9% YoY in FY25. Export revenues should pick up in coming quarters. Upgraded margin guidance by 50-100bps for FY25.
- August 16, 2024 11:07
Bank Nifty prediction today – Aug 16, 2024: Index can see a rebound
Bank Nifty began today’s session with a gap-up at 50,133 compared to Wednesday’s close of 49,727. The index is now at 49,920, up 0.4 per cent so far today.
In the index 11 out of 12 stocks have moved up today led by AU Small Finance Bank, up 1.1 per cent. This is followed by IDFC First Bank, up 0.8 per cent. Punjab National Bank, down 1.1 per cent, is the only stock in the index that is in the red.
- August 16, 2024 10:59
Nifty prediction today – Aug 16, 2024: Index might see a marginal drop before a rally
Nifty 50 began today’s session at 24,335 versus Wednesday’s close of 24,144. But the index has moderated to 24,230, up nearly 0.3 per cent so far today.
The advance/decline ratio of Nifty 50 stands at 34/16, giving the index a bullish bias. Also, mid- and small-cap indices have appreciated well and most of the sectors are in the green.
- August 16, 2024 10:55
Stock market live today: Coromandel International Stock Holds Steady as TN Board Allows Plant Resumption
Coromandel International stock trades flat at ₹1,699.50 on the NSE, on receipt of permission from the Tamil Nadu Pollution Control Board to resume the operation of the other allied units (Phosphoric Acid Plant and Sulphuric Acid Plant) located at Ennore, Chennai without Ammonia Storage facility and also advised to comply with specified conditions.
- August 16, 2024 10:40
Stock market live today: Major gainers and losers on BSE at 10.30 am
Major gainers:
RHIM (11.75%), Suprajit (9.54%), Polyplex (9.16%), Gravita (8.60%), TD Power (7.30%)
Major losers:
Hindustan Zic (-5.90%), Redtape (-5.11%), MFSL (-5.05%), Sai Silks (-4.12%), Aurobindo Pharma (-3.72%)
- August 16, 2024 10:34
Commodity markets live news: Crude oil heads for weekly gains on strong US economic data
Crude oil futures, which traded lower on Friday morning, were still on tracks for the weekly gains as the recent economic data from the US ignited hopes of interest rate cut in September.
At 9.53 am on Friday, October Brent oil futures were at $80.77, down by 0.33 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $77.81, down by 0.45 per cent.
- August 16, 2024 10:34
Stock market live news: Top gainers of Nifty IT stocks: Mphasis (4.86%), LTTS (4.27%), Wipro(2.68%), LTIMindtree (2.56%), Coforge (2.48%)
- August 16, 2024 10:33
Stock market live today: Swan Energy rises as company plans $399 million LNG terminal sale
Swan Energy shares rise 1.22% on the NSE to trade at ₹681.50 on announcing plans to sell its stake in a floating LNG receipt terminal to Turkey’s state-run Botas for $ 399 million.
- August 16, 2024 10:31
Stock market live today: Ola Electric Mobility shares rallied 10.78% on the NSE, trading at ₹122.86.
- August 16, 2024 10:21
Stock market live today: Hindustan Zinc shares drop 5.9 after Vedanta stake sale announcement
Hindustan Zinc shares declined 5.94% on the NSE, trading at ₹537.80 after Vedanta announced plans to offload its stake.
Vedanta gained 1.14% to trade at ₹425.
Vedanta Ltd’s planned sale of its 3.31 per cent stake in subsidiary Hindustan Zinc Ltd (HZL) will boost funds available with the mining conglomerate for debt repayment and capital spending, CreditSights said on Thursday.
- August 16, 2024 10:19
Share market live today: NIBE Ltd wins major infra and defence orders, stock up
NIBE Ltd has received 2 purchase orders from one of the leading Infra and Defence Company for supply of FCR Trailers and Shelters including surface treatment and Air Conditioning for a total consideration of ₹79.63 crore.
Stock surges 2.15% on the BSE, trading at ₹1,886.30.
- August 16, 2024 10:17
Stock market live today: Aurobindo Pharma stock falls 4.74%
Aurobindo Pharma informed that Unit-III, a Formulation manufacturing facility of Eugia Pharma Specialities Ltd., a wholly owned subsidiary of the Company, received Official Action Indicated (OAI) status by the USFDA. Subsequent to OAI, the unit has received a Warning Letter. There is no impact on the existing supplies to the US markets.
Stock slumped 4.74% on the NSE, trading at ₹1447.60.
- August 16, 2024 10:15
Stock market live today: Stock in focus: Sunteck Realty Ltd
Q1FY25 Results Earnings Call TODAY @4:00 PM
Dial in: +91 22 6280 1289/ +91 22 7115 8190
Register at: http://bit.ly/3SSc5c1
Q1FY25 Result Presentation:
https://bit.ly/3M7YZU5
- August 16, 2024 10:04
Tata Motors Share Price / Stock Today Live Updates: Tata Motors shares gain 3% in early trade
Tata Motors recently reported 74% increase in its consolidated net profit with ₹5,566 crore reported in the June quarter as opposed to ₹3,203 in the same quarter last year. Domestic brokerage Motilal Oswal Financial expects the earnings momentum to sustain. Catch the live action here
- August 16, 2024 09:59
Stock market live today: JM Financial Institutional Securities on major stocks
Ipca Laboratories | Exports subdued; Growth to return
Result Update - BUY INR 1,545
IPCA reported a mixed set of numbers, revenue missed estimates however EBITDA and PAT managed a beat driven by higher Gross margins and improved operating efficiencies. While domestic formulations delivered an in-line performance, growing 12% YoY to INR 8.7bn, exports missed JMFe by 10%, declining 4% YoY. This miss was driven by logistics challenges and API supply issues. Management believes that going ahead growth should return and overall topline should grow at 10.5-11% for the remaining quarters. However due to a sub-par 1Q, FY25 revenue guidance was cut to 9% (previously 10.5-11%). EBITDA margin beat was driven by raw material procurement efficiencies combined with improvement in manufacturing related costs. As part of the Unichem integration the management have addressed the low hanging fruits, however structural changes such as API process improvements and new product launches etc are still 1.5-2 years away. IPCA’s US business is at an inflection point – supplies have begun and 12-13 launches are expected over the next two years. Given the imminent US turnaround, strong domestic franchise and margin improvement, we maintain BUY with a revised Sep’25 TP of INR 1,545.
SKF India | 1QFY25: Outlook remains positive, focusing on increasing localisation
Result Update - BUY INR 5,870
In Q1FY25 SKF India posted a revenue at INR 12.1bn up 5% YoY and down 4.5% QoQ and was broadly in-line with the JMFe of INR 12.4bn, 5 year CAGR +9%, Schaeffler +13%, Timken +12%). Growth in the revenue was mainly driven by the Auto segment followed by Industrial along with some pickup in the exports. Gross margin was at 39.3% vs 39.8% YoY and 41.2% QoQ. EBITDA was at INR 1.9bn down 4.5% YoY and 4.9% QoQ. OPM was at 16.1% vs 17.6% YoY and 17.7% QoQ (JMFe OPM at 15.9%); lower margins mainly because of the negative operating leverage. EBITDA 5 year CAGR was at +10% for SKF, Schaeffler +19%, Timken +8%). Net profit was at INR 1.5bn down 3% YoY and 12%QoQ. 5 year CAGR was +15% for SKF, Schaeffler +25%, Timken +14%).
Techno Electric & Engineering Co. Ltd. | 1QFY25: Opportunity holds strong across segments
Result Update - BUY INR 1,735
Techno Electric (TECHNOE), reported better than expected revenue and margins. Revenue at INR 4.2bn (up 9.6%) was above JMFe of INR 3.9bn, while EBITDA margins came in at 13.7% (JMFe 12.8%). Order book stands at INR 91bn (5.2x TTM EPC revenue), with L1 in orders worth INR 12bn, from T&D sectors. Bagged two TBCB order for Gogamukh and Bokajan line worth INR 28bn over its concession period. Capex for this project together would be INR 7.5bn. Bid pipeline for next couple of quarter stands at INR 50bn and company expects to bag order worth INR 30bn, from segments like AMI (smart metering and T&D). 1st phase of Chennai Data Center is expected to be completed by early 3QFY25. During the quarter company has raised equity worth INR 12.5bn, which will be utilised mostly towards executing projects for smart meter, data centre and TBCB orders. Management maintained its revenue guidance of INR 25bn for FY25 and INR 35bn for FY26, with EBITDA margin to be at 13-15%, with EPS of INR 50+ for FY26. We remain positive on stock in long run given strong order book, pipeline and expected revenue pickup from Data Center
GPT Healthcare | Occupancy to improve; guidance unchanged
GPT Healthcare (GPTHEALT) missed estimates for 1QFY25 largely due to a dip in the occupancy across key hospitals. The management attributed this fall in occupancy to intended reduction in ALOS and pronounced impact of elections in the region. ALOS reduced to 3.7 (from 4 in 1QFY24). IP volumes remained steady and grew flat-to-low double digits across facilities. ARPOBs were up +8% YoY driven by improvement in case mix and price increase. The management maintained their FY25 guidance of 12-14% growth and alluded to improving growth trends. We factor in Revenue/EBITDA/PAT CAGR of 16%/16.5%/21% respectively, over FY24-27 with addition of new hospitals. Despite its promising growth prospects, GPTHEALT trades at a substantial discount to peers – ~11.5x FY26 EV/EBITDA vs. industry average of 21x (Yatharth is trading at ~14x). This valuation discrepancy presents an attractive risk-reward for investors, with potential for valuations to converge with peers as the key investment thesis plays out. We value GPTHEALT at 16x Sep’26 EV/EBITDA to arrive at a TP of INR 255. Maintain BUY.
Merchandise Trade | Policy push needed to restrict further deterioration
India’s merchandise trade deficit widened to USD 23.5bn in July due to continued divergence in imports and exports. The decline in exports was mainly led by sharp fall in oil exports which was most prominent in four of the top five countries, constituting 50% of India’s oil exports. Growth in NoNG exports indicates the improving demand environment in the global economy while NoNG imports remained relatively muted on FYTD basis. The decline in gold imports seems seasonal in nature and was unlikely due to recent duty cuts. Weak exports call for policy push for improving exports to keep the trade balance in check. We continue to maintain our CAD expectation at 1.2% of GDP for FY25.
ABB India (ABB) to outperform Siemens (SIEM)
- In the last 1 year, SIEM has surged by around 92% while ABB has moved up by around 74%, resulting into a negative normalised return spread of around 18%.
- Earlier, the pair has shown convergence at the spread of around -20% to -17% on multiple occasions. We expect a similar situation to occur.
- On a 1-year data window, the normalized return spread is trading at 2.1 standard deviation below the mean levels of -4.7%. It is currently trading at its 3.2 percentiles.
- Technically, ABB is trading closer to its lower trendline support levels of the channel pattern and at its 100-day EMA levels while SIEM is trading at the resistance of 50-day EMA levels and is forming a pattern of lower top lower bottom.
- August 16, 2024 09:39
Stock market live today: HDFC Life Insurance faces ₹56.73 crore GST demand
HDFC Life Insurance Company has received GST Order from Commercial Tax Officer, Ward 8, Chandigarh, demanding tax, interest, and penalty for period involved ‐ April 1,2019 to March 31, 2020.
Tax demand ‐ Rs. 56.73 crore Interest ‐ Rs. 49.80 crore Penalty ‐ Rs. 5.68 crore
Stock declines 2.05% on the NSE, trading at ₹672.30.
- August 16, 2024 09:36
Stock market live today: Top gainers and losers on NSE at 9.30 am
Top gainers:
M&M (3.03%), LTIMindtree (2.57%), Tata Motors (2.53%), Apollo Hospitals (2.42%), Hindalco (2.39%)
Top losers:
HDFC LIfe (-1.89%), Titan (-0.10%)
- August 16, 2024 09:31
Stock market live today: Corporate actions
Dividend
16-Aug-24
ABIRAFN: Final Dividend - Rs. - 2.50
COCHINM: Final Dividend - Rs. - 8.00
THYROCARE: Final Dividend - Rs. - 18.00
COMPUSOFT: Final Dividend - Rs. - 0.40
ELIXIR: Final Dividend - Rs. - 1.25
TREL: Interim Dividend - Rs. - 0.50
ANUHPHR: Final Dividend - Rs. - 2.50
COMFINCAP: Final Dividend - Rs. - 0.10
GLAND: Final Dividend - Rs. - 20.00
COALINDIA: Final Dividend - Rs. - 5.00
POWERGRID: Final Dividend - Rs. - 2.75
ALKALI: Final Dividend - Rs. - 1.00
BATAINDIA: Interim Dividend - Rs. - 10.00
RAMRAT: Final Dividend - Rs. - 2.50
GPIL: Final Dividend - Rs. - 6.25
ELECTCAST: Final Dividend - Rs. - 0.90
NRAIL: Final Dividend - Rs. - 2.00
PREMCO: Final Dividend - Rs. - 2.00
COMFINTE: Final Dividend - Rs. - 0.07
CAPITALSFB: Final Dividend - Rs. - 1.20
BHARTIHEXA: Dividend - Rs. - 4.00
GODREJCP: Interim Dividend - Rs. - 5.00
THOMASCOOK: Final Dividend - Rs. - 0.60
BELLACASA: Final Dividend - Rs. - 0.97
STEELCAS: Interim Dividend - Rs. - 1.35
CONCOR: Interim Dividend - Rs. - 2.00
LODHA: Final Dividend - Rs. - 2.25
APOLLOHOSP: Final Dividend - Rs. - 10.00
ASTRAL: Final Dividend - Rs. - 2.25
NGLFINE: Final Dividend - Rs. - 1.75
ROSSARI: Final Dividend - Rs. - 0.50
PAGEIND: Interim Dividend - Rs. - 300.00
19-Aug-24
RELIANCE: Final Dividend - Rs. - 10.00
MANINFRA: Interim Dividend - Rs. - 0.45
ACE: Final Dividend - Rs. - 2.00
DRAGARWQ: Final Dividend - Rs. - 2.50
IPO
Orient Technologies: 21-Aug-24; Close: 23-Aug-24
Buyback
Dhanuka Agritech : Ex-Date: 16-Aug-24
Savita Oil Technologies: Ex-Date: 16-Aug-24
Cera Sanitaryware: Ex-Date: 16-Aug-24
Chaman Lal Setia Exports: Ex-Date: 19-Aug-24
AIA Engineering: Ex-Date: 20-Aug-24
Symphony: Ex-Date: 21-Aug-24
Mayur Uniquoters: Ex-Date: 23-Aug-24
Welspun Living: 09-Aug-24; Close: 16-Aug-24
Indus Towers: 14-Aug-24; Close: 21-Aug-24
Bonus
PVV Infra: Bonus Issue 1:1; Ex-Date: 20-Aug-24
Central Depository Services (I): Bonus Issue 1:1; Ex-Date: 23-Aug-24
Stock Split
Jamshri Realty: Stock Split From Rs. 1000/- to Rs. 10/-; Ex-Date: 16-Aug-24
Right Issue
Vishvprabha Ventures: Ex-Date: 06-Sep-24
Tata Consumer Products: 05-Aug-24; Close: 19-Aug-24
Nirman Agri Genetics: 05-Aug-24; Close: 23-Aug-24
Swiss Military Consumer Goods: 23-Aug-24; Close: 06-Sep-24
Vinny Overseas: 27-Aug-24; Close: 10-Sep-24
Orient Green Power Company: 27-Aug-24; Close: 13-Sep-24
- August 16, 2024 09:30
Commodity markets live updates: Crude oil futures see morning decline but remain on track for weekly gains
Crude oil futures, which traded lower on Friday morning, were still on tracks for the weekly gains as the recent economic data from the US ignited hopes of interest rate cut in September. At 9.18 am on Friday, October Brent oil futures were at $80.84, down by 0.25 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $77.88, down by 0.36 per cent. August crude oil futures were trading at ₹6541 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6487, up by 0.83 per cent, and September futures were trading at ₹6455 against the previous close of ₹6401, up by 0.84 per cent.
- August 16, 2024 09:23
Stock market live today: Indices open higher: BSE Sensex climbed 635.78 pts or 0.80% to trade at 79,741.66, and Nifty 50 rose 184.70 pts or 0.77% to trade at 24,328.45.
- August 16, 2024 09:11
Stock market live today: Hindustan Zinc Ltd (HINDZINC)- Offer for Sale
Issue Period:- 16- August-24 to 19- August-24
For Non- Retail ( QIB +HNI ) open & close date - 16-August -24 (Today)
For Retail open & close date – 19 –August-24
Floor Price: INR “486”
Closing Price on date of announcement: Rs. 572.95\u0009
Current Market Price: 572.95
Base Issue size: 5.14 Crs Shares – 1.22% of O/S Capital
Green Shoe Issue size: 8.23 Crs Shares – 1.95% of O/S Capital
Total Issue Size: 13.37 Crs equity shares (INR 6500 Cr) – 3.17% of O/s Capital
Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 16-August -24 (Today)
Total Issue Size: 12.03 Crs shares (INR 5850 Cr)
Retail Portion - 10% of Offer Size - Bidding on 19 August, 2024
Total Issue Size: 1.34 Crs equity shares (INR 650 Cr)
Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )
- August 16, 2024 09:10
Stock market live today: Brokerage comments on stocks
Macquarie on Bharti Airtel
Upgrade to O-P, TP raised to Rs 1630 from Rs 1280
Reaffirm constructive earnings & deleveraging thesis
See ROIC improving from 10% to 18-20% by FY28E
Lift India mobile target EV-EBITDA multiple to 12.5x (from 11.0x)
Base case
Assume further +15%/10% mobile increase for FY26-27e (Rs205 in FY24 to Rs290-300 FY27e), albeit with only mild subscriber growth (2%)
See Co’s India business generating US $6-7bn of operating FCF in FY26-28E, more than twice avg in FY22-24
Macquarie on Indus Tower
U-P, TP Rs 310
While clarity on tenancies has improved post Vodafone-Idea fund raise, rent erosion & change in competitive dynamics are headwinds
Expect lacklustre revenue/EPS CAGRs of 5% over FY24-27E, below consensus est.
Catalysts
Positives: Dividend re-instatement, share buyback, repayment of pending dues by Vodafone-Idea.
Negatives: Rent renewals at discount, VI market share erosion, improved competitiveness of peer ATC
JPMorgan on DLF
Overweight Call, Target Raised To Rs 1,000
Believe Co Will Surpass A Coveted $1bn Operating Cash Flow At Group Level In FY25
Co Riding A Strong Sales Cycle & Compounding Of Free Cash At Its Rental Business
This Opens Up Significant Strategic Flexibility At Group Level On Acquisitions
See Upside To Pre-Sales, Margin & Cash Flow In FY25
HSBC on Ola Electric
Initiate Buy, Target Rs 140
Despite Conservative View On EV Penetration In India Along With Other Uncertainties
Believe Co Is Worth Investing In Given Sustained Regulatory Support
Believe Co Is Worth Investing In On Co’s Ability To Reduce Costs
Believe Co Is Worth Investing In On Positive Risk-Reward In Its Battery Venture
Slower Penetration Of e2-wheelers & Battery Plant Issues Are Key Downside Risks
Jefferies on GMR Infra
Buy Call, Target Raised To Rs 106
Q1 EBITDA Ahead Of Est On 8% Growth In Pax Traffic
Q1 Saw Growth In Non-Aero And Subsidiary Rev
Co Recently Announced Completion Of Simplification Of Holding Structure
Co Recently Announced Re-Opening Of T1 At DIAL (New Terminal)
New Tariff At DIAL Is Expected By Q4FY25
Co Is Focussed On Growing Non-Aero Biz &
With Expanded Capacity, Non Aero Rev/Pax May See A Healthy Jump From Q3/4QFY25
Nomura on IPCA Labs
Buy Call, Target Raised To Rs 1,502
Earnings Ahead Of Estimates; International Revenues Weak
Low Costs & A Sustained EBITDA Recovery At Unichem Were Key Positives
International Sales Were Impacted By Technical & Supply Chain Issues
But, These Issues Should Be Addressed In Due Course
For FY25 Mgmt Now Expects Standalone Rev Growth A 9% (Previously 10.5-11%)
Projects EBITDA Margin At 18.5-19.5% (Previously 18.0-18.5%)
Forecast A 25% Earnings CAGR Over FY25-27
Raise FY25F/26 EPS By 6%/3% On Likely Declined Costs
HSBC on Rainbow Hospitals
Downgrade To Neutral, Target Cut To Rs 1,290 From 1,500
Revenue Was In-Line In Q1; Costs For New Units Lowered EBITDA Margin
Expect Rangebound EBITDA Margin At 30-31%
Growth Drivers Priced In, In Our View
HSBC on Apollo Hosp
Buy Call, Target Rs 7,215
Q1 Hospitals (HCS) Revenue Growth Led By 11% Inpatient Volume Growth
Other Segments Also Grew Mid-Teens
HCS Outlook Intact For 24/7 To Achieve Cost Breakeven In 6-7 Quarters
HCS Gross Merchandise Value (GMV) Picking Up
Launch Of Insurance Service Via 24/7 Platform Will Be Key
MS on Apollo Hospitals
Overweight Call, Target Rs 7,110
Cons EBITDA After 24x7 Cost Was `670 Cr, In-Line With Est & Consensus Est
Net Profit (After Minority Interests) Came In At Rs 310 Cr
Jefferies on Nazara
Downgrade To Underperform Call, Target Rs 720
Q1 Results Missed Estimates Due To Continued Weakness In Most Segments
Unclear Success Rates On Recent Acquisitions, Adds To Execution Risks
Raise FY25/27 Revenue/EBITDA Ests By 24-36%
Cut Earnings By 6-29% To Factor Acquisitions
Nomura on Max Fin
Downgrade To Neutral, Target Rs 1,130
VNB Growth To Lag Peers, Potential Upside Looks Limited
Mgmt Expects New SV Regulations To Impact VNB Margin By 100-200 bps
Believe Max Life Will Have To Deliver Much Higher VNB Growth To Meet Its Guidance
Jefferies on Max Fin
Buy Call, Target Rs 1,270
Saw Weaker VNB Growth Of 3% YoY Despite 31% Rise In Premium
Weaker Mix Dragged Margins
Co Is Benefiting From Ramp-Up Of E-Com, Agency And Integration With Axis
Encouraged To See Mgt Indicate Limited Impact Of New SV Norms On Margin
Limited Impact Of SV Norms This Will Aid Mid-Teen Growth In VNB Over FY26-27
- August 16, 2024 09:05
Stock market live today: Brokerage reports on major stocks
Nomura on Hero Moto
Buy Call, Target Rs 5,663
Rural Revival & Xtreme 125 Key Catalysts
Q1 Margin Lower, ICE Improves But EV Drags
EV Cost Reduction Should Address This In H2FY25
Trim Volume Growth Estimate To 6% For FY25/26F (7% Earlier)
Trim Revenue Growth By 2-3% On Lower ASPs
GS on Hero MotoCorp
Sell Call, Target Rs 4,150
Reported A Q1 Miss
Gross Margin Of 32.3% Was -50 bps Below BBG Cons
Management Indicated Spare Parts Decline In Revenue Share As A Reason
However, YoY ASP Trend Of +3% Trailed Peers Like Bajaj Auto & Eicher
BofA Sec on Hero Moto
Buy Call, Target Cut To Rs 6,000
Margin Miss On Mix & EV Drag Mkt Share Recovery Is A Key Catalyst
Analyst Call: Rural + Xtreme 125 Ramp Key To Share Gains
Stock Valn (Adj For Ather & Captive Fin Co) At 17x FY26 PE Is Cheap Vs Peers
MS on Hero MotoCorp
Underweight Call, Target Rs 4,110
Hero’s 1QF25 Was Weaker Than Estimates
Stronger ICE Margin Was Offset By EV Losses And Lower Sales Of Spares
Under-Representation In Faster-Growing Premium 2Ws And EVs
Jefferies on Hero Moto
Buy Call, Target Rs 5,800
1Q EBITDA Below Est Led By Lower-Than-Expected ASP & Margin
Believe Indian 2-Ws Are Poised For Strong Double-Digit Growth Over Next 3 Years
Co’s Market Share Decline In 2-Ws & Adverse Demand Profile Shifts Are Concerns
Cut FY25-27E EPS By 5-6% But Still See A 13% EPS CAGR Over FY24-27E
Nomura on M&M
Buy Call, Target Rs 3,417
Thar Roxx Launched At `12.99 Lk Onwards; Potential To Redefine Urban SUVs
Appreciate Consistency With Which MM Has Come Out With Successful Launches
Every Single Launch, Even The Facelifts & Variants Show A Lot Of Effort
Not Merely An Extension Of The 3-Door Thar But Is Substantially Improved In Many Areas
MS on M&M
Overweight Call, Target Rs 3,304
Co Has Shown Good Success In Its Past Launches
Found Thar Five-Door Package Also Impressive
Thar Three-Door Sales Stand At 5,900 Units/Month (Last Six Months’ Average)
Expect Three- And Five-Door Variants To Collectively Clock 8,000-9,000 Unit Sales/Month
Maintain That M&M Will Be Fastest Growing PV Company
See A Strong Jump In Sales In Coming Months, Driven By Festive Demand
CLSA on HAL
Outperform Call, Target Rs 4,731
Pipeline Intact & Q1 Weak Large Engine Orders Pushed To Q1 & Rest To H2FY25
1QFY25 EBITDA Down 6% But PAT Up 14% YoY
Orders Slowed On A Delay In Russia-Linked Programs To 2QFY25
Jefferies on HAL
Buy Call, Target Rs 5,725
Q1 Revenue Was 3% Above Expectations
EBITDA Was Lower As Margin Contracted 440 bps To 22.8%
Depreciation Was 27% Lower YoY And Contributed To The Profit Beat
Believe Strong Order Book Gives Confidence Of Double-Digit Growth For 3-5 Yrs
Volatile Margin Should Pick-Up In H2 With Revenue Delivery
UBS on HAL
Buy Call, Target Rs 5,700
Q1 Operationally In Line; On Course For Robust Ordering Momentum
Expect HNAL To Receive Orders Of `1 Lk Cr In FY25
LCH Prachand, 240AL31 Engines & SU30 Upgrades Being Major Ones
Expect Rs 2 Lk Cr To Be Awarded Over The FY25-26 Period
Nomura on HAL
Buy, TP Rs 5400
Earnings miss as EBITDA margin shrinks
Revenue of Rs 43.5bn, up 11% y-y (+5% vs Nomura estimates).
Gross margin at 66.6% was down 719bp y-y.
EBITDA came in at INR9.9bn, down 7% y-y (-11% vs Nomura estimates)
- August 16, 2024 08:31
Stock market news updates: Signature Global eyes Delhi, Noida, Greater Noida for new developments
Signature Global, which has a significant presence in the Gurugram property market, is looking to enter Delhi, Noida and Greater Noida by launching housing projects in these new locations.
- August 16, 2024 08:29
Share market today: MTNL board approves 10-year service agreement with BSNL
The MTNL board has approved a service agreement with BSNL for a period of ten years, and also a slew of other proposals, including share-sale in overseas subsidiary Mahanagar Telephone (Mauritius). The board has also approved sale of shares of MTNL in MTNL STPI IT Services Ltd or MSITS, according to regulatory filing by MTNL.
- August 16, 2024 08:28
Stock market today: REC Ltd forms new subsidiary for Rajasthan power evacuation
REC Ltd has incorporated a new subsidiary, Rajasthan IV 4B Power Transmission Limited, to support power evacuation efforts in Rajasthan’s Renewable Energy Zone, following a recent Ministry of Power directive.
- August 16, 2024 08:27
Stock market live today: Nifty to open 200 points higher, indicates Gift trading
Domestic markets are expected to open on a positive note on Friday amid positive global cues. Analysts expect the relief rally is likely to continue, as US stock markets bounced back on expected rate cuts sooner than later following encouraging inflation data. Gift Nifty at 24,350 suggests a gap-up opening of about 200 points in early trade on Friday.
- August 16, 2024 08:14
Stock market today: Vedanta increases Hindustan Zinc stake sale to 3.31%
The board of Vedanta has increased the offer-for-sale size of 3.31 per cent stake from earlier proposed 2.6 per cent (11 crore shares) in Hindustan Zinc. Vedanta Ltd’s planned sale of its in subsidiary Hindustan Zinc Ltd (HZL) will boost funds available with the mining conglomerate for debt repayment and capital spending, CreditSights said on Thursday. Meanwhile, HZL said it plans to distribute the second interim dividend for the current fiscal. The Vedanta group firm has also fixed the record date August 28 for the special dividend, if approved, at the upcoming board meeting scheduled for August 20.
- August 16, 2024 08:13
Stock market today: Power & Instrumentation Gujarat wins ₹28.41 crore contracts for Jharkhand electrification
Power & Instrumentation Gujarat secures major contracts worth ₹ 28.41 Cr. Under the Mukhyamantri Ujjawal Jharkhand Yojana (MUJY) for the electrification of un-electrified and partially electrified habitations and households in Sahibganj District, Jharkhand
Under Contract Part company will handle the loading, transportation, installation, and commissioning of the electrification infrastructure, ensuring that rural habitations with fewer than and more than 10 households, as well as urban areas, receive reliable electricity. The total contract price for this part is 22.92 Cr.
Under Contract Part II company will conduct wide range of activities, including site survey. planning, design, engineering, assembly, manufacturing, testing, and the supply of necessary materials. The total contract price for this part is 5.49 Cr
- August 16, 2024 08:11
Stock market live today: Ola unveils Bodhi AI chips, aims for best efficiency by 2028
Ola announces Bodhi 1, it’s own AI chip designed for AI inferencing & fine tuning.
Announces Bodhi 2 for training AI models.
Commits to make the worlds best and power efficient AI chips by 2028 ; OLA ELECTRIC CEO
Will build Al models in India, says CEO Aggarwal
Ola Electric’s scooters will have 4680 in-house developed cells in its scooter by Q1 of FY25, said the MD.
- August 16, 2024 08:09
Stock market live today: Today’s key results/board meetings
Bheema Cements, Rapid Investments, Sharanam Infraproject and Trading, and Shri Venkatesh Refineries will release their quarterly earnings scorecard on August 16.
- August 16, 2024 08:08
Stock market today: Today’s corporate action - August 16, 2024
ABIRAFN
Final Dividend - Rs. - 2.5000
ALKALI
Final Dividend - Rs. - 1.0000
ANUHPHR
Final Dividend - Rs. - 2.5000
APOLLOHOSP
Final Dividend - Rs. - 10.0000
ASTRAL
Final Dividend - Rs. - 2.2500
BATAINDIA
Interim Dividend - Rs. - 10.0000
BELLACASA
Final Dividend - Rs. - 0.9700
BHARTIHEXA
Dividend - Rs. - 4.0000
CAPITALSFB
Final Dividend - Rs. - 1.2000
CERA
Buy Back of Shares \u0009
COALINDIA
Final Dividend - Rs. - 5.0000
COCHINM
Final Dividend - Rs. - 8.0000
COMFINCAP
Final Dividend - Rs. - 0.1000
COMFINTE
Final Dividend - Rs. - 0.0700
COMPUSOFT
Final Dividend - Rs. - 0.4000
CONCOR
Interim Dividend - Rs. - 2.0000
DHANUKA
Buy Back of Shares
ELCIDIN
Final Dividend - Rs. - 25.0000
ELECTCAST
Final Dividend - Rs. - 0.9000
ELIXIR
Final Dividend - Rs. - 1.2500
GLAND
Final Dividend - Rs. - 20.0000
GODREJCP
Interim Dividend - Rs. - 5.0000
GPIL
Special Dividend - Rs. - 1.2500
GPIL
Final Dividend - Rs. - 5.0000
JAMSHRI
Stock Split From Rs.1000/- to Rs.10/-
KKSHL
Final Dividend - Rs. - 0.5000
LODHA
Final Dividend - Rs. - 2.2500
MELSTAR
Resolution Plan -Suspension
NGLFINE
Final Dividend - Rs. - 1.7500
NRAIL
Final Dividend - Rs. - 2.0000
PAGEIND
Interim Dividend
POWERGRID
Final Dividend - Rs. - 2.7500
PREMCO
Final Dividend - Rs. - 2.0000
RAMRAT
Final Dividend - Rs. - 2.5000
ROSSARI
Final Dividend - Rs. - 0.5000
SOTL
Buy Back of Shares
STEELCAS
Interim Dividend - Rs. - 1.3500
THOMASCOOK
Final Dividend - Rs. - 0.4000
THOMASCOOK
Special Dividend - Rs. - 0.2000
THYROCARE
Final Dividend - Rs. - 18.0000
TREL
Interim Dividend - Rs. - 0.5000
- August 16, 2024 08:01
Stock market news updates: Coromandel International resumes operations at Chennai plants
Coromandel International said that the Tamil Nadu Pollution Control Board has granted permission to resume the operation of the other allied units (Phosphoric Acid Plant and Sulphuric Acid Plant) located at Ennore, Chennai without Ammonia Storage facility and also advised to comply with specified conditions. The Coromandel International’s fertiliser plant has been shut since December 26 following ammonia gas leak.
- August 16, 2024 08:00
Share market today: Sun Pharma acquires 5% stake in Pharmazz Inc for $15 million
Sun Pharmaceutical Industries has acquired over 5 per cent stake in US-based Pharmazz Inc for $15 millionm resulting in more than 5 per cent holding in Delaware-based Pharmazz Inc. The pharma major will invest the amount in two tranches of $7.5 million each, subject to the fulfilment of certain conditions, it added.
- August 16, 2024 07:59
Stock market today: Macquarie: India Telecom — Fork in the Road (again)
Aggressive Repair or More Bandage?
Key points
- Following ailing #3 player Vodafone-Idea’s fund raise and industry tariff hike, we revisit our medium-term what-if scenarios for India telecoms.
- We continue to see an implicit industry ‘tariff put’, a constructive ROCE outlook, and view Bharti Airtel as a fundamental winner.
- Preference order: Bharti Airtel (upgrade to OP) > Bharti Hexacom (initiate at OP)> Reliance (N) > Indus Towers (UP) > Vodafone-Idea (initiate at UP).
- August 16, 2024 07:58
Stock market news updates: CCI clears Accenture’s acquisition of stake in Vodafone Shared Operations
The Competition Commission of India has cleared IT and consulting firm Accenture’s acquisition of a stake in Vodafone Shared Operations. Vodafone Shared Operations Ltd (VSOL) is engaged in the provision of shared services to the Vodafone Group and its network of partner telecommunications companies. VSOL is a part of Vodafone Group Plc. “CCI approves the proposed combination involving the acquisition of shares of Vodafone Shared Operations by Accenture,” the regulator said in a post on X.
- August 16, 2024 07:57
Share market today: Mahindra Holidays hit with ₹16.77 crore tax notice
Mahindra Holidays & Resorts India has said tax authorities have slapped a demand notice of about ₹16.77 crore, including a penalty from the Assistant Commissioner, Anna Salai, Chennai Central, Tamil Nadu. The company is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard, it added.
- August 16, 2024 07:56
Stock market today: Swan Energy to sell LNG terminal stake to Turkey’s Botas for $399 million
Swan Energy Ltd has said it plans to sell its stake in a floating LNG receipt terminal to Turkey’s state-run Botas for $ 399 million. The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd to Botas Trading IC, according to a regulatory filing. “The definitive documents shall be signed in due course,” it said, adding the deal is likely to be completed in six months.
- August 16, 2024 07:55
Share market today: Ola launches electric motorcycles, rebrands ride-hailing service as Ola consumer
Ola Group has announced its foray into the electric motorcycle segment with the launch of three models and two more in the pipeline The group has also rebranded its ride-hailing service as Ola Consumer, announced a partnership with ONDC and launched automated warehousing solutions to cater to quick commerce requirements. Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general computing and Edge by 2026 under its Krutrim venture.
Ola Electric Mobility on Wednesday reported a higher consolidated loss of ₹347 crore for the April-June quarter of 2024-25 compared to ₹267 crore in the same period last year. Revenue from operations for the quarter under review was ₹1,644 crore against ₹1,243 crore in the same quarter of the previous fiscal, according to an exchange filing.
- August 16, 2024 07:54
Stock market news updates: Tata Steel buys $182 million worth of shares in Singapore arm
Tata Steel has acquired about 116 crore equity shares in its Singapore-based arm for $182 million. The steel major acquired 1,15,92,35,669 ordinary equity shares of face value $0.157 each aggregating to $182 million (₹1,528.24 crore) in T Steel Holdings Pte Ltd.
- August 16, 2024 07:51
Share market today: SBI, PNB seek amicable resolution with Karnataka govt over transaction halt
After the Karnataka government to stop all transactions, State Bank of India and Punjab National Bank said that they are engaged with the state for an “amicable resolution” on the matter In the first official comments after the Karnataka government decision, the state-run lenders issued separate statements, saying the matter at the root of the problem is subjudice. “As the matter is currently subjudice, we are unable to provide any specific comments at this time. However, we remain in ongoing discussions with the Government of Karnataka to resolve the issue amicably,” the SBI statement said.
- August 16, 2024 07:39
Share market today: Alphageo reports Q1 net profit at ₹3.75 crore
Alphageo’s Q1 consolidated net profit is ₹3.75 crore compared to a ₹3.23 crore loss year-on-year and a ₹4 crore profit quarter-on-quarter. Revenue stands at ₹25.26 crore versus ₹5.14 crore year-on-year and ₹51.88 crore quarter-on-quarter. EBITDA profit is ₹2.9 crore compared to a ₹3.3 crore loss year-on-year and ₹14.75 crore profit quarter-on-quarter.
- August 16, 2024 07:37
Stock market news today: HMA Agro Industries posts Q1 net profit of ₹1.3 crore
HMA Agro Industries’ Q1 consolidated net profit is down 97% at ₹1.3 crore year-on-year and up 44% quarter-on-quarter. Revenue is down 27% at ₹712.6 crore year-on-year and down 49% quarter-on-quarter. EBITDA is down 88% at ₹7.8 crore year-on-year compared to a ₹3.3 crore loss quarter-on-quarter. Margins stand at 1.09% compared to -0.23% year-on-year and 6.5% quarter-on-quarter.
- August 16, 2024 07:36
Share market today: Reliance Power posts net loss of ₹98 crore in Q1
Reliance Power’s Q1 consolidated net loss is ₹98 crore compared to a ₹296 crore loss year-on-year and a ₹396 crore loss quarter-on-quarter. Revenue is up 4% at ₹1,992 crore year-on-year and flat quarter-on-quarter. EBITDA is up 6% at ₹650.65 crore year-on-year and up 250% quarter-on-quarter. Margins are at 32.65% compared to 32.12% year-on-year and 9.3% quarter-on-quarter.
- August 16, 2024 07:35
Stock market today: Stock to watch: Bhandari Hosiery
Bhandari Hosiery’s Q1 consolidated net profit is down 1% at ₹1.42 crore year-on-year and down 99% quarter-on-quarter. Revenue is up 7% at ₹58 crore year-on-year but down 35% quarter-on-quarter. EBITDA is up 39% at ₹7 crore year-on-year and down 3% quarter-on-quarter. Margins stand at 12% compared to 9.33% year-on-year and 8.1% quarter-on-quarter.
- August 16, 2024 07:34
Share market news today: Stock in focus: Hinduja Global
Hinduja Global’s Q1 consolidated net profit is ₹165 crore compared to ₹14.87 crore profit year-on-year and ₹90.48 crore profit quarter-on-quarter. Revenue is down 4% at ₹1,091 crore year-on-year and down 1% quarter-on-quarter. EBITDA is down 78% at ₹16.6 crore year-on-year and down 75% quarter-on-quarter. Margins stand at 1.5% compared to 6.76% year-on-year and 6% quarter-on-quarter.
- August 16, 2024 07:33
Share market news today: RedTape Q1 net profit at ₹30.6 crore
RedTape’s Q1 net profit is ₹30.6 crore compared to ₹46.7 crore year-on-year. Revenue stands at ₹442 crore versus ₹394 crore. EBITDA is ₹68.5 crore compared to ₹80.67 crore year-on-year. EBITDA margins are at 15.5% compared to 20.43%.
- August 16, 2024 07:32
Stock market today: AGI Infra Q1 net profit at ₹14.4 crore
AGI Infra’s Q1 net profit is ₹14.4 crore compared to ₹13.3 crore year-on-year. Revenue stands at ₹72.6 crore versus ₹68.8 crore. EBITDA is ₹21.5 crore compared to ₹17.5 crore year-on-year. Margins have improved to 29.6% from 25.4%.
- August 16, 2024 07:31
Share market live news: Bannari Amman Spinning Mills Q1 net profit at ₹3.1 crore
Bannari Amman Spinning Mills’ Q1 consolidated net profit is ₹3.1 crore compared to a ₹3.2 crore loss year-on-year and a ₹10.75 crore loss quarter-on-quarter. Revenue is up 11% at ₹230.68 crore year-on-year but down 13% quarter-on-quarter. EBITDA is down 98% at ₹0.33 crore year-on-year, compared to a ₹9.14 crore loss quarter-on-quarter. Margins stand at 0.15% compared to 7.16% year-on-year and -3.68% quarter-on-quarter.
- August 16, 2024 07:29
Stock in focus today: Max India
Max India’s Q1 consolidated net loss stands at ₹27 crore compared to a ₹12.2 crore loss year-on-year and a ₹21.5 crore loss quarter-on-quarter. Revenue is down 35% at ₹26.46 crore year-on-year and down 41% quarter-on-quarter. The EBITDA loss is ₹30.8 crore compared to a ₹13.77 crore loss year-on-year and a ₹22.15 crore loss quarter-on-quarter.
- August 16, 2024 07:29
Stock to watch today: Sakuma Exports
Sakuma Exports’ Q1 consolidated net profit is up 19% at ₹5.68 crore year-on-year, but down 78% quarter-on-quarter. Revenue has increased by 53% to ₹740.74 crore year-on-year and by 48% quarter-on-quarter. EBITDA is up 110% at ₹7.68 crore year-on-year, but down 62% quarter-on-quarter. Margins stand at 1.03% compared to 0.75% year-on-year and 4% quarter-on-quarter.
- August 16, 2024 07:28
Stock market live today: KIOCL reports Q1 consolidated net loss at ₹50.7 crore
KIOCL’s Q1 consolidated net loss stands at ₹50.7 crore compared to a ₹58 crore loss year-on-year and a ₹43 crore loss quarter-on-quarter. Revenue is down 71% at ₹147 crore year-on-year and down 60% quarter-on-quarter. The EBITDA loss is ₹48.9 crore compared to a ₹63.77 crore loss year-on-year and a ₹25.3 crore loss quarter-on-quarter.
- August 16, 2024 07:26
Share market news today: Offer For Sale: Hindustan Zinc Limited
Seller: Vedanta Limited (Promoter)
OFS size: 14.0 crore shares (3.31 percent of Equity)
Floor Price: Rs 486/Sh (Approx 15.0 percent discount at Last Closing 571.75)
Total OFS size in Rupees: Rs 6,804.0 crore (At floor price)
For Non-Retail Investors: 16th August 2024
For Retail Investors: 19th August 2024
- August 16, 2024 07:26
Stock market today: Offer for sale: Hindustan Zinc Limited
Last Traded Price: Rs 571.75/Sh
52 Week High: Rs 807.7/Sh (22.05.2024)
52 Week Low: Rs 284.6/Sh (15.03.2024)
1 Month High: Rs 717.0/Sh (08.07.2024)
1 Month Low: Rs 544.05/Sh (14.08.2024)
1Year Price Move: +81.00%
3 Month Price Move: +8.00%
1 Month Price Move: (-14.0%)
- August 16, 2024 07:24
Stock market live updates: Stock in focus: Shanti Educational Initiatives
Shanti Educational Initiatives Ltd.
LEGENDS GLOBAL OPPORTUNITIES (SINGAPORE) PTE. LTD. bought 10,00,000 @ Rs. 127.40
- August 16, 2024 07:23
Stock market live today: Securities in F&O ban for August 16, 2024
* AARTIIND
* ABCAPITAL
* ABFRL
* BANDHANBNK
* BIOCON
* BSOFT
* CHAMBLFERT
* GNFC
* GRANULES
* INDIACEM
* INDIAMART
* LICHSGFIN
* MANAPPURAM
* NMDC
* PEL
* PNB
* RBLBANK
* SAIL
* SUNTV
- August 16, 2024 07:22
Share market live news: Q1FY25 earning calendar - August 16, 2024
SVRL, RAPID INV
- August 16, 2024 07:21
Stock market today: Economic Calendar – August 16, 2024
11:30 U.K. Retail Sales m/m (Expected: 0.6% versus Previous: -1.2%)
18:00 U.S. Building Permits (Expected: 1.43M versus Previous: 1.45M)
19:30 U.S. Prelim UoM Consumer Sentiment (Expected: 66.7 versus Previous: 66.4)
- August 16, 2024 07:20
Share market news today: Major U.S. listed stocks result calendar August 16, 2024
VinFast Auto Ltd. (TENT) (Sector- Automobiles)
Flowers Food. (Pre market) (Sector- Food company)
- August 16, 2024 07:19
Share market today: Griffin Growth Fund VCC bought 7,25,904 @ Rs. 334.10 of Kiri Industries Ltd.
- August 16, 2024 07:19
Stock market today: Griffin Growth Fund VCC bought 7,25,904 @ Rs. 334.10 of Kiri Industries Ltd.
- August 16, 2024 07:18
Share market updates today: Kinetic Engineering reports ₹0.53 crore Q1 net profit
Kinetic Engineering’s Q1 net profit is ₹0.53 crore compared to ₹1.34 crore year-over-year. Revenue stands at ₹39.56 crore versus ₹32 crore. EBITDA is ₹2.5 crore compared to 1.36% year-over-year. Margins have improved to 6.3% from 4.25%.
- August 16, 2024 07:16
Share market today: Stock in focus: Texmaco Rail & Engineering
Texmaco Rail & Engineering’s Q1 net profit is ₹402 million, up from ₹146 million year-over-year and ₹470 million quarter-over-quarter. Q1 revenue stands at ₹8.9 billion compared to ₹6.57 billion year-over-year. Q1 EBITDA is ₹706 million versus ₹212 million year-over-year, with an EBITDA margin of 7.92% compared to 3.22% year-over-year.
- August 16, 2024 07:15
Share market today: Stock to watch: Borosil
Borosil Ltd’s Q1 net profit stands at ₹9.3 crore compared to ₹4.9 crore year-on-year. Revenue is at ₹217 crore versus ₹176 crore, while EBITDA is at ₹29 crore compared to ₹19.63 crore year-on-year. Margins have improved to 13.4% from 11.2%.
- August 16, 2024 07:13
Stock market today: Fund flow activity: August 14, 2024
Turnover: (NSE + BSE)
Cash Volume: 109272.7 + 7110.71 Total: 116383.4
F&O Volume: 517416.9 + 617552.2 Total: 1134969.1
Provisional Cash
FII/FPI: NET SELL: -2595.27
(14970 - 17565.27)
DII: NET BUY: +2236.21
(12269.21 - 10033)
- August 16, 2024 06:47
Stock market today: Kalpataru to raise up to ₹1,590 crore via IPO
Real estate developer Kalpataru has filed a draft red herring prospectus to raise ₹1,590 crore through a fresh issue of shares, the major portion of the funds being used to repay loans and the remaining for general corporate purposes. The entire initial public offering is a fresh issue of shares.
- August 16, 2024 06:42
Stock market updates: Stock to buy today: Elecon Engineering Company (₹595.25)
The stock of Elecon Engineering Company has been on a decline over the past month. It faced a resistance at ₹700 and fell off this level. On Wednesday, it closed at ₹595.25.
But the chart shows that the stock found support at ₹565 last week and rebounded on the back of it. A rising trendline coincides at this level, making it a good base that the bulls can capitalise on.
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