Feb 15, 2024, 3:37 pm IST
Market At Close: Market Ends With Mild Gains; Nifty Above 21,900
The Indian benchmark indices closed in positive territory for the third straight session on February 15, with the Nifty surpassing the 21,900 mark. Leading the gainers on the Nifty were M&M, BPCL, ONGC, NTPC, and Power Grid Corporation, while Axis Bank, Apollo Hospitals, ITC, HUL, and Nestle India faced losses.
Feb 15, 2024, 3:28 pm IST
Reliance Industries Eyes Disney's Stake In Tata Play
Reliance Industries, led by billionaire Mukesh Ambani, is reportedly in talks to acquire Walt Disney's 29.8% stake in Tata Play, a satellite TV provider. This potential collaboration could mark the first-ever partnership between the Tata Group and Reliance, with the former looking to offload its loss-making venture.
Feb 15, 2024, 3:22 pm IST
Lupin Launches Fertility Treatment Injection In US For Women
Lupin Ltd revealed on Thursday the introduction of Ganirelix Acetate Injection in the United States, designed for women undergoing fertility treatment. The pharmaceutical firm disclosed to stock exchanges that it has secured approval from the United States Food and Drug Administration (USFDA) to launch the Ganirelix Acetate Injection in the nation. This injection is specifically indicated to prevent premature luteinizing hormone surges in women.
Feb 15, 2024, 2:58 pm IST
Star Health Faces Rs 170 Crore GST Demand And Nearly Rs 9 Crore Penalty
On Thursday, Star Health and Allied Insurance Company Ltd disclosed that it has been served with a tax demand notice amounting to Rs 170 crore, accompanied by a penalty of Rs 8.7 crore for non-payment of Goods and Services Tax (GST). The demand notice originated from the Office of the Deputy Commissioner of the Large Taxpayers Unit in Chennai. This demand order, issued on February 14, 2024, under Section 73 of the Central GST Act, 2017, alleges a total GST liability of Rs 170.67 crore. Additionally, the GST authorities have levied a penalty of Rs 8,67,25,664 on the company.
Feb 15, 2024, 2:35 pm IST
Alpex Solar's Shares Debut On NSE SME With A 186% Premium To IPO Price
In the inaugural trading session on Thursday, February 15, Alpex Solar, a solar panel manufacturer, witnessed a remarkable performance as its initial public offering (IPO) delivered substantial returns to investors. The stock debuted on the National Stock Exchange's SME platform at an impressive premium of 186%, opening at Rs 329 compared to its issue price of Rs 115. Post-listing, the shares continued their upward momentum, surging over 200% and entering the upper circuit.
Feb 15, 2024, 2:24 pm IST
January Trade Data: Imports At .41 Billion
In January, import numbers stood at .41 billion, showing a decrease from .25 billion on a month-on-month (MoM) basis and an increase from .83 billion on a year-on-year (YoY) basis. The trade deficit for the month was recorded at .49 billion, down from .8 billion MoM and slightly higher than the .03 billion YoY. On the export front, January figures reported .92 billion, indicating a decline from .45 billion MoM and a growth from .80 billion YoY.
Feb 15, 2024, 2:02 pm IST
Mr. Satish kumar Kalra Of PNB GILTS Joins North-East Small Finance Bank
Mr. Satish Kumar Kalra has resigned from the Directorial position with PNB GILTS and the RBI has conveyed its approval for his appointment as MD/CEO of North-East Small Finance Bank for two years & it is subject to his stepping down from present directorships. Accordingly, he has tendered his resignation as an independent director from the board of directors of PNB Gilts Ltd.
Feb 15, 2024, 1:51 pm IST
USG Tech Solutions Ltd Appoints New Executive Director
The Board of Directors of USG Tech Solutions Limited has appointed Me. Vikram as the new Executive Director of the company. Mr. Vikram is co-founder of We Watch and has around 15 years of experience in New Coverage, reporting and presenting for various news channels. He has been honored with various awards such as President and Vice-president of Delhi State Vishwa Patrakar Mahasangh and Delhi Journalist Union, He aims to contribute towards the profession.
Feb 15, 2024, 1:30 pm IST
R Systems International Allocates Stocks to MIP,Davanagere Sugar Company Appoints New CFO
The Board of Directors of R Systems International at its meeting held on February 15, 2024 has approved the grant of 13,063 (Thirteen Thousand Sixty Three) Restricted Stock Units to the identified employee(s) of the Company under MIP. Davanagere Sugar Company has appointed Mr. Onkrappa P as the Cheif Financil Officer of the company. He is a Chartered Accountant by profession with experience of more than 25 years. He has been working in advisory capacity to many companies in the field of Finance, Accounts and taxation.
Feb 15, 2024, 1:06 pm IST
5.2% Yield, 52.5% Dividend; Maharatna Coal India Hits New 1-Year High; Motilal, Axis Sec Recommend BUY
Coal producing behemoth, Coal India touched a new 52-week high of Rs 479.90 apiece on Thursday. The large-cap is among the top gainers on Nifty 50. The upbeat performance comes after Coal India's strong Q3 and upcoming dividend recommendation. Holding a 5.2% yield, Coal India is set to reward investors with the interim dividend of up to 52.5% ahead. Brokerages Motilal Oswal and Axis Securities are the latest to recommend buying on CIL.
Feb 15, 2024, 12:41 pm IST
Bharti Airtel Launches New Stores In Cochin
Airtel has launched four new, next-gen Company-owned stores in the city of Cochin. The new stores that have come up in Chalakkudy, Palachuvadu, Nurani & Olavakkode will strengthen Airtel’s retail presence and will offer unparalleled service experience to customers. The Company currently has 1500 stores nationally. Amit Gupta, COO, of Kerala, Bharti Airtel, said, “Customer obsession continues to be the core tenet driving us at Airtel as we embark on a massive retail expansion in the state of Kerala. As a one-stop-shop for all customer needs, these neighborhood stores will offer an exhaustive range of services including mobile, broadband, DTH, etc. The state of Kerala continues to be a big focus market for us and we will continue to invest in this market.”
Feb 15, 2024, 11:29 am IST
COAL India Shines
Coal producing behemoth, Coal India touched a new 52-week high of Rs 479.90 apiece on Thursday. The largecap is among top gainers on Nifty 50. The upbeat performance comes after Coal India's strong Q3 and upcoming dividend recommendation. Holding a 5.2% yield, Coal India is set to reward investors with interim dividend of up to 52.5% ahead. Brokerages Motilal Oswal and Axis Securities are latest to recommend buy on CIL.
Feb 15, 2024, 11:16 am IST
Paytm Share
On Thursday, February 15, Paytm's stock experienced a 5% decline in morning trading on the BSE, reaching a new 52-week low. This marked the third consecutive session of losses for the company after confirming the receipt of notices from the Enforcement Directorate (ED).
Feb 15, 2024, 10:05 am IST
USD-INR outlook from Anand James, Chief Market Strategist, Geojit Financial Services
The 83.06 remains sticky restricting directional moves. If unable to float above 83 expect bearishness to dominate, though we do not expect 82.9 to be broken today. Will wait for a push above 83.06 to play a 83.17 move.
Feb 15, 2024, 10:04 am IST
Derivative outlook from Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 22000 for Calls and 21000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21500 for Puts. Highest new OI addition was seen at 22100 for Calls and 21300 for Puts in weekly and at 23000 for Calls and 21500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.15%, increased future index shorts by 0.91% and in index options by 12.74% decrease in Call longs, 2.44% increase in Call short, 16.69% decrease in Put longs and 2.64% increase in Put shorts.
Feb 15, 2024, 10:04 am IST
Nifty outlook from Anand James, Chief Market Strategist, Geojit Financial Services
While charting a downside course yesterday, we had expressed our disclination to play an outright plunge. This hesitation kept options open for the surprising short covering rally that unfolded yesterday. Having closed above 21835 that had remained our upside marker this week so far, we may have got back onto the 22450-550 trajectory. Alternatively, if we fail to float above 22000 after an early burst, though we may not be keen to play downside unless below 21735.
Feb 15, 2024, 10:03 am IST
Morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"A significant feature of a bull market is its ability to bounce back from a steep fall. This was evident yesterday when Nifty bounced back by around 300 points from the lows. The heavy selling by FIIs,which was expected in response to the spike in US bond yields, didn’t impact the market since it was neutralised by DII and individual investor buying.
A significant feature of the market now is the change in leadership. Reliance has emerged as the leader of the rally and is supported by ICICI Bank and SBI. The strength of these fundamentally strong stocks augurs well for the bulls.
The valuation gap between large caps and the broader market continues to be an area of concern."
Feb 15, 2024, 9:35 am IST
State Bank of India: Earnings to gain pace in FY25 after opex blip - Motilal Oswal Financial Services
SBIN has delivered a strong all-round performance for the past few years and achieved new milestones in profitability (PAT surpassed INR500b in FY23). The bank has also made efforts to significantly strengthen its balance sheet and has a healthy provisioning coverage on its corporate book at ~92%. SBIN is well positioned to deliver 13-14% loan growth over FY23-26E, aided by an improved disbursement rate for sanctioned loans and a recovery in corporate demand. A strong liability profile with one of the lowest domestic CD ratios at ~66% will help the bank deliver healthy balance sheet growth. SBIN has thus seen a consistent decline in its NNPA ratio to 0.6%, while its coverage ratio is healthy at ~74% (92% including TWOs). We estimate credit costs to remain under control at 35-40bp over FY24-26, enabling steady earnings. After incurring the residual wage provisioning, we estimate the cost ratios to improve materially in FY25, which should boost profitability and offset the drag from margins and credit cost normalization. We, thus, estimate a 22% CAGR in earnings over FY24-26 after a blip in 2HFY24, resulting in FY26E RoA/RoE of 1.2%/19.1%. SBIN remains one of our preferred ideas in the sector and we reiterate our BUY rating with a TP of INR860.
Feb 15, 2024, 9:17 am IST
Rupee Slips 0.41 paise against US Dollar
Indian rupee witnessed fall of 0.41 paise against US Dollar in morning trade on Thursday.
Feb 15, 2024, 9:08 am IST
Snowman Logistics Shares In Focus
Snowman Logistics Ltd had a 13% increase in sales for the quarter that ended December 31, 2023, with revenue of Rs 124.05 Crores compared to Rs 109.39 Crores for the same period the year before. When compared to the same quarter in the prior year, PAT climbed to Rs 4.25 crores from Rs 3.74 crore, indicating a 14% rise, while EBITDA increased to INR 27.50 crores from INR 25.14 crores, reflecting a 9% growth.
Feb 15, 2024, 8:34 am IST
B L Kashyap & Sons Limited Q3 Results
One of the top companies in civil engineering and construction, B L Kashyap & Sons Limited (BSE: 532719 NSE: BLKASHYAP), has disclosed its financial results for the third quarter of the 2023–24 fiscal year. The company's sales in Q3FY24 were Rs 322.99 crore, with a profit after tax of Rs 8.86 crore. Compared to sales of Rs 834 crore and PAT of Rs 34.82 crore for the nine months ended December 31, 2022, the nine months ended December 31, 2023, saw revenue of Rs 901.16 crore and PAT of Rs 34.84 crore. Notably, sales of Rs 251.37 crore and PAT of Rs 9.81 crore were reported in the financial results for the similar quarter of the prior year, which ended on December 31, 2022.
Feb 15, 2024, 8:29 am IST
Q3FY24 Result Update – Hindalco Industries
Hindalco’s Indian operations delivered robust performance. Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division. The company’s consolidated PAT increased by 71%/6% YoY/QoQ to Rs 2,331 Cr, led by higher EBITDA. With the upstream smelters in the 1st quartile of the cost curve and Capex focus on the downstream assets at both India and Novelis, the capital allocation looks well-placed. However, the FCF will be under pressure for the next 3 years as Capex intensity increases. Returns will be back[1]ended post the completion of expansion projects. Project execution at Bay Minette remains the key risk. We continue to value the company using SoTP with a 12MF EV/EBITDA target of 6.0x/5.0x/5.5x on FY26 EBITDA for Indian Aluminium, Copper, and Novelis operations respectively and add investments at market price and CWIP at 50% to arrive at our TP of Rs 660/share. Our TP implies an upside potential of 29% from the CMP. We maintain our BUY rating on the stock, said Axis Securities.
Feb 15, 2024, 8:28 am IST
Nifty outlook today by Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy
Defying the global indices, Nifty formed a strong bullish engulfing candlestick on the technical charts. What is more important is that it gave a closing above the crucial resistance of 21,800. From here, the next resistance lies at 22,000. Once the zone of 22,000 to 22,100 is breached, Nifty may find a trend after the long consolidation.
However, this view may be negated and Nifty may consolidate for a while if it falls below 21,650.
Feb 15, 2024, 8:24 am IST
Sansera Engineering Q3FY24 Result Update By Axis Securities
Sansera Engineering Ltd.'s revenue slightly beat our estimates by approximately 3.3%, while EBITDA/PAT were in line with our estimates. Revenue stood at Rs 713 Cr, up around 28%/3% YoY/QoQ. The improvement in topline was driven by a 32%/27% YoY increase in International/domestic revenues respectively. The reported EBITDA of Rs 121 Cr was up approximately 39%/2.5% YoY/QoQ, with EBITDA Margins of 16.9%, up 138bps YoY (flat QoQ). This was a 53bps miss on estimates due to higher personnel costs and raw material costs (as % of sales), partly offset by lower other expenses. The company’s PAT stood at Rs 48 Cr, up around 55%/2% YoY/QoQ. This 0.9% slight miss from our estimates was on account of lower other income than in prior periods. In light of attributes such as a) Higher sales mix in Non-Auto ICE components driven by strong order books, b) Higher exports, c) The management’s focus on improving margin trends, d) its capability to generate strong operating cash flows, and e) Capacity expansion plans, we believe the stock is currently trading at a reasonable forward PE multiple of 16x (based on our FY26 EPS estimates). We expect Revenue/EBITDA/PAT to grow at a 17.4%/22%/30% CAGR over FY23-26E. Keeping in view the above factors, we maintain a BUY rating and continue to confidently award a Forward PE multiple of 20x on FY26 EPS to arrive at our TP of Rs 1,220. The TP implies a robust upside of 23% from the CMP.
Feb 15, 2024, 8:24 am IST
Eicher Motors Q3FY24 Result Update By Axis Securities
Eicher reported a strong set of Q3FY24 numbers with a beat on Revenue, EBITDA and PAT. Revenue beat our estimates by ~3% (up ~13%/3% YoY/QoQ). The company’s sales volume was up 3% YoY (flat QoQ) to 228k units in Q3FY24. Standalone EBITDA grew by ~30.1%/1.6% YoY/QoQ, an 8% beat mainly led by higher ASP (partly offset by higher net raw materials on a sequential basis). EBITDA margins stood at 27.5% (vs. 23.9% in Q3FY23 and 27.9% in Q2FY24), beating our estimate by 130bps despite the higher mix of the Hunter and lower exports mainly due to the full impact of the price hikes taken in previous quarters and savings from sourcing cost. PAT grew by 34.2% YoY (down 2.6% QoQ), mainly following the EBITDA growth. The increasing competitive intensity in the >250cc segment is an evolving area and needs monitoring as it could emerge as a key risk for the stock. We expect RE volumes to grow 5%/6% YoY in FY25/26E and Revenue/EBITDA/PAT to grow higher at 10%/15%/17% CAGR over FY23-26E. The VECV is also expected to see a marginal decline in volumes in the near term however with the company’s execution capability and foray into the EV SCV category long-term growth potential remains intact. We revised our standalone EBITDA margins upwards for FY26 and maintain our BUY rating on the stock with a TP of Rs 4,250/share (earlier Rs 3,920/share). We continue to value RE standalone business at 24x on FY26 EPS (roll forward from Sep’ FY25 EPS) and VECV at 12x EV/EBITDA on FY26E EBITDA (roll forward from Sep’25 EBITDA), implying an upside of 10.1% from the CMP.
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