Jul 26, 2024, 3:08 pm IST
Vedanta Stock Rallies After Announcing Second Interim Dividend For FY25
Vedanta stock gained by over 2% after the announcement of interim dividend. Billionaire Anil Agarwal-backed this metal company is a dividend king stock and has one of the highest dividend yield in metal sector and largecaps. This time, Vedanta is planning on paying second interim dividend of Rs 4 per share for FY25.
Jul 26, 2024, 2:50 pm IST
Top Steel Stocks Outperform Others
Stocks like Shriram Finance, Divi's Lab, Apollo Hospital, Wipro and Adani Enterprises were top Nifty gainers. While stocks like ONGC, Dr Reddy's Lab, HDFC Bank emerged as laggards, however, the decline was at a slower pace. Q1 results are going to keep the stocks in focus.
Jul 26, 2024, 2:45 pm IST
Shining Stocks
Stocks like Shriram Finance, Divi's Lab, Apollo Hospital, Wipro and Adani Enterprises were top Nifty gainers.
Jul 26, 2024, 2:45 pm IST
Sensex, Nifty Extend Rally
Sensex jumped over 1,140 points and Nifty 50 gained nearly 388 points in the second half trading session of July 26.
Jul 26, 2024, 1:23 pm IST
JTL Industries Okays Conversion of Warrants And Allotment of 1:1 Bonus Shares
On July 25, 2024, the Company's Securities Issue and Allotment Committee approved the allotment of 1,04,445 equity shares to five non-promoter/public category investors. This approval followed the receipt of the remaining 75 per cent of the warrant issue price. These equity shares were issued in exchange for converting an equal number of warrants. Additionally, a 1:1 bonus issue of 1,04,445 equity shares was allotted to these shareholders.
Jul 26, 2024, 12:55 pm IST
Today India Gold Rate Stagnant Again, Despite Falling International Demand
Gold prices in India today for 10 grams of 24-carat are Rs. 69,820/- and Rs. 64,000/- for 10 grams of 22-carat gold. India yellow metal prices today have stayed the same since yesterday for both pure gold and standard gold. Likewise, 18-carat gold rate in India today have remained unchanged at Rs. 52,370/- per 10 grams. The MCX Gold Futures maturing in August are today trading at Rs 67,781/-, rising by Rs. 319/- and the US Spot gold prices today trade at $ 2,369.6/- per ounce.
Jul 26, 2024, 12:30 pm IST
Trident Ltd Posts Total Income At INR 1749.6 Cr. In Q1FY25
Trident Limited, one of the largest vertically integrated Textile (Yarn, Bath & Bed Linen) Paper (Wheat Straw-based) and Chemical manufacturer announced its Earnings for first quarter ended, June. It posted a Standalone Total Income for Q1FY25 stood at INR 1749.6 Cr., up by 18.36% in the corresponding quarter and grew by 2.94 % in the sequential quarter. • Standalone Earnings Before Income, Depreciation, Tax, and Amortization (EBIDTA) for the quarter ended Q1FY25 stood at INR 238.5 Cr. compared to INR 228.4 Cr. in the sequential quarter, Q4FY24; showing a growth of 4.42%. • Standalone Net Profit | Profit After Tax (PAT) for the quarter ended Q1FY25 stood at INR 73.6 Cr. as compared to INR 64.2 Cr. in Q4FY24; showing a growth of 14.64% sequentially. • EPS stood at INR 0.15 in Q1FY25 vs INR 0.13 in Q4FY24.
Jul 26, 2024, 12:00 pm IST
Result Update: V-Guard Industries | Q1FY25: Story of Insourcing + Premiumization + Geographical Expansion
Deepak Agarwal of JM Financial Institutional Securities said, “V-Guard Industries (V-Guard) 1QFY25 results vs. JMFe est. saw inline revenue and beat on margins. Rev at INR 14.7bn (5-year CAGR at 16%) up 22% yoy and 10% qoq (inline JM est.) led by robust growth in Electronics and Consumer Durable segments, up YoY by 41% / 26% respectively. Sunflame rev at INR 587mn down 7.1% yoy. Gross margin up 380bps yoy, up 204bps qoq, at 36.3%. OPM at 10.5% up 192bps yoy and 102bps qoq. (JM est 8.7%). EBITDA at INR 1.6bn up 49% yoy ans 24% qoq. Employee cost (as a % of sales) at 8.3% vs 8.6% yoy vs 8.2% qoq. Other exp (at a % of sales) at 17.5% vs 15.3% yoy and 16.5% qoq. PAT at INR 990mn up 54% yoy and 30% qoq (5-year CAGR of 14%).”
Jul 26, 2024, 11:29 am IST
Result Update: PNB Housing Finance | Steady Quarter; Strong Outlook
Sameer Bhise of JM Financial Institutional Securities said, “PNB Housing Finance (PNBHF) reported a steady operating performance with NII of INR 6.4bn (+3.7% YoY, +3% QoQ) as NIMs remained steady QoQ at 3.65% led by -6bps decline in CoFs and -5bps decline in yields. PPoP came in lower at INR 5.4bn (+6.9% YoY, -4.3% QoQ) on account of higher opex led by higher employee costs. There was a write-back of INR 120mn on account of recoveries worth INR 800mn which came in from write-off pool. This led to an in-line PAT of INR 4.3bn (+25% YoY, -1.5% QoQ, +1% JMFe). AUM growth remained steady at (+7.7% YoY, +1.8% QoQ) led majorly by retail housing loans growing (+14% YoY, +2.9% QoQ). Within retail, affordable segment grew +32% QoQ at a lower base and mgmt focus is to grow affordable and emerging markets book by ~40% in FY25E. Corporate book continued to rundown (-46% YoY, -11% QoQ). Asset quality improved with GS3/NS3 at 1.35%/0.91% (-15bps QoQ, -3bps QoQ) recovery from one of the corporate NPA account and from write-off pool. With this, corporate book now remains cleaned up with 0% NPA. We believe that the asset quality now is at comfortable level and with recoveries expected to continue from the balance write-off pool (~INR 21.2bn), it will offer significant tailwinds in terms of credit costs. We believe that the shift towards high-yielding affordable and emerging markets and with established operating infrastructure, steady branch expansion would drive healthy retail growth and as the company also guided for corporate disbursements to start from 2H, we remain confident on its strong growth trajectory. In addition, govt’s PMAY infusion and changing product mix would also provide room to expand NIMs. We expect PNBHF to re-rate, given its continued delivery on RoA metrics, attractive valuations and relatively lower asset quality risks (esp. in light of potential worries on other lenders given exposure to unsecured segments). We maintain BUY with a revised TP of INR 1,200 (1.7x FY26E BV) in return for RoAs of 2.6% by FY26E.”
Jul 26, 2024, 11:04 am IST
Result Update: AU Small Finance Bank | 1QFY25: Inline Quarter Supported By Margin Expansion
Sameer Bhise of JM Financial Institutional Securities said, ”In 1QFY25, AU SFB reported healthy PAT of INR 5.03bn (+3.5% JMFe) on account of improvement in margins (NIM at 6.0% vs 5.45% for FY24) despite higher than expected opex (INR 14.8bn, +8% JMFe) and increased credit cost (at 25bps vs 13bps QoQ). NIM improved as CoF reduced 7bps QoQ and the bank took price hikes on certain products (disb. yield at15.8%). However, margins are expected to moderate through FY25. CASA deposits grew 2% sequentially with CASA ratio at 33.7% (ex-CD). Cost to assets remained elevated at 5.02% as Fincare integration takes shape. GNPA/NNPA for the quarter increased to 1.78%/0.63% (+11bps/+8bps QoQ) with gross slippages at 2.85% vs 1.80% in 4Q24. However, mgmt. emphasised that there are no specific pockets of stress in the portfolio. AU reported ROA of 1.6% in 1Q25, which was a decent outcome in our view, as the bank continued to focus on its key strengths of risk management and growth. We believe i) successful execution of Fincare merger ii) steady expansion into higher yielding businesses and iii) stable asset quality should support ROAs going ahead. However, AU SFB currently trades at 2.4x FY26E BVPS and will need to demonstrate meaningful ROA expansion over the next 24 months to drive substantial valuation upside. We value the company at 2.6x FY26E BVPS with an unchanged TP of INR 675. Maintain BUY.”
Jul 26, 2024, 10:35 am IST
Result Update: Tech Mahindra | Turnaround Stage Y1Q1: Check
Abhishek Kumar of JM Financial Institutional Securities said, “TECHM’s turnaround efforts are off to a good start. 1QFY25 - the first quarter of its three year turnaround journey - saw progress across operating and financial parameters. Revenues grew 0.7% cc QoQ (JMFe: 0.3%). EBIT margins expanded 110bps to 8.5% (JMFe: 7.7%), highest operational improvement in past 14 quarters. Deal wins picked up (TCV up 50% YoY). Pyramid correction (+1,000 fresher in-take) commenced. Capex moderated (USD 13.4mn – at decadal low). Management is not taking eyes off their growth/investment agenda either. Advisors/analyst outreach has begun. Front end investments – multi-tower solutions team, client and delivery partners for top accounts– are put in place. Early results are already trickling in. TECHM won a global tier-1 bank logo – reflects new leadership’s BFSI connects and augurs well for its vertical diversification efforts. All this is despite no material improvement in underlying demand. That lends credence to its growth/margin target. We pull forward margin improvement trajectory driving 1-12% EPS upgrade. We stick to our methodology to value TECHM on its steady state (July-27 EPS) and discount it (at 12% WACC) to arrive at 12-M fwd target price. Higher EPS and roll-forward takes our TP to INR 1,760 (from INR 1,430) at an unchanged target PER (20x). c30% up-move in the stock since our upgrade (An attainable North Star, 25 April 24) prices in some of the positives. But bulk of the improvement is still ahead, in our view. Maintain BUY.”
Jul 26, 2024, 10:07 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
The monthly expiry day ended on a muted note at 24,406. The level of 24,200 is acting as rock-solid support for the Index and as long as the Index holds it, the uptrend will remain intact. On the flip side, a level of 24,560 is considered an immediate hurdle. BankNifty is a major laggard and recovery in it seems slightly difficult. On the downside, 50DMA level i.e. 50,680 is immediate support while on the higher side, multiple hurdles are there with 51,200 being the primary one. From the Auto segment, both Tata Motors and Tata Motors DVR have ended their consolidation of over 4 months by giving a breakout from a Rounding Bottom formation with considerable volumes. Gas and OMC's stocks from the Energy segment look strong and a couple of counters have already given a strong breakout (BPCL-Range Breakout, HPCL- Cup and Handle Breakout, IOC- On the verge of consolidation breakout, Petronet- Record Level Breakout). The FMCG counters are witnessing a round of profit booking but the overall uptrend is intact and such correction will offer a better entry point to add good quality stocks. We continue to remain bullish on the Tech sector.
Jul 26, 2024, 9:55 am IST
Motilal Oswal Shares Rally After Q1 PAT Rises 52%
Motilal Oswal declared a consolidated profit after tax (PAT) including other comprehensive income (OCI) of Rs 1,021 crore, up 52% year-on-year (YoY), with a return on equity (RoE) of 44%. The consolidated operating net revenue for the reporting period was Rs 1,133 crore, up 32% YoY, while consolidated operating PAT stood at Rs 431 crore, a 41% YoY increase. Motilal Oswal shares zoomed 1.36% on BSE. Current market price of Motilal Oswal shares on BSE is Rs 586.00 pe share.
Jul 26, 2024, 9:36 am IST
Rupee Vs Dollar
Rupee opens at 83.73 against US Dollar on Friday amid weak global cues.
Jul 26, 2024, 9:36 am IST
Go Digit General Insurance Shares Zoom Over 6% After PAT Jumps 74% YoY To Rs 101 Cr
Go Digit General Insurance Ltd shares witnessed rally of over 6% in early morning trade today. Current market price of Go Digit General Insurance shares on BSE is Rs 356.80 per share on BSE. The company’s market capitalisation stood at Rs 32,747.09 crore. It reported Profit after tax for the Q1 FY25 at Rs 101 Cr, compared to Rs 58 Cr in Q1 FY24, growth of 74.1%. As at June 30, 2024, the company’s asset under management stood at Rs 17,773 Cr, compared to Rs 15,764 Cr as at March 31, 2024, up by 12.7%.
Jul 26, 2024, 9:27 am IST
Tech Mahindra Shares Fall 3.60% Despite 23% YoY Jump In Net Profit
Tech Mahindra shares declined 3.60% in trade today on BSE. Current market price of Tech Mahindra shares on BSE is Rs 1474.95 per share. Earlier on July 25, it announced its Q1FY25 net profit at Rs 851.5 crore, up 23% year-on-year and up 29% on sequential basis, on low base. Meanwhile, consolidated revenue for the April-June quarter surged 10% from the preceding quarter to Rs 13,005.5 crore.
Tech Mahindra’s EBIT margin or operating margin declared at 8.5%, which is an improvement of 110 bps from the previous quarter’s 7.4%.
Jul 26, 2024, 9:00 am IST
Sanstar IPO Listing Today: Shares of Sanstar Ltd Set To Debut On NSE, BSE
Shares of Sanstar Ltd, a renowned Indian manufacturer of maize-based specialty products, are expected to debut on the NSE and BSE on Friday. Ahead of the listing, the grey market premium of the unlisted shares was reportedly Rs 30 for the IPO. This translated into a listing gain of approximately 32% over the issue price of Rs 95.
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