Nov 11, 2024, 3:35 pm IST
Tata Motors Share Price
Tata Motors' stock saw a nearly 3% rise in early trading on Monday, emerging as one of the top gainers in the Nifty 50 amidst volatile market conditions. Analysts see promise for the company in the second half of FY25, with expectations that Jaguar Land Rover's (JLR) margin pressures will ease, potentially enhancing Tata Motors' overall performance. The stock opened at Rs 801 on the NSE, a slight dip from the previous close of Rs 800.95, but after reaching an intraday low of Rs 792, it rebounded sharply to Rs 829.
Nov 11, 2024, 3:28 pm IST
Stock Market Update: NTPC Green Energy IPO RHP Today?
The red herring prospectus of Rs 10,000 crore worth of IPO of this green energy giant is expected to be filed on Monday, November 11, 2024. As per reports, investors who held shares of NTPC by last Friday are likely to be eligible investors to participate in the shareholder quote of NTPC Green Energy.
Nov 11, 2024, 1:59 pm IST
Result Update: Tata Motors (TTMT IN) | Subdued Qtr, Guidance Maintained
“In 2QFY25, JLR reported EBITDAM of 11.7%, 350bps below JMFe due to –ve operating leverage and higher marketing spends. India business (CV+PV) EBITDAM stood at 9.5%, 40bps above JMFe. While the US market continues to be healthy, demand environment in EU remains muted. Management indicated of strong pick-up in 2H led by easing supply constraints and astute cost management. Marketing spends are expected to remain elevated (to drive JLR’s order book). Healthy FCF generation is expected to support investments towards electrification at JLR and the company is on track to turn net cash by FY25 (guidance maintained). In the domestic PV segment, TTMT witnessed strong growth during festive season. Recent/new launches are expected to support growth. Domestic CV demand is also expected to pick-up during 2H. Maintain BUY with Mar’26 SOTP of INR 1,100 (standalone / JLR valued at 12x / 2.5x EV/EBIDTA). Slowdown in key global markets remains a monitorable,” commented Vivek Kumar of JM Financial Institutional Securities
Nov 11, 2024, 1:52 pm IST
Result Update: Life Insurance Corporation | 2QFY25: Strong All-Round Performance
Raghvesh R of JM Financial Institutional Securities said, “LIC reported another quarter of strong operational performance in 2Q25 – total APE was reported at INR 164.7bn, +25.7% YoY – 7.1% ahead of JMFe. This was led by a strong 31.4% growth in individual APE to INR 114.2bn. This was ahead of provisional figures, led by strong pre-sales before surrender norms kicked in in October. Group APE growth remained strong at 14.6% YoY to INR 50.5bn. Margin performance was superb as well, with 16.2% VNB margins in 1H25 translating to 17.9% for 2Q, 390bps above 1Q margins of 13.9%. This was led by improving non-par share to 27.7% of individual APE and improved margins in par business to 10.1% in 1H, -20bps YoY. Despite a weak margin improvement in 1Q, we had maintained confidence in the insurer’s non-par pivot, and maintain our FY25e of 18.2% blended margins, before expanding to 19.7% by FY26e. Management had raised its guidance for non-par share to 25%+ in FY25 (delivered with 26.3% in 1H) and 35% by FY27. EV performance was also strong, with EV at INR 8.22trln, a 26.0% (annualised) RoEV in 1H25, 3% ahead of JMFe. However, given the insurer’s strong sensitivity to equity markets, i.e., a 10% fall implying a 7.2% decline in EV, EV would have fallen sharply since 2Q, with underlying market weakness. We have been positive on LIC’s ability to grow its non-par business, and strong EV returns, led by MTM gains - which has played out well. We recognise that sustained 20%+ APE growth evidenced in 1H levels in individual/group business will be difficult for LIC, given its already wide penetration. In 2Q, individual APE was flattish YoY in July-August before a strong September, followed by a 15% YoY contraction in October numbers. Despite the strong estimated VNB growth over FY25-FY26, we expect RoEV to trend at 10.5%-11% on a secular basis, justifying a valuation at a discount to its EV. We note that in 1H, VNB contributed to only 4.8% of its EV growth, with remaining attributable to investment returns and (operating and economic) variance. (The insurer shares EV walk only on an annual basis) EV growth beyond 11% can only be episodic – led by gains in equity book (identified as economic variance) and monetisation of assets. LIC stock has been flattish since June, after a strong performance in early-FY24. We believe growth in individual business will be sluggish as new norms are absorbed in 3Q, while group business growth normalises. However, valuations of 0.7x FY26e EV are undemanding. We wait for LIC’s strong agency channel to absorb the new norms before altering our near term growth estimates, while the quarter adds confidence to our estimated VNB trajectory. Weak markets will counter the beat in EV in 1H25, hence, we do not materially change our FY25/FY26e nos. We continue to value the insurer at 0.9x FY26e EV of INR 9,210bn to maintain our Target Price of INR 1,300. Maintain BUY.”
Nov 11, 2024, 1:34 pm IST
Result Update: State Bank of India | Q2FY25: Steady All-Round Performance
Sameer Bhise of JM Financial Institutional Securities said, “SBIN reported a PAT beat of +10% vs JMFe led by: i) NII growth of +5.4% YoY, +1.2% QoQ at INR 416bn even as NIMs declined 4bps QoQ, ii) higher other income (+42% YoY, +37% QoQ) led by higher MTM and trading gains of INR 46.4bn and recovery from written off accounts of INR 23.4bn, iii) lower opex (-11% YoY, +7% QoQ) led by lower employee costs resulting in PPoP beat of +9% vs JMFe at INR 293bn (+51% YoY, +11% QoQ), and iv) moderate credit costs of 43bps on total advances (vs 53bps QoQ). Net advances grew (+15.3% YoY, +2.9% QoQ) to INR 38,574bn while deposits grew (+9.1% YoY, +4.4% QoQ) to INR 51,173bn. Domestic CD ratio was 67.9% while overall CD ratio was 75.4%, CASA ratio declined to 40.03% (-185bps YoY, -66bps QoQ). Asset quality improved with GNPA declining by -8bps QoQ to 2.13% while Net NPA ratio was down -5bps QoQ at 0.53%. Fresh slippages moderated to INR 49.5bn (-43% QoQ) which led gross slippage ratio to decline -45bps QoQ to 55bps - retail slippages also remained low and mgmt exuded confidence w.r.t to unsecured portfolio (given that loans are predominantly towards salaried customers). Including profits for the quarter, CET1 ratio rose +21bps QoQ to 10.98% while CRAR rose +41bps QoQ to 14.79%. Management guided for steady NIMs followed by higher focus on other income which will be led by trading gains and steady recoveries from write-off pool. SBI's healthy growth momentum (along with room for CD-ratio expansion) place it favorably amongst larger banks. Also, asset quality performance continues to be encouraging and calls for further re-rating of the stock. We value the core bank at 1.5x FY26e BV to arrive at an unchanged, SOTP-based, Target Price of INR 1,050. Maintain BUY.”
Nov 11, 2024, 1:07 pm IST
Satin Creditcare Network | 2QFY25 Result Update: Surge In Credit Cost Results In PAT Miss; Downgrade To HOLD
Sameer Bhise of JM Financial Institutional Securities said, “In 2Q25, Satin Creditcare (Satin) reported a miss on PAT at INR 0.45bn (-58% QoQ, -58% YoY vs est. of 0.84bn) on account of a) higher credit cost (4.7% of AUM vs 2.4% QoQ) b) elevated opex (+12% QoQ, +30% YoY) and c) flattish sequential AUM growth (+0.4% QoQ, +16%YoY). NIM for the quarter inched up at 13.7% (vs 13.4% in 1QFY25) as yields improved 86bps QoQ despite increase in CoF of 56bps QoQ. Collection efficiency for H1FY25 stood at 92.2% vs 97.9% for 1QFY25. Mgmt. reduced its growth guidance to 8-10% from 20-25% for FY25 in an attempt to curb asset quality deterioration. While Satin has strengthened its collection efforts (appointed dedicated team of 1,100 employees for collection in dpd buckets) and tightened disbursement norms (stopped NTC disbursement in 561/1463 branches across geographies), its exposure to top 2 states (UP and Bihar) amounts to 42% of on book portfolio. While CE in these two states has held up above 97% till 1H25, we remain watchful of credit cost developments in these states. GNPA increased to 3.5% (vs 2.7% QoQ) while NNPA inched up to 1.4% (vs 1.0% QoQ). Although, Satin’s efforts on diversification into secured Housing and MSME lending (~12% of consol. AUM) provide comfort, worsening credit environment in MFI business continues to be a key concern. We adjust our estimates for lower growth and increased credit costs resulting in avg RoA/RoE of 1.8%/8.2% over FY25e/26e and value Satin at 0.7x FY26E P/BV with a revised TP of INR 175. Downgrade to HOLD.”
Nov 11, 2024, 12:42 pm IST
Strategy | 44% of Companies Missed PAT Expectations In Q2FY25 So Far
Venkatesh Balasubramaniam of JM Financial Institutional Securities said, “Q2FY25 earnings so far, have made investors jittery and we have seen stocks of companies reporting weak earnings/ weak outlook correcting. Based on the analysis of 157 companies who have reported out of the JM Financial coverage universe of 275 companies, we come to the following conclusions: (1) 44% (69 companies) missed expectations, 41% (65 companies) beat expectations while 15% (23 companies) were inline. (2) 27% (43 companies) have reported weaker revenue growth than expected. (3) There is a slowdown in urban demand seen across FMCG, retail, auto and mall operators. (4) Chemicals and consumer durables have also seen a moderation in demand (5) MFIs and select private sector banks/ NBFCs witnessed stress in their unsecured book.”
Nov 11, 2024, 12:10 pm IST
Bitcoin hits a new all-time high and cross ,000 mark
Mr. Raj Karkara, COO, ZebPay said, “Bitcoin crossing the ,000 mark is a remarkable milestone, underscoring the growing confidence in digital assets. Bitcoin’s dominance stands strong at around 58.25%, highlighting its central role in the crypto ecosystem. According to CoinMarketCap, community sentiment aligns with this rise, with nearly 76% viewing the momentum as bullish, signalling heightened investor confidence. ZebPay has also seen a 55% increase in trading volume over the past 24 hours, driven by Bitcoin’s rise and notable activity in other altcoins. As more investors turn to Bitcoin, we anticipate this momentum could continue. This landmark moment demonstrates Bitcoin’s resilience and reinforces its appeal within the financial markets. At ZebPay, we are committed to supporting our users through this exciting phase, empowering them to make informed decisions and benefit from the expanding digital economy.”
Nov 11, 2024, 11:47 am IST
Data Patterns Shares Slide 7% as Q2 Profit and Revenue Fall
Shares of Data Patterns (India) dropped over 7% following a decline in the company’s financial performance for the September quarter. In Q2FY25, Data Patterns reported a net profit of Rs 30.3 crore, reflecting a year-on-year decrease of over 10%, while revenue from operations fell 16% to Rs 91 crore. Operational EBITDA also dipped to Rs 34.3 crore from Rs 40.8 crore, though the EBITDA margin remained steady at 37.7%. However, the PAT margin showed improvement, rising to 33.3% compared to 31.2% in the previous year’s quarter.
Nov 11, 2024, 11:46 am IST
Shipping Corporation of India Shares Surge 13% on Robust Profit Growth
Shipping Corporation of India (SCI) shares rallied over 13% as investors reacted positively to the company's impressive profit growth in the September quarter, coupled with optimism around potential stake sale developments. SCI reported a substantial increase in consolidated net profit, soaring to Rs 291.44 crore compared to Rs 65.73 crore in the same period last year, while total income climbed to Rs 1,491.23 crore from Rs 1,161.89 crore year-on-year. Additionally, SCI announced a dividend of Rs 0.50 per share, further boosting investor sentiment. Meanwhile, shares of SCI’s demerged entity, SCI Land Assets, also saw a rise of over 6% on November 11. This rally has helped SCI shares recover from recent declines, and on a year-to-date basis, they are up by 47%.
Nov 11, 2024, 10:56 am IST
Fortis Healthcare Shares Rise as Q2 Profit and Revenue Show Growth
Fortis Healthcare shares traded higher following its Q2 results, which showed a 1.6% year-on-year increase in consolidated profit to Rs 176.5 crore, up from Rs 173.7 crore in the same period last year. The company also reported a 12.3% rise in revenue, reaching Rs 1,988.4 crore compared to Rs 1,770 crore in Q2 last year. However, this growth was offset by an exceptional loss of Rs 60 crore, contrasting with an exceptional gain of Rs 3.7 crore recorded in the previous year.
Nov 11, 2024, 10:44 am IST
Metropolis Healthcare Shares Rise as Q2 Profit Surges 31%
Metropolis Healthcare shares rose after the company reported a significant 31.2% year-on-year increase in consolidated profit for the second quarter, reaching Rs 46.5 crore compared to Rs 35.5 crore in the same period last year. The company also posted a 13.4% growth in revenue, which climbed to Rs 349.8 crore from Rs 308.5 crore year-on-year, driven by solid performance across its diagnostic services.
Nov 11, 2024, 10:26 am IST
Biocon Shares Soar 5% as USFDA Gives Bengaluru Unit Green Light with VAI Status
Biocon’s shares surged by up to 5% in early trading on November 11 after the US Food and Drug Administration (USFDA) awarded its Bengaluru biologics facility a “Voluntary Action Indicated” (VAI) status. This regulatory classification follows an inspection of the facility and signifies that any issues found were minor, posing no significant concern for regulatory enforcement. A VAI status is a positive outcome for companies, allowing them to maintain operations smoothly without facing additional regulatory challenges.
Nov 11, 2024, 9:51 am IST
Most Sectoral Indices in Red
Nifty Auto climbed 0.81%, while the IT index gained 0.35%. However, most other sector indices were trading in the red. At the market open, the Nifty Oil & Gas index fell by over 1%.
Nov 11, 2024, 9:35 am IST
Sensex and Nifty Today
At the opening bell, the Sensex dropped by 418.99 points (0.53%), settling at 79,067. Meanwhile, the Nifty declined by 112.10 points (0.46%) to trade at 24,036.
Nov 11, 2024, 9:13 am IST
Rupee Vs Dollar
The Indian rupee started the week at a new all-time low, opening at 84.40 against the US dollar on Monday Morning.
Nov 11, 2024, 8:59 am IST
Asia markets Update
Stock markets In Asia are mostly down as signaled by weak inflation data from China last week. Hong Kong's market fell 2.24%, while one of China's Shanghai Composite is currently down 0.32%the CSI 300, went up slightly by 0.32%, but the .
Japan's main indexes, Nikkei 225 and Topix, both dropped slightly. South Korea's Kospi is down 1.34%, and the smaller Kosdaq index was down 1.74%. Australia’s main stock index is also trading lower down by 0.39%.
Nov 11, 2024, 8:43 am IST
Q2 Earning In Focus
Share price movement will remain on focus as major companies are scheduled to announce their quarterly earnings for the July- September period, including Zydus Wellness, Hindalco Industries, Shree Cement, Bank of India, Ramco Cements, Britannia Industries, Bajaj Consumer Care, Triveni Turbine, Balrampur Chini Mills, TVS Supply Chain Solutions, Lakshmi Mills Company, and Oil & Natural Gas Corporation (ONGC).
Nov 11, 2024, 8:33 am IST
US Markets Update
Friday’s session ended on a high note for the U.S stock market, as the Dow and S&P 500 capped off their strongest week in a year due to huge optimism after the announcement of US presidential election results which made the Nasdaq and S&P 500 hit fresh all-time highs. The Dow Jones climbed 259.65 points (0.59%) to finish at 43,988.99. Meanwhile, the S&P 500 rose by 0.38% to end at 5,995.54, momentarily surpassing the 6,000 threshold. The Nasdaq Composite, though modestly higher by 0.09%, closed at 19,286.78.
Nov 11, 2024, 8:32 am IST
Market In Previous Closing
On last friday stock market ended the volatile session tracking losses.Sensex fell by 55.47 points (0.07%) to settle at 79,486.32, while the NSE Nifty declined by 51.15 points (0.21%) to close at 24,148.20. Among sectors, the Nifty IT outperformed gaining 0.71%, while Nifty metal, oil & gas, media, power, PSU Bank, observed decline. M&M, Infosys, Apollo Hospitals Enterprise, Wipro, Hindalco Industries and Tech Mahindra were the top gainers whereas BPCL, Tata Motors, Reliance Industries, Coal India and ICICI Bank were the top losers in the last closing.
Click it and Unblock the Notifications
Sign in with Google