Sensex ended the day with the loss of 117 points to 72,987 and Nifty went down 7 points to 22,210 on Tuesday, May 15, 2024. Nifty Bank declined by 150 points to 47,687 and Nifty Midcap zoomed 482 points to 50,707.
Bajaj AUTO, TVS motors and HDFC bank were among the top losers today. Overall, the banking, FMCG, Auto sector was down.
The Shares of Colgate- Palmolive tumbled by 4% even after reporting positive Q4 results. The share dropped by 4% today on BSE marking the day's low of Rs.2,703.4. The shares of Colgate-Palmolive have shown gains of 62% in the last one year and 27% in the last 6 months.
Shortly after opening, the Sensex climbed further to 73,237, up by 132 points or 0.18%, while the Nifty rose to 22,276, marking a gain of 58 points or 0.26%. The market witnessed 1,942 advancing shares, 463 declining shares, and 94 unchanged shares.
Wednesday's trading session was expected to be eventful, with several key stocks reacting to their earnings reports released after market hours on Tuesday. Companies like Bharti Airtel, Colgate-Palmolive, Bharti Hexacom, Shree Cement, Siemens India, and IdeaForge will be in the spotlight as investors assess the impact of their financial performance on stock prices.
Additionally, investors will be keeping a close watch on companies scheduled to report their earnings on Wednesday. Names such as Dixon Technologies, Mankind Pharma, Jyothy Laboratories, Pricol, PFC, IEX, MOIL, and HPL Electric are among those poised to announce their results, potentially influencing market dynamics.
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May 15, 2024, 3:20 pm IST
LIC Stock Climbs 6% After It Gets 3-Year Extension To Achieve 10% Minimum Public Shareholding
The revised timeline for LIC to achieve a 10% public shareholding is set for on or before May 16, 2027. The stock of LIC saw a 5.58% increase, reaching a peak of Rs 983 for the day after the announcement. On the BSE, approximately 4.13 lakh shares were traded, surpassing the two-week average volume of 1.56 lakh shares. The total turnover amounted to Rs 39.81 crore, with a market capitalization of Rs 6,12,892.28 crore. Last December, the country's largest life insurer received a one-time exemption to reach the minimum 25% public shareholding within ten years from its listing date, specifically until May 2032. According to SEBI norms, companies are mandated to achieve a minimum 25% public shareholding within three years of listing or within one year of a merger or an acquisition. As of March 2024, the government retained a 96.50% stake in LIC.
May 15, 2024, 3:12 pm IST
Zomato Shares Likely To Witness Inflow Of Million After 50% Rally In 2024
Zomato shares have rallied by 50% in the first four-and-a-half months of 2024. After the company's strong performance in its fourth-quarter earnings, analysts at multiple brokerages, including CLSA, Jefferies, Bernstein, and Elara, have revised their target prices on the stock. CLSA raised its target price to Rs. 248, Bernstein to Rs. 230, Jefferies to Rs. 230, and Elara Capital has set the highest target at Rs. 280 per share. The brokerages were impressed by the growth of Blinkit, Zomato's quick commerce platform. Blinkit's gross order value (GOV) saw a solid increase of 13.7%, driven by a 17% quarter-on-quarter rise in orders,partially offset by a 3% quarter-on-quarter decline in average order value (AOV). The Company has made an announcement to expand the count of dark stores to 1,000 by the end of FY25, up from 525 in the last quarter of FY24, signifying a significant shift in expectations and positioning within the quick commerce sector for Blinkit.
May 15, 2024, 2:45 pm IST
Oberoi Realty Share Rises By 7% As March Quarter Revenue Soars 57%
Oberoi Realty Ltd's shares rallied 7% in trade today on Wednesday, May 15, after announcement of robust growth revenue and net profit for the quarter ending March 2024. Oberoi Realty shares opened higher and touched Rs 1629.15 per share on the BSE, marking a 7.07% rally. However, it later moderated, settling at Rs 1,575.95 per share, up by 3.58%, by 11:01 am. In its quarterly and yearly report for 2023-24, released a day before, Oberoi Realty revealed a 57% surge in total revenue for the March quarter compared to the previous year. The company's consolidated total income for Q4 FY24 rose to Rs 1,558.56 crore from Rs 995.11 crore in the corresponding period of the previous fiscal year. Sequentially, the total income for the March quarter grew by nearly 44%, compared to Rs 1,082.85 crore in the December quarter.
May 15, 2024, 1:26 pm IST
Siemens Stock Jumps To A 52-Week High After Better-Than-Expected March Quarter Results
Siemens' stock rose more than 7% on May 15 to reach a 52-week high of Rs 7,240 on the National Stock Exchange (NSE). The company's results for the March quarter exceeded market expectations, with a big beat on profit thanks to excellent margin performance and greater other income. Analysts claim that Siemens is better positioned to gain from strong railway and metro capital expenditures, particularly with regard to prospective major system orders. Brokers upped target prices and maintained a positive call on the stock because they think the firm will continue to profit from robust demand, particularly in the areas of transmission, data centres, EVs, railroads, semiconductors, electronics, and hydrogen.
May 15, 2024, 1:06 pm IST
Paytm Drops While PB Fintech, Thermax, Sundaram Finance, And Canara Bank Rise 4-9% On Their Inclusion In The MSCI
Thermax, Sundaram Finance, Canara Bank, and Policybazaar parent company PB Fintech all saw increases in share prices on May 15 as a result of their addition to the MSCI Global Standard index following its most recent revision, which cheered investors. Conversely, One97 Communications, the parent company of Paytm, saw a decline in share price following its removal from the MSCI Global Standard index. Still, it was included in the MSCI Smallcap index.
May 15, 2024, 12:24 pm IST
LIC: By 2027, The Country's Biggest Insurer Could Have 10% Of Its Shares Held By The Public
The Securities and Exchange Board of India (SEBI), the country's market regulator, has given the Life Insurance Corporation of India Ltd. (LIC) three more years to attain a ten percent public shareholding. LIC has notified the exchanges of this development. According to the exchange filing, LIC can now attain a 10% public shareholding by May 16, 2027, as a result of the extension.As of March 31, 2024, the public's ownership in LIC is 3.5%. This means that in order to reach the 10% minimum shareholding, the government will still need to sell off an additional 6.5% of its holdings during the following three years.
May 15, 2024, 11:25 am IST
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May 15, 2024, 11:03 am IST
TBO Tek Listing View From Shivani Nyati, Head of Wealth, Swastika Investmart Ltd
TBO Tek, the global travel and tourism industry player, witnessed a stellar debut on the stock exchanges, exceeding pre-listing expectations by a significant margin. The company is listed at Rs. 1426 per share, translating to a remarkable 55% premium over its issue price of Rs. 920. This strong performance underscores the immense investor confidence in TBO Tek's robust technological foundation and its potential for continued growth in the online travel sector.
TBO Tek has a robust technological foundation. The company's modular and scalable platform positions it for efficient operations and data utilization in a dynamic digital travel landscape. The company's business model fosters efficient growth, further adding to its attractiveness for investors.
TBO Tek's strong listing signifies a promising future. Investors may hold their position by keeping a stop loss at 1290.
May 15, 2024, 11:02 am IST
Aadhar Housing Finance Listing View By Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Aadhar Housing Finance, a major player in the low-income housing segment, witnessed a flat listing on the stock exchanges. The company's shares debuted at Rs. 315, exactly matching its issue price. This performance fell short of pre-listing expectations, which were fueled by strong investor interest and a grey market premium (GMP) suggesting a 15-20% gain. While the IPO itself was oversubscribed a significant 27 times, the lackluster listing raises questions about investor sentiment and future prospects.
The low-income housing segment is growing, but the industry is competitive. Investors might be seeking more clarity on Aadhar's competitive edge and long-term growth strategy.
However, the strong financials, dominant market position, and extensive branch network remain attractive attributes, and investors may expect growth in the long term.
May 15, 2024, 11:00 am IST
Buy Marico For A Target Price of Rs. 668
“While key commodities are showing an upward trend, the management is confident in the company’s ability to maintain steady margins in the coming year through strategic pricing, favourable product mix, effective cost management, and procurement gains. In the long term, the company expects operating margin to gradually increase on account of leverage benefits, portfolio premiumisation and diversification across both domestic and international markets. Hence, maintaining a positive outlook, we reiterate our BUY rating on the stock with a revised target price of Rs. 668 based on 46x FY26E Adj. EPS,” said the brokerage firm Geojit Financial Services.
May 15, 2024, 10:32 am IST
Morning Market Outlook By Aditya Gaggar, Director of Progressive Shares
A strong comeback by Bulls with the help of a hidden bullish divergence in RSI pushed the Index higher to end 14th May trade at 22,218. Back-to-back bullish candles on the daily chart indicate a strong comeback by the bulls. Now, the next hurdle is placed at 22,330 while the support level is shifted higher at 22,100. After reversing from the lower end of the rising channel, BankNifty retested its 50DMA support and successfully ended above the same which implies a continuation of an uptrend with the support being placed at 47,600 while 48,270 will act as resistance. Bearish divergence in the Auto sector ended as a temporary pause in its uptrend; thus, we remain overweight. The Metal sector is on the verge of giving a swing breakout, and post the breakout, one can expect a strong outperformance as we had witnessed earlier. As indicated yesterday, the PSE sector performed as per our anticipation, boosting our confidence to stay bullish. A strong uptick with above-average volumes was seen in the Railway counters; follow-up buying can be expected in the same.
May 15, 2024, 10:31 am IST
Siemens - Strong EBITDA Beat; Rerating To Continue
“Siemens’ energy business to be demerged in the ratio of 1:1 to become a separate listed entity. All this is likely to be completed by CY25F. The demerger will create two strong independent companies focusing on their core activities. The company has given total capex guidance of Rs10bn for its GIS factory and other mobility capex. For FY24F/25F, we have raised our revenue estimates by ~2%/7%, respectively, factoring in the strong capex and order inflow led by digital penetration, government capex and also raised earnings estimates by 15%/23%, respectively, factoring in higher other income. We also introduce our FY26F EPS of Rs111 with a revenue of Rs321bn. We retain our ADD rating on the stock with a higher target price of Rs7,565 (Rs4,400 earlier), valuing it at 75x Mar 2026F (from 60x Sep 2025F) EPS. Any slowdown in the order inflow is a downside risk,” said the brokerage firm InCred Equities – InCred Group.
May 15, 2024, 10:07 am IST
Q4FY24 Result Update – JK Cement By Axis Securities
The company’s superior positioning in the key markets of North India and recent expansion in the demand-accretive central region will keep its growth momentum unabated. Given the government’s keen focus on infrastructure and low-cost affordable housing, robust real estate demand, and capacity ramp-up of new units, we expect JKCL to improve its market share and deliver industry-leading performance going forward. We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 13%/14%/30%/42% over FY23-FY26E. The stock is currently trading at 13x and 12x FY25E/FY26E EV/EBITDA. We maintain our BUY rating on the stock with a TP of Rs 4,340/share, implying an upside potential of 11% from the CMP, valuing the company at 13x FY26E EV/EBITDA.
May 15, 2024, 9:27 am IST
Market Opens With Mild Gains; Sensex Rises Nearly 150 Points
Indian benchmark indices kicked off Wednesday's trading session on a positive note, taking cues from upbeat global markets.
At the opening bell, the Sensex surged 122.89 points, or 0.17%, reaching 73,227.50, while the Nifty gained 42.85 points, or 0.19%, to touch 22,260.70.
May 15, 2024, 9:14 am IST
MSCI India Index Rejig: Fresh Inclusions and Exclusions Announced
The latest reshuffling by MSCI introduces 13 new stocks to the India Index, featuring names such as Indus Towers, Canara Bank, and PB Fintech. Additionally, Bosch and Jindal Stainless find themselves among the newly included entities. Aditya Birla Sun Life AMC and RR Kabel also secure positions in the Smallcap index, marking their debut. Conversely, the Smallcap index bids farewell to Indoco Remedies and Alok Industries, among others.
One97 Communications, Berger Paints, and IGL face exclusion from the MSCI India Index, as confirmed by MSCI's official statement released on Wednesday. According to insights from Nuvama Alternative and Quantitative Research, this rejig could trigger outflows amounting to million for Paytm, 3 million for IGL, and 7 million for Berger Paints.
May 15, 2024, 9:08 am IST
Rupee Opens Stronger
Rupee opens at 83.49/$ versus Tuesday’s close of 83.51/$
May 15, 2024, 9:06 am IST
Crude Oil Rises Amid Supply Focus As US Stockpiles Expected To Decrease
Oil prices climbed as attention turned to supply dynamics, driven by indications of shrinking US stockpiles and anticipation surrounding an upcoming report from the International Energy Agency (IEA) expected to provide insights into market balances for the latter part of the year.
Brent crude approached per barrel following a 1.2% decline on Tuesday, while West Texas Intermediate (WTI) traded above . The American Petroleum Institute (API) released data suggesting a 3.1 million barrel decrease in nationwide crude inventories last week. Additionally, a drawdown was reported at the key storage hub in Cushing, Oklahoma, according to individuals familiar with the information.
May 15, 2024, 9:05 am IST
Asian Markets Track US Surge Ahead Of US CPI Report
Asian stocks climbed on Wednesday, mirroring a substantial rally in US markets, particularly led by the tech sector. Investors are closely watching for key inflation data scheduled for release later in the day, seeking insights into the Federal Reserve's future policy decisions.
The MSCI Asia Pacific Index, which serves as a measure for regional benchmarks, edged upwards in early trading. This uptick follows a previous session where it closed at a two-year high. Japan and Australia saw gains in their equity benchmarks at the opening bell, while futures for Hong Kong remained relatively stable, albeit with the market closed for a holiday.
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