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Stock Market LIVE: Mid, SmallCap indices gain 1%; Cipla rallies 4%, Siemens 8%

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Stock Market LIVE updates on Wednesday, May 15, 2024: Sectorally, the Nifty PSU Bank index rose over 1 per cent, followed by the Nifty Media, and Metal indices (up 0.6 per cent each)

Opening Bell on May 15, 2024: Indian equities clocked decent gains in early deals on Wednesday, lifted by firm global mood, and bargain buying back home. The S&P BSE Sensex quoted at 73,171, up 66 points or 0.09 per cent. 

The NSE Nifty50, meanwhile, gained 37 points, or 0.17 per cent, to trade at 22,255. The benchmarks were supported by gains in Cipla, Bharti Airtel, Hindalco, BPCL, Coal India, Tata Steel, ONGC, NTPC, and SBI.

In the broader markets, the BSE MidCap, and SmallCap indices added nearly 1 per cent each.

Sectorally, the Nifty PSU Bank index rose over 1 per cent, followed by the Nifty Media, and Metal indices (up 0.6 per cent each). 

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9:35 AM

BSE SmallCap Heatmap:: KDDL, ITI soar up to 10%; Chalet Hotels slips 4%

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9:33 AM

BSE MidCap Heatmap:: Linde India, Oberoi Realty zoom 7%; Aarti Inds down 1%

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9:29 AM

Sectoral Movers:: Metals, PSU Banks, Realty shine in early trade on May 15

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9:26 AM

Broader market check:: MidCap, SmallCap indices outrun Nifty; VIX up 2%

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9:23 AM

Nifty Movers & Shakers:: Cipla soars 4%; HDFC Bank, HDFC Life in red

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9:22 AM

Sensex 30 Heatmap:: Airtel, NTPC gain 1.5%; HDFC Bank slips 0.8%

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9:20 AM

Opening Bell:: NSE Nifty 50 atop 22,250, up 39 pts

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9:17 AM

Opening Bell:: Sensex opens nearly 100 pts higher at 73,194

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9:08 AM

Pre-open deals: Sensex up nearly 100 pts; Nifty atop 22,250

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Oakridge Bachupally Marks Another Year of Academic Success with Exceptional 2024 CBSE Results

9:05 AM

Currency check :: Rupee opens at 83.49/$ vs Tuesday’s close of 83.51/$

9:03 AM

ALERT :: China mulls Govt purchase of unsold homes to ease glut, reports Bloomberg

9:00 AM

Pre-market: Gift Nifty hints gap-up open; Bank Nifty expiry; FII, DII flows

Among key stocks – Bharti Airtel will react to its Q4 numbers released post market hours on Tuesday, the telecom major reported a 31 per cent YoY drop in net profit at Rs 2,071 crore. Cipla too will be in focus on reports that the Hamied family are planning to sell 2.53 per cent stake in Cipla via block deals on Wednesday.

8:55 AM

Stocks to watch on May 15: M&M, Radico Khaitan, Macrotech Developers

M&M:Mahindra Holdings has announced the sale of its 30.84 per cent stake in New Delhi Centre For Sight for Rs 425.4 crore to Space Investments, Defati Investments & Infinity Partners.

Radico Khaitan:The company reported its Q4 results on May 14. Its profit rose 26.5 per cent on a year-on-year basis to Rs 54 crore, as compared to Rs 42.6 crore in the same quarter a year ago. Its revenue jumped 30 per cent to Rs 1,079 crore, as opposed to Rs 832 crore  in the same quarter previous fiscal.

8:50 AM

Bharti Airtel, Cipla, Paytm, Colgate among seven stocks to track on May 15

Bharti Airtel: The telecom giant reported a 31 per cent decline in consolidated net profit for Q4FY24, amounting to Rs 2,071.6 crore, compared to Rs 3,005.6 crore in the same period last year. Consolidated revenue from operations also dropped 10.5 per cent to Rs 7,467 crore year-on-year.

Cipla: Reports suggest that Cipla promoters are set to sell a 2.53 per cent stake worth Rs 2,637 crore.

8:46 AM

Nifty Bank, Private Bank indicate bullish turn on charts; key levels here

In light of these factors, traders may consider buying on dips on Nifty Bank index with targets set at the aforementioned resistance levels. Conversely, if the index breaks below the support level of 46950, it could indicate further downside momentum. In such a scenario, the next support levels to watch would be at 46,580 and 45,730.

8:46 AM

Nifty Bank, Private Bank indicate bullish turn on charts; key levels here

In light of these factors, traders may consider buying on dips on Nifty Bank index with targets set at the aforementioned resistance levels. Conversely, if the index breaks below the support level of 46950, it could indicate further downside momentum. In such a scenario, the next support levels to watch would be at 46,580 and 45,730.

8:42 AM

Silver, Natural Gas: Check target price, trading strategies for May 15

On the daily chart, silver is showing a bullish trend with a pattern of higher highs and higher lows. Similarly, the Relative Strength Index (RSI) is mirroring this pattern, further indicating bullish sentiment. Key resistance levels for silver are around 85,800 and 86,200, while support levels are at approximately 84,800 and 84,370. 

8:38 AM

MOIL, TechM: Top buy & sell ideas from Vinay Rajani of HDFC Securities

Stock Market Buy Tech Mahindra (Rs 1,275): | Target: Rs 1,380 | Stop loss: Rs 1,215

On April 26, stock broke out from the downward sloping trend line on the daily chart. Price rise was accompanied by rise in volumes. Post breakout, stock witnessed correction and reached a gap support on the daily chart. After taking support in the gap, sock resumed its primary uptrend. Indicators and oscillators have turned bullish on the daily chart.

8:33 AM

Fund Flow :: DIIs buy equities worth Rs 3,527.86 crore on May 14

8:27 AM

Fund Flow :: FIIs/FPIs sell equities worth Rs 4,065.52 crore on May 14

8:22 AM

ALERT :: GIFT Nifty suggests positive start on Wednesday

>> At 8:22 AM, the index was up 58 points at 22,367 level

8:19 AM

Stock Market are little changed as Wall Street readies for key inflation report

>> Stock futures were little changed as Wall Street braced for April’s consumer price index.

>> Futures tied to the Dow Jones Industrial Average added 17 points, while S&P 500 futures and Nasdaq 100 futures hovered near the flatline.

8:16 AM

China’s BYD launches hybrid pickup in Mexico as US hikes EV tariffs

>> Chinese automaker BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, in Mexico on Tuesday, as its regional chief brushed off new US tariff hikes on Chinese EVs, saying the company was not eyeing an entry to the US market.

>> The Shark strengthens BYD’s foothold in the North American market with a vehicle aimed directly at incumbents Ford, General Motors, and Toyota.

>> It is for now only available in Mexico, executives said, and is the first time the world’s largest electric-vehicle (EV) maker has launched a new product outside its home country.

8:12 AM

ALERT :: China’s central bank leaves key policy rate unchanged

>> China’s central bank left a key policy rate unchanged when rolling over maturing medium-term lending facility (MLF) loans on Wednesday, in line with market expectations.

>> The People’s Bank of China (PBOC) said it was keeping the rate on 125 billion yuan ($17.28 billion) in one-year MLF loans to some financial institutions unchanged at 2.50% from the previous operation.

8:09 AM

Stock Market ALERT :: China’s economy reveals pockets of softness

>> As China’s economy moves into the second quarter of the year, a few indicators are pointing to sluggish growth ahead if things don’t turn around.

>> Meanwhile, the National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday.

>> The same day, China plans to issue its first ultra-long bond — 30 years in term — as Beijing kicks off a previously announced program for a total of 1 trillion yuan ($138.25 billion) in funds for major strategic projects. 

>> The central government bond program comes as the drag from real estate persists, while businesses and consumers largely remain conservative about spending.

>> The People’s Bank of China over the weekend released new loan data for April that pointed to a sharp slump in demand, with several metrics at their lowest in at least two decades.

8:06 AM

Stock Market ALERT :: Fed Chair Powell says inflation has been higher than thought

>> Fed Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected, likely keeping interest rates elevated for an extended period.

>> “We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said in Amsterdam. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

>> Tuesday brought a fresh round of discouraging inflation data, when the producer price index rose a higher-than-expected 0.5% in April.

8:03 AM

Stock Market Asian markets :: Nikkei, ASX gain on strong Wall St handover

>> Kospi, and Hang Seng are shut today

7:58 AM

Wall Street check :: Nasdaq ends at record close

7:53 AM

Good morning, readers!

Welcome to Business Standard’s LIVE market blog.

Credit– business-standard

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SBI Q4 Results: Profit up 24% YoY to Rs 20,698 cr; Stock hits Record High.

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SBI Q4 results: State Bank of India (SBI), India’s largest state-owned bank, reported a standalone net profit of Rs 20,698.35 crore, up 24 percent year-on-year (Y-o-Y), on the back of higher interest income and low provisions.

The bank had reported a net profit of Rs 16,694.5 crore in the March quarter of the previous fiscal (Q4FY23).

The number beat analysts’ estimates by a wide margin, who had pegged PAT in the range of Rs 10,432 crore to Rs 14,743 crore. On the bourses, shares of SBI gained 3.6 percent in the intraday to hit a fresh record high of Rs 839.6 apiece. By comparison, the S&P BSE Sensex was down 1.2 percent at 2:40 PM.

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State Bank of India

Sequentially, SBI’s net profit more-than-doubled, zooming 125 per cent from Rs 9,163.96 crore posted in the December quarter of FY24 (Q3FY24).

For the entire financial year, net profit came in at Rs 61,077 crore, witnessing a growth of 21.59 percent Y-o-Y after accounting for wage settlement and a one-time exceptional item of Rs 7,100 crore.

SBI Q4 NII, NIM

Meanwhile, operationally, the net interest income (NII) of SBI rose 3 per cent Y-o-Y to Rs 41,656 crore, up from Rs 40,392.5 crore posted in Q4FY23.

Net interest margin (NIM) rose unexpectedly to 3.30 percent from  3.22 percent Q-o-Q. It was 3.60 percent in Q4FY23. 

Operating profit (before provisions and contingencies) came in at Rs 28,747 crore for the March quarter, up 16.7 percent from Rs 21,621 crore reported last year. In the December quarter, the operating profit was Rs 20,336 crore.

Operating profit for FY24 grew by 12.05 percent Y-o-Y to Rs 93,797 crore.

SBI Q4 dividend announcement

The Board of the Bank has declared a dividend of Rs 13.70 per equity share for the financial year ended 31.03.2024, The record date for determining the eligibility of shareholders, entitled to the dividend, has been fixed as Wednesday, May 22, 2024. The dividend payment date is fixed as June 5, 2024.

SBI Q4 asset quality and provisions

SBI’s total provisions for the March quarter declined to Rs 1,609.78 crore from Rs 3,315.7 crore in the year-ago period. These, however, increased sequentially from Rs 687.85 crore set aside in Q3FY24.

SBI reported slippages of Rs 3,984 crore, down from Rs 5,046 crore Q-o-Q.

Gross NPAs slipped marginally by 2.8 percent to Rs 84,276.3 crore from Rs 86,748.8 crore reported in Q3FY24. Every year, GNPA slipped from Rs 90,928 crore.

In percentage terms, the GNPA ratio improved to 2.24 percent in Q4FY24 vs 2.4 percent in Q3FY24 and 2.78 percent in Q4FY23.

Similarly, NNPAs, in absolute terms, declined to Rs 21,051 crore in Q4FY24 from Rs 21,467 crore Y-oY and Rs 22,408 crore Q-o-Q.

NNPA ratio, thus, came in at 0.57 percent in the quarter under study as against 0.67 percent Y-o-Y and 0.64 percent Q-o-Q.

Provision Coverage Ratio (PCR) stood at  75.02 percent at the end of FY24, with Slippage Ratio at 0.62 percent, and Credit Cost at 0.29 percent.

SBI Q4 loans and deposits

State Bank of India reported credit growth of 15.24 percent Y-o-Y at Rs 37.67 trillion, with domestic advances growing 16.26 percent Y-o-Y/5.1 percent Q-o-Q.

Corporate advances and agri-advances crossed Rs 1.1 trillion and Rs 3 trillion, respectively.  Apart, Retail Personal Advances and Corporate loans registered Y-o-Y growth of 14.68 percent and 16.17 percent, respectively.

On the deposit side, total deposits came at Rs 49.16 trillion, up 11.13 percent Y-o-Y/3.23 percent Q-o-Q.

Whole Bank Deposits grew at 11.13 percent Y-o-Y, out of which CASA Deposit grew by 4.25 percent Y-o-Y. CASA ratio stood at 41.11 percent at the end of March 2024.

Titan Share Price Falls over 7% After Q4 Results: Should You Buy, Sell, or Hold the Stock?

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Titan share price has outperformed the equity benchmark Sensex over the last year. Titan’s share price has gained about 29 percent while the Sensex has gained about 21 percent in the last year.

Titan share price: Shares of Titan Company declined over 7 percent in morning trade on BSE on Monday, May 6, after the company reported weaker-than-expected March quarter results. Titan’s share price opened at ₹3,481.10 against its previous close of ₹3,535.40 and fell over 7 percent to the level of ₹3,287. Around 10:15 am, Titan’s share price traded 5.75 percent lower at ₹3,332 apiece. Equity benchmark Sensex was 0.30 percent up at 74,096 at that time. 

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Titan Company Q4 Result

After market hours on Friday, May 3, Titan reported a 5 percent year-on-year (YoY) rise in consolidated net profit of ₹771 crore for the quarter that ended on March 31, 2024. Total income for the quarter rose 22 percent YoY to ₹11,472 crore.

The company’s EBIT for the quarter grew by 10 percent YoY to nearly ₹1,192 crore.

The Jewellery segment’s total quarterly income grew 19 percent YoY to nearly ₹8,998 crores, while ‘Watches & Wearables’ total income for the quarter stood at ₹940 crores, up 8 percent YoY.

Titan Share Price Movement

By jumping nearly 29 percent, Titan shares have outperformed the equity benchmark Sensex over the last year, which has gained about 21 percent in the same period.

Titan Company’s share price hit its 52-week high of ₹3,885 on the BSE on January 30 this year. Its 52-week low level is ₹2,666.55, which it hit on May 5 last year. For the current calendar year, till May 3 close, Titan’s share price is down about 4 percent.

Should you Buy, Sell, or Hold the Stock?

Top brokerage firms have retained their previous recommendation on Titan stock, but some have trimmed their estimates due to gold inflation and the stock’s fair valuation. Let’s take a look at what some of them say:

Motilal Oswal Financial Services

Motilal maintained a buy call on Titan stock with a target price of ₹4,100. It said Titan remains its top consumer discretionary play in India. However, the brokerage firm cut its earnings per share (EPS) estimates by 6 percent and 5 percent for FY25E and FY26E, respectively.

The brokerage firm believes the near-term growth outlook of Titan appears subdued due to high gold inflation affecting demand sentiments. This, however, is a typical trend during inflationary periods.

“Despite the near-term jitteriness, the company remains aggressive in its growth outlook, driven by new store additions, attractive designs, and market share gains, et al. Titan also maintains a Jewelry EBIT margin of 12-13 percent for FY25. We will monitor the near-term consumption trend,” Motilal said.

Motilal underscored that Titan is on track to achieve the existing jewelry revenue guidance of 2.5 times FY22 revenue by FY27, implying an impressive 20 percent CAGR during the period.

The brokerage firm believes with a current market share of nearly 8 percent in a sizable nearly ₹5 lakh crore market, there is significant headroom for growth for Titan.

Kotak Institutional Equities

Kotak has an add call on Titan stock with a revised fair value of ₹3,600 from ₹3,750 earlier. It has trimmed the FY25/26E consolidated jewelry EBIT margin estimate by 90-110 bps and cut EPS estimates by 5-8 percent.

“We raise FY25-26E jewelry sales growth by 2 percent and reduce jewelry EBIT margin by 90-110 bps; net result: 5-8 percent EPS cut. We estimate a 17 percent consolidated jewelry sales CAGR over FY2024-27E, led by (1) a 15 percent domestic CAGR on nearly 9 percent store CAGR, (2) a 70 percent CAGR in international business, and (3) a 30 percent CAGR in Caratlane,” said Kotak.

“We value Titan at 60 times June 2026E PE (price-to-earnings ratio). The stock is priced for perfection; we would keep an eye on the adoption of lab-grown diamonds in India (and Titan’s studded share) and Aditya’s Birla Group’s upcoming jewelry foray,” Kotak added.

JM Financial

JM Financial maintained its buy call on the stock but cut the target price to ₹3,825 from ₹3,940, citing Titan’s March-quarter earnings were below expectations.

“Revenue was inline, but lower margin across segments (weaker gross margin in jewelry and the lack of operating leverage in other segments) drove an overall nearly 3 percent miss on segment profits. The performance of the watches and eyewear segments has been volatile, and more work is needed before it reaches a steady state,” JM Financial said.

The brokerage firm believes growth and margin will likely be impacted in the near term due to volatility in gold prices, elections, and lower wedding dates.

However, JM Financial pointed out that for the full year, Titan will target maintaining its jewelry division growth momentum and it reiterated 12-13 percent margin guidance.

“Titan stock could react negatively to weak Q4 results and near-term demand issues. From the long-term perspective, considering a large opportunity size and Titan’s superior execution capabilities, headroom for growth remains strong,” said JM Financial.

Hindalco vs Vedanta: Which metal stock should you pick for the long term?

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Stock Price Trend: Vedanta has outperformed benchmark Nifty Metal this year so far while Hindalco underperformed. Vedanta has surged over 61 percent in 2024 YTD while Hindalco is up just 5 percent. The metals market has seen a strong performance driven by positive PMI data from China and solid US economic fundamentals, leading to higher commodity prices, especially for base metals. Hindalco and Vedanta’s comparison can help identify better long-term investment opportunities.

The metals market has experienced a strong performance in the past month, largely due to positive PMI data from China and solid economic fundamentals in the US. This has driven up commodity prices, particularly for base metals. Supply constraints in copper and aluminum, alongside a ban on Russian-origin metal from the London Metal Exchange, have further supported metal prices. With the potential for interest rate cuts from the Federal Reserve and an anticipated stimulus from China, the outlook for metals remains positive.

In this environment, comparing Hindalco and Vedanta can help determine which metal stock may offer superior long-term investment opportunities.

Coforge share price declines 9% post-Q4 earnings performance: Should you sell or Hold the stock?

Stock Price Trend

Vedanta has outperformed benchmark Nifty Metal this year so far while Hindalco underperformed. Vedanta has surged over 61 percent in 2024 YTD while Hindalco is up just 5 percent. In comparison, the Nifty Metal index has gained over 17 percent in this period.

This year so far, Vedanta has given positive returns in 3 of the 4 completed months so far while Hindalco has been positive in 2. Vedanta rallied 46.46 percent in April after a 1.3 percent rise in March. Meanwhile, it fell 2.5 percent in February but rose 6.4 percent in January this year. In the 2 sessions of May, the stock has advanced 5.3 percent.

Hindalco, on the other hand, gained 15 percent in April, extending gains for the 2nd straight month, after a 11.19 percent surge in March. However, it fell in the first 2 months of this year, down 5.7 percent in January and 13 percent in February. It has been flat, up just half a percent in May.

Meanwhile, in the last 1 year as well, Vedanta has been the better stock, jumping around 50 percent whereas Hindalco has rallied 45 percent. In comparison, Nifty Metal has surged 110 percent in this time.

Both Vedanta and Hindalco have also hit their 52-week highs in recent times along with Nifty Metal. Vedanta hit its 52-week high of ₹419 in intra-day deals today, May 3, 2024. The stock has now advanced 101.5 percent from its 52-week low of ₹207.85, hit on September 28, 2023.

Meanwhile, Hindalco touched its all-time high of ₹661.30 last month on April 26, 2024, and is currently just 2 percent away from the peak. Currently trading at ₹646, it has rallied over 64 percent from its 52-week low of ₹398.00, hit on May 25, 2023.

Moreover, in the long term, 3 years, again Hindalco has emerged as the winner. It has surged 78 percent while Vedanta jumped 61 percent.

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Earnings

In the March quarter, Vedanta reported a 27 percent decline in its net profit to ₹1,369 crores on the back of surging finance costs and weak prices of metals such as zinc, copper, and aluminum. It had posted a net profit of ₹1,881 crore in the same period last year. Meanwhile, its revenue from operations fell 6 percent YoY to ₹34,937 crore in Q4FY24.

The company said that short-term and long-term demand remains robust in India. “The demand is expected to remain strong in upcoming years due to thriving infrastructure, manufacturing, automobile, and EV/renewable sectors,” Vedanta said in an investor presentation.

The top 10 stocks to buy today, April 29, are IDFC First Bank, Tata Chemicals, Maruti Suzuki, ICICI Bank, Britannia, HCL Tech, and SBI Card.

Meanwhile, Hindalco has not yet reported its March quarter results. In the December quarter, the firm reported a 71 percent YoY growth in its consolidated net profit at ₹2,331 crore versus ₹1,362 crore a year ago. Meanwhile, its revenue from operations in the third quarter fell marginally to ₹52,808 crore from ₹53,151 crore in the same quarter of last year.

“The copper business registered a record EBITDA, up 20 percent YoY on the back of strong volume growth and robust operations,” Hindalco managing director Satish Pai said.

The aluminum upstream business EBITDA rose 54 percent from the year-ago period, supported by stable operations and lower raw material costs, “which keeps us positioned in the first quartile of the global cost curve”, he said.

Nifty 50 and Sensex today: What we can expect from the Indian stock market on April 29th.

Which metal stock has better long-term investment opportunities?

Sanjay Moorjani, Research Analyst, Samco Securities likes Hindalco better

Incorporated in 1958, Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group. Now, Hindalco is advancing from a manufacturing company to a manufacturing solutions provider by moving further down the value chain and co-creating solutions with customers. The company has announced organic growth investments of around $1.13 Billion which are planned to be allocated to high-growth downstream projects in Electric Vehicles (EVs), e-mobility, packaging, batteries, building and construction and consumer durables. India’s growth story remains strong on account of increased focus by the government on infrastructure, railways, defence and manufacturing. 

Additionally, the government’s rooftop solar scheme will serve as another tailwind for Hindalco along with the already growing EV market. These futuristic sectors are expected to see a lot of traction going forward and Hindalco’s downstream initiatives position it to capitalise on these opportunities fully.

On the other hand, Vedanta is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into electronics and display glass manufacturing. The proposed demerger in Vedanta would present an opportunity for investors to invest in individual businesses independently, essentially creating pure-play investment options. 

Tech Mahindra stock hits the upper circuit by 10%, Following Q4 results; see the share price target

However, it’s crucial to note that Vedanta’s debt obligations persist despite this structural change. Additionally, while Vedanta’s shares have experienced notable rallies in recent times, operational performance improvements haven’t seen any positive surprises. However, the debt obligations of Vedanta would remain unaffected. In the last month, Vedanta’s shares have rallied a lot without much of an improvement in its operational performance.

While both Hindalco and Vedanta present compelling investment propositions, Hindalco’s strategic focus on downstream initiatives aligned with futuristic sectors positions it as a promising long-term investment choice. Investors can consider Vedanta’s businesses post its demerger.

Parthiv Jhonsa, Lead Analyst (Metal and Mining), Anand Rathi Institutional Equities also picked Hindalco over Vedanta

Hindalco has a strong aluminium and copper presence in the domestic market along with being one of the largest FRP producers globally (excl. China). As India is the only major economy where domestic demand for metals is expected to outstrip global growth figures, Hindalco is well-set in the non-ferrous sector, especially after the supply crunch caused by the ban on Russian metals in North America and the recent rally in copper.

HUDCO shares jumped 15% to a record high, while multi-bagger PSU stock has increased 369% in just a year.

Sujit Modi, CIO, Share.Market, as well, favours Hndalco

A head-to-head comparison between the two stocks based on our factors tells us that both the stocks rank high on short-term measures like Momentum and Sentiment, however, in the longer time frame, factors like Quality & Value seem to favor Hindalco over Vedanta.

On the contrary, Aditya Welekar, Senior Research Analyst – Auto & Metals, Axis Securities prefers Vedanta over Hindalco

In the long term, we prefer Vedanta over Hindalco as Vedanta has multiple levers to grow both in volume and cost/operational performance. A vertical merger into six pure-play companies and the probability of an asset sale (steel business in Q1 or Q2FY25) can drive further upside from the current levels. For Hindalco, an update on Novelis IPO and its proceeds will be the key monitorable and critical risk.

Both Hindalco and Vedanta offer distinct advantages, however, more experts favor Hindalco. Hindalco’s strategic positioning in high-growth downstream sectors and consistent operational performance make it an attractive option for long-term investors. Vedanta’s potential demerger and diversified portfolio present opportunities but come with some risks due to debt obligations.

Stock Market Highlights, April 10: Sensex gains 354 points, Nifty stays at 22,750; larger indices perform!

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Stock Market Closing Bell on April 10, 2024: Equity markets were rangebound with a positive bias on Wednesday as investors await fresh triggers for directional moves. The S&P BSE Sensex ended with gains of 354 points, or 0.47 percent, at 75,038 levels, while the Nifty50 closed at 22,754, up 111 points or 0.49 percent.

ITC, Kotak Bank, SBI, Tech M, Bharti Airtel, Asian Paints, JSW Steel, Infosys, and Reliance Industries were the top winners on the 30-stock index, rising between 1 percent and 2 percent.

Meanwhile, in the broader markets, outperformed the market with the BSE MidCap index and the BSE SmallCap index advancing 0.89 percent and 0.46 percent, respectively. 

Among sectors, the Nifty PSU Bank, FMCG, Media, and Metal indices gained in the range of 1.23 percent to 1.80 percent, while Pharma and Auto indices ended in the red.

Tech View:: ‘Decisive move above 22,750 in Nifty might induce a rally towards 23,000’

The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600. A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures.

Comment :: ‘Investors remain fixated on impending release of the FOMC minutes, US inflation data’

Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts. Investor attention remains fixated on the impending release of the FOMC minutes and US inflation data later today. Following the release of strong US job data, market sentiments are inclined towards an anticipation of spike inflation, thereby reducing the likelihood of a near-term rate cut. Additionally, Fitch’s recent downgrade of China’s credit rating could potentially reverberate through the global economy, warranting a caution.

Currency check:: Rupee gains 12 paise vs US dollar, ends at 83.19/$

Broader markets :: MidCap index adds nearly 1%

Sectoral trends :: Nifty PSU Bank, Media rally up to 1.8%

Sensex Heatmap:: ITC, SBI, and Airtel end as top gainers on the 30-stock index

Closing Bell:: Nifty holds 22,750

Closing Bell:: Sensex ends 354 pts higher ahead of US CPI data

Vodafone Idea stock may more than half amid subscriber churn: CLSA

“Beyond the planned capital expenditure and 5G rollout, Vi faces a financial crunch in FY26CL. Annual spectrum and AGR payments of $4 billion per annum will fall due unless the government converts debt principal to equity at the end of the moratorium,” CLSA said in its latest report.

Tata Motors-owned JLR India sales rise 81% at 4,436 units in FY24

Retail sales of SUVs, Range Rover, and Defender continued to grow with year-on-year increases of 160% and 120% respectively.

JLR

Vodafone Idea to launch FPO next week seeks to raise Rs 18,000-20,000 cr

Vodafone Idea (Vi) is preparing to launch a follow-on public offer (FPO) to raise Rs 18,000-20,000 crore by the middle of next week, reported Moneycontrol, citing sources.

Vodafone Idea

Q4 Preview: TCS to lead IT pack; may see upper single-digit rise in profit

Large-cap IT major TCS is expected to register a single-digit growth in revenue and profit for the January-March quarter (Q4FY24) as compared to the same quarter in the year-ago period due to large deal ramp-ups and operational efficiencies, said analysts.

Beware of deep fake of CEO recommending stocks, says National Stock Exchange

India’s National Stock Exchange (NSE) on Wednesday cautioned investors against deepfake videos of its chief executive giving stock recommendations. 

RInfra tanks 20% as SC asks co to refund Rs 8,000 cr to Delhi Airport Metro

Shares of Reliance Infrastructure (R-Infra) tanked 20 percent to Rs 227.40, freezing at the lower circuit on the BSE on Wednesday at 01:28 PM, amid heavy volumes after the Supreme Court (SC) set aside the Rs 8,000-crore arbitral award in favor of the company’s metro arm, Delhi Airport Metro Express Private Limited (DAMEPL).

Summer cheer for beer firm United Breweries as margins remain stable

United Breweries, India’s largest beer manufacturer, is expected to gain business as summer brings heat waves. The company will be a major beneficiary from April to July, the period that contributes 40-45 percent of its annual beer volumes. The T20 Cricket World Cup in June and the ongoing Indian Premier League will help volumes and should offset the negative impact of elections on sales. 

Rotation into large-caps could continue ahead of elections: Ritu Arora

Indian markets have rebounded sharply from their lows in mid-March with the Sensex crossing the 75,000 mark for the first time this week. RITU ARORA, chief executive officer and chief investment officer for Asia at Allianz Investment Management, tells Puneet Wadhwa in an email interview that the Indian markets will witness periodic corrections and provide better entry opportunities over the next year. 

Kolte Patil zooms 10% as Motilal Oswal gives a ‘Buy’ rating, 34% upside eyed

Shares of the company soared as much as 10.05 percent to hit an intraday high of Rs 569.05 per share after Motilal Oswal initiated coverage on the real estate developer.

SC sets aside Rs 8,000 cr arbitral award to Anil Ambani’s Reliance Infra

In a significant relief to the Delhi Metro Rail Corporation (DMRC), the Supreme Court on Wednesday set aside the Rs 8,000 crore arbitral award in favor of Anil Ambani-owned Reliance Infrastructure’s metro arm, Delhi Airport Metro Express Private Limited (DAMEPL).

KSB rallies 5% as board to consider stock split; stock up 98% in 1 year

The company’s board is scheduled to meet on April 26 to consider the proposal for sub-division/split of equity shares and also announce the March quarter results.

Global check:: Hang Seng surges 1.8% in mixed trade in Asia

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Will India be the world’s next growth driver as its economic growth speeds up?

With China’s growth slowing, India could become the new engine of global economic growth, but it will take strategic investments, increased labor participation, and more to achieve its ambitions.

Explained: Silver prices may touch Rs 1 lakh, should you invest?

Motilal Oswal has cited several factors driving silver prices, including strong demand from the industrial sector (electronics, solar) and its role as a safe-haven asset during economic uncertainties. 

Motilal Oswal trims price target on TaMo, sees 4% downside, Here’s why

MOFSL said the revised price highlights expectations of stabilizing growth shortly due to moderate volume growth in domestic passenger and commercial vehicle industries.

Vistara’s loss may not be IndiGo’s gain; oil remains an overhang: Analysts

Surging oil prices, according to analysts, could hit the airline if the government decides to hike the prices of aviation turbine fuel (ATF). 

Fitch downgrades China’s outlook to negative on economic growth risks

China’s factory output and retail sales topped forecasts in January-February, joining better-than-expected exports and consumer inflation indicators, providing an early boost to Beijing’s hopes. 

Gold can rise 5% to Rs 75,000; Silver by 2.5% to Rs 85,000, charts suggest

Commodities such as Gold and Silver have rallied sharply in the last two weeks amid a rise in geopolitical crisis and hopes of interest rate cuts in the US.

Gold futures in the international market rallied from $2,170 per ounce to $2,384 per ounce – up 9.9 percent in the last three weeks. Meanwhile, Silver futures outperformed with a gain of 16 percent during the same period. 

Vedanta soars 8%, hits 23-month high on heavy volumes; zooms 45% in 4 weeks

The company is favorably positioned to capitalize on the commodity upcycle, thanks to its diversified exposure. Moreover, its ongoing efforts to enhance capacity and profitability across various segments bode well for prospects, as per reports.

ALERT:: Kolte Patil zooms over 7% as MOFSL initiates coverage

>> With the scale-up in operations, we expect post-tax OCF to double to INR8b by FY26. Further, the net cash position as of Dec’23 also provides comfort and ample headroom to capitalize on future growth opportunities. We initiate coverage on the stock with a BUY rating and a TP of INR700, implying a 34% upside.

ALERT:: Gensol Engineering reports an order book of Rs 1,783 crore at the start of FY25

PB Fintech surges 7%, hits 2-year high on pact with ICICI Lombard

Stocks of PB Fintech are trading at their highest level since November 2021. It had hit a record high of Rs 1,470 on November 17, 2021. At 09:21 am, the stock was trading 5 percent higher at Rs 1,369.85, as compared to the 0.33 percent rise in the S&P BSE Sensex. On the other hand, shares of ICICI Lombard General Insurance Company were quoting 1 percent higher at Rs 1,713 on the BSE.

Weak demand environment to delay recovery in quick-service restaurants

While competition is intense, growth has seen non-vegetarian options starting to outpace vegetarian. KFC, for example, has an 85 percent contribution from non-vegetarians. Popeyes, with a launch in South India, is creating a new category in fried chicken.

Comment :: Here’s what could keep markets resilient

Robust economic growth, decent corporate earnings, macroeconomic stability, expectations of political stability after elections, sustained capital flows, and retail investor enthusiasm will keep the market resilient despite rich valuations.

A significant recent healthy trend in the market is the outperformance of the fundamentally strong large caps over the mid and small caps. This trend is making the market healthier and, therefore, has the potential to continue. Largecap banking stocks are likely to be the leaders if the rally sustains.

The US CPI data to be published today is significant since that will determine the quantum of rate cuts by the Fed this year. The fact that US inflation has come down by two-thirds is significant and positive from the market perspective, but the trajectory of inflation, going forward, will largely influence the direction of stock markets, globally.

Paisalo Digital gains over 3.5% on a 32% YoY rise in AUM

>> The company reported that its Assets Under Management (AUM) saw a 32 percent growth, reaching Rs 4,622 crore by the end of the March FY24 quarter.

>> In the same period, disbursements rose by 38 percent to Rs 3,588 crore

Shyam Metalics advances 3% as it plans Rs 750-cr capex

>> The metals manufacturing firm will set up a new facility for the production of stainless steel hot rolled coils (HRC) at its existing plant in Sambalpur, Odisha with an investment of Rs 650 to Rs 750 crore

Protean eGov Technologies zooms about 3% as Co to likely launch QIP

>> Reports say the QIP offering is set to include a base issue size of Rs 170 crore along with a green shoe option of Rs 75 crore

Godrej Properties flat after Gurugram unit of RERA denies project extension

>>  The Real Estate Regulatory Authority in Gurugram has denied the extension application for the Godrej Air Phase 4 project, a group housing project being developed by Godrej Properties in Sector 85, Gurugram. 

Lupin gains over 1% on launching first generic version of Oracea

>> The pharma major announced the launch of the first generic version of Oracea (doxycycline capsules 40 mg) in the US. 

Paytm falls 3% as PPBL MD & CEO resigns

>> Surinder Chawla, MD and CEO of Paytm Payments Bank has resigned ‘on account of personal reasons’

Broader markets:: SmallCap index trades flat

Sectoral trends:: Private banks see a slight downtick

Sensex Heatmap:: 26 of 30 index stocks rise led by Tata Steel, RIL

Opening Bell:: Nifty tests 22,700


Opening Bell:: Sensex up less than 200 pts

Pre-Open Session:: Nifty holds 22,700

Pre-Open Session:: Sensex gains over 250 pts

Betting big: Mutual funds own a larger slice of small and midcap stocks

Retail investors now own a larger share of smallcap companies than they did a year ago, thanks to their conviction in mutual fund (MF) schemes focused on this segment.

Data from Capitaline shows that MFs’ average holding in the National Stock Exchange Nifty Smallcap 250 Index stood at 9 percent at the end of the October-December quarter of 2023-24 (FY24), up from 7.76 percent in the same quarter of 2022-23.

Mutual funds’ growing heft

Gold price climbs Rs 10 to reach Rs 71,740, silver slips to Rs 84,400

The price of 24-carat gold registered a slight uptick of Rs 10 in early trade on Wednesday, with ten grams of the precious metal trading at Rs 71,740, according to the GoodReturns website. The price of silver, on the other hand, went down by Rs 100, with one kilogram of the precious metal selling at Rs 84,400.

The price of 22-carat gold rose Rs 10 with the yellow metal selling at Rs 65,760.

gold investment gold trade

ICICI Bank, Eicher Motors can zoom up to 6-7% says HDFC Securities

Buy Eicher Motors(CMP-4,250): | Target Rs. 4,550 | Stop-loss Rs 4,050

By surpassing the previous swing high of 4,200, the Stock has registered a fresh all-time at 4,303. The primary trend of the stock is bullish, as it has been forming higher tops and higher bottoms on the weekly charts. The auto sector has been outperforming for the last couple of weeks. 

Nifty Private Bank nearing correction: Here’s what the charts indicate

Nifty Bank Index

The Nifty Bank Index is currently trading at 48,730.55, exhibiting a bullish short-term trend on the charts. However, in the near term, the index is anticipated to encounter resistance levels, potentially leading to profit booking as the rally progresses. 

Stocks to Watch today: Paytm, Maruti, ICICI Lombard, Lupin, PolicyBazaar

Here are the stocks that are expected to be on investors’ radar this Wednesday.

Maruti: The auto major on Tuesday said it has added a new assembly line at its plant in Manesar, Haryana, which has increased the company’s total manufacturing capacity from 2.25 million units to 2.35 million units.

Paytm: Surinder Chawla, MD and CEO of Paytm Payments Bank has resigned ‘on account of personal reasons’, the company said in a regulatory filing yesterday. The resignation would be effective from June 26. 

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Rupee depreciates 2 paise

Brent crude at $89.56 per bbl

Gift Nifty futures suggest a positive start

At 07:15 AM, the Gift Nifty futures were quoting 80 points higher than Nifty 50 futures at 22,815.

Also Read: The message-writing part of Google Messages has been modified!

Asian markets trading lower on Wednesday morning

US indices end flattish

Good morning readers! Catch all the market live updates here

Nifty 50, Sensex hit fresh all-time high; why is Indian stock market gaining today?- Explained

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Today’s stock market: The Sensex and Nifty 50, Indian stock market indices, reached new all-time highs in intraday trading on Tuesday.

Today’s stock market: Indian stock market benchmarks the Sensex and Nifty 50 set new all-time highs in intraday trade on Monday, April 1, with widespread purchasing despite mixed global cues.

The Sensex began at 73,968.62, up 0.82 percent from the previous close of 73,651.35, and reached a new all-time high of 74,254.62 inside the first two hours of trading.

The Nifty 50 began at 22,455 against the previous finish of 22,326.90, rising 0.90 percent to a new record high of 22,529.95 in the morning session.

Mid and small-cap groups experienced significantly greater improvements. In the morning trading session, the BSE Midcap index surged by more than 1%, while the Smallcap index increased by more than 2%.

The market capitalization of BSE-listed corporations increased to over ₹392 lakh crore from around ₹387 lakh crore in previous session.

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Why is the Indian stock market gaining today?

According to experts, the market has a favorable undercurrent due to India’s excellent economic prospects. Furthermore, the anticipation of rate decreases in the future months is supporting market mood. Investors are buying Indian equities following the recent correction, as they remain optimistic about the Indian stock market in the medium to long term.

V K Vijayakumar, Chief Investment Strategist of Geojit Financial Services, stated that the market has a bullish undertone and is gaining speed.

“The market has been showing signs of consolidation but the spurt in Nifty by 322 points on the last 2two trading days indicates that the upward momentum can be sustained,” Vijayakumar, the market analyst, said.

Vijayakumar stated that several mutual funds have begun restricting redemptions from smallcap schemes due to worries about frothy valuations in this segment, which could result in increased flows of funds into largecaps. This would lift the huge caps.

According to brokerage firm ICICI Direct, the Nifty 50 may continue to trade on a positive bias, with immediate support near 22,000.

The brokerage firm anticipates the index to continue its northward trek and gradually approach 22,700 in the next weeks.

“Empirically, in General Election year, the index has a tendency to bottom out in the first quarter of the calendar year, followed by a rally (minimum 14 per cent rally from lows) towards the General Election outcome in each of seven instances over past three decades,” ICICI Director said in a statement.

“In the current context, we expect the index to continue the same rhythm because it already went through a corrective phase in the first quarter and built a stronger base. As a result, the election outcome laid the foundation for the second leg of a bull surge to 23,400. In the process, 21,900 would serve as immediate support, which we intend to maintain,” the brokerage business stated.

The Sensex and Nifty 50 both saw remarkable gains of 29% and 25%, respectively, in the previous fiscal year (FY24). Experts believe that these indexes will continue to expand strongly in the coming fiscal year, despite persistent obstacles.

“Considering the consistent earnings growth and an easing interest rate environment, the Nifty 50 may deliver a healthy double-digit return in the low to mid-teens,” Naveen Kulkarni, Chief Investment Officer at Axis Securities PMS, told Mint.

Niraj Kumar, Chief Investment Officer at Future Generali India Life Insurance Company expects FY25 to be driven by sustained corporate earnings growth, policy continuity and a favourable geopolitical landscape and any disappointment on these fronts may have negative ramifications on the market.

With inputs from Livemint!

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