Q4 Results

Suzlon Energy Share Price: Net profit Decreased by 21% to ₹254 Crore due to Strange Products.

May 27, 2024 by Nitesh Leave a Comment

Suzlon Energy Share Price: reported a nearly 21% fall in overall net profit to ₹254 crore in the March quarter compared to ₹1,699.96 crore in the same period a year ago, primarily due to extraordinary events.

Suzlon Energy, a renewable energy solutions provider, reported a nearly 21% fall in consolidated net profit to ₹254 crore in the March quarter, primarily owing to unusual events.

In the previous year, the company’s consolidated net profit was ₹320 crore, according to a BSE filing.

The total income increased to ₹2,207.43 crore in the quarter, up from ₹1,699.96 crore the previous year.

The consolidated net profit in the 2023-24 fiscal year also declined to ₹660 crore from ₹2,887 crore a year earlier.

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Total income in the fiscal rose to ₹6,567.51 crore from ₹5,990.16 crore a year ago.

The company explained that PAT (profit after tax or net profit before exceptional items) for the March quarter increased 411 per cent to ₹281 crore on a year-on-year basis.

The cumulative orders as on May 24, 2024 are 3.3 GW. This includes the order book as on March 31, 2024 of 2,929 MW, plus orders secured subsequently of 402 MW.

“We have been able to create a solid foundation over the last FY across all business verticals of technology, manufacturing, projects, and OMS,” Suzlon Group Vice Chairman Girish Tanti said in the statement.

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This puts the company in a great position to lead the industry in the coming years, he said, adding, “We stacked up our largest ever order book of value-driven orders for more than 3.3GW.”

The board recommended forfeiture of 81,94,063 partially paid-up equity shares of the firm worth ₹2 each issued on rights basis, as the first and final call money of ₹2.50 per share was not paid.

Adani Group MCAP Recovers $200 Billion as it Rejects Charges of Coal Fraud.

May 23, 2024 by Nitesh Leave a Comment

Adani Group Stock exchange data indicated that the apples-to-airport conglomerate earned Rs 56,250 crore in market capitalization in the last two trading sessions, including a rise of Rs 11,300 crore on Wednesday.

On Wednesday, the market capitalization of Adani Group crossed the USD 200 billion threshold, or Rs 16.9 lakh crore, as investors restored faith in the company’s denial of any wrongdoing in the coal supply to the Tamil Nadu power corporation, resulting in gains of Rs 11,300 crore for its listed enterprises.
According to stock exchange data, the company that supplies apples to airports increased its market capitalization by Rs 56,250 crore in the last two trading sessions, with a gain of Rs 11,300 crore on Wednesday.

The profit was realized on the same day as the London-based Financial Times hinted at an Adani group scam in 2013 by marketing low-grade coal as high-value fuel, using records from the George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP).
Despite the Adani group’s denial of all the accusations, opposition figures, such as former Congress president Rahul Gandhi, used the news item to call for a joint parliamentary committee investigation into the purported misconduct.

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A spokesperson for the group said the quality of the coal was independently tested at the point of loading and discharge, as well as by customs authorities and Tamil Nadu Generation and Distribution Company (Tangedco) officials. “With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd.”
“Moreover, the payment is dependent on the quality of coal supplied, which is determined through the testing process,” the spokesperson said, adding tests for quality of consignment in question had yielded results within permissible limits.

It went on to state that the vessel cited in the report to have carried the coal in December 2013 had in fact not been used for shipping coal from Indonesia before February 2014.

“The allegations are based only on the difference in the FOB and CIF price of coal, extrapolating it to the supply of low gross calorific value (GCV) coal, and are baseless conjectures and surmises. Not only are the two prices not comparable, but the procurement price itself is not relevant because the order of supply was a fixed price contract, with both the upside and downside to be borne by the supplier,” it said.

The group termed as rehash of old allegations references in the report to DRI enquiry.

The inquiry into allegations of over valuation of Indonesia coal imports, it said, was initiated against 40 companies. “The Adani companies furnished details sought by the DRI more than four years ago. Thereafter, the DRI has not asked for further documents. Nor has the DRI communicated any deficiency or objection.”
On allegations of middlemen being involved in the deal, the group said, “Adani Global Pte Ltd sources coal from people/firms/traders having requisite credentials and experience. This is because non-fulfilment of contractual obligations has financial and reputational implications for Adani as a supplier.”
The report apparently had no impact on Adani group stocks.

“The markets have become relatively smarter. They weigh the quantum of the situation before giving their judgement,” said Deven Choksey, managing director of DRChoksey FInserv. “In my point of view, fundamentals of Adani group companies are far stronger than what they were in 2014 and the group will emerge even stronger in 2034.”
In the past one year, the group’s market capitalization has increased by 56.6 per cent outperforming the broader market Nifty, which has gained 23.3 per cent during the same period.

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BHEL Share Price drops over 8% Following the Q4 Results? Here are the Opinions of Professionals.

May 22, 2024 by Nitesh Leave a Comment

Over the past year, BHEL share price has increased significantly, rising by about 300 percent. The price of BHEL shares has almost tripled investors’ money over the last year, closing at ₹319.20 last night.

BHEL share price: Shares of Bharat Heavy Electricals (BHEL) cracked almost 8 per cent in early deals on BSE on Wednesday, May 22, a day after the company reported its March quarter (Q4) scorecard. BHEL share price opened at ₹305 against its previous close of ₹319.20 and crashed about 7.6 per cent to hit the level of ₹295. The stock, however, pared losses soon and traded 4.61 per cent lower at ₹304.50 apiece around 9:20 am. Equity benchmark Sensex was 0.07 per cent up at 74,005 at that time.

BHEL share price has seen strong gains over the last year, surging almost 300 per cent. At the previous close of ₹319.20, BHEL share price has nearly quadrupled investors’ money over the past year.

BHEL share price hit its 52-week high of ₹322.35 in the previous session on May 21, 2024. Its 52-week low level is ₹77.30 which it hit on May 29 last year.

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BHEL Q4 result

After market hours on Tuesday, May 21, BHEL reported a 25.6 per cent year-on-year (YoY) fall in its consolidated net profit for Q4FY24 to ₹489.6 crore against a profit of ₹658 crore in the corresponding quarter last year.

The state-owned power generation equipment manufacturer’s revenue from operations rose marginally by 0.4 per cent to ₹8,260 crore in the quarter under review, compared to ₹8,227 crore in the year-ago period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q4FY24 rose 30.6 per cent to ₹728 crore, compared to ₹1,049 crore in the same period last year. Margin came in at 8.8 per cent compared to 12.8 per cent in the year-ago period.

The company announced a final dividend at 12.50 per cent or 25 paise per share with a face value of ₹2 each on the paid-up share capital of the company for FY24.

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What should investors do?

Many brokerage firms retained their previous views on the stock after the Q4 result. Some of them, however, tweaked their target prices upwards.

Nuvama Wealth Management has maintained a buy call on the stock valuing it at 30 times March 2027E EPS, implying a revised target price of ₹400 from ₹265 earlier.

The brokerage firm has retained a buy call on the stock given 25GW of thermal TAM (total addressable market) spread over FY25–26E (versus 9.6GW in FY24), implying BHEL’s thermal OI (order inflow) of nearly 8.4GW/year at 70 per cent market share.

“We estimate EPS CAGR would be more than 88 per cent over FY25–27E, despite conservative assumptions: (i) 70 per cent market share in thermal power (versus 100 per cent in FY24), (ii) delayed execution pickup by FY26, (iii) higher provisions and other opex, and (iv) slow OPM ramp-up (6.5 per cent/11 per cent/12 per cent by FY25E/26E/27E) versus 18–20 per cent achieved during peak,” said Nuvama.

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Brokerage firm Antique Stock Broking also maintained a buy call on the stock with a target price of ₹360, based on 36 times FY26E earnings.

Antique expects BHEL to report an average annual order intake of ₹600 billion during FY24–26E, more than two times against the long-term average of ₹274 billion booked during FY12–23.

“Despite the strong execution, we project the order book to rise to an all-time high of ₹2 trillion by FY27 end. Earnings could grow exponentially over the next three years, given strong operating leverage,” said Antique.

Antique pointed out that BHEL’s business outlook looks promising as nearly 10 GW orders are also expected to materialise in FY25. The brokerage firm expects BHEL’s business performance to improve from FY25 onwards as the company recently bagged better-margin orders enter execution leading to sharp improvement in the company’s profitability.

“We believe BHEL will witness a meaningful reversal in its ordering cycle over the next 3–4 years, led by both industry (non-power) and power segments. Supported by strong ordering, improving execution, and benefits of operating leverage, BHEL’s earnings are anticipated to climb up multi-fold over FY24–26,” said Antique.

Brokerage firm JM Financial also maintained a buy call on the stock and raised the target price to ₹353 from ₹243, valuing the stock 30 times FY26EPS.

“With healthy and executable order book ( ₹1,300 billion) and continued momentum in tendering of new projects in a limited competitive environment, we expect the company to gradually regain growth trajectory, Q3FY25 onwards,” said JM Financial.

However, brokerage firm Kotak Institutional Equities retained its sell call on the stock, slightly revising the fair value to ₹75 from ₹70 earlier.

The brokerage firm has lowered its revenue growth and EBITDA estimates while projecting unchanged EPS (earnings per share) estimates due to lower working capital.

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“Our estimates build in 1,000 bps improvement in EBITDA margin from existing levels adjusted for provision write-backs. We retain a sell rating with a fair value of ₹75 ( ₹70 earlier). Our fair value is based on 15 times discounted FY27E EPS,” said Kotak.

Kotak believes order inflows for BHEL have peaked and BHEL’s focus now would be to grow execution.

“With order pipeline for thermal remaining YoY and large railways order unlikely to be the norm, new areas of order will likely help BHEL just about maintain ordering levels,” said Kotak.

“The focus for BHEL would be to grow execution. Against 1.3 times YoY order backlog, the revenue growth guidance is a modest 10-15 per cent YoY. This, too, happens on a weak flat YoY revenue base. A potential miss in execution would impact working capital. Moreover, BHEL may end up sharing part of the pricing gains from orders with its vendors, limiting the case for margin uptick hereon,” Kotak said.

IRFC Share Price Increase 3.5% on Q4 Results and Dividend Announcement.

May 21, 2024 by Nitesh Leave a Comment

Stock Market Today: On Tuesday morning, the price of IRFC Share Price increased by 3.5%. In just one year, IRFC has already yielded multibagger gains with a surge of 419%. In Q4 of this year, IRFC recorded a 33.6% YoY increase in net profit, from ₹1,285 crore to ₹1,717 crore during the same period the previous year.

Stock Market Today: The share price of Indian Railway Finance Corporation Ltd. (IRFC), which has been in the spotlight since the Q4 results, increased by 3.5% during Tuesday’s early trade. The corporation announced its financial results for the fourth quarter of FY24 and the year FY24 on Monday, March 20, 2024.

The share price of Indian Railway Finance Corporation Ltd. (IRFC), which has increased by about 419 percent in the past year, has produced multibagger gains.

The increasing capital expenditures of Indian Railways are helping to boost the share price of IRFC.

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IRFC reported a 33.6% YoY increase in net profit to ₹1,717 crore from ₹1,285 crore during the same period last year. In the March quarter, overall revenue from operations increased by 4.5 percent to ₹6,473 crore from ₹6,193 crore in the previous year.

The Miniratna public sector company’s net profit for the year ending FY24 was ₹6,412 crore, as compared to ₹6,167 crore in FY23.

IRFC share price also remains in focus as has declared dividend. IRFC declared that for the fiscal year 2023–2024, the corporation has recommended a final dividend of ₹0.70 per equity share of ₹10. This is in addition to the Interim Dividend of ₹0.80/- per equity share declared by IRFC on 2nd November 2023, thereby making total dividend for the Financial Year 2023-24 to ₹1.50 per share, on the face value of ₹10/-each.

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Meanwhile Chandan Taparia, Head – Equity Derivatives and Technical, Broking and Distribution, Motilal Oswal Financial Services remains bullish on IRFC share price. Taparia has given Buy call of IRFC with a target price of ₹190 which indicates and upside of around 10% from the current level of close to 173, the IRFC share price is trading at. The stop loss indicated by Taparia for IRFC share price stands at ₹165

IRFC share price as per Taparia has given range breakout on daily chart and managed to close above the same. Buying is visible across Rail PSU Stocks which may support the ongoing up move. It has formed a strong bullish candle on daily scale and supports are gradually shifting higher. Momentum indicator Relative Strength Index (RSI) is positively placed which may take prices higher, said Taparia.

Manish Shah , s SEBI registered Investment advisor also highlighted that “The IRFC share price is breaking out of a head and shoulder trend pattern. This is a very bullish development. The upside potential over next several months is 220+. Buy on any short-term decline to 170-180 for a sustained rally. Keep SL below 155

Hormuz Maloo, CEO of AFco Investment said that moving forward like many other stocks, IRFC stock movement will largely depend on results of elections. Though fundamentally it looks overpriced, technically, no major sell signal are visible yet.

Today’s Stock Market Trading Guide: Dow Jones, Gift Nifty, and Go Digit IPO.

May 17, 2024 by Nitesh Leave a Comment

Everything you should know before Friday’s Gift Nifty Live market opening is: Present Nifty signals a sluggish start; Fed officials advise against rate-cut bets as global markets decline; Today is Go Digit IPO closure; The market opens on Saturday.

Pre-market stock update for May 17, Friday: Volatility is likely to remain an order of the day for the Indian equity market as we near the conclusion of the Lok Sabha elections. That apart, global news and FII flow also weigh on the trading sentiment.

After yesterday’s extremely volatile session, the Nifty will likely open marginally lower this morning as the global mood seems tepid. At 07:00 AM, Gift Nifty futures quoted at 22,480, suggesting a likely marginal dip on the Nifty 50 index.

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Global markets

Overnight, the US market ended off record highs after several Federal officials warned that the central bank still needed more confidence to cut interest rates and that the timing of the move remained uncertain.

Vodafone Idea Ltd

Dow Jones crossed the 40,000 mark in intra-day deals, but eventually settled at 39,869, down 0.1 percent. The S&P 500 and Nasdaq slipped 0.2 percent each.

The US 10-year bond yield remained subdued around 4.365 per cent, near about five week lows. Among commodities, Gold futures eased back to $2,380 levels, while Brent Crude Oil continued to hover around $83 per barrel.

Equity markets in the Asia Pacific region were all in red this morning. Japan’s Nikkei declined 0.8 percent. The Australian benchmark indices fell 0.4 percent, and Malaysia’s Kospi was down 0.3 percent.

Trading strategy for Friday, May 17 – Should you be a buyer or seller today? Here’s what market experts recommend:

On the technical front, the 22,300 zone is likely to cushion upcoming blips, while 22,200-22,100 is likely to act as the next support zone for Nifty, said – Osho Krishan, Sr. Analyst – Technical & Derivative Research at Angel One.

On the higher end, 22,500-22,600 is very much in the vicinity of the bulls, especially with the kind of momentum seen on the weekly settlement session, the analyst added.

Neeraj Sharma, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates too believe that the Nifty could rally to 22,500–22,600 levels in the near term. The analyst said, technically, the Nifty has surpassed the hurdle of 22,310, where the 21-day exponential moving average (21-DEMA) was placed and managed to close above it, indicating strength. Also Read Gift Nifty Live, Global Markets Hint Gap-Up Open on May 16; FIIs Trade in Focus.

Rupak De, Senior Technical Analyst at LKP Securities recommends that the over the next few days, the bulls might have the upper hand in the market as the Nifty moved above the critical moving average after several days. On the higher side, the Nifty might move towards 22,600 in the short term. Support on the lower end remains at 22,250.

Stocks in focus

Among individual stocks, Vodafone Idea will be in focus after the telecom major said it loss widened to Rs 7,674 crore in the March 2024 quarter. Gail India too will see some action after the company reported near 3-fold jump in net profit at Rs 2,469 crore.

On Friday, Amber Enterprises, Atul Auto, Balkrishna Industries, Balrampur Chini, Bandhan Bank, Delhivery, GlaxoSmithKline Pharma, Godrej Industries, JB Chemicals, JSW Steel, LT Foods, NHPC, Pfizer, The Phoenix Mills, Polyplex Corporation, RCF, Rail Vikas Nigam (RVNL), Shipping Corporation of India, Shalimar Paints, Sobha, TV Today, Gift Nifty Live Universal Cables, Zee Entertainment and Zydus Lifesciences are scheduled to announce Q4 results.

Primary Market Update

Go Digit General Insurance IPO closes today. The issue was subscribed up to 79 per cent as of yesterday. Subscription is open in the price range of Rs 258 – Rs 272 per share. Should you subscribe?

Other news
Lastly, today is not the final trading session of the week as equity market will be open for normal trading tomorrow May 18, Saturday in special session. The stock exchanges are conducting this trading session to check their preparedness to handle major disruption or failure, if any, at the primary site.

Trading will be in two sessions, the first session will be from 9:15 am – 10 am on the primary site, followed shift in trading to Disaster Recovery Site (DRS) from 11:30 am – 12:30 pm.

Gift Nifty, Global Markets Hint Gap-Up Open on May 16; FIIs Trade in Focus.

May 16, 2024 by Nitesh Leave a Comment

Pre-market stock update on Thursday, May 16:With an emphasis on FII inflows after US rates dropped to 5-week lows, equity markets in India are anticipated to follow strong foreign signals and trade on a positive note today.
Gift Nifty futures opened at 22,380 at 7:00 AM, indicating a probable 70-point gap-up on the Nifty 50 index.

Global Markets

The US market closed at all-time highs overnight as statistics revealed that US consumer prices increased less than anticipated in April, indicating that inflation has started to decline in the second quarter. According to the data, there could be many interest rate reductions in 2024.
In April, the US consumer price index (CPI) increased by 0.3%, less than the 0.4% increase that was anticipated. The figure indicates a slowdown in domestic demand, which US central bank officials are probably happy to hear as they work to facilitate a “soft-landing” for the economy.

Following which, all three indices closed at new life-time highs. Dow Jones jumped 0.9 per cent. The S&P 500 rose 1.2 per cent, and Nasdaq soared 1.4 per cent.

The US 10-year bond yield eased to 4.32 per cent, its lowest level in the last five weeks. Among commodities, Gold futures jumped back to $2,400 levels, while Brent Crude Oil hovered around $83 per barrel.

Mirroring the cues from the US peers, the Australian and Malaysian stock benchmark indices surged over 1 per cent each this morning. Taiwan too was up 0.8 per cent. Japan’s Nikkei held a 0.6 per cent gain even as data showed that its economy shrank more than expected in Q12024 hit by slowdown in consumer spending and sticky inflation.

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Domestic Cues

Thursday’s FII flows will be closely watched after a decline in US yields. In the derivatives market, the FIIs are said to have built big short positions and have been active sellers thus far in May. On Wednesday, the DIIs net bought shares worth Rs 3,788 crore, while the FIIs net sold equities worth Rs 2,833 crore.

The Foreign Portfolio Investors (FPIs) continued to aggressively build short positions in Index futures. The long short ratio on 14th May stood at 30.46 per cent, said Ashwin Ramani, Derivatives & Technical Analyst of SAMCO Securities in a note.

Foreign investors are the most pessimistic in over a decade on Indian stocks amid speculation over Prime Minister Narendra Modi’s party winning fewer seats in the ongoing national elections than previously estimated.

Net short positions – measured as the difference between the number of index futures contracts on which global funds are long to those on which they hold a short position – surged to 213,224 contracts, data compiled by Bloomberg showed. The gap is the widest since data going back to 2012. Among individual stocks, shares of oil & gas producers & explorers will be in focus on Thursday after the government, in its bi-weekly review, cut the windfall tax on petroleum crude to Rs 5,700 per metric tonne from Rs 8,400. The tax remained unchanged at zero for diesel and aviation turbine fuel.

That apart, shares of Biocon, Container Corporation of India, Crompton Greaves Consumer Electricals, DCW, eClerx Services, Endurance Technologies, Gail India, Hindustan Aeronautics (HAL), Vodafone Idea, Indian Hume Pipe, Indoco Remedies, JK Paper, Krishna Institute of Medical Sciences (KIMS), Kopran, Mahindra & Mahindra (M&M), Info Edge (Naukri), Prism Johnson, Sanghvi Movers, Solar Industries, Texmaco Rail, V-Guard and Wonderala Holidays are likely to be on investors radar ahead of Q4 results today.

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Trading strategy for Thursday, May 16 – Should you be a buyer or seller today? Here’s what market experts recommend:

Ashwin Ramani of SAMCO Securities states that the support level of 22,200 which earlier acted as a strong support for Nifty, is acting as resistance now. The Nifty has failed to aggressively close above the channel support level convincingly in the last two trading sessions. The call writers (Bears) have sizeable positions at the 22,200 Strike and the option activity at this strike will provide cues about Nifty’s Intraday direction ahead of the weekly expiry today.

Om Mehra, Technical Analyst of SAMCO Securities cautions, that the Nifty is forming an inverted head and shoulder pattern on the hourly chart, with the neckline remaining around 22,320; if crossed, expect a potential rally towards the 22,450-22,500 range.

On the downside, immediate support for the Nifty is seen at the 22,080 level. The Relative Strength Index (RSI) continues to hover below the 50 mark, signalling short-term weakness in the market, the analyst added.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates also highlights that technically, on the daily scale, the Nifty has encountered resistance near the 22,300 levels, where the 21-Days exponential moving average (21-DEMA) is placed. As long as the Nifty remains below the 22,300 levels, we expect the index to consolidate in the range of 22,000-22,300.

Despite the fall on Wednesday, the Bank Nifty is still respecting a bullish engulfing candle, indicating strength. As long as the Bank Nifty remains above 46,983, the bullish momentum will continue. On the upside, the 21-DEMA is placed near 48,060, which will serve as the first hurdle for the index, followed by 48,500, Hrishikesh said in his note.

Sentiment remains subdued as long as it stays below 22,250. A decisive move beyond this level could potentially propel Gift Nifty towards 22,600 and beyond. Conversely, a failure to sustain above 22,200 might invite selling pressure in the market, said Rupak De, Senior Technical Analyst at LKP Securities.

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

May 15, 2024 by Nitesh Leave a Comment

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%

9:33 AM

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

9:29 AM

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

9:26 AM

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

9:23 AM

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

9:22 AM

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

9:20 AM

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

9:17 AM

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

9:08 AM

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

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

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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Tata Motors Share Price Tanks 9% after Q4 Results 2024. Opportunity to buy?

May 13, 2024 by Nitesh Leave a Comment

Tata Motors share price witnessed sharp selling in the early morning session on Monday. Emkay Global said Tata Motors’ Q4 earnings were muted, with limited margin expansion across businesses, despite higher volumes. It has a target of Rs 950 for Tata Motors.

Stock market today: Following the release of the Q4 results 2024 on Friday of last week, there was a significant sell-off in the price of Tata Motors shares early on Monday morning. Within minutes of the opening bell on the stock market, the price of Tata Motors shares dropped to ₹1,005 on the NSE, marking an intraday loss of over 9 percent on Monday. The share price also struck an intraday low of ₹947.20 per share.

Triggers for Tata Motors Share Price Fall

Connecting Tata Motors share price drop with Q4 results 2024 declared on Friday last week, Chirag Jain, Senior Research Analyst at Emkay Global Financial Services said, “Tata Motors Q4 results 2024 were muted with limited margin expansion across businesses despite higher volumes. The company remains cautiously optimistic across businesses, with H1 expected to be weaker and the premium luxury segment seen as resilient amid overall emerging demand concerns. While deleveraging progress continues, we believe the best may be behind for all businesses amid i) declining order book, normalizing mix, and higher customer acquisition costs at JLR, with FCF generation to normalize; ii) flattish growth outlook for domestic CV space; and iii) moderating India PV outlook (though TTMT to outperform on new launches). FY25E/26E EPS is largely unchanged (we build-in console. revenue/EBITDA CAGR of 7/8% over FY24-26E).”

Expecting more downsides in Tata Motors’ share, the Emkay Global expert said that Tata Motors’ share price may drop further to the tune of ₹950 apiece.

Motilal Oswal Remains ‘Neutral’

Re-iterating the ‘neutral’ view on Tata Motors share price outlook, Motilal Oswal report said, “Tata Motors 4QFY24 result was operationally in line with our estimate as EBITDA margin expanded 30bp QoQ to 14.2%. While there is no doubt that TTMT has delivered an extremely robust performance across its key segments in FY24, there are clear headwinds ahead that are likely to hurt its performance. We have lowered our EPS estimates by 3%/5% for FY25/FY26. The stock trades at 18x/15.6x FY25E/FY26E consolidated EPS and 6.2x/5.3x EV/EBITDA. Reiterate Neutral with our FY26E SOTP-based TP of ₹955.”

Tata Motors Q4 Results 2024

Tata Motors posted its March quarter financial results on May 10, 2024. The auto giant reported a significant 222 percent year-on-year increase in its net profit, reaching ₹17,407.18 crore. Meanwhile, the company witnessed a notable 13.3 percent surge in consolidated revenue, amounting to ₹1,19,986.31 crore.

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

May 9, 2024 by Nitesh Leave a Comment

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.

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

April 26, 2024 by Nitesh Leave a Comment

HUDCO shares have increased by 141% in 2023. This became the company’s second consecutive year of positive returns in a calendar year; in 2022, it had also gained 34%.

At a record high of ₹233.85 on Friday, shares of Housing & Urban Development Corporation Ltd. (HUDCO) increased by as much as 15%. On Friday, the stock increased for the sixth session in a row.

HUDCO shares Market Live

Company	Value	Change	%Change
Tech Mahindra	1,280.50	₹90.20	7.58
Divis Labs	4,032.60	₹188.80	4.91
LTIMindtree	4,790.90	₹156.20	3.37
Bajaj Auto	8,951.35	₹216.45	2.48
BPCL	610.20	₹6.80	1.13

Other Indices

Index	Value	Change	%Change
SENSEX	73,896.41	-443.03	-0.60
NIFTY 50	22,452.50	-117.85	-0.52
NIFTY Midcap 100	50,637.40	408.90	0.81
NIFTY Smallcap 100	16,979.25	92.45	0.55
NIFTY NEXT 50	64,147.90	443.45	0.70

Global Indices

Name	Index Value	Change	%Change	Open	High	Low
DAXApr 26	18057.61	140.33	0.78	17920.73	18060.49	17920.73
Hang SengApr 26	17651.15	366.61	2.08	17336.20	17758.24	17336.20
Taiwan WeightedApr 26	20120.51	263.09	1.31	20094.17	20226.29	20087.61
NasdaqApr 25	15611.76	-100.99	-0.65	15375.26	15644.51	15343.91

Share price of Bajaj Finance and Bajaj Finserv fell 8% today; here’s why.

With today’s surge, the state-run company has gained nearly 20% this week and is likely to post its best week since January this year.

HUDCO has had a strong start to 2024. The stock is up 24% in April, followed by an 11% advance in February and a 37% gain in January. The stock had declined 2% in March. On a year-to-date basis, the stock is up nearly 80%.

Shares of HUDCO had gained 141% in the calendar year 2023. This was the second straight year of positive returns in a calendar year for the company, having gained 34% in 2022 as well.

Based on the charts, the Relative Strength Index (RSI), which is currently at 73, indicates that the stock has entered overbought territory. When the RSI exceeds 70, it indicates that the stock has reached the “overbought” zone.

Strong volumes have also contributed to Friday’s advances. Compared to the 20-day average of 76 lakh shares, about 8.1 crore shares of the company had already been traded.

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HUDCO’s net profit for the December quarter increased to ₹519.2 crore, more than double. Additionally, revenue climbed by 18% for the quarter, reaching ₹2,012.66 crore. By the conclusion of the December quarter of the previous year, gross non-performing assets (NPA) had dropped to 3.14% from 4.27%.

The share price of HUDCO has increased 371% in the last twelve months. The Indian government also recently bestowed a “Navratna” classification upon the stock. The stock’s market capitalization, which is currently at ₹46,454 crore, has increased to around ₹50,000 crores as a result of this jump.

IND

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