Stock Market Live Updates 7 May, 2024: Stock to buy today: DCM Shriram (₹1,015.55): BUY

tock Market today | Share Market Live Updates

• May 07, 2024 09:54
  

  Stock market live updates: Redington arm inks pact for sale of ownership interest in its fintech payments business; stock trades up on BSE

  Redington’s step-down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey ( Arena), has executed an agreement between Arena and Iyzi Payment and Electronic Money Services Inc, Turkey ( Iyzico) for the sale of 100% of the equity / ownership interest held by Arena in its fintech payments business, Paynet Ödeme Hizmetler A.Ş (Paynet), which is a wholly-owned subsidiary of Arena. Consequently, Paynet will cease to be a subsidiary of Arena. 

  Redington stock trades at ₹213.25 on the BSE, up 1.55%.

• May 07, 2024 09:47
  

  Stock market live updates: Happiest Minds Technologies recommends final dividend of ₹162.5 per equity share; stock inches up on NSE

  The Happiest Minds Technologies board has recommended final dividend of ₹162.5 per equity share. The company reported its net profit for the quarter ended March 2024 at ₹71.98 crore as against ₹57.66 crore in the corresponding quarter last year.

  Stock inches up 0.18% on the NSE, trading at ₹807.15.

• May 07, 2024 09:46
  

  Stock market live updates: Godrej Consumer Products to pay interim dividend; stock surges on NSE

  The board of Godrej Consumer Products has declared an interim dividend for FY 2024-25 at ₹10 per equity share. The record date for the dividend would be Tuesday, May 14, 2024.

  Godrej Consumer Products stock surges 4.66% to trade at 1,308.40 on the NSE.

• May 07, 2024 09:44
  

  Stock market live updates: 360 ONE WAM arm authorised to act as a Sub-KUA (Sub-KYC-User Agency); stock declines on NSE

  360 ONE WAM said SEBI has notified that 360 ONE Distribution Services Ltd (formerly known as IIFL Wealth Distribution Services Ltd and a wholly-owned subsidiary of the company) has been authorised to act as a Sub-KUA (Sub-KYC-User Agency) enabling it to carry out Aadhaar-based authentication of client KYC under the Aadhaar Act, 2016 and the Prevention of Money-laundering Act, 2002.

  360 ONE WAM stock declines 2.10% to trade at ₹750.75 on the NSE.

• May 07, 2024 09:40
  

  Stock market live updates: IRB Infrastructure Developers, IRB Infrastructure Trust report y-o-y toll revenue growth of 29% in April 2024; stock down on NSE

  IRB Infrastructure Developers Ltd and its associate IRB Infrastructure Trust have collectively reported y-o-y toll revenue growth of 29% in April 2024. Stock trades at ₹67.60 on the NSE, down by 0.07%

• May 07, 2024 09:37
  

  Stock market live updates: VA TECH WABAG bags repeat order from Tunisia for wastewater treatment plant; stock surges on NSE

  VA TECH WABAG (WABAG) has secured a repeat order from Office National De L’assainissement (ONAS). The order entails design, build, operate a 36 MLD Wastewater Treatment Plant (WTP) valued at 114.22 million Tunisian dinars (approx. Euro 34 million), located at Sousse Hamdoun II, Tunisia.

  Stock surges 3.52% on the NSE, trading at ₹963.10.

• May 07, 2024 09:35
  

  Stock market live updates: Major gainers and losers on NSE at 9:30 am

  Major gainers: Hindustan Unilever (2.79%), Britannia (2.28%), Nestle India (1.80%), Coal India (1.77%), ITC (1.71%)

  Major losers: Bajaj Auto (-1.22%), Power Grid (-1.04%), M&M (-0.76%), JSW Steel (-0.70%), Apollo Hospitals (-0.63%)

• May 07, 2024 09:31
  

  Stock market live updates: Welspun Corp has appointed Nitin Agarwal as CEO – Steel Business

• May 07, 2024 09:29
  

  Stock market live updates: Crude oil futures trade higher as Israel continues strikes on Rafah

  Crude oil futures traded higher on Tuesday morning as Israel continued with strikes in the southern Gaza city of Rafah. At 9.26 am on Tuesday, July Brent oil futures were at $83.58, up by 0.30 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $78.21, up by 0.29 per cent. May crude oil futures were trading at ₹6581 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6542, up by 0.60 per cent, and June futures were trading at ₹6574 against the previous close of ₹6531, up by 0.66 per cent.

• May 07, 2024 09:26
  

  Stock market live updates: Dr Reddy’s to announce Q4 FY24 results today

  Dr Reddy’s Laboratories is expected to post gains in the fourth quarter ended March 31, 2024 from newly acquired portfolios, contribution from Revlimid and stable sales in the US. Read more

• May 07, 2024 09:19
  

  Stock market live updates: Q4FY24 earnings call list as on 07 May 2024

  8:30 AM Fusion Micro Finance

  Dial: +9122 6280 1366

  Weblink: https://tinyurl.com/mrx9bk62

  9:00 AM Happiest Minds

  (Press Release )

  Dial: +91 22 6280 1458

  Weblink: https://tinyurl.com/4ty6burh

  10:00 AM Muthoot Microfin Limited

  Dial: +91226280 1366

  Weblink: https://tinyurl.com/mr2ct5ez

  11:00 AM Aeroflex Indust

  Dial: +91 22 6280 1290

  Weblink: https://tinyurl.com/mtmervut

  12:00 PM Arvind SmartSpaces

  Dial: +91 22 6280 1227

  Weblink: https://tinyurl.com/449ncd5f

  12:00 PM Prudent Corpora

  Dial: +91 22 7115 8125

  Weblink: https://tinyurl.com/2u3m5rdu

  12:30 PM DCM Shriram

  Dial: + 91 22 6280 1141

  Weblink: https://tinyurl.com/3kuzwjb6

  2:30 PM Punjab Chemical

  (Results)

  Dial: +91 22 6280 1342

  Weblink: https://tinyurl.com/5d8hy335

  4:00 PM Lupin

  (Press Release )

  Weblink: https://tinyurl.com/kthhw6fz

  4:00 PM ABS Marine Services

  Weblink: https://tinyurl.com/53ysfu52

  4:00 PM Energy Mission

  Weblink: https://tinyurl.com/2cjjtu83

  4:00 PM Allsec Tech

  Dial: +91 22 6280 1259

  Weblink: https://tinyurl.com/n5aeh6bc

  4:00 PM Apcotex Ind

  Dial: +91 22 6280 1341

  Weblink: https://tinyurl.com/y6dwezyv

  4:00 PM Century

  Dial: +91 22 6280 1342

  Weblink: https://tinyurl.com/barkpfcu

  5:00 PM Kansai Nerolac

  Weblink: https://tinyurl.com/2vfpfjjt

  5:00 PM InfoBeans Techn

  Weblink: https://tinyurl.com/mvubjamv

  5:00 PM Kamat Hotels

  Dial: +91 22 6280 1107

  Weblink: https://tinyurl.com/2p9utj69

  5:00 PM Guj Heavy Chem

  Dial: +91 22 6280 1325

  Weblink: https://tinyurl.com/yd2c49ke

  5:00 PM IRB Infra

  Dial: +91 22 6280 1341

  Weblink: https://tinyurl.com/283ywujw

  5:30 PM Sonata

  Dial: +91 22 6280 1240

  Weblink: https://tinyurl.com/3fuxhxdx

  6:30 PM CreditAccess Gr

  Weblink: https://tinyurl.com/3r8waydw

  6:30 PM Latent View Ana

  Dial: +91 22 6280 1107

  Weblink: https://tinyurl.com/mt2fk6km

  6:30 PM Navin Fluorine

  Dial: +91 22 6280 1550

  Weblink: https://tinyurl.com/5yn27dcu

  6:30 PM JSW Energy

  Dial: 9122 6280 1366

  Weblink: https://tinyurl.com/yp7am22c

  7:30 PM Max Financial

  Dial: +91 22 6280 1141

  Weblink: https://tinyurl.com/mrp7am9j

  7:30 PM Dr Reddys Labs

  (Press Release )

  Dial: +91 22 6280 1219

  Weblink: https://tinyurl.com/dkyeb4z

• May 07, 2024 09:19
  

  Stock market live updates: Brokerage view on companies

  Jefferies on Hindalco

  Buy Call, Target Raised To Rs 810

  Novelis’ Q4 EBITDA Rose 28% YoY (+13% QoQ) & In-line

  Volumes Grew 2% YoY While EBITDA/t Rose 8% QoQ To $540, A 7-qtr High

  Co’s Earnings Outlook Is Improving With Beverage Can Demand Inflecting Upwards

  Raise FY25-26E EPS By 2-3%

  Valuations Reasonable At 6.1x FY25E EV/EBITDA

  CLSA on Hindalco

  Buy Call, Target Rs 770

  Novelis’ Profitability Above Guidance While Volume Uptick Modest

  Novelis Sees Further Levers For Margin Improvement, Such As Price Revisions

  Levers For Margin Imprvement Is A rise in recycling content & Ops efficiencies

  Capex Has Been Guided At $1.8 Bn-2.1 Bn

  Capex Could Drive Up Leverage But Remain Below 3x

  Debt Reduction is In-line With Seasonality

  Citi on Guj Gas

  Sell Call, Target Rs 450

  Q4 Below Expectations, EBITDA whilst up 48% QoQ was 20% below est

  Believe Q4 represents a near-term peak in earnings for Co

  Higher LNG Prices Whilst Declining Propane Prices Could Impact Margins &/Or Volumes

  Valuations At 26x FY26E P/E Are Unjustifiably High, With Peers At 12-13x P/E

  Jefferies on Godrej Cons

  Buy Call, Target Rs 1,520

  Q4 Above Est, With 18% LFL EBITDA Growth

  Key Positives Include HSD & Industry-Leading Vol Growth In Soaps

  Double-digit Vol Growth In Emerging Categories

  Strong Traction In Indonesia & Good EBITDA Delivery In GAUM Despite Fx Headwinds

  Weak HI Was Key Dampener, Given Extended Winter

  Further Initiatives (LV Launch) Here Should Help

  GS on Godrej Cons

  Buy, TP Rs 1425

  Sector leading vol growth in India continue

  Strong consol. EBITDA & PAT growth

  India delivers high vol growth despite weak HI season

  RCCL brands grew 22% YoY, integration complete

  Indonesia’s growth accelerates, healthy margin expansion

  Citi on Marico

  Buy Call, Target Raised To Rs 610

  Q4 In-line; Distribution Initiatives, Pricing Action To Drive Growth

  Expect Trajectory To Improve In FY25 Due To Volume Growth Acceleration

  Expect Trajectory To Improve In FY25 Due To Pricing-led Growth

  Co Took 6% Price Hike In Parachute In April 2024

  Believe Continued Focus On NPDs/Innovations Should Be Accretive To Overall Growth

  With Strong Growth In International Biz Should Be Accretive To Overall Growth

  CLSA on Marico

  Sell Call, Target Rs 460

  Subdued Volume Growth And Value Growth In Q2; Margin Improved

  Margin Improvement Continues But Question Is If This Is At The Cost Of Growth

  Distribution Expansion Through Project Setu

  Core Categories Continue To Face Structural Issues

  GS on Marico

  Buy, TP Rs 610

  4Q consol. EBITDA grew 12% YoY, driven by 190bps YoY EBITDA margin expansion

  Vol & pricing trends also saw clear improvement.

  Vol growth improved to 3%, & revenue grew 2% YoY compared to a decline in past few qtrs. 

  Nomura on Lupin

  Buy Call, Target Rs 1,949

  Q4 EBITDA 8% Higher Than Estimate

  Co Expects Stronger FY25 Driven By Growth Across Key Geographies

  Co Expects Stronger FY25 Driven By Improvement In EBITDA Margin

  Think US Product Launches Could Present Upside Potential To Current Earnings Est

  A Tight Leash On Costs Could Present Upside Potential To Current Earnings Est

  Stock Currently Trades At 31.1x/23.7x FY25/26 EPS Of Rs 54.1/70.9

  MS on Titagarh Rail

  Initiate OW, TP Rs 1285

  see strong evidence of a revival in India’s railways, & believe Titagarh is a large beneficiary

  View freight as a cash cow & passenger business as a new growth engine

  Forecast a strong 28% earnings CAGR, F24-F27

  Freight wagon execution: 1,000 wagons/month, F25-F27e (F24e: 780).

  Pax coach execution: 26, 76 & 96 coaches/qtr. in F25e, F26e & F27e (F24e: 7)

• May 07, 2024 08:41
  

  Stock market live updates: India Strategy | Interim review

  Motilal Oswal

  India Strategy | Interim review: In line; BFSI and Auto in the fast lane, as expected

  – The 4QFY24 aggregate earnings of the 94 MOFSL Universe companies were in line with our estimates and grew 5% YoY (vs. est. of +3% YoY). The earnings growth was fuelled by domestic cyclicals, such as BFSI (+22% YoY) and Auto (+38% YoY) as expected. In contrast, the aggregate performance has been dragged down by the O&G sector, which posted a 20% earnings decline. The MOFSL Universe sales/EBITDA/PBT/PAT grew 6%/11%/5%/5% YoY (vs. est. of +8%/7%/5%/3%).

  – Earnings of athe 28 Nifty companies that have declared results so far jumped 13% YoY (vs. est. of +8% YoY), propelled by HDFC Bank, Coal India, ICICI Bank, Maruti Suzuki, and TCS. Conversely, Tech Mahindra, Reliance Industries, and Wipro contributed adversely to Nifty earnings. The sales/EBITDA/PBT/PAT of 28 Nifty companies grew 10%/15%/11%/13% YoY (vs. est. of +13%/9%/10%/8%) in 4QFY24.

  – Nifty EPS stable: Our EPS estimates for FY25/FY26 have been stable so far at INR1,133/INR1,315 (vs. INR1,132/INR1,317).

• May 07, 2024 08:41
  

  Stock market live updates: Birla Corporation Better realizations drive EBITDA

  Birla Corporation Better realizations drive EBITDA beat…

  Emkay Global

  TARGET PRICE (Rs) : 1,900

  Birla Corp’s Q4FY24 consolidated EBITDA came 14-19% higher than consensus/our estimate, it grew 73% YoY/25% QoQ to Rs4.7bn. Blended EBITDA/t grew 8% QoQ to Rs974. The beat was mainly owing to better realizations (declined 2% QoQ). Volume growth was steady at 9% YoY to 4.9mt (in line with estimates), aided by positive ramp-up at its Mukutban plant (achieved ~68% utilization in Q4). It has announced an investment of Rs4.3bn ($36/t) to augment capacity by 1.4mt in Kundanganj by FY26E. Management is aiming for 8-10% volume growth (19-19.4mt) and EBITDA/t growth (Rs880-900) in FY25E. We remain positive on the stock, given the gradual ramp-up of the Mukutban plant, leading to improved profitability. We broadly maintain our FY25-26 estimates with a BUY rating and Mar-25E TP of Rs1,900/share (based on 10x EV/E) post quarterly roll-over.

• May 07, 2024 08:40
  

  Stock market live updates: Choice International: FY24 Revenue increased by 92% YoY to Rs. 759 Cr

  Choice International Ltd, one of the leading financial services companies operating across India, has announced its results for quarter and year ending March 31st, 2024.

  Consolidated Financial Performance for Q4 FY24 v/s Q4 FY23

  · Total Revenue of Rs. 216.4 Cr v/s. Rs. 139.5 Cr [+55%]

  · EBITDA of Rs. 69.4 Cr v/s. Rs. 47.4 Cr [+46%]

  · PAT of Rs. 39.4 Cr v/s. Rs. 30.3 Cr [+30%]

  · Revenue contribution of 60% Stock Broking, 29% Advisory and 11% NBFC

  Consolidated Financial Performance for FY24 v/s FY23

  · Total Revenue of Rs. 759.3 Cr v/s. Rs. 395.2 Cr [+92%]

  · EBITDA of Rs. 227.8 Cr v/s. Rs. 108.7 Cr [+110%]

  · PAT of Rs. 130.9 Cr v/s. Rs. 60.1 Cr [+118%]

  Key Business Highlights

  · Number of Demat Accounts stood at 848K, a growth of 25% YoY

  · AUM for Stock broking stood at Rs. 35K Cr, a growth of 31% YoY

  · AUM for Wealth products stood at Rs. 625 Cr, a surge of 72% YoY

  · Insurance premium generated during quarter was Rs. 63 Cr, an increase of 212% YoY

  – Number of policies sold stood at 14,567, a surge of 109% YoY

  · Total Loan book for NBFC segment at the end of Q4 FY24 stood at Rs. 482 Cr

  – Retail Loan Book for Q4 FY24 stood at Rs. 307 Cr

  – Net Non-Performing assets (NNPA) as on 31st Mar, 2024 is 1.77%

  · Advisory segment Order book stood at Rs. 580 Cr, increase of 53% Yo

• May 07, 2024 08:39
  

  Stock market live updates: Gujarat Fluorochemicals

  Farfetched guidance and modest recovery; maintain SELL

  Emkay Global

  TARGET PRICE (Rs) : 2,800

  GFL’s Q4 EBITDA fell 54% YoY to Rs2.4bn (+15% QoQ) on sluggish performance in the bulk and fluorochemicals businesses. Fluoropolymers business is seeing sequential recovery in volumes on a lower base. Management expects to report FY25E EBITDA at Rs18-19bn, which we believe is farfetched; we factor-in ~Rs14bn in our estimates. FY25 outlook too remains subdued on flattish guidance for the bulk and fluorochemicals businesses YoY, driven by steady realizations in bulk chemicals and duty cuts in ref gases in US. Though the fluoropolymers business is recovering, contribution from battery chemicals is still some time away. We believe possible ramp-up in the battery chemicals business has already been factored into the CMP. We cut FY25E/26E earnings by 10%/9% to factor in the sluggish fluorochemicals business outlook. We retain SELL and TP of Rs2,800 (rollover basis, at 30x Mar-26E EPS).

• May 07, 2024 08:38
  

  Stock market live updates: Marico In-line Q4; enhanced distribution thrust, a positive

  Emkay Global

  TARGET PRICE (Rs) : 600

  Marico targets low double-digit growth in FY25 backed by high single-digit volume growth in the domestic business. Though its growth businesses are on the path to building profitability, re-igniting growth in core portfolio is key to realizing overall goals. Project SETU, placed to enhance domestic distribution prowess, is likely to help boost Company’s portfolio play. Unlike margin compression expected ahead amid thrust on topline, Management is looking to maintain margin with pricing actions. Though we factor-in the guidance and up our earnings (by 2%/4% for FY25E/26E), we remain skeptical on topline push-back from Marico’s margin strategy (due to high commodity linkages). As such, we maintain ADD, despite being positive on Company actions. We lift our Mar-25 TP to Rs600 (from Rs570), on 42x P/E, in line with its last 5Y avg. fwd. P/E.

• May 07, 2024 08:37
  

  Stock market live updates: BIRLA CORPORATION: Higher realization drives earnings beat

  (BCORP IN, Mkt Cap USD1.4b, CMP INR1545, TP INR1800, 16% Upside, Buy)

  Motilal Oswal

  Volume growth at ~8-9% YoY in FY25E; EBITDA/t to grow ~8-10% YoY

  – Birla Corporation (BCORP)’s 4QFY24 consol. EBITDA increased 72% YoY to INR4.7b (vs. estimated INR4.0b), while EBITDA/t grew 58% YoY to INR974 (est. INR801). OPM surged 6.6pp YoY to 17.8% (est. ~15.0%) for the quarter. Adj. PAT stood at INR1.9b vs. estimated INR1.4b for 4QFY24.

  – Mukutban unit’s capacity utilization improved to ~68% in 4QFY24 and ~77% in Mar’24. It targets 2.7mt of volume from the Mukutban plant (~70% utilization) in FY25. Management guided a volume growth of ~8-9% YoY in FY25 and ~8-10% improvement in EBITDA/t. Currently, BCORP is focusing on expanding the grinding capacity, while clinker expansion is likely by FY27. 

  – We retain our earnings estimates for FY25/26. However, we raise our TP to INR1,800 (from INR1,700) due to a higher-than-estimated CFO in FY24 and a lower capex in FY24/FY25E. We value the stock at 9x FY26E EV/EBITDA to arrive at our TP. Reiterate BUY.

• May 07, 2024 08:36
  

  Stock market live updates: RAYMOND: Real estate drives growth

  (RW IN, Mkt Cap USD1.7b, CMP INR2192, TP INR2585, 18% Upside, Buy)

  Motilal Oswal

  – Raymond reported revenue/EBITDA growth of 21/29% YoY (6% beat/in line) in 4QFY24, led by the strong real estate revenue recognition (+2.4x YoY). Led by branded apparel (+23% YoY), lifestyle revenue/EBIDTA grew 6%/8% YoY. Improved domestic market conditions led to 7% YoY growth in the engineering business.

  – Raymond has created three distinct vectors, i.e., Lifestyle, Real Estate, and an engineering unit Newco (by acquiring MPPL), with each segment reenergizing growth. Raymond maintains its net cash position at the group level and has the ability to scale up each segment with internal accruals. We expect its consolidated revenue/PAT to grow at 15%/20% over FY24-26. Reiterate BUY.

• May 07, 2024 08:34
  

  Stock market live updates: MAHINDRA & MAHINDRA FINANCIAL: Process enhancements to help recover from fraud setback

  (MMFS IN, Mkt Cap USD3.8b, CMP INR260, TP INR325, 25% Upside, Buy)

  Motilal Oswal

  – Mahindra & Mahindra Financial’s (MMFS) 4QFY24 PAT declined ~10% YoY to INR6.2b (15% miss). Adjusted for provisions on Mizoram fraud, PAT would have been INR7.2b (in line). FY24 PAT fell 11% YoY to INR17.6b.

  – NII stood at INR18.1b (in line), up ~13% YoY. Other income rose ~30% YoY to ~INR1.6b, driven by better fee income.

  – Credit costs at ~INR3.4b included provisions of ~INR1.36b related to fraud in Mizoram. Annualized credit costs stood at ~1.4% (flat QoQ).

  – Core NIM (calc.) expanded ~15bp QoQ. Including non-interest income, net total income (as % of assets) expanded ~30bp QoQ to 7.1%.

  – To full-proof the system against even such frauds of extreme collusion, MMFS has started accelerating process improvements, including heightened due-diligence for customer onboarding and centralized verification of customers. 

  – We expect MMFS to use the levers on product mix and fee income to deliver a ~25bp YoY improvement in NIM. Benefits from the ECL provision release and a decline in write-offs will also result in improvement in credit costs. We estimate a CAGR of 16%/40% in AUM/PAT over FY24-FY26, with FY26E RoA/RoE of 2.4%/17%. Retain BUY with a revised TP of INR325 (based on 1.8x FY26E BVPS).

• May 07, 2024 08:34
  

  Stock market live updates: MARICO: In-line performance; volume trend to improve in FY25

  (MRCO IN, Mkt Cap USD8.2b, CMP INR530, TP INR625, 18% Upside, Buy)

  Motilal Oswal

  – Marico (MRCO) reported an in-line revenue growth with a slight miss in EBITDA in 4QFY24. Domestic revenue was flat owing to the impact of price cuts. Volume grew 3%. International growth was 7% YoY (10% cc growth).

  – Parachute coconut oil (PCNO) posted 2%/2% YoY growth in value/volume. The category gained 50bp in market share, but its performance was subdued throughout the year. VAHO revenue was down 7% YoY, affected by a high base and persistent weakness in the mass segment. Saffola oil clocked mid-single digit volume growth, but revenue contracted by mid-teens due to price cuts. Foods sustained strong growth of 24% YoY.

  – The premium and urban-centric segments stayed ahead of the rural and mass segments. Rural sentiment too saw revival toward the quarter end. The management is optimistic about growth revival in FY25 and expects double-digit revenue growth, driven by healthy volume growth.

  – Gross margin hit a 28-quarter high of 51.6%, driven by softer input costs. EBITDA margin expanded 190bp YoY to 19.4%. EBITDA grew 12% (est. 14%). 

  – We reiterate our BUY rating on the stock with a TP of INR625 (45x FY26E EPS). We believe that MRCO is a good play on volume recovery.

• May 07, 2024 08:33
  

  Stock market live updates: INDIAN BANK: Performance in line; earnings outlook remains healthy

  (INBK IN, Mkt Cap USD8.6b, CMP INR537, TP INR625, 16% Upside, Buy)

  Motilal Oswal

  Asset quality improves further

  – Indian Bank (INBK) reported a PAT of INR22.5b in 4QFY24 (up 55% YoY/6% QoQ; in line) led by a healthy other income. NII growth was healthy at 9.2% YoY (in line). Margin improved 3bp QoQ to 3.52% during the quarter.

  – Gross loan growth was healthy at 13% YoY/5% QoQ, while deposits rose 11% YoY/5% QoQ. Consequently, the C/D ratio was largely flat at 74.8%. Management continues to focus on profitable growth.

  – Fresh slippages moderated to INR12.7b (1.1%). Healthy recoveries/ upgrades and higher write-offs, along with healthy growth, resulted in a 52bp/10bp QoQ decline in GNPA/NNPA to 4.0%/0.4%. SMA book stood at 0.5% of loans during the quarter.

  – We raise our earnings estimates by 7% each for FY25/26 and expect the bank to deliver an RoA/RoE of 1.3%/17.7%. Reiterate BUY with a revised TP of INR625 (premised on 1.1x FY26E ABV).

• May 07, 2024 08:32
  

  Stock market live updates: BRITANNIA INDUSTRIES: In-line revenue; encouraging commentary for FY25E

  (BRIT IN, Mkt Cap USD14.6b, CMP INR5062, TP INR5250, 4% Upside, Neutral)

  Motilal Oswal

  – Britannia Industries (BRIT)’s revenue grew 3% YoY in 4QFY24 (in line), impacted by price cuts and grammage increase. Volume (grammage) grew 6% YoY; we expect the pack volume growth to be ~3.5% (in line). 

  – The non-biscuit portfolio (rusk, cake, bread, etc.) remained the key growth driver, and contributed 25% to the total revenue. Rusk delivered double-digit volume growth, with cheese reporting double-digit growth in revenue. Management remains positive on the non-biscuit growth outlook and expects it to outperform the biscuit portfolio by 1.5x. 

  – GM remained flattish YoY to 44.9%, while EBITDA margin contracted 50bp YoY to 19.4% (in line). EBITDA declined 2% YoY. We model an EBITDA margin of ~19% for FY25/26.

  – Management has guided double-digit volume growth in FY25 along with 2-3% price hikes. The commentary appears quite promising for BRIT and the staple companies, which were reeling under pressure after weak revenue growth during the last 12-18 months. The volume recovery in FY25E will be in line with our opinion for staple companies (mentioned in our consumer thematic). We raise our EPS by 2% for FY25-26E. Reiterate Neutral with a TP of INR5,250 (premised on 45x FY26E EPS).

• May 07, 2024 08:31
  

  Stock market live updates: COAL INDIA: Operational performance in line; outlook bright

  (COAL IN, Mkt Cap USD34b, CMP INR461, TP INR530, 15% Upside, Buy)

  Motilal Oswal

  – 4QFY24 revenue stood at INR374b (-2% YoY/+4% QoQ), in line with our est. of INR376b. Blended ASP was INR1,699/t (-9% YoY/-2% QoQ), largely in line with our estimate.

  – Adj. EBITDA (net of OBR) stood at INR98b (+14% YoY/-17% QoQ) in 4Q, in line with our est. of INR95b. EBITDA/t stood at INR488 (+6% YoY/-22% QoQ), vs. our est. of INR472, as lower costs led to improvement in operating performance.

  – APAT stood at INR87b (+26% YoY/-14% QoQ) vs. our est. of INR68b. The beat was due to a change in OBR accounting. The company in Feb’24 approved the change in accounting policy on stripping activity, which the group was consistently following in the case of opencast mining with a rated capacity of 1MTPA or more. In 4Q, the company provided for the impact of this change and restated previous financials.

  – In 4Q, production stood at 242mt (+8% YoY/+22% QoQ) and dispatches came in at 201mt (+8% YoY/+5% QoQ). SECL/MCL led the pack with dispatches of 48mt/53mt, representing ~50% of total dispatches.

  – Apart from NCL and WCL, all the other subsidiaries saw production growth YoY, with ECL clocking the highest sales growth of +55% YoY in 4Q.

  – FSA realization came in as expected at INR1,536/t (-1% YoY/flat QoQ) in 4Q. E-auction volumes stood at 23mt vs. 32mt. E-auction premium in 4Q stood at 66% (higher than our est. of 53% and lower than 117% premium in 3Q).

  – COAL declared a final dividend of INR5 per share, taking the total dividend for FY24 to INR25.5 per share.

  – In FY24, revenue stood at INR1,423b (+3% YoY), adj. EBITDA came in at INR418b (+3% YoY), and APAT stood at INR374b (+18% YoY). Production/dispatches grew 10%/6% YoY to 774mt/753mt. The blended ASP declined 6% YoY to INR 1734/t in FY24

• May 07, 2024 08:30
  

  Stock market live updates: VEDANT FASHIONS: Building optimism

  (MANYAVAR IN, Mkt Cap USD2.7b, CMP INR925, TP INR1010, 9% Upside, Neutral)

  Motilal Oswal

  We met with the CEO and CFO of Vedant Fashions, Mr. Ravi Modi and Mr. Rahul Murarka. Management was confident about a demand recovery post-2QFY25 and anticipated higher contributions from the new categories.

  Weak performance in the last five quarters; expect recovery from 2QFY25

  The business has remained weak in FY24 due to a weak macro environment and a clustering of weddings. However, after five quarters of lackluster demand, we expect 1QFY25 to remain soft due to a fewer weddings. However, demand should pick up from 2QFY25 supported by wedding dates, higher contribution from newer categories, and a low base. The 15% store additions are likely to continue with its current penetration in 255 cities. The company’s fundamentals were strong, with a 1% YoY revenue growth in FY24 that led to only 3% YoY decline in PAT. Additionally, the return ratios remained robust, with RoE/RoCE at 28%/53% (pre Ind-AS 116).

• May 07, 2024 08:30
  

  Stock market live updates: MRPL: Earnings start to peak out; reiterate sell

  (MRPL IN, Mkt Cap USD4.8b, CMP INR229, TP INR175, 24% Downside, Sell)

  Motilal Oswal

  – While MRPL delivered a solid beat vs. our estimates, we believe its earnings are set to decline from 1QFY25 amid weaker SG GRM QoQ. We are building in a GRM of USD8/bbl in FY25/26, leading to an RoE of 18.2%/15.4%. Further, we are modeling a throughput of 17mmt in FY25/FY26, in line with the company guidance.

  – We like its strong FCF generation of INR34.8b/INR35.2b in FY25/26 and reduction in debt, resulting in a declining Net Debt/Equity ratio of 0.5x by the end of FY26 (vs. 0.94x currently). MRPL guided INR80b of capex over the next five years towards:

  · increasing petchem integration from 10.0% to 12.5%,

  · increasing total retail outlets to 1,000 by FY27 (from 100 currently), and

  · launching Isobutyl-benzene, with a pilot plant already awarded.

  – However, at 2.5x FY26E P/B, we believe the valuations remain expensive; especially, given its FY26E RoE of 15.4% as per our calculation.

  – As such, we reiterate our Sell rating with a TP of INR175, implying 24% potential downside from current levels.

• May 07, 2024 08:21
  

  Stock market live updates: Stocks that will see action today May 7, 2024

  GHCL has announced a capital budget of approximately ₹224 crore for the financial year 2024-25, including a Bromine Project of ₹117 crore. The board has also approved a 5.5 mt greenfield soda ash project in Kutch, Gujarat, for ₹4,000 crore. Read more

• May 07, 2024 07:53
  

  Stock market live updates: Broker’s call: South Indian Bank (Buy)

  Muted NII and lower Treasury income led to the decline in South Indian Bank’s Q4 operating profit. Lower provisions aided profitability, with a 0.98 per cent RoA (down 7bps q-o-q). Asset quality improved across segments. With stress from the legacy book recognised, the focus now shifts to profitability. We expect the bank to deliver a sustainable, 1 per cent, RoA from now. Read now

• May 07, 2024 07:52
  

  Stock market live updates: Rallis India commissions water soluble fertiliser unit at Akola

  Agri inputs player Rallis India Limited has announced the establishment of a new automated 8,000 tonnes Water-Soluble Fertiliser (WSF) plant in Akola, Maharashtra. This strategic initiative underscores Rallis India’s commitment to innovation, advancing sustainable agriculture practices and enhancing farm productivity, the company said in a statement. The company has invested ₹11.5 crore in the WSF plant at Akola. Read more

• May 07, 2024 07:50
  

  Stock market live updates: Zee Media Corporation terminates CEO Abhay Ojha

  Zee Media Corporation Ltd on Monday said its CEO Abhay Ojha has been terminated with effect from May 4, 2024. In a regulatory filing, the company said its Board of Directors at their meeting held on Monday has approved and confirmed the cessation of employment of Ojha from the organisation and his consequent cessation as the Chief Executive Officer of the company with effect from May 4, 2024. Read more

• May 07, 2024 07:49
  

  Stock market live updates: Coromandel Intl ups stake in Ecozen

  Coromandel International Ltd, an agri solutions company, has increased its stake in climate-smart technology solutions firm Ecozen to 5.54 per cent, an increase of 3.13 per cent. Read more

• May 07, 2024 07:28
  

  Stock market live updates; CG Power posts a flat standalone profit at ₹240 cr in the March quarter

  CG Power and Industrial Solutions Ltd, part of the Murugappa Group, has reported a flat standalone PAT (profit after tax) at ₹240 crore for the quarter that ended March 31, 2024, amid a 17 per cent rise in revenue from operations. Read more

• May 07, 2024 07:27
  

  Stock market live updates: MF share in NSE cos hits fresh high in Q4

  The share of domestic mutual funds (MFs) in companies listed on NSE rose to a fresh all-time high of 8.92 per cent for the quarter ended March, powered by net inflows of ₹81,539 crore during the quarter. Read more

• May 07, 2024 07:26
  

  Stock market live updates: Why Titan share price fell 7 per cent after earnings release

  Titan Company’s (₹3,280.15) shares tumbled on Monday, losing 7.2 per cent. The company announced their results on May 3 post market hours, which weighed on the price in today’s session. The year-to-date loss for the stock now stands at 10.8 per cent. Read more

• May 07, 2024 07:25
  

  Stock market live updates: Marico Q4 net increases 5 per cent to ₹318 crore

  FMCG major Marico posted a 5.29 per cent increase in its consolidated net profit for the quarter ended March. The company clocked ₹318 crore profit during the quarter as against ₹302 crore during the same quarter last year. However, it saw a 16.9 per cent decrease in net profit with ₹383 crore reported in the December quarter. Read more

• May 07, 2024 07:24
  

  Stock market live updates: SC rejects plea by Micro and Small businesses challenging 45-day pay rule in Income Tax law

  Micro and Small Enterprises (MSEs) received a setback on Monday as the Supreme Court declined to hear their plea against the new Income Tax provision. However, the apex court granted the MSEs leave to pursue their case in the High Court. Read more

• May 07, 2024 07:22
  

  Stock market live updates: Securities in F&O Ban For Trade Date 07-May-2024 * ABFRL * BALRAMCHIN * BIOCON * GMRINFRA * VODAFONE IDEA * SAIL

  * ABFRL

  * BALRAMCHIN

  * BIOCON

  * GMRINFRA

  * VODAFONE IDEA

  * SAIL

• May 07, 2024 07:22
  

  Stock market live updates: Major U.S. listed stocks result calendar 07.05.2024 

  Walt Disney Company (The) (Pre market) (Sector – Media) 

  BP p.l.c. (Pre market) (Sector – Energy) 

  UBS AG (Pre market) (Sector – Financials) 

  Duke Energy Corporation (Pre market) (Sector – Energy) 

  Ferrari N.V. (Pre market) (Sector – Automobile) 

  Transdigm Group Incorporated (Pre market) (Sector – Defense) 

  Sempra (Pre market) (Sector – Energy) 

  Datadog, Inc. (Pre market) (Sector – Technology) 

  Kenvue Inc. (Pre market) (Sector – FMCG) 

  Rockwell Automation, Inc. (Pre market) (Sector – Capital Goods) 

  GlobalFoundries Inc. (Pre market) (Sector – Technology) 

  Builders FirstSource, Inc. (Pre market) (Sector – Realty) 

  Waters Corporation (Pre market) (Sector – Healthcare) 

  Jacobs Solutions Inc. (Pre market) (Sector – Technology) 

  Expeditors International of Washington, Inc. (Pre market) (Sector – Logistics) 

  Bentley Systems, Incorporated (Pre market) (Sector – Technology) 

  NRG Energy, Inc. (Pre market) (Sector – Energy) 

  TopBuild Corp. (Pre market) (Sector – Realty) 

  Arista Networks, Inc. (Post market) (Sector – Technology) 

  McKesson Corporation (Post market) (Sector – Healthcare) 

  Occidental Petroleum Corporation(Post market) (Sector – Energy) 

  Coupang, Inc. (Post market) (Sector – Retail) 

  Electronic Arts Inc. (Post market) (Sector – Technology) 

  Ecopetrol S.A. (Post market) (Sector – Energy) 

  Telefonica Brasil S.A. (Post market) (Sector – Technology) 

  Ovintiv Inc. (Post market) (Sector – Energy) 

  Toast, Inc. (Post market) (Sector – Technology) 

  Permian Resources Corporation (Post market) (Sector – Energy) 

  Astera Labs, Inc. (Post market) (Sector – Technology) 

  Aspen Technology, Inc. (Post market) (Sector – Technology) 

  Jack Henry & Associates, Inc. (Post market) (Sector – Technology) 

  Twilio Inc. (Post market) (Sector – Technology) 

  Cheniere Energy Partners, LP (Tentative) (Sector – Energy)

• May 07, 2024 07:21
  

  Stock market live updates: MARKET WRAP 6 May, 2024

  Market Indices

  NIFTY 50 : 22,442.70

  ⬇️-33.15/-0.15%

  SENSEX : 73,895.54

  ⬆️+17.39/+0.02%

  BANKNIFTY :48,895.30

  ⬇️-28.25/-0.06%

  INDIAVIX: 16.60

  ⬆️+1.98/+13.54%

  Rising stocks: 624

  Falling stocks: 1645. 

  Top 3 stock gainers(NIFTY 500): 

  ▪️Godrej Property (⬆️+10.62%)

  ▪️Prestige estate (⬆️+6.63%)

  ▪️Tube investment (⬆️+5.07%)

  Top 3 stock losers(NIFTY 500): 

  ▪️PFC(⬇️-8.87%)

  ▪️REC (⬇️-7.38%)

  ▪️PNB (⬇️-6.40%)

• May 07, 2024 07:20
  

  Stock market live updates: Institutional Investors

  EQUITY Cash Trades PROV. – 06/05/2024 : Rs. CRS. : 

  FIIS : SELL -2,169 (12,598-14,767)

  DIIS : BUY +781 (13,791-13,010)

• May 07, 2024 07:19
  

  Stock market live updates: Godrej Consumer reports loss of ₹1,893 crore

  Fast-Moving Consumer Goods (FMCG) Godrej Consumer Products Ltd (GPCL) posted a loss of ₹1,893 crore as against ₹452 crore profit reported during the same quarter in March. Read more

• May 07, 2024 07:18
  

  Stock market live updates: Taxing April. Options writers make huge losses on freak spikes in indices

  Options writers were caught off guard by freak movements in the underlying indices last month, resulting in losses running into hundreds of crores for large individual traders, said two people in the know. Read more

• May 07, 2024 07:09
  

  Stock market live updates: Today’s Stock Recommendation: 7th May 2024

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• May 07, 2024 06:49
  

  Stock market live updates: Stock to buy today: DCM Shriram (₹1,015.55): BUY

  The upmove in the stock of DCM Shriram is gaining momentum. The stock has surged 5 per cent on Monday breaking above the intermediate resistance level of ₹990. That leaves the short-term outlook bullish for this stock. Read more