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Stock Market Highlights: Markets Snap Two-Day Gaining Streak
As many as 18 stocks in the Sensex were in the red while other shares, including HDFC and Maruti, were trading with marginal gains.
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Due to selling pressure in metal and energy sectors and a gloomy trend in global equity markets, India's benchmark stock index, the Sensex, lost 123 points on Friday.
The 30-share BSE Sensex closed 123.52 points or 0.20 percent lower at 60,682.70, snapping a two-day winning streak. The index had highs of 60,774.14 and lows of 60,501.74 throughout the trading session.
The NSE Nifty, which is more inclusive, lost 36.95 points, or 0.21 percent, to end at 17,856.50.
With a 2.79 percent loss, HCL Tech led all losers on the Sensex index, followed by Tata Steel, ICICI Bank, Reliance Industries, ITC, Wipro, Infosys, and M&M.
Tata Motors, L&T, Bharti Airtel, HDFC Bank, and SBI, on the other hand, all saw gains of up to 2.05 percent. The BSE midcap gauge and smallcap index both saw gains in the broader market of 0.4% and 0.48 percent, respectively.
Heena Naik, Research Analyst - Currency, Angel One Ltd said that the Adani crisis will push USDINR in the bullish territory. "Keeping the current factors in mind, USDINR Spot (CMP: 82.60) is likely to cross 83-mark soon and move towards 83.80 levels by end of Feb’23." Naik added.
"...Apparently, MSCI has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes. which means we may witness a huge outflow from the local system which in turn may impact the Indian Rupee," Naik said.
Here are the Highlights
Rupee dips 1 paisa to close at 82.52 (provisional) against USD
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Sensex ended 123.52 points or 0.20 per cent lower at 60,682.70. NSE Nifty slipped 36.95 points or 0.21 per cent to finish at 17,856.50
FIIs were net sellers in capital markets as they offloaded shares worth Rs 144.73 crore on Thursday, according to exchange data
Stock Market Live Updates: Yes Securities Gives REDUCE Recommendation to IFB Industries Ltd
IFBI delivered lower than expected revenue growth with slack demand post the festive season. Its home Appliances business registered flattish revenue with EBIT loss of Rs56mn.We now expect IFB to pose revenue/EBITDA CAGR of 17%/83% (on low base) over FY22- 25E. Despite scale benefits and increased efficiencies, IFB’s margins are significantly lower than peers. We continue to value company at 25x as return ratios and profitability are significantly lower than peers. We maintain reduced on the stock with revised PT of Rs821.
Stock Market Live Updates: Yes Securities Gives REDUCE Recommendation to IFB Industries Ltd (IFBI IN)
Recommendation: REDUCE
CMP: Rs 825
Target Price: Rs 821
Potential Return: ‐1.9%
Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Matrimony.com Ltd
Matrimony.com (MATRIM) reported mixed financial performance for the quarter. Both, sequential revenue growth and EBITDA margin were below expectation. Revenue declined by 3.9% QoQ, led by decrease in Matchmaking services business (down 4.2% QoQ). Consolidated Billing stood at Rs. 1,114 Mn (up 2.0% QoQ). There was sequential decline in EBITDA margin (down 484 bps QoQ) on account of higher A&P expense. Average transaction value was up 3.0% QoQ to Rs 4,535. We maintain our NEUTRAL rating on the stock with revised target price of Rs 605/share based on DCF methodology.
Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Matrimony.com Ltd
Recommendation: NEUTRAL
CMP: Rs 558
Target Price: Rs 605
Potential Return: +8.4%
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to JB Chemicals
JB Chem reported an inline margin quarter with some surprise on revenues as company pushed Azmarda sales going into LOE as well decent traction on export formulations and organic domestic business. With no net MR addition, opex growth should be controlled resulting in operating leverage and margin of 27-28% by FY25. Continue to forecast strong 25% EPS growth in FY24 and view surprises on such elevated expectation as unlikely. Retain ADD based on unchanged 30x FY24 EPS with unchanged TP Rs2,100.
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to JB Chemicals & Pharma
Recommendation: ADD
CMP: Rs 1,964
Target Price: Rs 2,100
Potential Return: +7%
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Engineers India Ltd
We believe EIL’s healthy order book, lean balance sheet, strong project pipeline and strong growth visibility augurs well in the long run and expect EIL to report revenue/PAT CAGR of 5%/54% over FY22‐FY25. The stock is currently trading at a P/E of 11.7x/9.7x/9.1x FY23E/24E/25E EPS. We roll forward our target multiple to FY25E with a revised TP of Rs90. Given the recent run-up in the stock price we now have an ADD rating (previously BUY).
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Engineers India Ltd
Recommendation: ADD
CMP: Rs 81
Target Price: Rs 90
Potential Return: +10%
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Bharti Airtel Ltd
The 3QFY23 consolidated operating profits at Rs 184.5bn (+25.5%YoY; +4.9% QoQ), stood in-line with consensus but marginally ahead of our estimates, on stronger than expected ARPU and 4G subscriber additions. India mobile ARPU stood at Rs 193(+19% YoY; +1.6% QoQ), primarily driven by up-trading, as 6.4mn QoQ 4G subscriber addition surpassed the total mobile subscriber addition of 4.5mn. Bharti’s 5G services are now live in 70 cities, with the target to cover most Urban locations across the country by Mar’24. Bharti has also identified 60,000 rural locations with high potential, where its network was not present, and the company is in process of rolling out infra to tap into the market. The capex in India mobile business stood at Rs 64bn (+114% YoY; +63% QoQ) for 3Q and Rs 140bn (+17% YoY) for the 9MFY23. Capex is likely to remain elevated in near term due to 5G roll out and Rural outreach. Bharti maintain that current level of ARPU is unviable form a return on investment perspective and therefore undertook a revision in its entry level plan. Our ADD rating and TP of Rs 910, is also contingent upon sustained improvement in ARPU/Tariff revision over FY24-25e.
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharti Airtel Ltd
Recommendation: ADD
CMP: Rs 767
Target Price: Rs 910
Potential Return: +18.6%
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Cummins India
Cummins India Ltd (KKC) reported a record operational quarter, with healthy revenue growth led by Powergen segment (42% up YoY), Spares (up 17% YoY), Industrial segment (up 18% YoY) and Exports (up 23% YoY). EBITDA margin expanded by ~330bps YoY owing to healthy gross margin and operating leverage benefits. Going forward management expects strong traction in domestic markets led by sectors such as data centers, commercial real estate, rental, infrastructure, healthcare, and telecom, etc.
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Cummins India Ltd
Recommendation: BUY
CMP: Rs 1,578
Target Price: Rs 1,953
Potential Return: +24%
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Endurance Technologies
Endurance (ENDU) 3QFY23 consol results were in-line as better-than-expected margins in Europe business at 12.4% (+450bp QoQ, est 12.4%) was lower margins in S/A at 11.1% (+30bp QoQ, est 11.5%). Europe margins recovery was led by falling energy prices, and energy cost related compensation from government (Italian government) and customers (~60% recovery of inflated energy cost). New order wins of Rs8.8b/EUR67.4m in 9MFY23 (v/s Rs6.9b/Eur25m in SA/Europe is 1HFY23) is healthy considering weak volumes in domestic 2Ws and Europe. Near-term challenges withstanding, we believe ENDU should continue to outperform industry growth driven by i) new order wins at both domestic/Europe, ii) ramp up in ABS supplies to ~1.2m units/annum by 2HFY24, iii) backward integration accelerated with setting up of paper plate manufacturing plant by 1QFY24 as its are mainly imported from China/US and in-house manufacturing of ABS valves. Maintain BUY with revised TP of Rs1,763 (v/s 1,709 earlier) as we roll forwarded TP to Mar’25 consol EPS (v/s Sep’24).
M&M Q3 PAT Climbs 14% to 1,528 Crore
Mahindra & Mahindra (M&M) has reported a 14 percent rise in its profit after tax (PAT) to Rs 1,528 crore for the third quarter ended December 2022 as compared to Rs 1,335 crore for the October-December period of the previous fiscal. The automaker said that its revenue surged 41 percent to Rs 21,654 crore for the third quarter compared to Rs 15,349 crore in the year-ago period.
Zomato shares fall more than 1%
Zomato shares fell over 1 percent in late morning trade after the online food delivery platform company reported net loss for Q3. Zomato shares fell 1.47 per cent to Rs 53.60 on the BSE. On the NSE, it went lower by 1.38 percent to Rs 53.65
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Endurance Technologies
Recommendation: BUY
CMP: Rs 1,398
Target Price: Rs 1,763
Potential Return: +26%
SBI Inaugurates Startup Branch in Gurugram
State Bank of India inaugurated its third specialized branch for start-ups in the country at Gurugram to support and provide all banking services required by start-ups under one roof.
Dinesh Khara, Chairman SBI said that “the primary aim of this branch is to provide end-to-end support to startups at every stage of their journey starting from the formation of the entity till IPOs and FPOs of the companies. Apart from regular banking services to start-ups, the branch will also act as a one stop shop in providing investment banking, treasury/forex, advisory and other ancillary financial services through the Bank’s subsidiaries.”
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to NCC Ltd
NCC ltd (NJCC) reported healthy execution with revenues coming in above our and street estimates by 14%/11% owing to ramp in execution across its project sites. With order inflow of Rs55bn in Q3FY23, the order book (OB) stood at Rs418.6bn (3.4x TTM revenue). The collection period has reduced to 91days on account of improvement in debtor collection. Given the robust order book, pick-up in execution, stable balance sheet, management has given revised its revenue guidance for FY23E of 30% growth with EBITDA margins at 10%. With robust 9MFY23 execution and revised management guidance, we have tweaked our FY23E, FY24E and FY25E revenue estimates upwards by 3%/10%/18% while keeping EBITDAM unchanged. We maintain a BUY rating with a revised TP of Rs 117.
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to NCC Ltd
Recommendation: BUY
CMP: Rs 93
Target Price: Rs 117
Potential Return: +26%
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Equitas Small Finance Bank
We expect 25%/50%+ CAGR in loan book/earnings over FY22-25 with RoE rising to 17-18%. We haven’t factored merger benefits of net-worth augmentation (with share capital reduction) as we await the reported merged balance sheet. With uncertainties related to the merger, management transition and asset quality behind, and higher growth and profitability improvement becoming more visible, bank’s valuation should re-rate from current undemanding level of 1.2x P/ABV and 7x P/E on FY25 basis. The P/ABV multiple could fall to near 1x on a post-merger basis. The attractiveness of forecasted 2.2-2.3% RoA and 15-17% RoE increases when looked in the context of diversified loan book, credible deposit franchise and capital comfort. Retain BUY and raise 12m PT to Rs75.
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Equitas Small Finance Bank
Recommendation: BUY
CMP: Rs 58
Target Price: Rs 75
Potential Return: +28.5%
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Hindustan Petroleum Corporation Ltd
HPCL’s 3QFY23 reported Ebitda stood at Rs 16.7bn (-11% YoY; -212% QoQ), better than our and street estimates as marketing margins possibly stood better than our estimates. Company doesn’t declare marketing margins. The GRM at USD 9.14/bbl however stood marginally below our assessment. The sequential improvement in earnings stemmed from QoQ recovery in Petrol and Diesel retail margins to ~ Rs10/ltr (2Q: Rs(0.04)/liter) and Rs (5.5)/ltr (2Q: Rs (12)/ltr), as global product price moderated, however firm HSD cracks helped sustain GRMs. As we write while Petrol margins have moderated to Rs 6.5/ltr, the loss on retailing of Diesel has also narrowed to Rs (3-4)/ltr. We expect retail marketing to normalize over FY24-25e. BUY with a TP of Rs 320/sh.
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Hindustan Petroleum Corporation Ltd
Recommendation: BUY
CMP: Rs 232
Target Price: Rs 320
Potential Return: +38%
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to H. G. Infra Engineering Ltd
H G Infra Engineering Ltd’s (HGINFRA) reported stellar quarterly performance beating our and street estimates owing to robust execution of its under-construction portfolio. Company bagged orders worth Rs6.9bn in Q3 taking the orderbook to Rs111bn (2.8x TTM revenue). Going ahead, given robust bid pipeline and large part of OB under execution management is confident of achieving revenue of Rs45bn in FY23E and has given revenue guidance of Rs55-56bn in FY24E with EBIDTAM in the range of 15-16%. We remain positive on the company given its 1) comfortable order book (~Rs111bn as on 3QFY23), 2) strong execution capabilities, 3) comfortable working capital cycle, 4) geographical diversification and 5) its transition into full-fledged contractor and focus on asset monetization. We maintain BUY rating with a revised target price of Rs947/share, implying an upside potential of 38% from the current levels.
Stock Market Live Updates: MSCI Cuts Free-Float Designations of 4 securities of Adani Group
Adani Enterprises (ADEL.NS), Adani Total Gas (ADAG.NS), Adani Transmission (ADAI.NS), and ACC's free floats have all been decreased, according to a statement from MSCI (ACC.NS).
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to H. G. Infra Engineering Ltd
Recommendation: BUY
CMP: Rs 542
Target Price: Rs 947
Potential Return: +38%
Stock Market Live Updates: MSCI Cuts Free-Float Designations of 4 securities of Adani Group
Analysts have warned that this change could have an impact on the index weightings of four shares of the Indian Adani Group, according to the index provider MSCI
Stock Market Live Updates: MSCI Cuts Free-Float Designations of 4 securities of Adani Group
MSCI said it has cut the free-float designations of four securities of India's Adani Group
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Deepak Nitrite Ltd
DN’s reported 3QFY23 operating profit at Rs 3.15bn (-11% YoY & +16% QoQ), stood below our but marginally above street estimates. The miss on estimates stemmed primarily form weaker than estimated margins as higher input cost environment posed a challenge. The Ebitda margins, nevertheless improved QoQ to 16% (2Q: 14%) driven by improvement in per ton margins for most products, as DN passed on the increase in raw material price to a large extent. The domestic demand environment was however healthy, with Phenol, DASDA and OBA productions reaching record levels. The earnings prognosis appears strong due on going investment of Rs 15bn in a) capacity expansion of Phenol plant (DPL) by 50%, by the end of 4QFY24, b) debottlenecking of existing capacities at DNL, c) addition of 40ktpa of MIBK and 8ktpa of MIBC capacities as part of Rs 7bn investment in Phenol-Acetone derivatives by 4QFY24, d) agrochem expansion and commissioning of SAC plant by 4QFY23 and e) Rs 10bn foray into 35tmt Polycarbonates plant. In our view, expansion of Phenol capacity and foray into value added downstream solvents would provide renewed momentum to DN’s earnings, with prospects of revenue doubling over next 3-4 years.
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Deepak Nitrite Ltd
Recommendation: BUY
CMP: Rs 1,807
Target Price: Rs 2,515
Potential Return: +39.2%
Stock Market Live Updates: Traders Advised to Stay Light
"In the midst of ambiguity, key indices have trapped in a range and especially Nifty, which is showing some signs of strength, is unable to find support from the heavyweight banking space. The consolidation continues, and since we are trading around the higher boundary of 17900-18000, it would be interesting to see how things pan out. As far as supports are concerned, we can see cluster around 17800-17750-17700. Traders are advised to stay light until we break out of this congestion zone. Meanwhile, it would be a prudent idea to keep focusing on buzzing pockets," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Oberoi Realty
Oberoi Realty (OBER) achieved presales of Rs6.3bn wherein Sky City contributed 72% and company collected 4.3bn in Q3FY23. Oberoi Mall achieved 95% operating margin over the revenue of Rs373mn. Office assets clocked revenue of Rs364mn with an EBITDA margin of 92.4%. The Westin posted strong revenue of Rs419mn with the EBITDA margin of 38% (551bps q/q) with ARR of Rs12,344/night (29.3% q/q) and RevPAR of Rs9,961 (26.2% q/q). OBER is geared up to launch Kolshet, Thane in mid of Mar’23 and Pokhran in Q1FY24E. OBER confirmed the entry in Gurgaon market and also acquired ~8acres land parcel from Blue Star. Borivali Mall’s superstructure is completed and should be operationalized by Sept-Oct’23E with optimal occupancy. We arrived at SoTP based NAV of Rs1229/share and recommend ‘BUY’ rating with 45% upside.
Rs 1229.
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Oberoi Realty
Recommendation: BUY
CMP: Rs 845
Target Price: Rs 1229
Potential Return: +45%
Stock Market Live Updates: Anand Rathi Gives BUY Rating to Endurance Technologies, NCC , Page Industries
Endurance Technologies - Consistent improvement in OB, EV play improving; maintaining a Buy
NCC - Growing good; retaining our Buy
Page Industries - Margins hit, to improve ahead; upgrading to a Buy
Stock Market Live Updates: Outlook on Base Metals
"A resurgent dollar and more evidences of the demand recovery in China would continue to maintain pressure on the metal prices," said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd
Stock Market Live Updates: Outlook on Crude
"The uncertainty surrounding crude prices would limit the gains, as recession worries continue to mount over crude," said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd
Stock Market Live Updates: Outlook on Gold
"The upside in gold looks capped, as the US central bank might continue to raise interest rates, propelling the dollar to highs," said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd
UP Global Investors Summit LIVE Updates: 34 Sessions to be Held
There will be 34 sessions held in all at the summit. The first day will feature 10 sessions, the second, 13, and the last, 11, respectively
UP Global Investors Summit Live: Summit to Explore Economic Prospects
The Government of Uttar Pradesh's signature investment summit aims to bring together decision-makers, business titans, academics, think tanks, and world leaders to jointly explore economic prospects and create alliances.
PM Modi Inaugurates UP Global Investors Summit 2023
UP Global Investors Summit 2023 Live Updates: PM Modi Arrives Lucknow
PM Modi along with UP Governor Anandiben Patel and Defence Minister Rajanth Singh arrive at the UP Global Investors Summit 2023 in Lucknow
PM Modi to inaugurate UP Global Investors Summit 2023 Shortly
I look forward to being in Lucknow tomorrow, 10th February to take part in the UP Global Investors Summit 2023. UP’s development strides have drawn several investors to the state. This has created opportunities for the youth of the State. @InvestInUp https://t.co/wm4zb4zWwJ
— Narendra Modi (@narendramodi) February 9, 2023
Rupee falls 12 paise to 82.63 against US dollar in early trade
Sensex falls 171.65 points to 60,634.57 points; Nifty declines 55.60 points to 17,837.85 points
US equities declined for a second day
Treasury yields increased as investors started to prepare for the possibility of higher interest rates
Asia's stocks are on the decline
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