Stock Market Highlights: Markets Settle Marginally Higher Ahead of Budget, US Fed's Rate Decision

From the Sensex pack, Tech Mahindra, Larsen & Toubro, Tata Consultancy Services, HCL Technologies, Nestle, Infosys, Bajaj Finance, Asian Paints and Bajaj Finserv were the major laggards.

New Delhi: Equity benchmarks ended with marginal gains on Tuesday as investors adopted a cautious approach ahead of the Union Budget presentation and the US Federal Reserve's interest rate decision. Fag-end buying helped the 30-share BSE benchmark Sensex settle with a gain of 49.49 points or 0.08 percent at 59,549.90. During the day, the benchmark hit a high of 59,787.63 and a low of 59,104.59. The broader NSE Nifty inched up 13.20 points or 0.07 percent to close at 17,662.15.

From the Sensex pack, Mahindra & Mahindra, UltraTech Cement, Power Grid, State Bank of India, ITC, Titan, Tata Motors and ICICI Bank were among the major winners. Tata Consultancy Services, Bajaj Finance, Tech Mahindra, Asian Paints, and HDFC were among the major laggards. ()

"The Indian market has been underperforming compared to the rest of the world because it has been trading at premium valuations, which are in contrast to the moderation forecast in the domestic economy for FY24. ()

"The premiumisation has tapered, currently trading in line with developed markets like the US; however, we continue to trade at a premium to other emerging markets. The Adani saga has prolonged the correction as FII selling has increased. Now the focus is on the outcome of the Budget and Fed policy, on which the market has a mixed view," said Vinod Nair, Head of Research at Geojit Financial Services.

Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai, and Hong Kong ended lower. Equities in Europe were trading in the red during mid-session deals. Markets in the US ended in the negative territory on Monday.

International oil benchmark Brent crude declined 1.18 percent to USD 83.90 per barrel. Foreign Institutional Investors (FIIs) offloaded shares worth a net of Rs 6,792.80 crore on Monday, according to exchange data.

31 January 2023

15:47 IST

Stock Market Live Updates: Anand Rathi Maintains BUY Recommendation for Exide Industries

For Exide Industries, volumes across most verticals improved during the quarter. Raw material inflation continued to ease, aiding gross margins. Automotive demand was strong for OEMs while replacements saw modest growth. Within Industrials, railways, telecoms and other verticals saw strong growth. The lithium-ion-cell manufacturing plant construction is on track. We retain our Buy rating at a revised TP of Rs210 (14x FY25e)

14:30 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Tech Mahindra Ltd

Recommendation: ADD
CMP: Rs 1,036
Target Price: Rs 1,160
Potential Return: +12%

14:30 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Nippon Life India AMC

Debt outflows significant but management sees a turnaround. (2) Overall yield improved for a second consecutive quarter with calculated blended revenue yield up by 2bps QoQ to 48bps. (3) We maintain ‘ADD’ rating on NAM with a revised price target of Rs 275.

14:05 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Nippon Life India AMC

Recommendation: ADD
CMP: Rs 235
Target Price: Rs 275
Potential Return: +17%

13:56 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Exide Industries 

While EXID’s LAB business is expected to grow 7‐8% CAGR over 3‐5 years, significant ramp-up in EV battery manufacturing and order wins to act as key re-rating trigger for the stock. EXID is trading at 12.8x/10.6x FY24/25 S/A EPS (v/s 10‐year LPA of 20.6x). We estimate Revenue/EBITDA/PAT CAGR of 12.2%/18.4%/19% over FY22‐25E and largely keep our estimates unchanged. Maintain BUY with TP of Rs212 (12x Sep-24 EPS + 50% holdco discount to HDFC Life stake).

13:44 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Exide Industries 

EXID’s 3QFY23 results was a mixed bag as EBITDA was in-line at Rs4b (+7.5% YOY, -3% QoQ) while revenues/Adj.PAT missed our/street estimates by 7-8%/4-7%. Moderate growth in revenues at 6.5% YoY (-8.4% QoQ) was explained by higher growth in auto OEM/ industrial while relatively weak volumes in replacement segment. However, gross margins came in better at 32.2% (est 30.5%, +120bp YoY/ +170bp QoQ). Over the mid-long term, EXID’s speedy ramp-up of lithium-ion battery cell manufacturing through collaboration with SVOLT, would be closely watched. 

13:32 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Exide Industries 

Recommendation: ADD

CMP: Rs 177
Target Price: Rs 212
Potential Return: +20%

13:20 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharat Petroleum Ltd (BPCL IN)

As we write while Petrol margins have moderated to Rs 5.5/ltr, the loss on retailing of Diesel has also narrowed to Rs (3-4)/ltr. We expect retail marketing to normalize over FY24-25e and maintain ADD with a TP of Rs 410/sh.

13:20 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharat Petroleum Ltd (BPCL IN)

BPCL’s 3QFY23 reported Ebitda stood at Rs 42.3bn (+0.5% YoY; +195.3% QoQ), better than our and street estimates as the retail marketing margin for MS and HSD possibly stood better than our estimates. The GRM at USD 15.9/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. 

12:58 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharat Petroleum Ltd (BPCL IN)

Recommendation: ADD
CMP: Rs 335
Target Price: Rs 410
Potential Return: +22.4%

12:58 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Heranba Industries Ltd

Due to ongoing global destocking, declining prices of pyrethroids and other insecticide molecules, we expect near term outlook will continue to be challenging for the company. Owing to multiple headwinds in terms of demand as well as margins, we have revised our FY24E EPS to Rs.37.3 (revised downward by 32%) and revalued the company at P/E(x) multiple of 12x on FY24E EPS. Hence though we maintain our BUY rating on the stock, we have revised our target price to Rs447.

12:36 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Heranba Industries Ltd 

Recommendation: BUY
CMP: Rs 372
Target Price: Rs 447
Potential Return:+20%

12:29 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sagar Cements

Given the lower capex guidance, we believe SGC to generate FCF of Rs8.1bn over FY24-25E, which will aid to deleverage the B/S. We rolled forward our estimates to FY25 and arrived at a price target of Rs271, valuing the stock at 7.5x EV/EBITDA on FY25E

12:28 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sagar Cements

With Andhra Cement acquisition, SGC will accomplish its target of ~10MTPA capacity, a year before FY25E. We are positive on SGC and believe that ramp up of newly added capacities in MP & Orissa will reduce its southern exposure and grow beyond south markets. As a result, we expect SGC volume to grow at ~17% CAGR over FY23-25E (excl. volume from Andhra Cement). 

12:02 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sagar Cements

Recommendation: BUY
CMP: Rs 222
Target Price: Rs 271
Potential Return: +22%

12:01 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to CSB Bank Ltd 

(1) Low slippages and write-back combined to deliver another quarter of negative credit cost. (2) While loan growth was all about gold loans, management flagged that the underlying driver was tonnage growth. (3) Management reiterates that margin would moderate lower but CSB is currently sitting at the highest margin for our coverage universe for 3Q so far. (4) We maintain ‘Buy’ rating on CSB with a revised price target of Rs 315.

11:42 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to CSB Bank Ltd 

Recommendation: BUY
CMP: Rs 243
Target Price: Rs 315
Potential Return: +29%

11:32 IST

While there are near-term challenges but maintain BUY on long term fundamentals, as stock continues to trade at inexpensive valuation of 8x FY25e.

11:31 IST

GAIL reported 3QFY23, significantly below estimates, with operating profit at Rs 2.6bn (-94% YoY; -85% QoQ), primarily on Rs 11bn in inventory losses related to two unsold cargoes. Adjusted for the same the operating profit stood at Rs 13.6bn, which nonetheless, is still lower than our estimates (YES: Rs 17.2bn), due to operating losses in the LPG-LHC segment. GAIL continues to reel under the disruption of supply from Gazprom, impacting its gas trading and petrochemical segments. While GAIL is in negotiation with other suppliers to fulfill the gap of 8-9mmscd, at this moment any conclusive update on the same is pending. GAIL has additionally filed for revision in tariff as per revised regulations and tariffs are likely to be updated by Apr’23. 

11:09 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to GAIL

Recommendation: BUY

CMP: Rs 95

Target Price: Rs 135

Potential Return: +42%

10:12 IST

Stock Market Live Updates: Rupee falls Against USD

The rupee depreciated 12 paise to 81.64 against the US dollar in early trade on Tuesday, weighed down by significant foreign fund outflows and a muted trend in domestic equities.

10:12 IST

Stock Market Live Updates: Rupee Falls Against USD

At the interbank foreign exchange, the domestic unit opened weak at 81.61 against the dollar, then lost ground and fell to 81.64, registering a decline of 12 paise over its last close. In the previous session on Monday, the rupee settled at 81.52 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 102.23

10:11 IST

Stock Market Live Updates: Rupee Likely to Witness Range-Bound Trading

Forex traders said the rupee is likely to witness range-bound trading as investors brace for interest rate decisions from the Federal Reserve, and the Union Budget for 2023-24, both scheduled to be announced on Wednesday

10:11 IST

Stock Market Live Updates: FIIs Net Sellers in Capital Markets

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 6,792.80 crore, according to exchange data.

10:05 IST

Stock Market Updates: Sensex, Nifty Decline

Sensex declines 203.74 points to 59,296.67 in early trade; Nifty falls 52.8 points to 17,596.15.

09:12 IST

Stock Market Live Updates: Gold Slightly Higher

Gold was slightly higher. Spot gold was traded at $1922.91 per ounce

09:11 IST

Stock Market Live Updates: US Crude Up 

US crude ticked up 0.2% to $78.02 a barrel while Brent crude settled at $84.9 per barrel early in the Asia session

09:11 IST

Stock Market Live Updates: Currency Basket Update

In currencies, the U.S. dollar, which was poised for its fourth month of declines, was down at 102.19 against a basket of other major currencies. The European single currency was up 0.1% on the day at $1.0852, having gained 1.4% in a month

09:10 IST

Stock Market Live Updates: S&P 500, Nasdaq Drop

The Dow Jones Industrial Average fell 0.8% to 33,717.09, the S&P 500 lost 1.3% to 4,017.77 and the Nasdaq Composite dropped 2.0% to 11,393.81. Despite Monday’s declines, the S&P 500 remained on track to post its biggest January gain since 2019

09:09 IST

Stock Market Live Updates: Asian Shares Trade Cautiously 

Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. U.S. stock futures, the S&P 500 e-minis, rose 0.1%. Japan’s Nikkei stock index slid 0.1% while Australian shares were up 0.2%. China’s blue-chip CSI300 index remained flat in early trade. Hong Kong’s Hang Seng index opened up 0.4%

09:08 IST

Stock Market Live Updates: Asian Shares Trade Cautiously 

Asian shares traded cautiously and bonds nursed small losses on Tuesday as investors braced for an eventful week that includes central bank meetings, a slew of earnings reports and key U.S. economic data