Market Close Highlights : Benchmark indices close 1% higher; Sensex ends up 940pts, Nifty at 22,640; Bank, FS lead gains

Sensex Today Live : Indian benchmark indices had a stellar showing on Monday, fuelled by a surge in large-cap bank stocks including ICICI Bank, Axis Bank, IndusInd, and SBI that also took the Nifty Bank index to record high. Both the benchmark indices closed more than 1% higher for the day.

Sensex, which opened higher at 73,982.75, touched an intraday high of 74,721.15 during the day. At close, the Sensex was up 941.12 points, or 1.28%, at 74,671.28.

Meanwhile, the Nifty 50, which had also opened higher at 22,475.55, climbed to an intraday high of 22,655.80 during the trading session. At close, the Nifty 50 was was up 223.45 points, or 1%, at 22,643.40.

Only four stocks, HCLTech, ITC, Wipro, and Bajaj Finserv, closed in the red in the 30-stock Sensex. ICICI Bank, IndusInd Bank, UltraTech Cement, SBI, and Axis Bank were the top gainers for the day.

On the Nifty 50, 18 of the 50 stocks closed in the red. HCLTech, Apollo Hospital Enterprises, Bajaj Auto, HDFC Life and Hero MotoCorp were the top losers, while ICICI Bank, IndusInd Bank, SBI, UltraTech Cement, and Axis Bank were the top gainers for the day.

Among corporates, BSE's shares closed more than 13% down as the markets regulator Sebi asked the exchange to calculate annual turnover amoung based on notional value, and not premium value. The regulator also asked the exchange to pay the differential amount, which the company said, amounted to ₹66 crore.

Separately, shares of ICICI Bank touched a 52-week high of ₹1,143.40, while Axis Bank touched a 52-week high of ₹1,152.85 during the trading session.

Near the close of trading, UltraTech Cement reported a 35% surge in net profit in the fourth quarter of FY24, beating estimates. Its profit climbed to ₹2,258.58 crore in Q4FY24, from ₹1,670.10 crore a year earlier, the company said.

Separately, Tata group company Trent posted a net profit at ₹654.3 crore in Q4FY24, compared to ₹105 crore in the corresponding quarter the previous year.

The broader market also ended the day in the green, with the BSE MidCap index closing up 0.79% and the BSE SmallCap index closing up 0.07%.

The Bank and Financial Services indices were the top gainers for the day, having climbed 2.54%, and 2.14%, respectively.

Following them in gains was the Oil & Gas index, which closed up 0.97%. That apart, heavyweight indices like Auto and IT closed down 0.15% and 0.26%, respectively, while the Realty index closed down 1%.

FMCG, Health, Pharma, and Consumer Durables indices closed in the green.

Sensex Today Live : The Bank and Financial Services indices were the top gainers for the day, having climed 2.62%, and 2.23%, respectively.

Following them in gains was the Oil & Gas index, which was up 0.94%. That apart, heavyweight indices like Auto, IT, were down 0.12% and 0.24%, while the Realty index was down 1%.

FMCG, Health, Pharma, and Consumer Durables indices were trading in the green.

Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.57% and the BSE SmallCap index up 0.11%. 

Sensex Today Live : 18 of the 50 stocks on the Nifty 50 were in the red. HCLTech, Apollo Hospital Enterprises, Bajaj Auto, HDFC Life and LTIMindtree were the top losers, while ICICI Bank, SBI, UltraTech Cement, IndusInd Bank, and Axis Bank were the top gainers.

Sensex Today Live : Only five stocks, HCLTech, Wipro, ITC, Maruti Suzuki India, and Bajaj Finserv, were in the red in the 30-stock Sensex, while ICICI Bank, SBI Bank, UltraTech Cement, IndusInd Bank and Axis Bank were the top gainers. 

Sensex Today Live : Indian benchmark were climbing higher on Monday, fuelled by a strong showing by global peers and a raft of robust Q4 results from companies.

At 3 pm, Sensex was up 935.64 points, or 1.27%, at 74,665.80, and Nifty was up 219.70 points, or 0.98%, at 22,639.65.

Sensex Today Live : Cyient saw a flattish Q4, with 0.1% q/q growth (-0.5% in CC), which was below estimates. Sustainability and New Growth Areas grew fast, while Transportation (Rail) and Connectivity declined. Rail to be under pressure in FY25, however, relatively less impact would be felt given its reduced contribution to revenue.

The $228m TCV (LTM $902m), up 15% y/y, can help achieve the high single-digit growth guidance. The tenure of TCV is tilted toward shorter durations. The Q4 EBIT margin was flat q/q at 16%, yet improved 90bps y/y, remarkable given the revenue miss.

Management expects higher single digit revenue growth and steady margins in FY25. No meaningful change in DET revenue estimate, however, we trim EBITDA ~4% for FY25/26, to reflect the slower growth environment. Consequently, we lower our TP to ₹2,350 (from ₹2,470), valuing DET at 25x FY26e EPS.

Sensex Today Live : SBI Cards and Payment Services Rating: SELL

Target Price : ₹719

Downside : 4%

CMP : ₹750 (as on 26 April 2024)

Reiterate Sell, TP at INR 719

As challenges refuse to abate, both business and asset quality may remain strained in the next 12-18 months, proving a drag on earnings. SBICARD's cautionary stance on new business acquisition with risk management taking precedence should place it in hibernation mode. Moreover, the ambiguity around Regulatory intervention on cards business would prove a valuation drag. We prune down estimates of Cards o/s CAGR to 12%, spends to 23%, loans to 24%, in turn denting RoAs to fall to 4.7% and RoEs to 21%.

Our FY25-26E estimate is cut 3-6%. We reiterate SELL on the stock. We ascribe a multiple of 21x (earlier 22x) to Sep’25E P/E arriving at a TP of INR 719 [retained].

Sensex Today Live : Supreme Industries Rating: ACCUMULATE

Target Price : ₹4,940

Upside : 12%

CMP : ₹4,400 (as on 26 April 2024)

Q4 EBITDA margin dropped 220bps YoY to 16.3% due to lower sales realization YoY (down 13%). But margin came in ahead of our expectations of 15.6%, aided by operational leverage in fuel costs. The management expects FY25 EBITDA margin at 15.5% (20bps YoY) and anticipates PVC prices to remain stable in the near term.

We raise FY25E/26E earnings estimates 5%/6% to factor in higher revenue growth and better margin. We upgrade SI to Accumulate from Reduce led by robust volume growth outlook. We up TP to ₹4,940 (from ₹4,300), on 40x FY26E P/E as we roll-forward to March’26.

Sensex Today Live : HCL Technologies Rating: ACCUMULATE | CMP: ₹1,474 | TP: ₹1,550

Given its defensive business mix and resilient vertical portfolio, HCLT is well positioned to capture the boarder market theme and participate in the critical aspects of enterprise operations. Although the first-half seems to be challenging and requires more heavy lifting in the second half.

Even if it delivers at the mid-range of the revenue guidance, it would end up achieving growth near to its peer’s average. However, the valuation gap is quite meaningful between 1-year forward PE (23x) and its 10-year median (16x), otherwise any correction from here would make the valuations even more attractive.

We are baking in USD revenue growth of 4.5% and 9.5% YoY with margin improvement of 10bps and 80bps for FY25e and FY26e, respectively. The stock is currently trading at 21x FY26e, we are assigning PE of 22x to FY26e with a target price of ₹1,550. With that we assume coverage on HCL Tech with an “ACCUMULATE” rating.

Sensex Today Live : ICICI Bank Rating: BUY | CMP: ₹1,108 | TP: ₹1,450

ICICI Bank saw a strong quarter again; core PPoP was a 5.7% beat led by lower opex and higher NII (due to better treasury management).

Loan growth was softer at 2.7% YoY (PLe 4.3%) due to moderation in unsecured and reduction in NBFC exposure.

Balance sheet profile has further improved since (1) share of retail/SME has increased from 73.6% in FY23 to 75.4% in FY24 (2) LDR has reduced to 83.8% (86.6% in Q3’24) due to healthy deposit growth of 6% QoQ led by strong CASA growth of 13% and (3) LCR is adequate at 123%. Opex intensity is likely to reduce; as we lower opex for FY25/26E by ~3% we see a 12.7% CAGR in opex (21% over FY22-24).

Hence our core PAT for FY25/26E is raised by ~4.5%. Likely RoA/RoE for FY26E at 2.1%/17.2% remains one of the best-in-class. Maintaining multiple at 3.0x, we raise SOTP based TP to ₹1,450 from ₹1,300 as we roll forward to Mar’26 core ABV. Reiterate ‘BUY’.

Sensex Today Live : Gland Pharma today announced the appointment of Satnam Singh Loomba as the chief operating officer of the company in an exchange filing.

Sensex Today Live : ICRA today announced that its subsidiary Pragati Development Consulting Services has received approval from the Securities and Exchange Board of India to become an ESG rating provider.

In an exchange filiing, the company said, "We wish to inform you that SEBJ has granted its approval for registration of PDCSL as a Category-I ERP under the SEBI's Credit Rating Agencies Regulations. PDCSL had applied for the ERP registration in September 2023".

Sensex Today Live : TIPS industries reports PAT growth of 41% at ₹25.8 crore, up from ₹18.3 crore in the year ago period.

Quarterly revenue growth of 22% YoY at ₹63.3 crore. Revenue for FY24 stood at ₹241.6 crore, up 29% YoY.

The dividend for FY24 stood at ₹ 6 per share taking the dividend payout ratio to 60.6%. As a part of our ongoing efforts to reward our shareholders the company has announced a share buyback at ₹625 per share, in which the promoters will not be participating.

Sensex Today Live : Indian benchmark were climbing higher on Monday, fuelled by a strong showing by global peers and a raft of robust Q4 results from companies.

At 2 pm, Sensex was up 875.27 points, or 1.19%, at 74,605.43, and Nifty was up 193.55 points, or 0.86%, at 22,613.50.

Sensex Today Live : Computer Age Management Services (CAMS) today announced the appointment of new chief technology officer and chief information security officer.

In an exchange filing, the company said, it has appointed Deepak Kumar Singh as the chief information security officer, and Pullakurthi Srinivasa Reddy as the company's chief technology officer.

Sensex Today Live : AVG Logistics announced today that it has secured a contract from a leading electrical appliance manufacturer to transport electrical appliances of the compant.

Under the agreement, AVG will deploy rail transportation to ensure the safe, reliable, and efficient movement of a range of appliances including washing machines, air conditioners, refrigerators, dishwashers, and other household appliances with contract value of approximately ₹50 crore to be served over a period of 3 years, the company said in an exchange filing.

Sensex Today Live : Q4 net profit at ₹157.59 crore, up 23.44% YoY from ₹127.66 crore and down 16.12% QoQ from ₹187.87.

FY24 net profit at ₹617.43 crore, up 41.8% from ₹435.43 crore in FY23.

Sensex Today Live : Indian benchmark were climbing higher on Monday, following robust Q4 results from some companies and a strong showing by global peers.

At 1 pm, Sensex was up 697.81 points, or 0.95%, at 74,427.97, and Nifty was up 154.90 points, or 0.69%, at 22,574.85.

Sensex Today Live : Orissa Bengal Carrier today announced that it has entered into a contract to transport around 1.8 lakh metric tons of materials for Ambuja Cement.

Sensex Today Live : The Department of Public Enterprises (DPE) in its letter dated April 26 granted the ‘Navratna’ status to Indian Renewable Energy Development Agency (IREDA).

Sensex Today Live : Shares of ICICI Bank touched a 52-week high of ₹1,143.40, while Axis Bank touched a 52-week high of ₹1,152.85, following stellar Q4 numbers from both of them.

Sensex Today Live : Barring Realty, Healthcare, FMCG and IT, all other sectoral indices were in the green. The Bank index had gained the most at 1.59%, followed by the Financial Services index, which was up 1.29%. The Oil & Gas was up 1.03%.

Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.50%, and the BSE SmallCap index up 0.18%. 

Sensex Today Live : 19 of the 50 stocks on the Nifty 50 were in the red. Apollo Hospitals Enterprises, HCLTech, HDFC Life, Bajaj Auto, and Adani Ports & SEZ were the top drags, while ICICI Bank, IndusInd Bank, BPCL, Axis Bank, and Tech Mahindra, were the top gainers. 

Sensex Today Live : Only four stocks, HCLTech, ITC, Wipro, and Bajaj Finserv, were in the red on the 30-stock BSE Sensex, while ICICI Bank, IndusInd Bank, Tech Mahindra, UltraTech Cement, and Axis Bank were the top gainers. 

Sensex Today Live : Indian benchmark were climbing higher on Monday, following robust Q4 results from some companies and a strong showing by global peers.

At 12 pm, Sensex was up 641.21 points, or 0.87%, at 74,371.37, and Nifty was up 135.60 points, or 0.6%, at 22,555.55.

Sensex Today Live : The company reported a net loss of ₹302 crore for the quarter ending March FY24, an improvement from a loss of ₹376 crore in the same period last fiscal year. However, the company's operational revenue saw a significant decrease, falling by 80.6% year over year to ₹21 crore for the quarter.

Sensex Today Live : IndiGo today announced the appointment of Isidro Pablo Porqueras as the Chief of Transformation for the company.

Orea was with Volotea, one of the fastest growing airlines in Europe, from 2016-2023, where he as serving as their COO for the past five years.

Sensex Today Live : The company has reported a significant 41-fold year-on-year surge in net profit, reaching ₹89.7 crore for the quarter ending March FY24, driven by robust operational performance. The company's operational revenue saw more than a threefold increase to ₹609.3 crore, up from ₹182.7 crore in the same period. EBITDA also saw a nearly twelvefold rise to ₹130.7 crore from ₹11 crore, with a margin expansion of 1,550 basis points, standing at 21.5%. The company has proposed a final dividend of Rs. 4 per share.

Sensex Today Live : Dilip Buildcon announced today that it has won an award of ₹53.69 crore in a dispute related to the execution of a project of Four /Six laning of a section of NH-211 in Maharashtra.

However, the company added that the award may be challenged by the National Highways Authority of India in accordance with the provisions of Arbitration and Conciliation Act 1996, in which case it will appropriately defend the matter.

Sensex Today Live : Indian benchmark were climbing higher on Monday, following robust Q4 results from some companies and a strong showing by global peers.

At 11 am, Sensex was up 522.19 points, or 0.71%, at 74,252.35, and Nifty was up 110.35 points, or 0.49%, at 22,530.30.

Sensex Today Live : Gland Pharma announced today that it has received approval from the US FDA for Cetrorelix Acetate for Injection, 0.25 mg/vial, Single-Dose Vial. The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Cetrotide for Injection, 0.25 mg/vial, of EMD Serono, Inc., the company said in an exchange filing.

It added that it expects to launch the product in the near-term through its marketing partner.

The company informed that Cetrorelix Acetate for Injection is used to prevent premature LH surges in women undergoing controlled ovarian stimulation.

Sensex Today Live : Rating: BUY | CMP: ₹6,259 | TP: ₹7,050

Apollo hospitals enterprise’s wholly-owned subsidiary Apollo HealthCo has entered into an agreement to raise equity capital of ₹2475 crore ($300 million) from Advent International for a 16.8% stake. In addition, AHL has also proposed integration of promoter group entity Keimed Pvt Ltd into AHL in a phased manner. This will create a leading integrated pharmacy distribution business complemented by fast growing omni-channel digital health business.

"While the stake sale of AHL to Advent was done below our estimates by $0.8-0.9 billion; likely merger of Keimed with AHL is a positive step and removes overhang of any leakage. Further management guidance of ₹1,750-2,000 crore EBITDA of merged entity by FY27 provides comfort. Maintain Buy rating with TP of ₹7,050 per share.

Sensex Today Live : The private sector bank reported a standalone net profit of ₹10,707.5 crore for the quarter ending March FY24, representing a 17.4% increase from the same period last year, primarily due to reduced provisions for bad loans. The bank's earnings exceeded market expectations. The net interest income for the quarter rose by 8.07% YoY to ₹19,093 crore. The bank also saw an improvement in asset quality, with the gross NPA dropping 14 bps sequentially to 2.16 percent and the net NPA decreasing 2 bps to 0.42 percent in Q4 FY24.

Sensex Today Live : Supreme Industries revenue increased 16% YoY in the quarter ending in March 31. It jumped to ₹3,007.9 crore from ₹2,598.3 crore.

The company's consolidated net profit dipped slightly by 1.3%, at ₹354.8 crore, down from the previous year.

The company also reported a substantial volume growth. The pipes division, in particular, grew by 41% YoY, surpassing the 30% estimated by analysts. Overall, the company's volumes witnessed a 33% YoY increase.

Sensex Today Live : Yes Bank announced a substantial 123% YoY increase in net profit, amounting to ₹452 crore for the quarter ending March 31. This growth was partially driven by an increase in other income and a reduction in provisions. During the same period, the bank's net interest income saw a 2.3% rise, reaching ₹2,153 crore. The bank's asset quality improved significantly over the quarter, with the gross NPA dropping 30 basis points QoQ to 1.7 %, and the net NPA decreasing 30 basis points sequentially to 0.60%.

Sensex Today Live : The bank reported a net profit of ₹724 crore for the quarter ending March FY24, marking a 9.8% decrease from the same period in the previous fiscal year due to increased provisions. The bank's net interest income saw a YoY increase of 24%, reaching ₹4,469 crore for the quarter. The bank's asset quality improved significantly, with the gross NPA decreasing by 16 basis points QoQ to 1.88%, and the net NPA dropping by 8 basis points sequentially to 0.60% for the quarter.

Sensex Today Live : Indian benchmark had climbed higher on Monday, following robust Q4 results from some companies and following a strong showing by global peers.

At 10 am, Sensex was up 280.86 points, or 0.38%, at 74,011.02, and Nifty was up 30.90 points, or 0.14%, at 22,450.85.

Sensex Today Live : The company reported a net profit of ₹662 crore in the quarter ending March 31, representing an 11% growth compared to the same period in the previous fiscal year, thanks to robust operational performance. The company's operational revenue for the quarter also saw a rise, reaching ₹4,348 crore, marking a 15.6% year-over-year increase.

Sensex Today Live : Barring Realty, Healthcare, Auto, and FMCG, all other indices were in the green.

The Bank and Financial Services indices had climbed 0.69% and 0.58%, respectively.

Sensex Today Live : The broader market was trading in the green, with the BSE MidCap index gaining 0.46%, and the BSE SmallCap index gaining 0.28%. 

Sensex Today Live : The Securities and Exchange Board of India (Sebi), on April 26, asked BSE to pay its regulatory fee to the markets regulator based on the annual turnover calculated from the "notional value" of options contracts.

The regulator's letter says that BSE has been calculating the annual turnover based on premium value for options contracts.

Sensex Today Live : Apollo HealthCo, also known as Apollo 24/7 or AHL, a subsidiary of Apollo Hospitals Enterprise, has signed a binding agreement to secure an equity capital of ₹2,475 crore from Advent International, a global private equity investor. Further, Apollo 24/7 plans to integrate Keimed, a wholesale pharmaceutical distributor, into its operations in a gradual process over the next 24 to 30 months. Advent will make investments in two stages through compulsory convertible instruments, acquiring a 12.1% stake in the combined entity. The merged entity is valued at an enterprise value of ₹22,481 crore.

Sensex Today Live : Nine of the 50 stocks on the Nifty 50 were in the red. Apollo Hospital Enterprises, HCLTech, Mahindra & Mahindra, Bajaj Auto, and Eicher Motors, were the top losers, while Tech Mahindra, SBI Life, ICICI Bank, Divi's Laboratories, and Maruti Suzuki India, were the top gainers.

Sensex Today Live : Only four stocks, HCLTech, Mahindra & Mahindra, Bajaj Finserv, and Bajaj Finance, were in the red on the 30-stock Sensex, while Tech Mahindra, Maruti Suzuki India, Tata Steel, ICICI Bank, and NTPC, were the top gainers. 

Sensex Today Live : The IT services firm announced a net profit of ₹3,986 crore for the quarter ending March FY24. This represents an 8.4 percent decrease from the previous quarter, primarily due to underwhelming operational figures, and the overall results were below market forecasts. The company's operational revenue saw a marginal sequential growth of 0.2%, reaching ₹28,499 crore for the quarter. Dollar revenue growth was at 0.4%, and revenue in constant currency terms increased by 0.3% QoQ. The board has proposed an interim dividend of ₹18 per share for FY24. For FY25, HCL Tech anticipates revenue growth in constant currency terms in the range of 3-5 percent and an EBIT margin of 18–19 percent.

Sensex Today Live : Glenmark Pharmaceuticals announced todat that it has received final approval from the US FDA for Acetaminophen and Ibuprofen Tablets, 250 mg/125 mg (OTC), determined by the FDA to be bioequivalent to Advil Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC), of Haleon US Holdings, LLC.

According to Nielsen syndicated data for the latest 52 weeks period ending March 23, 2024, the Advil Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC) market achieved annual sales of approximately $84.1 million, the company said in an exchange filing.

Sensex Today Live : Indian benchmark indices opened higher on Monday, tracking global peers up.

At opening bell, Sensex was up 228.03 points, or 0.31%, at 73,958.19 and Nifty was up 61.70 points, or 0.28%, at 22,481.65.

Sensex Today Live : Indian benchmark indices climbed at pre-open on Monday, following global markets higher.

Sensex was up 275.64 points, or 0.37%, at 74,005.80 and Nifty was up 55.60 points, or 0.25%, at 22,475.55 during pre-open.