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PremiumMarket Close Highlights : European stock futures declined along with Asian equities as investors shift their focus to Nvidia Corp. earnings out later in the week.
Contracts for the Euro Stoxx 50 fell, while US futures were mixed. Futures on 10-year US Treasuries steadied while gold and copper changed hands near their all-time highs and wheat prices surged. The Bloomberg Commodity Spot Index reached its highest level since January 2023 on Monday.
Asian shares took a breather on Tuesday after seven days of gains, with Li Auto Inc. leading losses in the MSCI Asia Pacific index after the company’s first-quarter vehicle sales missed estimates. Stocks in Australia and Japan also dipped. Most of the region’s currencies slipped against the dollar.
“There’s not much on the calendar this week before FOMC minutes and Nvidia," said Kyle Rodda, a strategist at Capital.com. “Positioning for those events may set the tone for the next few days."
Traders’ focus is turning to Nvidia — one of the top companies powering the artificial-intelligence frenzy — and what the company’s earnings on Wednesday say about growth in the sector.
In Asia, China’s economic struggles remain in the spotlight, with fresh data showing there’s little sign of a turnaround in its debt-plagued property sector. Local governments reaped the least revenue in eight years through land sales last month, showing the fiscal strains faced by those authorities who depend on such revenue for a large chunk of their total income.
The Bloomberg Dollar Spot Index inched higher as investors continue to eye the cautious mood from Federal Reserve officials. Speaking overnight, Cleveland Fed President Loretta Mester joined the ranks of US policy makers suggesting less scope for interest rate cuts than previously expected.
“In quiet markets it’s all about carry and if any Asian currencies have any real decent yield on offer vs. the USD," said Richard Franulovich, head of FX strategy at Westpac Banking Corp. “The USD has some room to catch up with the reversal higher in US yields in recent days — it’s easy to see why the USD might have been ready to rebound."
JPMorgan Chase & Co.’s Marko Kolanovic held firm in his gloomy outlook on equities, urging clients not to buy stocks. That came after Morgan Stanley’s Mike Wilson capitulated on his pessimistic stock view, leaving Kolanovic as the last prominent bear among Wall Street’s megabanks.
Elsewhere, Australia’s central bank resumed a discussion of interest-rate hikes at its May policy meeting before deciding that the case to stand pat was stronger as it aims to avoid “excessive fine tuning." The Aussie fell as much as 0.3% versus the dollar before paring losses.
In corporate news, Samsung Electronics Co. is replacing the head of its semiconductor arm, appointing a longtime memory chip veteran to spearhead efforts to catch up with SK Hynix Inc. in the booming AI arena.
Crypto prices surged on signs of momentum toward US approval of exchange-traded funds investing directly in second-largest token Ether, a shift from a more downbeat outlook as recently as last week.
Sensex Today Live : Indian benchmark indices climbed off the day's high closed on a mixed note on Tuesday, weighed down by muted sentiment across global peers.
Sensex, which had opened lower at 73,842.96, remained rangebound between a high of 74,189.19 and a low of 73,762.37 through the day. At close, the BSE Sensex was down 52.63 points, or 0.07%, at 73,953.31.
Similarly, the Nifty 50, which had opened lower at 22,404.55, traded between a high of 22,591.10 and a low of 22,404.55, through the day. At close, Nifty was down 27.05 points, or 0.12%, at 22,529.05.
Rupak De, Senior Technical Analyst at LKP Securities, said, "The index remained within the range of 22,400 and 22,600. Strong put writing at 22,400 and 22,500 might provide support to the Nifty. On the higher end, a decisive move above 22,600 might induce a rally towards 22,800 in the near term. Till then the index might continue consolidating as long as it remains within the range of 22,400 to 22,600".
12 of the 30 stocks on the BSE Sensex closed in the green. Tata Steel, JSW Steel, Power Grid Corp., Tech Mahindra, and NTPC, were the top gainers, while Nestle India, Maruti Suzuki India, IndusInd Bank ICICI Bank, and Hindustan Unilever were the top drags for the day.
Meanwhile, 23 of the 50 stocks on the Nifty 50 closed in the green. Nestle India, Hero MotoCorp, Maruti Suzuki India, IndusInd Bank and ICICI Bank, were the top drags for the day, while Hindalco Industries, Coal India, Tata Steel, JSW Steel, and Adani Ports and SEZ, were the top gainers.
The broader market indices ended on a mixed note, with the BSE SmallCap index shedding 0.18% and the BSE MidCap index was climbing 0.34%.
The Metal index was the top sectoral gainer for the day, followed by the PSU Bank and Media indices. Among the losers, the Private Bank, FMCG, and Financial Services indices were the top sectoral drags.
In corporate news, BEL shares closed 5.87% higher after the company reported a 30% YoY jump in its Q4 consolidated net profit at ₹1,797 crore.
Shares of Delhivery closed 10.31% lower despite the company's Q4 loss narrowing to ₹69 crore from ₹159 crore in the year ago period.
Shares of Wheels India rallied nearly 20% after the company reported a 78.66% spike in Q4 net profit at ₹38.3 crore.
Among companies that reported results during market hours, Rategain Travel Technologies posted a 47% YoY jump in Q4 net profit at ₹50 crore, compared to ₹34 crore in the year-ago period. Shares of the company closed 4.30% higher.
Vascon Engineers, that also announced its Q4 numbers today, posted a 66% YoY decline in Q4 net profit at ₹16.8 crore, compared to ₹49.6 crore in the year ago period. Shares of the company closed 5.63% lower.
Sensex Today Live : The Metal index was the top sectoral gainer, followed by the PSU Bank and Media indices.
The Private Bank, FMCG, and Financial Services were the top sectoral drags.
Sensex Today Live : The broader market indices were mixed, with the BSE SmallCap index down 0.14% and the BSE MidCap index was up 0.33%.
Sensex Today Live : 23 of the 50 stocks on the Nifty 50 were trading in the red. Nestle India, Hero MotoCorp, Maruti Suzuki India, TCS, and UltraTech Cement, were the top drags, while Hindalco Industries, Coal India, JSW Steel, Tata Steel, and Adani Ports and SEZ, were the top gainers.
Sensex Today Live : Half of the 30 stocks on the 30-stock BSE Sensex were in the red. JSW Steel, Tata Steel, Power Grid Corp., NTPC, and Tech Mahindra, were the top gainers, while Nestle India, Maruti Suzuki India, ICICI Bank, UltraTech Cement, and IndusInd Bank were the top drags.
Sensex Today Live : Indian benchmark indices were off the day's high and were trading in the red on Tuesday.
At 3 pm, Sensex was down 60.84 points, or 0.08%, at 73,945.10, and Nifty was down 23.65 points, or 0.11%, at 22,525.65.
Sensex Today Live : Triveni Turbine Rating: HOLD | CMP: ₹631 | TP: ₹653
We revise our FY25/26E EPS estimates by -0.9%/+2.3% and downgrade the rating to ‘Hold’ from ‘BUY’ with a revised TP of ₹653 ( ₹532 earlier) owing to a steep run up in the stock price.
We believe TRIV’s prospects continue to remain strong due to 1) healthy enquiry pipeline across markets, 2) growing share of higher margin exports & aftermarket sales, 3) strong traction in both industrial & API drive turbines, and 4) robust order book with strong inflows across businesses.
The stock is trading at a P/E of 54.0x/40.6x FY25/26E EPS. We roll forward to FY26E and value the stock at a P/E of 42x FY26E (35x Dec-FY25E earlier) given the robust business outlook. Downgrade to ‘Hold’.
Sensex Today Live : Nibe today announced that it has entered into a licencing agreement with Vehicles Research & Development Establishment (VRDE), Ahmednagar, under the Ministry of Defence to manufacture and sell anti-terrorist vehicles in India to Indian Armed Forces and other government agencies.
The company, in an exchange filing, said, "the Company has entered into a Licensing Agreement with Vehicles Research & Development Establishment (VRDE), Ahmednagar, Defence Research & Development Organisation (DRDO), Ministry of Defence, Government of India for Transfer of Technology to manufacture and sell Anti-Terrorist Vehicle (ATV) in India to Indian Armed Forces/Other Govt. Agencies (Central and State)".
Sensex Today Live : Man Industries (India) today announced that it has received new export orders worth around ₹505 crore.
In an exchange filing, the company said, "We are pleased to inform you that the Company has received new export orders of approximately ₹505 crore".
"The total unexecuted order book as of today stands at approximately ₹2,100 crore, to be executed in the next 6-8 months," the company added.
Sensex Today Live : E.I.D. - Parry (India) today announced the start of commercial production of its 120 KLPD distillery at its Kaliyal, Karnataka sugar unit.
Sensex Today Live : Indian benchmark indices were off the day's low and were trading in the green on Tuesday.
At 2 pm, Sensex was up 42.14 points, or 0.06%, at 74,048.08, and Nifty was up 42.20 points, or 0.19%, at 22,544.20.
Sensex Today Live : Citing the brighter domestic demand outlook led by expectations of a normal monsoon, remunerative crop prices and the lower H1FY24 base, the company is enthused about achieving 18% y/y revenue growth in FY25, with ~18% margins.
We trim our FY25e/26e EPS 8%/3%, largely on lower margins due to higher A&P spends on product launches in FY25. We expect the company to clock 17% revenue/PAT CAGRs each over FY24-26. We maintain a Buy, with a higher TP of ₹1,450 (earlier ₹1,200), 20xFY26e EPS. Risks: Adverse weather; delay in ramping up the Dahej plant.
Sensex Today Live : In 2019, India’s stock market was largely in the doldrums. A few ‘quality’ stocks drove returns while most stocks, especially mid- and small-caps lagged.
In this environment, Deepak Shenoy, founder and CEO of Capitalmind, launched a momentum strategy in his portfolio management service (PMS). In May 2020, he published a whitepaper showing that even the simplest momentum strategies had beaten the broader market since 2000. (Read the full story here.)
Sensex Today Live : Zee Entertainment Enterprises Rating: HOLD | CMP: ₹141 | TP: ₹160
ZEEL reported better than expected performance with revenue beat of 11% led by recovery in ad-environment while EBITDA margin stood at 9.7% (PLe 7.2%) aided by effective cost management & operating leverage.
We believe recalibration measures taken to reset the cost base by re-visiting content, technology, marketing and employee spends will start yielding results from 2HFY25E and accordingly we expect EBITDA margin of 16.5%/19.2% in FY25E/FY26E.
Further, likely improvement in ad-environment and accrual of benefits from NTO 3.0 is likely to result in sales CAGR of 8% over FY24-FY26E. ZEEL trades at 14x/11x our FY25E/FY26E EPS and early sign of recovery in ad-environment presents a bottom-fishing opportunity at current levels.
Nonetheless, we would like to see effectiveness of the strategy pertaining to cost re-alignment and trend in digital losses (EBITDA loss was flat at Rs11bn in FY24) before we turn constructive. We broadly maintain our estimates and retain HOLD with a TP of ₹160 (12x FY26E EPS; no change in target multiple).
Sensex Today Live : Oil India Rating: ACCUMULATE | CMP: ₹647 | TP: ₹722
Oil India reported an EBITDA of ₹23.4 bn (+11% QoQ, PLe: ₹21.5 bn). Adj PAT came in at ₹20.3 bn (+28% QoQ, PLe: ₹13 bn) on standalone basis. Increase in PAT was on account of higher than expected other income and lower depreciation and finance cost.
Total oil and gas production fell by 1% and 2% QoQ. The company announced a final dividend of ₹3.75/share and a bonus of 1:2 (1 bonus share for every 2 shares held).
The company expects production to reach 4mmt of oil and 5bcm of gas by FY26. If the company achieves this production target, FY26 EPS would come in at ₹73. However, on a conservative basis, we build in a 5% CAGR in oil and 10% CAGR in gas production over FY24-26E, resulting in EPS of ₹67.3.
We maintain ‘Accumulate’ rating on better visibility of production growth, valuing the standalone business at 9x FY26 adj EPS and adding the value of investments to arrive at our TP of ₹722.
Sensex Today Live : Indian benchmark indices were off the day's low and were trading in the green on Tuesday.
At 1 pm, Sensex was up 180.37 points, or 0.24%, at 74,186.31, and Nifty was up 87.60 points, or 0.39%, at 22,589.60.
Sensex Today Live : Zydus Lifesciences Rating: ACCUMULATE | CMP: ₹1,104 | TP: ₹1,130
Zydus Lifesciences Q4 EBITDA of ₹16.3 bn (up 24% YoY) was above our estimate aided by higher GMs led by better product mix. We believe that company’s steady domestic franchise, strong balance sheet and potential new launches in US will help negate pricing pressure and likely competition in some key products like gAsacol.
Moreover, ZYDUSLIF is also working on robust pipeline of complex products including injectables, transdermals, NCE, biosimilars and vaccines which are expected to materialize over next 2–3 years.
Our FY25/26E EPS stands increased by ~12% as we factor in higher US sales. We maintain our ‘Accumulate’ rating with revised TP of ₹1,130, valuing at 25x FY26E.
Sensex Today Live : Delhivery Rating: BUY | CMP: ₹431 | TP: ₹530
Delhivery cons revenue/EBITDA grew by 12%/2.4x YoY to Rs. 20,755 mn/ ₹459 mn in Q4FY24 (PLe: ₹20,651 mn/Rs-0.63 mn). PAT loss narrowed to ₹685 mn against ₹1,874 mn in Q4FY23. (PLe: -1009mn).
B2C segment’s volume stood 176 mn in Q4FY24 (down 2% YoY) with realization increasing by 6% YoY to ₹69/parcel due to favorable product mix, thereby leading to 3% growth in B2C segment revenue YoY to ₹12,170 mn.
PTL segment saw volume/revenue growth of 21%/27% YoY to 0.38 mn/ ₹4,180 mn in Q4FY24. While the realization improved by 6% YoY to ₹10,885/tonne.
The management expects continued volume growth in the segment in FY25E. We change our stance to BUY rating with a TP of ₹530 based on DCF, on the back of faster than expected recovery in the PTL margins.
Sensex Today Live : Mahindra & Mahindra Financial Services today announced the appointment of Mahesh Rajaraman as the chief risk officer of the company, after incumbent Mallika Mittal tendered her resignation to explore opportunities outisde the company.
Rajaraman (52 years old) is an M.Sc (Mathematics) and MBA, and holds 29 years of experience in the banking sector. Previously, he has been associated with various Banks such as YES Bank, HDFC Bank, HSBC Bank, ANZ Grindlays Bank.
Rajaraman has resigned from City Union Bank where he was serving as Head of Credit, before joining M&M Financial Services.
Sensex Today Live : The Metal index was the top sectoral gainer, climbing more than 3%, followed by the PSU Bank index, which was up 1.20%. Meanwhile, FMCG and IT were the top sectoral drags.
Sensex Today Live : The broader market was trading mixed, with the BSE SmallCap index down 0.14% and the BSE MidCap index up 0.18%.
Sensex Today Live : Half of the 50 stocks on the Nifty 50 were trading in the red. Nestle India, TCS, SBI Life, HCL Tech, and HDFC Life were the top drags, while Coal India, Hindalco Industries, Tata Steel, JSW Steel, and Adani Ports and SEZ, were the top gainers.
Sensex Today Live : Half of the 30 stocks on the BSE Sensex were in the green. Tata Steel, JSW Steel, Power Grid Corp., NTPC, and Asian Paints, were the top gainers, while Nestle India, TCS, HCLTech, Infosys, and UltraTech Cement, were the top drags.
Sensex Today Live : Indian benchmark indices were off the day's low and were trading in the green on Tuesday.
At 12 pm, Sensex was up 50.05 points, or 0.07%, at 74,055.99, and Nifty was up 35.16 points, or 0.16%, at 22,537.99.
Sensex Today Live : Balu Forge Industries today announced that it has taken up major expansion by setting up an advanced Forging Capacity of 72,000 Tons annually at its Belagavi facility.
Besides increasing in the capacity, the expansion enhances its R & D capability and takes forward its business plan to move away from a pure forging company to become a value added Specialized Critical Engineering product company, the company said in an exchange filing.
Sensex Today Live : Sirca Paints India today announced that it has entered into a business transfer agreement with New Wembley Products to acquire its brands and intellectual property, excluding manufacturing facilities, for a sum of ₹20 crore.
The company, in an exchange filing said, it will acquire "the business undertaking, pertaining to sale and distribution of Products including technical know-how, all intellectual property rights (including brand name, trade mark and any other intellectual property belonging to New Wembley Products LLP and/ or Dr. S. Harinderbir Singh Lamba, in connection with the Products and/or the business of New Wembley Products (irrespective of whether the intellectual property is registered or unregistered under Applicable Laws), customer and vendor relationships, digital assets, books and records and identified employees of the New Wembley Products LLP."
The company added that "the said transactions shall not include the manufacturing facilities of the New Wembley Products LLP."
Sensex Today Live : Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals, today announced an exclusive marketing and distribution agreement with BeiGene, a global oncology company. Under this agreement, Glenmark will register and commercialize BeiGene’s oncology medicines, Tislelizumab and Zanubrutinib in India, the company said in an exchange filing today.
Tislelizumab aids the body’s immune cells to detect and fight tumors, while Zanubrutinib has been demonstrated to inhibit the proliferation of malignant B cells within a number of disease-relevant tissues.
Sensex Today Live : Nuvama Group today announced the appointment of Bharat Kalsi as its new chief financial officer (CFO) and Head of Strategy, in an exchange filing.
Kalsi has has worked with distinguished groups such as HCL, HSBC, Max, Tata, and the Bajaj group. In his most recent assignment, he served as the CFO and head of Product & CS functions at Bajaj Allianz Life Insurance. Bharat holds an MBA in finance, complemented by additional qualifications of CFA and CPA.
Commenting on this development, Ashish Kehair, MD & CEO, Nuvama Group, said, “In line with our 5-year vision of becoming the most formidable wealth management organisation, we continue to strengthen our leadership further, and we are very pleased to announce the appointment of our new group CFO, Bharat Kalsi. Bharat will play a pivotal role in the company’s financial reporting, planning & analysis, and in providing strategic direction, reinforcing Nuvama's commitment to stakeholders."
Sensex Today Live : Indian benchmark indices were trading in the red on Tuesday, following weak cues from global markets that were trading mixed.
At 11 am, Sensex was down 168.32 points, or 0.23%, at 73,837.62, and Nifty was down 24.55 points, or 0.11%, at 22,477.45.
Sensex Today Live : Gensol Engineering today announced the appointment of Shilpa Urhekar as the chief executive officer of its Solar EPC (India) business.
Urhekar will succeed Ali Imran Naqvi who has been nominated for a role to oversee the growth of Gensol Engineering and its subsidiaries, the company siad in an exchange filing.
Prior to joining Gensol, Urhekar served as the Country Head (India) at Sterling and Wilson Renewable Energy.
Sensex Today Live : Shriram Properties today announced that it has signed a Joint Development Agreement (JDA) for the development of a 4- acre land parcel in the micro market of Yelahanka in Bengaluru.
The proposed project will comprise of 270 apartments with an aggregate saleable area of around 3.8 lakh Sq. ft.
The project has aggregate revenue potential of over ₹250 crores and is expected to be developed over the next three years.
The company said in an exchange filing that it is targeting to launch this project during first half of current financial year (H1-FY25).
Sensex Today Live : Coforge today announced a collaboration with Microsoft to establish the Coforge Copilot Innovation Hub. The Hub will focus on developing a pipeline of new industry specific generative AI solutions and will work closely with Microsoft to integrate these solutions with Microsoft’s generative AI products and technologies, including Microsoft Azure OpenAI Service, Microsoft Power Platform, and Microsoft Copilot, the company said in an exchange filing.
As part of the Copilot Innovation Hub, Coforge announced the availability of two new copilots: Underwriter Copilot for insurance carriers and Advisor Copilot for financial services organizations.
The Underwriter Copilot for Insurance is designed to empower insurance underwriters with informed decision-making capabilities and enhanced control.
The Coforge Advisor Copilot solution allows financial advisors to access comprehensive fund information and performance data swiftly through a user-friendly interface, eliminating the need for time-consuming searches across various tools, documents, and data sources, the company said.
Sensex Today Live : The company reported a 19% YoY decline in its Q4 net profit at ₹307.3 crore. The company’s revenue from operations fell 0.4% YoY to ₹1,412 crore as against ₹1,418 crore in the corresponding period of the preceding fiscal.
Sensex Today Live : The company reported a 56.62% decline in Q4 net profit. However, for the full fiscal year, the company saw a significant increase in net profit, rising 77.50% to ₹42.44 crore.
Sensex Today Live : The telecom company is in advanced discussions with its vendors to start offering 5G services within the next six months. The company has completed the minimum rollout obligations mandated by the government in four circles.
Sensex Today Live : Indian benchmark indices were trading in the red on Tuesday, following weak cues from global markets that were trading mixed.
At 10 am, Sensex was down 205.83 points, or 0.28%, at 73,800.11, and Nifty was down 41.80 points, or 0.19%, at 22,460.20.
Sensex Today Live : Barring Media, Metal, PSU Bank, Consumer Durables, and Oil & Gas, all other sectoral indices were trading in the red.
The FMCG and IT indices were the top sectoral drags.
Sensex Today Live : The broader market was tracking the benchmark indices down, with the BSE SmallCap index losing 0.28% and the BSE MidCap index losing 0.11%.
Sensex Today Live : 22 of the 50 stocks on the Nifty 50 were trading in the green. Coal India, BPCL, JSW Steel, Hindalco, and Power Grid Corp., were the top gainers, while Nestle India, Mahindra & Mahindra, Axis Bank, SBI Life, and Infosys, were the top drags.
Sensex Today Live : Only 11 of the 30 stocks on the BSE Sensex were in the green. JSW Steel, Power Grid Corp., Tata Steel, Asian Paints, and NTPC, were the top gainers, while Nestle India, Mahindra & Mahindra, Axis Bank, Infosys, and Hindustan Unilever, were the top drags.
Sensex Today Live : "With 5 stages in the 7-stage elections completed, the market is slowly showing signs of stability. The negative trigger of sustained FII selling also seems to be over when the FIIs turned buyers last Friday. The prime minister has hinted about a sharp rally in the market after June 4th. The market is likely to move ahead before the election results since the market is smart enough to anticipate the results.
The Q4 results are generally good with decent revenue and PAT growth. Among sectors, financials particularly banking, automobiles particularly two-wheelers, capital goods, real estate and pharmaceuticals have come out with impressive results and their prospects, too, look good. Watch out for these sectors since they are likely to lead in an election results-related rally."
--Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : An FII shareholder is likely to sell a ₹425 crore stake in CG Power on May 21 via a block deal, involving 65 lakh shares, reports indicated.
Sensex Today Live : The company’s Q4 net profit has surged by 50.8% to ₹82.8 crore, and revenue has risen by 4.5% to ₹625 crore.
Sensex Today Live : The company has reported a 78.66% spike in Q4 net profit to ₹38.3 crore and a 1.6% growth in revenue to ₹1,271.5 crore.
Sensex Today Live : The bank has reported a 17% rise in Q4 net profit to ₹254.8 crore and a 6.3% increase in revenue to ₹546.6 crore. Provisions and contingencies have dropped by 80% to ₹32 crore.
Sensex Today Live : The company reported an 83% YoY jump in net profit at ₹141 crore for Q4FY24. The company’s revenue from operations increased 11.5% to ₹1,343 crore, compared to ₹1,205 crore in the corresponding period of the preceding fiscal.
Sensex Today Live : The company reported a 13.1% YoY increase in net profit at ₹84.4 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations rose 10.9% to ₹1,301.5 crore against ₹1,174.1 crore in the corresponding period of the preceding fiscal.
Sensex Today Live : IRFC reported a 33.6% YoY rise in its net profit to ₹1,717 crore for the quarter ended March 31, 2024. Its total revenue from operations for the March quarter also rose 1.73% to ₹6,473 crore from ₹6,193 crore last year. The company’s net profit for FY24 was ₹6,412 crore, compared to ₹6,167 crore in FY23. The company has recommended a final dividend of ₹0.70 per equity share of ₹10 for FY24.
Sensex Today Live : The company reported a net profit of ₹13.35 crore for the March quarter, compared to a loss of ₹196 crore in the same period last year. Its total income increased by 3% to ₹2,185 crore. The company also plans to lay off an estimated 15% of its staff to implement a leaner management structure and reduce costs.
Sensex Today Live : The logistics company saw a rise in its Q4 revenue, with strong volumes in express parcel, part truckload freight, and truckload services. Its revenue increased to ₹2,076 crore from ₹1,860 crore a year ago, and its loss reduced to ₹69 crore from ₹159 crore a year ago.
