Share Market Updates: The Indian stock market ended in red on Monday with Sensex shedding more than 320 pts and Nifty closing below 19,500. Infosys, ICICI Bank and Bajaj Finance dragged, while CIL and Eicher jumped. Most sectors ended lower with IT and Finance lagging the most. PSU Bank climbed.
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Sensex Today | Share Market Updates: Festive mood and positive global cues expected to lift market sentiments :(AP Photo/Rajesh Nirgude)
Share Market Updates: The Indian market dropped on Monday with most sectors closing in the red including heavyweights like Finance and IT, while PSU Bank jumped.
Asian markets were mixed Monday ahead of key US inflation data later in the week, with traders still concerned the Federal Reserve could lift interest rates again.
Investors remained cautious ahead of key US inflation data later in the week, with traders still concerned the Federal Reserve could lift interest rates again
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13 Nov 2023, 03:36 PM ISTIndices shed half a per cent with Sensex and Nifty dropping 300 and 80 pts, respectively; IT and Finance dragged
Indian stocks ended the start of a fresh week on a tepid note, after a one-hour bumper Muhurat trade on Diwali evening ahead of US inflation data scheduled to be released later this week.
Benchmark Nifty shed 82 pts at 19,443, while Sensex dropped 325 pts and ended below 65,000, at 64,933 on Monday session.
During the one-hour window between 6.15-and 7.15 pm yesterday, investors placed orders for stocks according to their wishes which they believed to be auspicious and would bring in good returns. The market will remain closed on Tuesday for Diwali-Balipratipada.
Coal India jumped more than 4% and Eicher Motors 2% on the back of a strong Q2 earning report. M&M and NTPC were other major gainers. SBI Life, Bajaj Finance, HDFC Life and Tech Mahindra dropped the most and were the biggest laggards.
Among sectoral indices, PSU Bank gained 2.5% and while Metal ended with marginal gain. All the remaining sectors closed in the red with IT, Consumer Durable and Finance shedding the most.
Asian markets were mixed Monday ahead of key US inflation data later in the week, with traders still concerned the Federal Reserve could lift interest rates again.
Japan's Nikkei share average gave up gains to end flat on Monday as investors booked profits around the 33,000 level, while cosmetics maker Shiseido fell sharply after lowering its annual profit forecast.
The Nikkei index inched up 0.05% after rising as much as 1% earlier in the session, tracking Wall Street's strong finish at the end of last week. The broader Topix was flat.
China stocks were mixed, while Hong Kong shares closed higher as anticipation ahead of a summit between the top leaders from the world's two largest economies later this week lifted risk sentiment.
The blue-chip CSI 300 Index was down 0.2%, while the Shanghai Composite Index closed 0.3% higher. Hong Kong's Hang Seng Index rose 1.3% and the Hang Seng China Enterprises Index climbed 1.5%.
European shares rose aided by healthcare, with investors awaiting a slew of data throughout the week for clarity on the economic outlook as major central banks talk up restrictive monetary policies.
The UK's FTSE 100 started the week higher, led by a rise in industrial metal mining stocks as prices of copper rose, while insurer Phoenix Group lifted the life insurance index on forecast upgrade.
Sensex at Close
13 Nov 2023, 03:17 PM ISTSensex Today: Morgan Stanley sees India GDP growth near 6.5% in FY24 and FY25
Morgan Stanley Research on Monday said it expects India's economic growth at around 6.5% for FY2024 and FY2025, citing strong domestic fundamentals.
The research arm of the investment bank, in its 2024 India Economics Outlook, said the domestic demand supported by strength in corporate and financial sector balance sheets and the follow-through of policy reform measures will aid India's growth amid a global slowdown.
The latest forecast from Morgan Stanley comes amid an escalation of conflict in Israel that threatens to impact oil prices. (Read More)
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13 Nov 2023, 03:12 PM ISTSensex Today Live: Kama Jewelry on performance of yellow metal during Dhanteras
Colin Shah, MD, Kama Jewelry on performance of yellow metal during Dhanteras: Dhanteras this year has added more sheen to the yellow metal as the sales of gold jewellery witnessed a rise of 15–25% during the day, surpassing two-day from last year. Traditionally, gold coins and gold jewellery remained a preferred choice among buyers. However, owing to the shift in consumer mindset, diamond and platinum jewellery were majorly preferred by the young buyers, who purchased jewellery for the purpose of consumption.
It was also observed that a considerable chunk of the buyers opted to buy online. Fuelled by the strengthened purchasing power due to the rise in income levels, major volumes of low-ticket-size purchases contributed to the overall festive sales, with strong demand coming in from Tier 2 cities along with metros. Overall, this festive season has seen the strongest performance, and we foresee this trend to breach new levels in the years to come."
13 Nov 2023, 02:56 PM ISTStock market today: Yes Bank shares jump 6% after NPA portfolio update
Despite prevailing weak market sentiments, Yes Bank shares witnessed a surge in buying interest during Monday's trading. Initially opening flat, the shares experienced a sudden bullish trend, reaching an intraday high of ₹19.50 per share on the National Stock Exchange (NSE). This marked an approximate 6% increase from the closing price of ₹18.40 on NSE during the Muhurat trading session on Sunday.
Stock market analysts attribute the rapid rise in Yes Bank's share price to a positive development regarding the sale of its Non-Performing Asset (NPA) portfolio. Yes Bank announced the receipt of ₹120 crore from the sale of the NPA portfolio to JC Flowers ARC, garnering attention and enthusiasm from stock market investors. (Read More)
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13 Nov 2023, 02:47 PM ISTSensex Today: Muhurat Trading Day: Facts & Trends (NSE) from Geojit Financial Services
Sriram BKR, Senior Investment Strategist at Geojit Financial Services
Samvat 2080 Muhurat day (12-Nov-23), saw trades across 2431 cos, a new high, with more new listings over years.
Muhurat day registered a turnover of 14091.3 Crs, an all-time high, up 34.7% YoY, after a dip in 2022.
Muhurat Day closed positive for the 6th year in a row.
80% of securities advanced during the day, 16% declined and 3% remained unchanged. Advance/Decline Ratio stood at 4.90. It stayed above 3, for the 6th straight year.
Among the Cluster Wise Turnover share:
Top-50 companies' share in total turnover drastically dropped to 41%, a new low. The share gradually declined from 2008 till 2018 and it went up in 2019.
Cos with turnover rank between 51 to 100 registered a share of 14.3%, down from last year.
Cos between 101 to 200 had a share of 14%, also down from 2022.
Cos between 201 to 500 (the next 300 cos) saw its share jump to 18.5%, a new high.
Remaining companies' count stood at 1931. Their share in total turnover has nearly doubled YoY to 12.3%
13 Nov 2023, 02:45 PM ISTSensex Today Live: Cybersecurity startup Secureweave raises ₹28 million in seed round
SecurWeave, a cybersecurity start-up which aims at providing solutions against advanced malware attacks, announced today the successful closure of its seed funding round, securing ₹28 million. The round was led by Indian Angel Network (IAN), with investors including Romesh Sobti, Uday Chatterjee, Nagendra P Bandaru, and Prakash actively participating.
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13 Nov 2023, 02:33 PM ISTSensex Today: Baba Food Processing IPO allotment finalised: Latest GMP, steps to check Baba Food IPO allotment status
Baba Food Processing IPO allotment status: Baba Food Processing IPO share allotment has been finalised. The investors who applied for the issue can check Baba Food Processing IPO allotment status in the registrar's portal, which is Mas Services Limited.
Investors can find out if and how many shares they have been given through the basis of allotment. The number of shares allotted can also be seen in the IPO allotment status. The company has initiated the refund process for applicants not given shares, which would have begun today. Those allotted will receive their shares in their demat accounts. (Read More)
13 Nov 2023, 02:11 PM ISTSensex Today Live: Indian manufacturing sector growth expected to continue: FICCI survey
Indian manufacturing has accelerated through the second quarter of 2023-24 and is likely to continue for the subsequent quarters of the financial year 2023-24, notwithstanding the slowdown in developed nations, industry body FICCI's latest quarterly survey revealed.
The industry body's latest quarterly survey assessed the performance and sentiments of manufacturers for the July-September 2023-24 quarter for ten major sectors -- automotive and auto components, capital goods and construction equipment, cement, chemicals fertilizers and pharmaceuticals, electronics and white goods, machine tools, metal and metal products, textiles, apparels and technical textiles, paper, and miscellaneous.
It sought responses from over 380 manufacturing units from both the large and SME segments with a combined annual turnover of over ₹4.88 lakh crores. (ANI)
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13 Nov 2023, 02:03 PM ISTSensex Live: FMCG Sector Q2 Results Review: Muted demand seen with margin-led earnings
The fast-moving consumer goods (FMCG) companies saw a subdued growth in overall topline during the July-September quarter of FY24. The impact on sales growth of FMCG companies in Q2FY24 was largely due to the festive loading shifting to Q3 and from the price-hike anniversarization.
Rural market has seen recovery on a low base, but demand rebound is missing. Urban market continues to do well on the back of accelerated growth in the modern trade and ecommerce channels, according to brokerage firm Emkay Global Financial Services.
Meanwhile, Foods & Beverages continues to outgrow the Home and Personal-care categories. (Read More)
13 Nov 2023, 01:44 PM ISTSensex Today Live | Share Market Updates: Goldman Downgrades Hong Kong-Traded China Stocks, Raises India
Goldman Sachs Group Inc. lowered its recommendation on Chinese stocks listed in Hong Kong due to modest earnings growth, while maintaining a bullish view for shares traded on the mainland.
China’s industry is going through a rebalancing toward “areas of higher productivity and greater self-sufficiency," which includes technology theme such as artificial intelligence, strategists including Timothy Moe wrote in a note. These opportunities “are more widely present in the onshore market," they added.
The Wall Street bank expects 10% earnings growth in 2024 for members of the MSCI China Index and 11% for those on the CSI 300, similar to what they project for this year. That’s because while the drag from the housing crisis may moderate, a higher base from the post-Covid demand recovery will present a hurdle for bigger profit gains. (Bloomberg)
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13 Nov 2023, 01:29 PM ISTSensex Today Live: Retail inflation data for October today: Nirmal Bang expects CPI reading at 4.55%
According to brokerage firm Nirmal Bang, CPI inflation in October may come in at 4.55 per cent, down from 5.02 per cent in September, supported by a continued decline in vegetable prices. Core CPI inflation is seen at 4.45 per cent in October versus 4.53 per cent in September.
"We expect CPI inflation to come in at 4.55 per cent YoY in Oct’23, supported by a sustained decline in vegetable prices. Food and beverage inflation is seen at 5 per cent YoY in Oct’23 versus 6.3 per cent in Sep’23," said Nirmal Bang. (Read More)
13 Nov 2023, 01:16 PM ISTSensex Today Live: Mauritius-based FII buys stake in this multibagger energy stock
Servotech Power Systems has emerged as one of the notable multibagger stocks in the Indian stock market for the year 2023, experiencing a remarkable rise of 350% in year-to-date (YTD) performance. Despite this substantial growth, certain fund houses anticipate further momentum in the stock.
In a recent exchange filing by the small-cap stock, it has been disclosed that the share allotment committee of the company has approved the allotment of 15 lakh company shares to AG Dynamics Funds Limited. This allocation follows a bid from the Mauritius-based Foreign Institutional Investor (FII). (Read More)
13 Nov 2023, 01:01 PM ISTSensex Today: PL Stock Report - Hindustan Aeronautics (HNAL IN) - Q2FY24 Result Update – Reasonable quarter; long-term story intact - BUY
Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd views on Hindustan Aeronautics (HNAL IN) –
Rating: BUY | CMP: Rs2,059 | TP: Rs2,266
Q2FY24 Result Update – Reasonable quarter; long-term story intact
Quick Pointers:
§ Gross margin contraction drove decline in EBITDA margin by 441bps.
§ Higher other income at Rs4.7bn (up 81.3% YoY) aided marginal PAT growth.
Hindustan Aeronautics (HAL) reported revenue growth of 9.5% YoY in Q2FY24. EBITDA margin contracted by 441bps YoY to 27.1%, led by a sharp decline in gross margin. Fall in direct input to WIP/expenses capitalized largely offset the gross margin contraction, but EBITDA was still impacted by decrease in expenses relating to capital & other accounts, which is subtracted from operating expenses. HAL’s JV with Safran (‘SAFHAL Helicopter Engines’) to design, develop & produce helicopter engines for IMRH & DBMRH projects has been formally incorporated. The company also signed a contract with Airbus to establish a Civil MRO Facility for A-320 aircrafts at Nashik.
We believe HAL is a long-term play on the growing strength & modernization of India’s air defence given 1) its position as the primary supplier of India’s military aircraft, 2) long-term sustainable demand opportunity, owing to the government’s push on procurement of indigenous defence aircraft, 3) leap in HAL’s technological capabilities due to development of more advanced platforms (Tejas, AMCA, etc.), 4) robust order book of Rs818bn with further 5-year pipeline of ~Rs2trn, and 5) improvement in profitability through scale and operating leverage. The stock is currently trading at a P/E of 26.0x/22.7x/20.0x on FY24/25/26E earnings. We maintain a ‘BUY’ rating with a TP of Rs2,266 (same as earlier), using an equal-weighted averaged of a DCF-derived price and a PE-derived price based on 23x Sep-25E (same as earlier).
13 Nov 2023, 12:53 PM ISTSensex Today Live: Hindalco share price gains 2% post Q2 results; brokerages express mixed views
On Monday's trading session, Hindalco Industries Limited witnessed a 2% gain in its share price, driven by the company's second-quarter results. The results announced by Hindalco indicated a profit that was in line with expectations for the September quarter, prompting mixed reactions from brokerages.
Nuvama Institutional Equities has opted to maintain a 'Hold' recommendation on Hindalco's stock with a target price of ₹552. Meanwhile, Motilal Oswal Financial Services has reaffirmed a 'Buy' stance on the stock, setting a target price of ₹580. According to Motilal Oswal, this target implies a potential upside of 21% from Friday's closing price of ₹481.
As of the market opening, Hindalco's share price stood at ₹483.40 apiece on the Bombay Stock Exchange (BSE). (Read More)
13 Nov 2023, 12:36 PM ISTSensex Today: India's 2022/23 palm oil imports rise 23.7% y/y, soyoil falls-trade body
India's palm oil imports in 2022/23 rose 23.7% from a year ago to 9.78 million metric tonnes, a trade body said on Monday.
The country's soyoil oil imports in the marketing year ended on Oct. 31 fell to 3.68 million tonnes from 4.17 million tonnes a year ago, Mumbai-based Solvent Extractors' Association of India (SEA) said in a statement. (Reuters)
13 Nov 2023, 12:28 PM ISTSensex Today Live: PSU Bank shines in today's trading as it jumps around 1.5% with almost all stocks in the green
PSU Bank
13 Nov 2023, 12:24 PM ISTSensex Today Live: ONGC share price declines over 1% post Q2 results
On Monday's morning trades, the share prices of Oil and Natural Gas Corporation (ONGC Ltd) experienced a decline of up to 1.31% on the Bombay Stock Exchange (BSE). This dip followed the release of ONGC's financial results for the July-September quarter of fiscal year 2023-24 (Q2FY24) on November 10, 2023, after market hours.
ONGC reported a substantial 142% surge in consolidated net profit, reaching ₹16,553 crore for Q2FY24. This marked a significant increase compared to the corresponding period last year, where the net profit stood at ₹6,830 crore. (Read More)
13 Nov 2023, 12:14 PM ISTSensex Today Live | Share Market Updates: Tokyo shares close flat ahead of US data
Tokyo stocks trimmed gains and ended flat on Monday as investors awaited key US economic data due to be released this week.
The benchmark Nikkei 225 index edged up 0.05 percent, or 17.00 points, to close at 32,585.11, while the broader Topix index was flat, slipping 0.10 points, to 2,336.62.
"The sharp rebound of the three major US indexes and the weakening of the yen provided some relief, leading to buying in a wide range of stocks" in Tokyo, Iwai Cosmo Securities said.
"But the market was subsequently weighed down by soft US futures and profit-taking." (AFP)
13 Nov 2023, 12:02 PM ISTSensex at Noon; Indices remain under pressure in today's session as Sensex and Nifty shed around 0.5% with IT, Bank and FInance dragging
Sensex at Noon
13 Nov 2023, 12:01 PM ISTSensex Today Live: Protean IPO listing: Share price jumps after flat debut
Protean eGov Technologies Limited, after an initial listing below market estimates, experienced a noteworthy rebound as its shares garnered buying interest. The stock surged to an intraday high of ₹824.75 per share on the Bombay Stock Exchange (BSE), marking a roughly 4% increase from the issue price range of ₹752 to ₹792 per equity share.
Stock market experts point out that Protean eGov Technologies Limited benefits from government-backed operational capacity. Although the initial listing fell below market estimates, experts suggest that medium to long-term investors could capitalize on the flat listing by accumulating more shares. This strategic approach is seen as a means to maximize potential returns over the medium to long term, considering the company's government-supported operational foundation. (Read More)
13 Nov 2023, 11:52 AM ISTSensex Today Live | Share Market Updates: RBI likely to set cut-off yield on 10-yr state bonds in 7.69%-7.72% band: Report
RBI likely to set cut-off yield on 10-yr state bonds in 7.69%-7.72% band, said Reuters in its report.
13 Nov 2023, 11:43 AM ISTSensex Today: JM Financial views on ONGC | Earnings slightly below expectation; strong dividend play story continues
Dayanand Mittal of JM Financial views on ONGC: Earnings slightly below expectation; strong dividend play story continues
BUY INR 225
ONGC’s 2QFY24 standalone EBITDA was 6.7% below JMFe at INR 184bn (though only marginally below consensus of INR 186bn) due to slightly lower crude sales volume, a little lower-than-expected oil & gas realisation and higher cess (at INR 36.6bn vs. JMFe of INR 33.9bn). Consolidated 1HFY24 EPS was INR 22.2/share; the board approved an interim dividend of INR 5.75/share for 1HFY24. Net crude realisation adjusted for windfall tax was a little lower at USD 72.3/bbl (vs. JMFe of USD 74.0/bbl); overall gas realisation was also slightly lower at USD 7.1/mmbtu (vs. JMFe of USD 7.3/mmbtu). We maintain BUY (revised TP of INR 225) given the strong dividend play (of 6-8%) and because CMP is discounting only ~USD 55-60/bbl of net crude realisation while our TP is based on FY25 net crude realisation of USD65/bbl.
13 Nov 2023, 11:36 AM ISTSensex Today Live: Eicher Motors share price trades near its all-time high post Q2 results
During Monday's trading session, Eicher Motors witnessed a 2.8% rise in its share price, buoyed by the company's second-quarter results that either met or exceeded market expectations. The stock was only 6.24% away from its record high of ₹3,889, set in November of the previous year.
Eicher Motors, renowned for its Royal Enfield motorcycles, reported a robust 54.7% surge in net profit for the quarter concluding in September, reaching ₹1,016 crore. (Read More)
13 Nov 2023, 11:26 AM ISTSensex Today Live | Share Market Updates: Retail investors should avoid trading in derivatives, says NSE chief Ashish Chauhan
Trading in derivatives should be avoided by retail investors due to the high amount of risk involved in the segment, said National Stock Exchange’s MD & CEO Ashishkumar Chauhan.
In his message to investors on Diwali 2023, Chauhan advised investors to be long-term players in the stock market, which he believes, is the best way to participate in India's growth story.
“Stock market is meant for long-term wealth creation. An unpleasant experience disheartens the affected investors to enter the stock market ever again. Trade in derivatives by retail investors should be avoided because of the high risk involved in derivatives. Be a long-term player. This is the best way to participate in India's growth story," said Chauhan. (Read More)
13 Nov 2023, 11:16 AM ISTSensex Today Live: Rupee gains 2 paise to 83.32 against US dollar in early trade
The Indian rupee traded 2 paise higher at 83.32 against the US dollar in early trade on Monday amid softness in American currency and a drop in crude oil prices. The local unit opened 4 paise higher at 83.30 a dollar as compared to previous close of 83.34.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04% at 105.82.
On Friday, the rupee ended at a record low at 83.34 a dollar. The local unit had hit its lifetime low of 83.42 to the dollar during the session. (Read More)
13 Nov 2023, 11:09 AM ISTSensex Today: Swarnendu Bhushan – Co-Head of Research, Prabhudas Lilladher on ONGC
Oil and Natural Gas Corporation’s (ONGC) result was below estimates with EBITDA/PAT of ₹183.6 bn (-6% Q/Q, PLe: ₹199 bn) and ₹102.2 bn (+2%Q/Q, PLe: ₹107.4 bn) respectively on a standalone basis. On a QoQ basis, oil and gas production fell 1% and 0.6%, respectively. Total volume is expected to increase with commencement of rest of production from KG Basin and we have estimated a 4% CAGR and 6% CAGR in oil and gas production, respectively over FY23-FY26E. The stock is currently trading at 4.7x FY25 P/E and 2.7x FY25 EV/EBITDA. We maintain our ‘Buy’ rating with a TP of ₹237, valuing the standalone business at 7x FY26 adj EPS of ₹28.2 and add the value of investments of ₹39.
Operating performance declines QoQ: EBITDA at RS183.6bn was down 6% QoQ. PAT came in at ₹102.2bn, up 2% QoQ aided by higher other income of Rs20.9bn (up 29% QoQ). EBITDA/PAT were down 2%/20% YoY. For H1FY24, EBITDA came in at ₹378bn, down 15.5% YoY and PAT at ₹202bn was down 27.8% YoY.
Production declines QoQ and YoY: ONGC’s oil production stood at 5.2 mmt, down 1% QoQ. Gas production too fell 0.6% QoQ to 5.2 bcm. Total oil and gas production was down 2% and 3% YoY. The decline in production was due to decline in matured fields, shutdown in Panna-Mukta field, disruption caused by Cyclone Biparjoy in June and offtake issues in southern India. Value added products (VAP) production at 0.6 mmt was up 4% QoQ, while sales grew 7.6% QoQ. ONGC Videsh’s (OVL) oil production came in at 1.7 mmt, down 2.1% QoQ while gas production at 0.81 bcm fell 3% QoQ. ONGC’s crude oil sales for the quarter at 4.7 mmt were down 1% QoQ and 2% YoY. Similarly, gas sales at 4 bcm was down 1% QoQ and 3% YoY.
Company Outlook: On the realization front, net oil realization post windfall tax is likely to be maintained at ~US$70-75/bbl while gas prices have been capped at US$6.5/mmBtu. This provides comfort on the realization front. On the production front, decline in oil and gas production is likely to be compensated post commissioning of production from the KG Basin in the coming quarters. We build in a volume CAGR of 4% and 6% for oil and gas over FY23-26E to reach 23.9 mmt of oil and 25.4bcm of gas in FY26E.
13 Nov 2023, 10:50 AM ISTSensex Today: Jubilant Pharmova stock gains 6.45% in an overall weak market
Jubilant Pharmova (formerly Jubilant Life Sciences Limited) witnessed a 6.45% surge in its share price, reaching ₹438.90 apiece during early trade on Monday after the company's Radiopharma business received ANDA approval for Technetium Sulfur Colloid Injection.
The company, in an exchange filing on Friday, said that "Jubilant Pharmova Limited’s wholly owned subsidiary Jubilant Draximage Inc. (‘Company’) received approval from the US FDA with regards to the company’s abbreviated new drug application (ANDA) submitted pursuant to Section 505(j) of the Federal Food, Drug, and Cosmetic Act (FD&C) for kit for the preparation of Technetium (Tc 99m) Sulfur Colloid Injection. (Read More)
13 Nov 2023, 10:36 AM ISTSensex Today Live: NTPC jumps more than 2% in an otherwise lacklustre trading and leads the stock charts
NTPC
13 Nov 2023, 10:30 AM ISTSensex Today: StoxBox FINNIFTY EXPIRY OUTLOOK: The current scenario negates a sharp upside in FINNIFTY
Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox FINNIFTY EXPIRY OUTLOOK: Option Data is highlighting writing in 19600 CE and 19550 CE, with 19600 CE witnessing the highest OI. The current scenario negates a sharp upside in FINNIFTY as 19600 continues to remain a key hurdle for today.
On the downside, 19550 PE is acting as a support base, standing second highest in the OI activity. Thus, until 19600 is taken out with substantial OI, we expect FINIFTY to expiry with 19600 to 19550 levels.
A sustained move over 19600 could propel 19550 PE to address more write-off, leading 19600 CE to see attractive opportunities.
13 Nov 2023, 10:17 AM ISTSensex Today Live: LKP Securities: MAHINDRA & MAHINDRA LIMITED - Q2 FY24 Result Update - BUY
We expect strong SUV run to continue as the semi conductor issue is minimum. Within the Auto sector, the robust order book of Scorpio N variants, Thar and XUV family should assist SUV growth in coming quarters. We expect low single digit growth for the FES segment on waning tractor cycle and visible El Nino impact. New launches may provide some fillip to FES. In EV 3Ws and LCVs too, with new launches the company is in a position to expand its market leadership position, however the management has become cautiously optimistic on the LCV segment. Within EVs the company has entered a tie-up with Volkswagen for battery management and is in a position to increase its capex with reducing debt and increasing cash flows. M&M has over time exited its loss making businesses and have turned around several businesses which would definitely gather confidence of shareholders. The company has identified several growth gems, which can leverage the core strength of M&M group and accelerate the growth for the company over the medium term. RBL stake acquisition and Temasek stake sell are both positive in our view. We maintain BUY rating on attractive valuations; SoTP-based target price stands at ₹1,801 ( ₹1,466 core business valued at 11x FY25E earnings + subsidiary valuation of ₹335) in line with our assumptions of margin improvement on increase in volumes and value of SUV where we expect market share to bounce back on new launches, 3Ws and LCV segments, growth in FES, production increase offering operating leverage, price hikes and prudent cost reduction measures.
13 Nov 2023, 10:16 AM ISTSensex Today: INDIA BONDS-India benchmark stuck around 7.30%, inflation trigger awaited
Indian government bond yields were largely unchanged in the early session on Monday, with the benchmark bond yield clinging to 7.30% levels as traders awaited the latest inflation prints from India and the United States.
The 10-year benchmark bond yield was at 7.3025% as of 10:00 a.m. IST after ending the previous session at 7.2992%, a trader with a primary dealership said.
Traders also waited for debt supply as states will raise 125 billion rupees ($1.50 billion) via the sale of bonds later in the day as Indian markets are closed on Tuesday for a local holiday.
"Most traders are not active today due to holidays and even globally, there is no major change. So we are in for a rangebound trading session with shallow volumes," a trader with a private bank said. (Reuters)
13 Nov 2023, 10:08 AM ISTSensex Today Live | Share Market Update: LIC share price declines around 1.5% on Q2 results
On Monday, in the morning trading session, the share price of Life Insurance Corporation of India (LIC) experienced a decline of up to 1.49% on the Bombay Stock Exchange (BSE). This dip followed the release of LIC's second-quarter fiscal year 2024 results on November 10, 2023, after market hours.
The financial performance of LIC in Q2 FY24 revealed a 9.2% decrease in the topline and a significant 49.35% year-on-year (YoY) decline in profit. However, when compared to the preceding quarter, there was a positive growth in revenue by 6.85%, although the profit still saw a 16.65% decrease. (Read More)
13 Nov 2023, 09:55 AM ISTSensex Today Live: TIW Capital and Appreciate views on IIP Data released on Friday
Shlok Srivastav, Co-founder & COO, Appreciate, a fintech platform for savings and investment: While the Sep’23 growth rate sees a decline from the Aug’23 high of 10.3%, the overall industrial sector’s performance has remained positive, even if slower than expected. The September 2023 IIP data release continues on a much-anticipated growth trend, recording 5.8% growth in Sep’23 compared to 3.3% in 2022.
The rise in both consumer durables and non-durables from a negative to a positive growth output indicates an overall increase in consumption. The onset of rising incomes, easy availability of consumer finance, and the general increase in consumer demand prove to be a good sign for the economy – especially launching into the festive season.
Mining and manufacturing sectors continued to outshine and recorded 11.5% and 4.5% growth, respectively, in September 2023. Power, i.e., electricity output, has also recorded an increase of 9.9% during the month under review. Economists have been forecasting the IIP growth to remain positive for this fiscal, and the Sep’23 numbers certainly fall in line with the expectations. However, we will have to wait for the next IIP releases for a more definite validation of this projection.
Mohit Rahlan, CEO, TIW Capital: Industrial production grew 5.8% YoY in September, down from 10.3% YoY growth in August. While mining and electricity witnessed robust growth, manufacturing witnessed a slowdown. Chemicals, electronics, apparel and furniture manufacturing witnessed an annual decline in output. While auto, metals and pharma saw strong growth. While mining grew 11.5% YoY, power consumption increased 9.9%. On use-based classification, consumer durables demand remained weak. Infrastructure and construction and primary goods grew at 8% and 7.5% YoY, respectively.
A slowdown in industrial growth could be worrisome as it might hurt employment opportunities in rural and semi-urban areas. This becomes even more important as kharif sowing this year has remained weak. It might hurt consumer confidence and overall consumption subsequently. Against the backdrop of a slowing global economy, reliance on domestic growth drivers will be even more.
13 Nov 2023, 09:53 AM ISTSensex Today: IT index is down more than 0.5% in the first hour as almost all stocks are trading in the red
IT index
13 Nov 2023, 09:42 AM ISTSensex Today Live: Gold hovers near 3-week low as dollar firms, focus on US inflation data
Gold prices were almost flat on Monday, hovering near three-week lows, as the dollar held firm and investors awaited U.S. inflation data for more cues on whether the Federal Reserve will stand pat on rates or hike.
Spot gold was up 0.1% at $1,935.09 per ounce, as of 0319 GMT. U.S. gold futures gained 0.1% to $1,939.10.
Gold fell 2.8% last week, logging its worst week in more than a month, as Fed Chair Jerome Powell's hawkish remarks pushed back any notion about interest rate cuts.
"People are kind of focused on whether the CPI data (will) allow the Fed to pause or hike. So I think the markets (are) a little bit sideways ahead of that data," said Nicholas Frappell, global head of institutional markets at ABC Refinery. (Reuters)
13 Nov 2023, 09:33 AM ISTSensex Today Live | Share Market Updates: Bajaj Finance sheds in early trading as it drops around a per cent
Bajaj FInance
13 Nov 2023, 09:30 AM ISTSensex Today: Q2 Results today: Grasim, Manappuram Finance, others to announce Q2 earnings
Approximately 87 companies are set to announce their Q2 results today as the earnings season draws to a close. Investors will be watching Grasim Industries Ltd. and Manappuram Finance Ltd. among the number of companies that will release their Q2 results. (Read More)
13 Nov 2023, 09:27 AM ISTSensex at Open: Sensex sheds 250 pts and Nifty is down 70 pts as all sectoral indices are trading lower; IT, Bank and Finance drag
Sensex at Open
13 Nov 2023, 09:12 AM ISTSensex Today Live: Pre-market comment by Choice Broking: we believe the market would continue to outperform
Deven Mehata, Research Analyst, Choice Broking: After a strong up move on the Muhurat trading in Nifty and bank nifty today on 13th Nov benchmark indices Sensex and Nifty are likely to open higher as trends in Gifty Nifty indicate sideways to gap up opening with a gain of 20 points.
According to the charts, Nifty may be taking support at 19450, followed by 19,400 and 19,350. On the higher side, 19,600 can be an immediate resistance, followed by 19,620 and 19,650.
The charts indicate that the Bank Nifty may get support at 43,800, followed by 43,650 and 43,500. If the index advances, 44,200 would be the initial key resistance level to watch out for, followed by 44,350 and 44,500.
As we get into Samvat 2080, we believe the market would continue to outperform on the back of strong earnings and a healthy economic outlook.
13 Nov 2023, 09:04 AM ISTSensex at Preopen: Sensex starts flat at the preopen session; Protean eGov Tech to debut at the bourses today
Sensex at Preopen
13 Nov 2023, 08:55 AM ISTSensex Today: Adani Group eyeing opportunities in neighbouring countries after Sri Lanka port, says Karan Adani
Shortly after revealing a substantial $555 million investment from the United States government for its West Container Terminal in Colombo, Sri Lanka, Karan Adani, the CEO of Adani Group, expressed the company's interest in exploring additional "opportunities in our neighboring countries," as reported by Bloomberg.
During discussions with reporters in Colombo, Adani highlighted that the funding from the United States, supported by the International Development Finance Corporation, serves as a "reaffirmation" of international backing for the various companies within the Indian conglomerate. (Read More)
13 Nov 2023, 08:53 AM ISTSensex Today Live: Stocks to Watch: Protean eGov Tech, CIL, LIC, Eicher Motors, ONGC, Biocon, SAIL, Apollo Hospitals, Sun TV Network, Alchobev Industries
Grasim Industries, Manappuram Finance, NRB Bearings, Vardhman Holdings, Advani Hotels, and Narayana Hrudayalaya will be in focus as they will be declaring their quarterly earnings today. (Read More)
13 Nov 2023, 08:45 AM ISTSensex Today: India considers lowering duty to woo Elon Musk's Tesla, report says
India is considering reducing taxes on imported electric vehicles at the request of Elon Musk's Tesla, which has made the tax break a precondition for setting up its manufacturing plant in the country, the Financial Times reported.
According to the Financial Times report, Tesla has sought an initial concession on customs duty levied on imported cars in India. All completely built-up (CBU) vehicles priced below $40,000 now face an import duty of 70%, while those priced above $40,000 invite an import duty of 100%. (Read More)
13 Nov 2023, 08:38 AM ISTSensex Today Live: Major Australian ports reopen after cyberattack
Major ports handling 40 percent of Australia's freight trade have resumed operations, leading operator DP World said Monday, three days after they were crippled by a cyberattack.
"DP World Australia is pleased to announce that operations resumed at the company's ports across Australia," the company said in a statement. (AFP)
13 Nov 2023, 08:31 AM ISTSensex Today | Share Market Updates: Factory output growth falls to three-month low in September
India’s factory output growth fell to a three-month low of 5.8% in September from 10.34% in August due to slower activities in the manufacturing, mining, and electricity sectors, official data released on Friday showed.
The growth in the index of industrial production or IIP fell during September, after two months of expansion. While the growth in August was at a 14-month high, factory output rose by 6.03% in July.
The factory output growth stood at 3.3% in September 2022. (Read More)
13 Nov 2023, 08:30 AM ISTSensex Today Live: LIC Q2 results: Net profit declines 50% YoY to ₹7,925 crore on lower premium income
LIC Q2 results: The company reportsed a 50% YoY decline in its standalone profit to ₹7925 crore in the September quarter of FY 23-24. LIC's profit were hurt by a fall in premium income.
The company posted a profit after tax of 79.25 billion Indian rupees ($951.41 million) for the quarter ended Sept. 30, compared to 159.52 billion rupees a year ago. Net premium income dropped 18.7% to 1.07 billion rupees.
13 Nov 2023, 08:17 AM ISTSensex Today: Alcobev sector expects mixed spirits for Diwali, wedding season
As the festive fervour of Diwali and the unfolding wedding season, India’s alcoholic beverages industry is gazing at a varied landscape, with different states presenting a mixed bag of opportunities and challenges. Industry insiders project contrasting scenarios across states, influenced by state-level changes.
Delhi, Karnataka, Pondicherry and Kerala are likely to see the impact of policy or duty changes.
Delhi, in particular, stands out due to a significant policy upheaval last year with political overtones, resulting in the complete transition of the alcoholic beverage business from private ownership back to state ownership. (Read More)
13 Nov 2023, 08:01 AM ISTSensex Today Live: ONGC Q2 Results: Net profit rises 142% to ₹16,553 crore, revenue down 13% YoY; dividend declared
Oil and Natural Gas Corporation (ONGC) released its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 10, reporting a surge of 142 per cent in consolidated net profit at ₹16,553 crore, compared to ₹6830 crore in the corresponding period last year.
The state-run petroleum giant's revenue from operations during the second quarter of current fiscal stood at ₹146,873.73 crore, registering a decline of 13 per cent, compared to ₹168,656.12 crore in the year-ago period. (Read More)
13 Nov 2023, 07:51 AM ISTSenses Today: Diwali Muhurat Trading 2023: Nifty 50 jumps 100 points; Sensex closes at 65,259
Domestic market benchmarks Nifty 50 and Sensex clocked healthy gains on Muhurat Trading on Diwali 2023 on Sunday, November 12. Nifty 50 closed 100 points, or 0.52 per cent, higher at 19,525.55 while the Sensex ended at 65,259.45, up 355 points, or 0.55 per cent.
Mid and smallcaps outperformed. The BSE Midcap index rose 0.67 per cent while the Smallcap index clocked a robust gain of 1.14 per cent.
The overall market capitalisation of the BSE-listed firms rose to nearly ₹322.5 lakh crore from nearly ₹320.3 lakh crore in the previous session, making investors richer by about ₹2.2 lakh crore on Muhurat Trading 2023. (Read More)
13 Nov 2023, 07:39 AM ISTSensex Today Live: Coal India Q2 FY24 results: profit rise by 12.51% YOY
Coal India, the leading coal mining company, announced its Q2 FY24 results on 10 Nov, 2023. The company reported a 9.85% increase in revenue and a 12.51% increase in profit year-over-year. This positive performance indicates the company's ability to generate higher revenue and profitability compared to the same period last year.
However, when compared to the previous quarter, Coal India experienced a decline in revenue by 8.91% and a decrease in profit by 14.69%. This decline can be attributed to various factors such as market conditions and operational challenges. (Read More)