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Business News/ Markets / Live Blog/  Sensex Today | Market Close Highlights : Sensex ends up 278pts, Nifty at 21,840; PSB, O&G rally 3%, IT falls
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Sensex Today | Market Close Highlights : Sensex ends up 278pts, Nifty at 21,840; PSB, O&G rally 3%, IT falls

Sensex Today | Market Close Highlights : Foreign institutional investors (FIIs) net bought shares worth 376.32 crore, while domestic institutional investors (DIIs) purchased 273.94 crore worth of stocks on February 13, provisional data from the NSE showed.

Sensex Today | Market Close Highlights : Companies reporting December quarter results on Wednesday, February 14, include Mahindra & Mahindra, Aditya Birla Fashion and Retail, Crompton Greaves Consumer Electricals, Dishman Carbogen Amcis, Gland Pharma, Glenmark Pharmaceuticals, Gujarat State Petronet, Indiabulls Housing Finance, Ipca Laboratories, Muthoot Finance, Natco Pharma, Narayana Hrudayalaya, NMDC, Sun TV Network, and Wockhardt. Photo: AFPPremium
Sensex Today | Market Close Highlights : Companies reporting December quarter results on Wednesday, February 14, include Mahindra & Mahindra, Aditya Birla Fashion and Retail, Crompton Greaves Consumer Electricals, Dishman Carbogen Amcis, Gland Pharma, Glenmark Pharmaceuticals, Gujarat State Petronet, Indiabulls Housing Finance, Ipca Laboratories, Muthoot Finance, Natco Pharma, Narayana Hrudayalaya, NMDC, Sun TV Network, and Wockhardt. Photo: AFP

Sensex Today | Market Close Highlights : European shares edged higher on Wednesday as a softer-than-expected UK inflation print boosted hopes of imminent rate cuts by the Bank of England, while investors looked ahead to more economic data from euro zone later in the day.

The pan-European STOXX 600 was up 0.1% by 0813 GMT, while UK's benchmark index gained 0.5% after British consumer price inflation grew at a slower pace than expected in January.

Hong Kong stocks closed higher on Wednesday, coming off the Lunar New Year holidays, with investors awaiting moves by Chinese authorities to help support the country's struggling stock market.

Mainland China's financial markets are closed through the week for the Lunar New Year.

Hong Kong's Hang Seng Index closed up 0.8% on Wednesday, having dropped 1.8% at the start of trading before reversing course

The Hang Seng China Enterprises Index was up 1.6%, while Hong Kong-listed Chinese tech firms rose 2.5%.

14 Feb 2024, 03:44:37 PM IST

Sensex Today Highlights : Sensex ends up 278pts, Nifty at 21,840; PSB, O&G rally 3%, IT falls

Climbing off the day's lows, Indian benchmark indices pared their losses to close higher at the end of trading today.

Opening lower at 71,035.25, Sensex had fallen to a low of 70,809.84, during the day. Nifty, too, had opened lower at 21,578.15 and fell to a low of 21,530.20.

At close, Sensex was up 277.98 points, or 0.39%, at 71,833.17 and Nifty was up 96.80 points, or 0.45%, at 21,840.05.

Across sectors, PSBs, and Oil & Gas rallied more than 3%, while IT, Healthcare and Pharma closed in the red.

Meanwhile, the broader market was ended in the green, having pared its losses through the day.

14 Feb 2024, 03:25:35 PM IST

Sensex Today Live : Indian stock market to see record inflows as India-China weight gap in MSCI Index narrows to historic low

The Indian equity markets are poised to experience a substantial surge in foreign capital inflow, driven by the increasing appeal of the country’s robust macroeconomic indicators and impressive earnings growth, analysts said.

On Tuesday, global index provider MSCI, in its February quarterly review, announced the inclusion of five Indian stocks in the MSCI Global Standard Index. These stocks are estimated to see approximately $816 million in inflows upon the adjustments. (Read the full story here.)

14 Feb 2024, 03:11:31 PM IST

Sensex Today Live : NBCC stock snaps a 7-day losing streak, locked in 5% upper circuit after PAT grows 59% YoY in Q3

Following seven consecutive days of weak performance, resulting in a nearly 26.3% decline in value, shares of NBCC (India), the state-owned construction firm, hit the 5% upper circuit limit, reaching 130.60 apiece in today's trade.

Investors responded positively to the company's performance in the December quarter, released after market hours on Tuesday. (Read the full story here.)

14 Feb 2024, 03:07:23 PM IST

Sensex Today Live : Elara Securities India recommends to 'SELL' Eicher Motors post Q3FY24 results

Rating: SELL

Target Price : INR 3650

Downside : 5%

CMP : INR 3854 (as on 13 February 2024)

Volume growth drags on waning demand

Average selling price increases on improved mix

RM cost remains range-bound; no major price hikes undertaken

The company did not undertake any major price hikes in Q3.

Management has observed an uptick in enquiries and bookings for RE brand of products.

New product launch in the high-end segment, led to a richer mix, which has led to better realization.

The Red Sea issue has led to a surge in shipping cost by 25-30% for routes with shipment duration increase by 30 days.

Exports was muted due to weak global sentiments in the UK and Australia markets, dragged by the high inflationary scenario. Thailand showcased a revival.

Valuation: reiterate Sell with a higher TP of INR 3,650

While margin trajectory improved on softening RM cost, we expect underperformance in the premium segment for RE as the Hunter 350cc base catches up.

We expect RE to lose premium and overall MC market share during FY24-26E due to aggressive launches by rivals, such as the Harley, the Triumph and Hero MotoCorp despite market expansion.

The proportion of current RE customers upgrading to a new model may not increase significantly.

Aggressive pricing from competitors would constrain RE’s pricing power in the medium term.

We expect a single digit volume CAGR for RE over FY25-26E with margins largely peaking out. We reiterate Sell with a higher TP of INR 3,650 (from INR 3,250) on 22x (unchanged) FY26E P/E for the RE business and 10x (unchanged) FY26E EV/EBITDA for VECV.

14 Feb 2024, 03:06:08 PM IST

Sensex Today Live : 3 pm market update

Indian benchmark indices were off the day's low and trending upwards

Across sectors PSBs, Oil & Gas, and Metal were lead gains, while IT, Healthcare and Pharma were down.

Meanwhile, the broader market was also in the green, having pared its losses.

At 3 pm, Sensex was up 272.55 points, or 0.38%, at 71,827.74 and Nifty was up 106.40 points, or 0.49%, at 21,849.65.

14 Feb 2024, 02:51:53 PM IST

Sensex Today Live : Elara Securities India recommends to 'ACCUMULATE' Info Edge post Q3FY24 results

Rating: ACCUMULATE

Target Price : INR 5610

Upside : 5%

CMP : INR 5342 (as on 13 February 2024)

Q3 slightly sub-par; Q4 outlook sluggish

Other businesses/99 acres propped overall growth

IT – Hiring slowdown continued, dragging down growth trajectory

Muted outlook, partially offset by Matrimony and Siksha

Q4 outlook seems lukewarm despite the quarter being seasonally strong for INFOE. Deferred revenue rose 11% YoY, similar to Q2 level. This was mainly because of slower IT hiring. The offsetting factor may be growth from Other businesses (matrimony and education) and Real Estate demand.

Valuations: Maintain Accumulate; TP raised to INR 5,610

We are positive on 99acres/Naukri, but tepid demand in IT hiring continued to mount pressure (as regards matching up to solid FY23). JS is gaining momentum on the back of free chat feature. But given consistently lowering deferred sales, we see muted growth for FY24. We factor in Q3 performance and slightly raise SoTP-TP to INR 5,610 (from INR 5,230), valuing naukri.com at 58x one-year forward P/E at INR 3,723/share, 99acres at 12x (unchanged) FY25E sales at INR 292/share and Jeevansathi at 10x (unchanged) FY25E sales at INR 58/share. Maintain Accumulate on continued stable growth for the core businesses, though muted partially by weakness in IT hiring.

14 Feb 2024, 02:43:14 PM IST

Sensex Today Live : Elara Securities India recommends to 'REDUCE' Hindalco Industries post Q3FY24 results

Rating: REDUCE

Target Price : INR 515

Upside : 1%

CMP : INR 510 (as on 13 February 2024)

Capex raised; net debt to increase

Operating performance as expected

Valuations: Downgrade to Reduce; TP pared to INR 515

We believe Novelis’ near-term performance may be supported by improved demand across segments. For India operations, gradual completion of growth capex, lower coal prices, continued focus on value-added products and backward integration augur well for future margin. However, because of upgrade in capex for Bay Minette project in the US from USD 2.5bn to USD 4.1bn, our net debt estimates have gone up and FY26E ROE has diluted by ~30bps.

We trim FY24E/25E EBITDA ~5%/~2%, but largely retain it for FY26E. Further, we roll-over to December 2025E from September 2025E and lower our TP to INR 515 from INR 541, ascribing 6x (unchanged) December 2025E EV/EBITDA to Novelis and 5x (unchanged) December 2025E EV/EBITDA to other businesses. As our TP offers an upside of only ~1% from CMP, we downgrade HNDL to Reduce from Accumulate.

14 Feb 2024, 02:34:33 PM IST

Sensex Today Live : Elara Securities India recommends to 'BUY' Shalby post Q3FY24 results

Rating: BUY

Target Price : INR 364

Upside : 24%

CMP : INR 293 (as on 13 February 2024)

On strong footing

Strong margins compensate for topline miss

Shalby’s Q3FY24 revenue came in 6% below our estimate, but better margins helped EBITDA and PAT beat our estimates by 10% and 5%, respectively.

Sanar acquisition accretive; other expansion plans on the anvil

Expect high EBITDA growth to sustain

We project 24% EBITDA growth in FY25E (partly helped by Sanar acquisition), followed by sustained mid-teen growth.

Valuation: Reiterate Buy; TP raised to INR 364

We add Sanar acquisition and better margin outlook and push out Nashik bed addition to FY26E (from FY25E) in our projections, with the overall impact being 7%, 20% and 10% rise in FY24E, FY25E and FY26E core EPS. SHALBY currently trades at 28.6x FY25E core P/E. Our raised TP of INR 364 (from INR 321) is 31x FY26E core P/E plus cash per share. Worsening demand in the Hospitals space is the key risk to our call/estimates.

14 Feb 2024, 02:28:31 PM IST

Sensex Today Live : Kumar Rakesh, Analyst - IT & Auto, at BNP Paribas India shares his views in the India Automotive January Review Report – February 2024

January global trends: Demand signals mixed

· Jan-24 auto sales: Growth intact in major global markets:

January sales volume growth improved YoY in the EU/China, remained strong in the UK, but moderated in the US. The luxury segment outperformed in the EU/UK and was in line in the US. xEV mix fell m-m in the UK/GER/FRA.

· Lateral data points: Customer sentiments improve; used car prices decline:

Lateral data points that we track were mostly positive for Jan and remained supportive of industry demand growth. Consumer sentiment improved MoM in the US/UK/EU. However, used-car prices in the US fell sharply m-m and y-y.

· JLR: Retail sales grew by c19% YoY. Growth in major countries was partially offset by decline in Germany. JLR gained market share in the US/UK but lost in Europe. Jaguar’s incentives rose sharply, almost doubling MoM, while Land Rover’s incentives grew in double digits m-m.

· SMRP BV: Sales volume growth of MOTHERSO’s SMRP BV customers turned negative last month after 16 months of growth and declined y-y by low single digits in January.

14 Feb 2024, 02:05:33 PM IST

Sensex Today Live : Market signals mixed; stay neutral on equities with a long-term view, says Nilesh Shah of Kotak AMC

Nilesh Shah, MD of Kotak Mahindra AMC says there are mixed signals in the market for various segments. While there is a green signal for large caps, there are red signals for micro, mini-caps and SMEs. In an interview with Mint, Shah recommends investors should maintain a neutral allocation to equity with a long-term view while keeping some cash to increase exposure when valuation is cheaper. (Read edited excerpts here.)

14 Feb 2024, 02:02:12 PM IST

Sensex Today Live : 2 pm market update

Indian benchmark indices were off the day's low, but trading in the red.

Across sectors, IT, Healthcare, and Pharma stocks were down nearly 2%, while O&G, Media and PSB stocks were up nearly 2%. Nifty Bank was in the green too.

At 2 pm, Sensex was down 314.64 points, or 0.44%, at 71,240.55 and Nifty was down 76.70 points, or 0.35%, at 21,666.55.

14 Feb 2024, 01:55:49 PM IST

Sensex Today Live : Yes Securities reviews Siemens Q1FY24 (FY ending in September) results

Margin surprise leads to minor beat on PAT, Change in CFO

§ Siemens reported a strong revenue growth of 20% YoY with revenue coming in at Rs48.3bn (7% below estimates).

o While Smart Infrastructure and Digital Industries’ revenue grew in the range of 22-24% YoY, Mobility continued its supernormal growth (at 72% YoY).

o Revenue growth for Energy segment remained subdued with revenue falling 1% YoY.

§ Gross margin sprung a positive surprise expanding 450bps YoY and 110bps QoQ to 52.9%.

§ EBITDA margin expanded 30bps QoQ while dropped 250bps YoY to 12.4%. Q1FY23 had Rs1.03bn positive impact of forex and commodity, adjusting for which the EBITDA Margin was 12.4% for Q1FY23.

o Mobility and Smart Infrastructure businesses saw EBIT margin expansion of 400bps YoY, 190bps YoY, respectively to 7.5%, 10.6%.

o Energy business saw 60bps YoY contraction in EBIT margin while digital industries EBIT margin stood at 11.5% (23.8% in Q1FY23 on account of strong forex gain).

§ PAT grew 7% YoY to Rs4.96bn helped by strong operating performance and a 61% YoY jump in other income.

§ Order Inflow Commentary

§ Order Inflow grew 10% YoY to Rs59.7bn.

o Strong order inflow from transmission segment of the energy business.

o Digital Industries saw order inflow decline led by destocking following normalization in demand. The company expects this to normalize by Q3FY24.

§ The current CFO, Daniel Spindler, is moving on to a role with Siemens AG while the Wolfgang Wrummig is appointed as the new CFO of the company. He has been the Chief Financial Officer (CFO) of Siemens AS, Austria since October 2016.

14 Feb 2024, 01:43:57 PM IST

Sensex Today Live : Yes Securities reviews Kirloskar Oil Engines Q3FY24 Conference Call Highlights

NOT RATED

Revenue growth path

§ 2X-3Y strategy - Continue to target revenue of 2x from FY23 to FY25 (3-year time). Revenue target of Rs65bn in FY25.

Margin

§ Making inroads in the High Horsepower business, also focusing on services business.

§ B2C business: Water management business has come to 25% revenue growth.

Exports

§ Target to increase export contribution to 30% of revenue (13% currently).

Power Generation

§ Strong order board for power generation.

§ Expecting some amount of pre-buying to happen going forward.

§ Revenue target of Rs65bn in FY25 for standalone business.

§ Market share ex-telecommunication remained similar. Gained some market share in the higher horsepower and lost some in the lower.

§ 750kVA and upwards – market share was in single digits, now it is double digits. Seeing healthy growth in infrastructure. Aspire to have ~20% market share in each of the segments. Data Centers orders are in 500-710kVA range.

§ Lower kVA segments – focusing on profitability.

14 Feb 2024, 01:27:42 PM IST

Sensex Today Live : Yes Securities reviews MTAR Technologies Q3FY24 results

Weak results with revenue falling 26% YoY leading to sharp miss on PAT

§ Revenue came in at Rs1.2bn (-26% YoY) against expectation of 12% YoY growth. This could be attributed to further delay in shipments on account of change in the fuel cell design to a higher efficiency cell – Santa Cruz 2, which also impacted some revenue deferral in Q2FY24.

§ Gross margins fell 80bps YoY and expanded 630bps QoQ to 51.9%. An expected higher share of domestic revenue has likely kept the gross margin above 50%.

§ EBITDA margin fell ~800bps to 20.2% primarily on account of a sharp revenue fall leading to lower absorption of fixed cost.

§ Adj PBT fell 69% YoY to Rs1.3bn and Adj PAT stood at Rs104mn.

§ At CMP, the stock is trading at 31.5x/22.1x FY25E/26E EPS. We shall release a detailed report post the concall.

14 Feb 2024, 01:13:30 PM IST

Sensex Today Live : Sector Indices Heat Map

Across sectors, while Nifty Bank was up 0.46, Media, and Oil & Gas indices were up around 2%.  

View Full Image
14 Feb 2024, 01:10:28 PM IST

Sensex Today Live : Broader market indices heat map

In the broader markets, the SmallCap index was up nearly 1%

View Full Image
14 Feb 2024, 01:08:05 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Oil & Gas sector firms were the biggest gainers on Nifty.

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14 Feb 2024, 01:05:10 PM IST

Sensex Today Live : Gainers and Losers on Sensex

While IT stocks were the biggest drag on the Sensex, Banks were managing to hold onto their gains. 

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14 Feb 2024, 01:02:23 PM IST

Sensex Today Live : 1 pm market update

Indian benchmark indices were off the day's low, but trading in the red.

Across sectors, IT, Healthcare, and Pharma stocks were under pressure, while O&G and Media stocks were up. Nifty Bank was in the green too. Meanwhile, the Smallcaps index was in the green in the broader market.

At 1 pm, Sensex was down 243.92 points, or 0.34%, at 71,311.27 and Nifty was down 57.90 points, or 0.27%, at 21,685.35.

14 Feb 2024, 12:56:51 PM IST

Sensex Today Live : Yes Securities reviews Oil India Q3FY24 results

EBITDA below expectations on higher other expenses

§ Performance: EBITDA was at 21.06bn down 26% YoY, 15.4% QoQ. The adj. PAT at 15.84bn was down 9.3% YoY and 41.1% QoQ. The volumes were strong higher than our estimates, while EBITDA and PAT were below our estimates on higher other expenses.

§ Crude production: was up 6.1% YoY and 2.5% QoQ at 0.86 mmt (but was lower than the company target due to less than planned workover wells).

§ Natural gas production: was up 2% YoY and 1.5% QoQ to 822 mmscm (but was lower than the company target due to lower upliftment of gas and less than planned workover, drilling and old wells).

§ Crude and Gas realization: Gross crude realization was down 5.7% YoY and 3% QoQ to USD 83.8/bbl, marginally higher than the international Brent prices whereas gas realization was at USD 6.5/mmtbu. Net crude realization was down 3.6% YoY and 1.5% QoQ to USD 74.3/bbl (Windfall taxes of USD 9.5/bbl vs USD 11/bbl the last qtr).

§ Numaligarh Refining (NRL) performance: The EBITDA was at 12.18bn (vs 10.85bn in Q2FY24 and 11.22bn in Q3FY23). The PAT is up 7.5% YoY to 8.6bn, due to higher refinery utilization and GRMs. The GRMs at USD12.7/bbl (vs USD16/bbl in Q2FY24 and USD13.5 in Q3FY23).

§ Finding cost: as per our calculations, at USD15.9/bbl, it is marginally higher than last 3-yr average of USD15.4/bbl. The statutory levies as a % of revenue stood at 26.2% (versus 25.4% YoY and 27.2% QoQ).

§ The other income was at 5.1bn (397% YoY but down 28.4% QoQ), resulting from interest/dividend income from investments.

§ Concall scheduled today (14-Feb’24) at 11am; details – 6280 1342/ 7115 8243.

14 Feb 2024, 12:50:11 PM IST

Sensex Today Live : Yes Securities reviews Gujarat Gas Q3FY24 results

Weaker performance on lower volumes and EBITDA spreads

§ Performance. The company reported volumes of 9.16mmscmd, lower than our estimates of 9.51mmscmd. The EBITDA spread at Rs4.8/scm was significantly lower than our expectation of 6/scm. Compared to our and consensus, the performance is weak attributed to poor EBITDA spreads on higher gas costs.

§ EBITDA/PAT was Rs4bn/2.2bn, down 31%/41% YoY on weaker spreads, QoQ down by 19%/26%, despite price hikes at Morbi on higher gas costs and lower availability of priority allocated gas.

§ Volumes at 9.16mmscmd were up 25.7% YoY but down 1.7% QoQ. CNG volumes were 2.78mmscmd (at quarterly high) up 14.4% YoY, 6.1% QoQ. D-PNG volumes at 0.71mmscmd were up 6% YoY, 1.4% QoQ. Industrial volumes were lower at 5.53mmscmd (Morbi assumed at ~3.63mmscmd) up 36.5% YoY but down 5.6% QoQ.

§ Spreads. The gross margin at Rs8.38/scm down 36% YoY, 9.3% QoQ despite price hikes at Morbi as it was unable to cover increased gas cost.

§ Opex was Rs3.05/scm; vs Rs3.43 a year ago and Rs2.85 the previous quarter.

§ Gas cost. The average blended gas cost was at 38.2/scm ($12.8/mmbtu) higher than our expectations of $12.4mmbtu, on higher-than-expected spot LNG price.

§ EBITDA/scm was Rs4.8, down 46% YoY, 18% QoQ, impacted by a larger increase in gas costs.

§ Connections. The company added 38,000 new domestic customers, 197 commercial, and 69 industrial customers in the quarter. The company operates in CNG with over 815 stations.

§ New contract: The company has contracted 0.5mmscmd of domestic HP/HT gas under an auction for 4-years from an upstream player.

§ Capex target for FY24 at 12bn.

§ 9MFY24 performance: EBITDA/PAT was at 12.9/7.3bn vs 18.3/11.6bn last year same period. The volumes at 9.23mmscmd (vs 8.19 last year same period), of which CNG was at 2.67mmscmd vs 2.37 last year. The EBITDA spread was at 7.61/scm vs 12.22 last year same period.

14 Feb 2024, 12:36:44 PM IST

Sensex Today Live : Yes Securities recommends to 'REDUCE' Thermax post Q3FY24 results

Result Report Q3 FY24

Recommendation: REDUCE

CMP: 3,320

Target Price: 2,800

Potential Return: -15%

Pivot to increased green energy business has a few interim hiccups; Maintain REDUCE

Thermax’s pivot towards green energy solutions for its core business of heating and cooling solutions is finding a few interim hiccups with the industrial infrastructure business witnessing volatile margin performance. The order inflows have been driven by base orders while larger orders are expected to pick up in H2FY25. Moderating order inflows in 9MFY24 (+8% YoY) and a similar growth in orderbook could translate into a single digit revenue growth for FY25. The company is a play on the industrial private capex and large orders from sectors such as Refinery & Petchem, Steel and Cement still seem atleast a few quarters away. We maintain REDUCE as we roll over to FY26, target price of 2,800 based on 40x FY26E EPS. Also, we cut our FY25E EPS estimates by 15% factoring margin volatility and weaker than expected order inflow.

14 Feb 2024, 12:23:01 PM IST

Sensex Today Live : Yes Securities reviews Hindalco Industries Q3FY24 results

CMP: 508 ; Rating: Not Rated

§ Consolidated revenue for the quarter stood at 52,808 crores, down 2.5% QoQ and relatively flat on a YoY basis.

§ Consolidated absolute EBITDA stood at 5,865 crores, showing a marginal growth of 1.2% from the previous quarter (Q2FY24). Whereas, the EBITDA margins came in at 11.1% (vs 10.4% in Q2FY24 and 6.7% in Q3FY23).

§ Net profit for the quarter stood at 2,331 crores, reporting a 6.1% growth on a QoQ basis.

§ The consolidated Net Debt/EBITDA stood at 1.43x as compared to 1.66x in Q2FY24.

§ Segmental Performance:

§ Aluminum upstream shipments fell remained flat on a QoQ basis and stood at 333kt (vs 334kt in Q2FY24). However, the company saw a 17% increase in the EBITDA/t on the upstream operations which stood at $880/t.

§ Aluminum downstream shipments fell to 90k (vs 94kt in Q2FY24). The EBITDA/t figures were a disappointing picture as it showed a QoQ fall of roughly 38%. The downstream business EBITDA/t stood at $137/t (vs $221/t in Q2FY24), majorly impacted by unfavorable product mix and lower realizations.

§ Hindalco’s copper business showed an fall of 11% in terms of shipments and stood at 119k for the quarter (vs 134kt in Q2FY24), of which 93kt were the CCR shipments.

§ Novelis on the other hand remained the focal point of the result season for Hindalco. Shipments were down by 2.5% QoQ and came in at 910kt. EBITDA/t fell from $519/t in Q2FY24 to $499/t in Q3FY24. “While the capital expenditure for the Bay Minette project has escalated primarily due to higher civil and construction costs than initially estimated, the strategic rationale remains firmly in place. This investment provides a first mover advantage, with a highly efficient facility that is being built as a long-term investment. Once established this capacity can be doubled in a cost and time-efficient manner, as experienced in various other brownfield projects." – Said the company’s statement after the announcement of increasing the capex outlay by ~65% over the earlier cost estimations.

§ Debt Summary: Net Debt/EBITDA fell from 1.66x at the end of September’23 to 1.43x during the December quarter. Gross debt fall on a QoQ basis from Rs. 56,578 crores to Rs. 53,402 crores.

14 Feb 2024, 12:10:41 PM IST

Sensex Today Live : Infosys McCamish cyber incident in October led to data breach at BofA; shares down 2.5%

A cybersecurity attack at Infosys McCamish in October 2023 led to a data breach, affecting 57,028 Bank of America (BofA) customers, Mint has learnt.

The incident was detected on 29 October 2023, as per BoFA.

Infosys Ltd, parent of Infosys McCamish, notified the stock exchanges about the development on 3 November.

This incident was officially reported to the attorney general of Maine, US, by BoFA earlier this month. (Read the full story here.)

14 Feb 2024, 12:04:06 PM IST

Sensex Today Live : 12 pm market update

Indian benchmark indices were off the day's low, but trading in the red. Across sectors, IT, Healthcare, Pharma and Bank stocks were under pressure, while O&G and Media stocks were up. Smallcaps were in the green in the broader market.

At 12 pm, Sensex was down 452.90 points, or 0.63%, at 71,102.29 and Nifty was down 134.55 points, or 0.62%, at 21,608.70.

14 Feb 2024, 11:55:42 AM IST

Sensex Today Live : Yes Securities recommends to 'ADD' JK Lakshmi Cement post Q3FY24 results

Recommendation: ADD

CMP: 886

Target Price: 976

Potential Return: +10%

New CAPEX to stretch the B/S

JKLC plans 2.3MTPA of clinker line II and 1.2MTPA of GU at the Durg unit with 3 additional Split GU of 3.4MTPA at Prayagraj UP, Madhubani Bihar & Patratu Jharkhand by FY26E. JKLC announced a console capex plan of Rs40bn (Rs25bn Durg + Rs3.25bn railway siding + Rs2.2bn Surat + Rs3-5bn UCWL and others) over the next 3-4years. Hence, we believe the standalone Net debt/EBITDA to increase from 1x in FY23 to 2.2x by FY26E, eroding our PAT estimate by 17% and 31% for FY25/26E.

14 Feb 2024, 11:48:55 AM IST

Sensex Today Live : How ITC and BAT’s divergent diversification strategies flipped the narrative

Carrying a debt of $53.19 billion and after recently marking down the value of some of its US cigarette brands by $31 billion, London-headquartered British American Tobacco (BAT) is looking to sell part of its stake in its Indian subsidiary, ITC Ltd, to urgently raise cash. This move is a significant shift from the BAT's strategy three decades ago when it was looking to strengthen its grip on the Indian company by hiking its stake to 51% from 31% it held then. (Read the full story here.)

14 Feb 2024, 11:38:40 AM IST

Sensex Today Live : Eicher Motors shares fall over fears competition will hit Royal Enfield volumes; Should you buy?

Eicher Motors share price declined over 3% in early trade on Wednesday after the company reported its Q3FY24 results. The company's shares declined as much as 3.31% to 3,729.05 apiece on the BSE.

Most analysts highlighted that the rising competition for Royal Enfield may impact volumes going ahead. Here’s what brokerages have to say about Eicher Motors’ Q3FY24 results and stock price. (Read the full story here.)

14 Feb 2024, 11:25:56 AM IST

Sensex Today Live : Yes Securities recommends to 'ADD' Info Edge post Q3FY24 results

Recommendation: ADD

CMP: 5,342

Target Price: 5,936

Potential Return: + 11.11%

Inline operating performance; slowdown in IT Hiring continues to impact near term billings

Info Edge (India) reported broadly inline financial performance for the quarter. While, the sequential revenue growth was below estimates; EBITDA margin was inline with expectation. Revenue grew by 0.4% QoQ, led by 1.7% QoQ growth in the revenue of Real Estate (99acres) business. Consolidated Billing was muted on account of weak hiring sentiments in the IT sector, as it was up 4.8% YoY. EBITDA margin decreased by 24 bps QoQ to 40.4%, led by control on operating expense. Added 2 mn resumes (QoQ) in the quarter to end at 96 mn resumes. We estimate revenue CAGR of 20.3% over FY23‐26E with average EBITDA margin of 38.9% over the period. We maintain our ADD Rating on the stock with revised target price of 5,936/share based on SOTP method. The stock trades at P/E of 71.7x/61.6x on FY25E/FY26E on standalone basis.

14 Feb 2024, 11:14:26 AM IST

Sensex Today Live : Yes Securities recommends to 'BUY' Eicher Motors post Q3FY24 results

Recommendation: BUY

CMP: 3,857

Target Price: 4,631

Potential Return: +20%

In-line performance

Eicher Motors (EIM) 3QFY24 consolidated results were in-line as both standalone (S/A) and VECV performance were steady. EBITDA margins of S/A expanded 360bp (-40bp) at 27.5% (in-line), despite 200m one-off impact (~50bp) due to product launch and Motoverse event expenses. Margins expansion ahead will be gradual ahead as normalization of cost would be partially offset by stable RM and price hike already part of P&L. While demand outlook is positive/weak for domestic/exports, the management sounded confident to improve volume trajectory backed by healthy response to new launches. We expect RE’s overall volumes to grow at ~8% CAGR over FY24-26E (vs -7% CAGR over FY20-22), despite competitive launches. We cut FY25/FY26 EPS by 3.5%/4.3% to factor in for decline in CV volumes. Stock trades at 24.5x/23x FY25E/FY26E consol EPS. We maintain BUY with SoTP based revised TP of Rs4,631 (v/s Rs4,864).

14 Feb 2024, 11:02:45 AM IST

Sensex Today Live : 11 am market update

Indian benchmark indices were in the red on Wednesday, dragged down by weakness in IT, Healthcare, Pharma and Bank stocks.

At 11 am, Sensex was down 384.76 points, or 0.54%, at 71,170.43 and Nifty was down 107.90 points, or 0.5%, at 21,635.35.

14 Feb 2024, 10:59:17 AM IST

Sensex Today Live : Yes Securities recommends to 'BUY' Repco Home Finance post Q3FY24 results

Recommendation: BUY

CMP: 456

Target Price: 550

Potential Return: +20.6%

A steady performance; Maintain BUY with 12m PT of Rs550

Tangible results are visible of the transformative changes implemented by the MD & CEO Mr. Swaminathan. Repco is firmly on track to deliver a well-measured growth acceleration, further reduction in NPLs, improvement in overdue buckets, and a stable & reasonably healthy profitability. We expect 12% loan CAGR, 14-15% PAT CAGR and avg. 2.8%/14% RoA/RoE delivery over FY23-26. Repco’s valuation is still undemanding at 6.5x P/E and 0.8x P/ABV on FY26 estimates. A key future monitorable would be disbursement uptick; when growth accelerates materially then valuation would get a lift.

14 Feb 2024, 10:38:21 AM IST

Sensex Today Live : Hindalco share price volatile; What should you do?

Shares of Hindalco Industries gained more than 1% in morning trades on Wednesday. However, it slipped into thered, thereafter. Hindalco share price had seen sharp correction of more than 12% on Tuesday. The company had posted its December quarter results on Tuesday. Hindalco's consolidated net profit at 2,331 crore, rose 71% YoY. The consolidated earnings before interest tax depreciation and amortisation (Ebitda) at 6,322 crore also was up 61% YoY., helped by declining input costs and strong performance in all verticals. (Read the full story here.)

14 Feb 2024, 10:27:19 AM IST

Sensex Today Live : What should be the investment strategy in a volatile market?

The domestic market witnessed a widespread sell-off in morning trade on Wednesday, with benchmarks Sensex and Nifty 50 falling about a per cent each. Nifty Bank, PSU Bank, Private Bank and Pharma indices fell over a per cent each while the IT index plunged over 2%.

The domestic market has witnessed considerable volatility in recent times. The Nifty 50 is currently down by approximately one per cent in February. Should it conclude in negative territory, it would mark the second consecutive month of losses for this key benchmark index. (Read the full story here.)

14 Feb 2024, 10:15:12 AM IST

Sensex Today Live : Adani Green Energy shares up nearly 2% post Moody's ratings upgrade

US-headquartered ratings firm Moody's upgraded the ratings of two green energy firms and two electricity generation and distribution firms of the Adani Group following improved financials, timely debt repayments and a capital infusion by the group over the past year.

On Tuesday, Moody's, in a report, enhanced the ratings of four Adani firms from 'negative' to 'stable', while keeping ratings on eight other Adani Group companies unchanged as 'stable'. (Read the full story here.)

14 Feb 2024, 10:11:55 AM IST

Sensex Today Live : Experts indicate up to 20% premium for Rashi Peripherals' IPO listing today; check GMP

The listing date of the initial public offering (IPO) of Rashi Peripherals has been fixed on February 14, 2024. Rashi Peripherals share price will list on BSE and NSE and it will become open for trade on the bourses from 10:00 AM during Wednesday deals.

According to stock market experts, Rashi Peripherals IPO received a strong response from investors and the issue was oversubscribed at 62.95 times on the third and final day of bidding. The secondary market mood is also favorable for the book build issue, said experts and the mainboard issue appears fully priced based upon its FY24 annualized earnings. (Read the full story here.)

14 Feb 2024, 10:02:23 AM IST

Sensex Today Live : 10 am market update

Indian benchmark indices were in the red on Wednesday, tracking Asian and US peers down on the back of hotter-than-expected US-inflation data.

At 10 am, Sensex was down 520.27 points, or 0.73%, at 71,034.92 and Nifty was down 127.75 points, or 0.59%, at 21,615.50.

14 Feb 2024, 09:49:19 AM IST

Sensex Today Live : Jefferies initiates ‘buy’ call on Adani Enterprises with ₹3,800 target price

Brokerage firm Jefferies, on Tuesday, initiated ‘Buy’ call on Gautam Adani-led conglomerate Adani Enterprise (AEL) with target of 3800 per share.

"We expect AEL's EBITDA to double from FY23 to FY26 and grow 3x+ by FY28. We build the contribution of new biz scaling from 40% of consol EBITDA (FY23) to -75% by FY26 and 85% by FY28, At CMP. AEL is trading at 28x/22x FY25/FY26E EV/EBITDA We value AEL on SOTP basis at Rs3800, valuing all biz on EV/EBITDA," the firm said. (Read the full story here.)

14 Feb 2024, 09:42:28 AM IST

Sensex Today Live : Are PSU stocks losing steam? Check here

On 10 August 2023, PM Narendra Modi gave a ‘stock tip’ to investors, encouraging them to bet on public sector undertaking stocks, which have had a dream run over the past year.

However, on Monday, stocks of state-owned enterprises crashed more than 4% at one point, bogged down by bearish sentiment and the weak December-quarter performance of some PSUs. Between August and January, PSU stocks hit new peaks but have been in the red twice over the past week (before recouping some losses with a 1.2% rise on Tuesday).

Are these companies running out of steam? (Mint explains in charts. Check here)

14 Feb 2024, 09:37:58 AM IST

Sensex Today Live : LIC rakes in record $4.7 billion from share sales amid market surge in Q3

Life Insurance Corporation of India reaped windfall gains in the December quarter, selling a record $4.7 billion worth of shares of listed domestic companies as the shares reached all-time highs during the market bull run.

According to a Mint study based on regulatory filings, the state-run insurer sold part of its investments in at least 100 top listed companies, which, based on volume-weighted average price for the October-December period, adds up to 39,163 crore—the highest ever in the third quarter of a financial year. (Read the full story here.)

14 Feb 2024, 09:28:57 AM IST

Sensex Today Live : Sector Indices Heat Map

Across sectors, the IT index was down over 2%, while Bank, Healthcare, and Realty stocks were down more than 1%.

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14 Feb 2024, 09:25:37 AM IST

Sensex Today Live : Broader market indices heat map

In the broader markets, the Midcap index was under pressure, down over 1%.

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14 Feb 2024, 09:23:09 AM IST

Sensex Today Live : Gainers and Losers on Nifty

Eicher Motors, Wipro, Infosys, LTIMindtree and IndusInd Bank were the losers on Nifty, while BPCL, Adani Enterprises, Apollo Hospital Enterprises, Adani Ports, and Hindalco were the top gainers. 

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14 Feb 2024, 09:20:40 AM IST

Sensex Today Live : Gainers and Losers on Sensex

Reliance Industries was the only stock in green among the constituents of the Sensex index.

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14 Feb 2024, 09:18:42 AM IST

Sensex Today Live : Sensex opens down 500pts, Nifty at 21,600, tracking Asian, US peers

Indian benchmark indices opened in the red open on Wednesday, tracking Asian and US peers down on the back of hotter-than-expected US-inflation data.

At opening bell, Sensex was down 519.94 points, or 0.73%, at 71,035.25 and Nifty was down 175.80 points, or 0.81%, at 21,567.45.

14 Feb 2024, 09:12:55 AM IST

Sensex Today Live : Anand Rathi says large private banks better placed than others, prefers ICICI Bank, SBI among others

Reviewing the banking, financial services and insurance sector's December quarter results so far, brokerage house Anand Rathi noted that the higher cost of fund (CoF) impact seen in banks has not yet hit non-banking financial companies. The incremental CoF, however, is likely higher due to risk weight tweaking by the Reserve Bank of India, it added.

Overall, the brokerage believes that large-cap private banks have better risk-reward than others in BFSI, as the government loosens its purse strings, improving the banking liquidity coupled with the robust underlying credit demand. (Read the full story here.)

14 Feb 2024, 09:10:00 AM IST

Sensex Today Live: Sensex down 500pts, Nifty at 21,600 at pre-open, down tracking Asian, US peers

Indian benchmark indices were in the red at pre-open on Wednesday, tracking Asian and US peers down, on the back of hotter-than-expected US-inflation data.

Sensex was down 508.538 points, or 0.71%, at 71,046.61 and Nifty was down 159.35 points, or 0.73%, at 21,583.90 during pre-open.

14 Feb 2024, 08:53:29 AM IST

Sensex Today Live : Reliance Securities gives technical outlook on Bank Nifty

Bank Nifty has once again bounced from its 200 day average support and crossover of 45,850 levels will give an upward breakout on daily charts.

The key trend reversal level is at the 200 day average at 44,500 levels and being the lows for the last 2 weeks.

RSI is moving higher from its oversold levels on hourly charts and crossover of the average line would accelerate the up move.

Bank Nifty highest call OI is at 46,000 levels while on the downside put OI will has moved higher to 45,000 levels.

14 Feb 2024, 08:51:04 AM IST

Sensex Today Live : Reliance Securities gives technical outlook on Nifty-50

NIFTY-50 has recovered its previous day loss holding its support of 50 day average and closed near the high point of the day led by banking and financial services sector.

The broader positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,450 will be the trend reversal levels.

RSI is being trending lower below the average line and other key technical indicators are also piercing downwards on longer time frame charts.

Highest call OI is at with 22,000 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry.

14 Feb 2024, 08:46:49 AM IST

Sensex Today Live : This smallcap stock shed 10% after net loss widened to ₹839 crore in December quarter. Time to sell?

Shares of Mahanagar Telephone Nigam (MTNL) declined as much as 10 per cent to hit an intraday low of 38.89 apiece on the BSE, after announcing its October-December quarter results for fiscal 2023-24 (Q3FY24) earlier today.

The state-owned telecom company reported a consolidated net loss of 839.03 crore in the December quarter, compared to a net loss of 775.50 crore in the year-ago period. The net sales for the company declined 15.46 per cent to 192.24 crore in the December quarter, compared to 227.41 crore in the same period last year. (Read the full story here.)

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