Investors look beyond Covid cases' surge; Sensex zooms 790 pts; banks rally

CLSA opines that the surge in Covid cases in Maharashtra may taper in May as the state is in its fourth-month of the second wave. This, it believes, will be positive for the markets

1:05 PM

NEWS ALERT :: SBI Board approves raising funds worth $2 billion

1:05 PM

IIFL on Tech Mahindra

We tweak FY22ii/23 EPS by +2/-2% and our 12mth target price stands at Rs1,100, pegged at 16x 2YF EPS. TECHM trades at 14x FY23ii P/E, at ~30% discount to peers. However, given the stretched operational metrics, a balance between growth and margins may be difficult to maintain. We maintain ADD, awaiting better earnings growth outlook.

1:04 PM

Nomura on Bajaj Finserv

1:04 PM

IIFL on HDFC Life

HDFC Life (HDFCLI) reported 4QFY21 results with 37% YoY growth in APE. Non-par segment was the key driver, growing 94% YoY, while Par (33% YoY, off high base) slowed down and ULIPs (30% YoY) surprised. Retail Protection remained weak (-19% YoY) on slowdown in pent-up demand, while group protection recovered. 

 

VNB margins expanded 260bps YoY to 27% on better product mix and growth. As a result, VNB/EV growth stood at 51%/29% YoY. Mgmt indicated that a balanced product mix should drive growth in FY22 with a smooth upward curve for VNB margin. 

 

We forecast 23%/17% VNB/EV Cagr over FY21-23ii. Our 12-m target price of Rs720 (unchanged) implies 4x 2YF EV. While valuations, at 3.9X FY23 P/EV, are at a significant premium to peers, long term compounding potential remains. Maintain ADD.

 

1:02 PM

Nifty snapshot

1:01 PM

Index watch

1:01 PM

Markets at 1PM

12:57 PM

HUL Q4 Preview

Brokerages eye high double-digit growth in PAT, revenue

Fast-moving consumer good (FMCG) major Hindustan Unilever (HUL) is expected to post a strong set of numbers for the quarter ended March 2021 (Q4FY21) supported by a lower base and improved traction in the out of home (OOH) and personal care segments. Moreover, consolidation of acquired nutrition business (GSK) could also aid the company's performance, say analysts. READ MORE HERE

Hindustan Unilever, HUL

12:56 PM

Bajaj Auto Q4 Preview

Analysts fear Ebitda margin fall despite price hike

Two-wheeler manufacturer Bajaj Auto is geared up to report its March quarter results for financial year 2020-21 (Q4FY21) on Thursday, April 29, amid expectations of a solid growth in revenue and sales volume. However, the company’s Ebitda margin could come under pressure due to higher commodity prices and lower product mix on a quarterly basis. FULL STORY HERE

Bajaj Auto

12:52 PM

BSE 500 stocks near 52-week high

COMPANY	LATEST	52 WK HIGH	PREV HIGH	PREV DATE	VOLUME
Divi's Lab.	3924.55	3924.85	3908.20	27-APR-2021	12556
Finolex Inds.	152.90	153.15	150.00	27-APR-2021	61833
NMDC	147.40	147.80	146.45	27-APR-2021	229921
Gateway Distr.	205.05	206.00	195.70	27-APR-2021	100564
G N F C	351.55	353.30	349.45	27-APR-2021	134398

12:49 PM

Edelweiss on Symphony (SYML)

SYML’s Q4FY21 beat reflects overseas turnaround on OPMs and better growth even as domestic growth/OPM came lower, in our view. While we revise up FY22/23E EPS 5%/3% building in robust Q4FY21 performance, we roll forward to September 2022E leading to revised target price of Rs 822 (Rs 747 earlier). We retain ‘REDUCE/Sector Underperformer’.

12:48 PM

ICICI Securities on Britannia

12:47 PM

Systematix: Prince Pipes & Fittings

Prince Pipes (PRINCPIP) has become a high conviction stock in our coverage universe of plastic pipe companies given the improving volume visibility, margin gains, expanding product portfolio and allaying of concerns on corporate governance. We increase our sales/EBITDA/PAT estimates by 6%/12%/15% for FY22E and 7%/4%/5% for FY23E and value the company at 26x FY23E (earlier 22x) to arrive at a target price of Rs 605 (earlier Rs 485)

12:47 PM

ICICI Securities on Maruti Suzuki

12:35 PM

Sensex Heatmap :: Gainers and losers at this hour as Sensex climbs over 600 pts