Sensex soars 380 pts, ends at 51,017; Nifty at 15,301; metal stocks slide

Volatility index, India VIX, however, surged 11 per cent to 21 levels ahead of the expiry of monthly F&O contracts due tomorrow

9:25 AM

BSE SmallCap index outperforms large-, mid-cap peers

9:23 AM

BSE MidCap index extends decline

9:21 AM

Sectoral trends on the NSE :: Metal index skids 2%

9:20 AM

Sensex Heatmap :: Only 4 counters trade in the red

9:18 AM

Opening Bell :: Nifty nears 15,250

9:17 AM

Opening Bell :: Sensex up over 100 pts

9:11 AM

Commodity Heatmap :: Gold tops Rs 49,000-mark on MCX

9:09 AM

Top gainers and losers on the S&P BSE Sensex in Pre-open

9:08 AM

Pre-open session

9:04 AM

Pre-open session

8:55 AM

SGX Nifty alert

>> The turns positive, trades 2 points up at 15,251

8:52 AM

Top stocks to watch today

Earnings today: A total of 52 companies, including Berger Paints India, Bharat Petroleum Corporation, Burger King India, Cummins India, and Vardhman Holdings are scheduled to announce their quarterly results today.

 

Godawari Power and Ispat Ltd, on Tuesday, posted a multifold jump in consolidated net profit at Rs 304.01 crore for the March quarter 2020-21, mainly on the back of higher revenues, from Rs 34.22 in the year-ago quarter. Total income rose to Rs 1,263.67 crore in the quarter.

Vardhman Textiles: Yarn production up 11.35% year-on-year to 57,256 MT and sales up 6.66% YoY to 56,698 MT. Grey Fabric production up 10.28% quarter-on-quarter to 547 lakh meters and sales up 17.24% QoQ to 57 LM. Processed Fabric production up 5% QoQ to 357 LM and sales up 5.84% QoQ to 344 LM.

Zuari Agro Chemicals incurred a loss of Rs 2.5 crore due to the damages caused by Cyclone Tauktae to its fertilizers plant in Goa. READ MORE

8:48 AM

Emkay Global maintains 'Buy' on Emami on growth visibility

Reco: Buy | TP: Rs 620

Revenue grew 38%, with domestic sales growth of 44% led by 39% volume growth on low comparable (17% decline in Q4FY20). Two-year domestic sales CAGR stands at 8%, which is ahead of most peers.

Gross margin declined 250bps due to an increase in input prices. EBITDA margin expanded 380bps on cost savings and operating leverage. Emami has taken price hike of ~4% in Apr’21 and will be taking another hike in Jun’21-end, which should ease gross margin pressure. It expects to maintain gross margin of 66-67% for FY22 vs 67.7% in FY21. Our estimates factor in higher inflation and lower operating margins of 29.6% in FY22/23 vs. 30.7% in FY21.

Despite a challenging year, Emami saw improvement in growth and a strong earnings performance after five years. Management initiatives and aggression are improving growth visibility. Double-digit growth and possible upsides to our 11% earnings growth forecast can rerate the stock, given valuations below mean/discount to peers. Maintain Buy and raise the TP to Rs620 (33x Jun’23E EPS

8:45 AM

Kotak Institutional Equities finds MGL's valuations expensive

MGL’s 4QFY21 results were broadly in line with our estimates underpinned by sustained recovery in volumes and elevated margins. We cut our FY2022E EPS to factor in lower near-term volumes, while retaining FY2023 estimates and Fair Value at Rs1,350. We reiterate BUY given (1) inexpensive valuations at ~11X FY2023E EPS, (2) high FCF yield of 8% and (3) limited concerns on margins amid a favorable pricing environment and lack of regulations.

8:41 AM

Mahanagar Gas Ltd :: Recovery delayed but valuations attractive

Reco: Buy | TP: Rs 1,300

The company has been guiding for long-term volume growth of 5–6% per year. Growth would primarily be driven by the development of the Raigad GA, which has total volume potential of ~0.5mmscmd over the next 3–4 years. PNGcommercial penetration in MAHGL’s GAs is just ~20%; as it already has the pipeline infrastructure in place and only last-mile connectivity is required, this presents upside potential in volumes.

That said, MAHGL highlighted that the additions of CNG stations in Mumbai (GA1) and Thane Urban (GA2) are proving to be a challenge due to the scarcity of available land. The company is looking at the feasibility of mobile CNG dispensing units – although this is yet to be approved by the regulator. It also plans to set up an LNG station (at Savroli) by end-FY22 and another station by end-FY23.

The company expects CNG volumes to recover with the easing of the lockdowns. Although, this would largely depend on the current WFH scenario. We build in volumes at 3.2mmscmd in FY23E (v/s 2.95mmscmd in FY19 and FY20).

The stock trades at 14x FY23E EPS of INR81, with dividend yield of ~3% for FY22/FY23E. MOFSL maintains Buy considering the company’s attractive valuation