F&O expiry: Nifty ends April series above 17,200; Sensex gains 702 pts

CLOSING BELL: 26 of the 30 Sensex constituents and 45 of the 50 Nifty constituents ended the day in the green led by HUL, HDFC Life, SBI Life, Asian Paints, UPL, PowerGrid, L&T, NTPC, SBI, and Infosys

3:13 PM

Hindustan Unilever stock races ahead on Q4 show, market share gains

A normal monsoon, higher crop realisations and government measures for the segment will be critical for demand improvement going ahead. READ MORE HERE

3:08 PM

BLS International surges 9% on fixing record date for bonus shares

The company has fixed May 17, 2022 as the 'Record Date' for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares in the ratio of 1:1. READ MORE HERE

3:01 PM

IndiGo becomes 1st airline to land aircraft using navigation system GAGAN

The Directorate General of Civil Aviation (DGCA) has issued a mandate for all aircraft registered in India after July 1, 2021 to be fitted with GAGAN equipment, a statement said. READ MORE HERE

 

2:52 PM

Oil fall as China fuel demand concerns linger due to Covid restrictions

Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions. READ MORE HERE

2:45 PM

Mixed trade for paint stocks; Asian Paints gains over 3%

2:41 PM

MARKET CHECK: Sensex at day's high, marches past 900 points

2:38 PM

European markets trade on a positive note

2:30 PM

Bajaj Finserv gains after profit jumps 37% YoY in Q4

2:26 PM

FMCG stocks crunchy in trade; HUL surges over 4%

2:21 PM

Network18 Media, TV18 Broadcast tank up to 19% in a firm market; here's why

Reliance and Viacom18, on Wednesday, announced a strategic partnership with Bodhi Tree Systems to form one of the largest TV and digital streaming companies in India. READ MORE HERE

2:14 PM

Maruti Q4 preview: Experts eye 35-40% YoY rise in PAT despite chip shortage

Analysts anticipate revenue growth of 10-11 per cent YoY driven by price hikes taken over the last few quarters, including two rounds of price hikes taken this year to offset input cost rise. READ MORE HERE

2:07 PM

Brokerage Call :: Kotak Institutional Equities on Mahindra CIE

Mahindra CIE reported 1QCY22 consolidated EBITDA of Rs3.1 bn, 37% above our estimates due to better-than-expected performance in both EU and India businesses. The outperformance was driven by higher realization growth due to RM increases, a richer product mix and cost rationalization.

The company has improved its profitability in both India and EU businesses; however, faster adoption of EVs in the EU region and inferior return ratios remain an area of concern. Maintain SELL; FV Rs 215

2:05 PM

Brokerage Call :: Kotak Institutional Equities on United Breweries

UBBL reported 7% growth in volumes (KIE 13%); the miss was largely attributable to weakness in Maharashtra (Omicron restrictions on on-trade). UBBL’s overhead and working capital management was impressive.

Even as inflationary pressure would weigh on margins in 1HFY23, we expect strong volume recovery in FY2023E and full recovery in margins as and when RM prices eventually ease. 

We have cut FY2023/24 earnings estimates by 8%/3% as we (1) trim volume forecast by 3-4%, (2) increase FY2023E realizations assuming mid-to-high single digit price increase, (3) cut FY2023E GM by 200 bps and EBITDA margin by 130 bps. We broadly maintain FY2024E EBITDA margin. Rollover and revise FV to Rs1,725 (Rs1,700) implying 46X Jun-24E earnings. Reiterate ADD with FV of Rs 1,725

2:04 PM

Brokerage Call :: Kotak Institutional Equities on HDFC AMC

Weakness in gross equity inflows and compression in yields led by high distributor payouts and churn of old AUM continue to put pressure on HDFC AMC’s core earnings. Additionally, investment in scaling up digital capabilities and new product launches will drag near-term core earnings.

While strong fund performance in early buckets is a key positive, revival in equity gross flows/market share hinge on sustained improvement in performance. Retain SELL; FV of Rs1,975.

2:02 PM

Brokerage Call :: Phillip Capital on HDFC AMC

HDFCAMC Q4FY22 operating revenue grew +3% yoy to Rs 5.1bn, below our estimate on lower gross yields. In spite of Equity contribution increasing by 220 bps qoq, gross yields declined by 1.4bps sequentially. Operating expense at Rs 1.36 bn was up 13% yoy, on higher other expense (+21% yoy).

As a result, HDFCAMC reported Core PBT of Rs 3.8bn (below our estimate of Rs 3.9 bn). Market share continue to decline for both Total and Equity AUM (- 40bps/-10bps qoq). 

We cut our earnings estimate for FY23/FY24 by 5%/7% respectively building in lower AUM growth and lower realization given pricing pressure in Equity AUM. At current price, stock trades at a P/E of 29x/25x on FY23/FY24 earnings

We maintain BUY Rating on the stock with a revised TP of Rs 2800(earlier Rs 3,000), valuing it at 34x FY24 earnings