F&O expiry: Sensex ends at record closing peak, up 762pts; Nifty near 18500

CLOSING BELL: A surprise dovish tone by the US Federal Reserve, where it said that the central bank is looking to slow the pace of rate hike, cheered market bulls

F&O expiry: Sensex ends at record closing peak, up 762pts; Nifty near 18500

1:30 PM

Brokerage Call :: BoB Capital on Oil & Gas sector

Unified gas pipeline tariff to deepen the market

>> PNGRB targets unified gas pipeline tariff from Apr’23; adherence to proposed timeline a key monitorable

>> Transition to new framework to be revenue-neutral for transmission operators, but added flexibility for pipeline ramp-up beneficial

>> Potential negative implications for MAHGL as it began providing for tariff on its Uran-Trombay pipeline only from Jul’21

1:24 PM

Brokerage Call :: Nirmal Bang Institutional Equities on Inox Leisure

With a likely good run expected from ‘Avatar-2’, we believe that 3QFY23 should close strong and occupancy should inch towards 3QFY20 levels of 27%. Post a very weak 2QFY23 performance, we had cut numbers for both PVR and INOL and we believe that 3QFY23 is largely trending a bit above our expectations.

We maintain our estimates for now. We believe that there is now normalcy & stability in the sector and can brush aside 2QFY23 as a one-off due to poor content.

We continue to remain bullish on INOL with a BUY stance and a target price (TP) of Rs 636, based on a EV/EBITDA multiple of 12x on Sept’24E EBITDA. We believe that consistency in content performance will induce confidence in investors to buy.

1:19 PM

Brokerage Call :: Edelweiss Research on Data Patterns

We believe, the company’s focus on creating & retaining IP (intellectual property), vertically integrated in-house design-development-production-testing capabilities and increasing focus on MoD tender will keep order accretion momentum intact.

Based on the current order book (2.26 TTM book-to-bill ratio) and pipeline, we believe DPIL is well placed to deliver guided revenue growth of 25-30% over the next 2 years along with sustaining industry-leading margins (Gross/EBITDA margins broadly around 65%/40%) as it captures value across value activities in the chain due to vertical-integrated capabilities.

At the CMP the stock trades at 77x FY22 earnings and 69x TTM earnings. Not rated.

1:15 PM

Brokerage Call :: IDBI Capital on Newgen Software Technologies

We initiate coverage on Newgen Software Technologies Ltd. with a BUY rating and a target price of Rs 440 (PE of 12 on FY25 EPS). Newgen has an integrated

software business of content & process which distinguishes it from peers.

In addition, higher annuity revenues (60%) & exposure to BFSI (70%) will help the company in fending of macro issues. The company aspires to grow at 20% CAGR over the next few years and with GSI has aspiration of US$500 million in 5 years.

We have conservatively built 16% CAGR revenue growth over FY22-25E. Further, longer term focus on developed markets and subscription revenue will result in

lower DSO leading to better cash flow. Partnership with GSIs, expansion in mature markets and higher annuity revenues will boost profitability. Hence, we estimate profits to increase at 16% CAGR in FY22-25.

1:04 PM

Stock of this aerospace & defence company has zoomed 210% in 9 months

On November 14, 2022, the board of Rossell India granted in- principle approval to the proposal for segregation by way of demerger of the company and vest Rossell Techsys into a separate company pursuant to a scheme of arrangement. READ MORE

12:53 PM

After up to 44% rally, charts hint more upside in these mid, smallcap stks

Amara Raja Batteries Limited (AMARAJABAT)

Upside potential: 8.5 to 15%

While the stock trades 34 per cent lower from its historic peak recorded in January this year, the present chart texture signals a resilient trend. The stock has decisively crossed the 200-day moving average (DMA) set at Rs 526 mark and the current momentum exhibits a “Golden Cross” structure. READ MORE

12:41 PM

China to ramp up monetary stimulus as growth outlook darkens amid lockdown

The State Council said in a statement Wednesday that monetary tools “such as a RRR cut” will be used “in a timely and appropriate manner” to maintain reasonably ample liquidity. A cut in the RRR -- the amount of cash banks must keep in reserve -- could land as soon as this week, given the central bank usually imposes a reduction within days of a cabinet statement such as this. READ MORE

12:29 PM

Margin scale up key trigger for genset manufacturer Cummins India

Led by exports, the company posted a 13 per cent Year-on-Year (y-o-y) growth in revenues in the September quarter. Exports, which account for about 28 per cent of the company’s sales, grew 21 per cent over the year-ago quarter. The growth was powered by demand from Latin America, Asia Pacific and West Asia, especially for low horsepower products. READ MORE

12:14 PM

Bank of India hits 17-month high on positive outlook; zooms 80% in 6 weeks

Rating agency Acuite Ratings & Research reaffirmed its rating of AA, revising the outlook to positive from stable for the bank's additional tier-1 bonds. READ MORE

12:05 PM

Bikaji Foods hits new high, surges 10% for the second straight day

On November 16, Goldman Sachs India Equity Portfolio purchased 1.74 million equity shares of Bikaji Foods at Rs 324.50 per share via open market deals. READ MORE

11:56 AM

Gold prices bounce back above key level as Fed signals slower rate hikes

Lower rates tend to lift the appeal for bullion in comparison with other interest-bearing assets. READ MORE

11:46 AM

Ongoing protests may delay completion of Adani port in Vizhinjam in Kerala

Kerala's Rs 7,500-crore Vizhinjam seaport, being developed by the Adani group, is staring at delays due to the over 100-day protest led by the leadership of the Latin catholic archdiocese. READ MORE

11:35 AM

Rupee gains 26 paise to 81.67 against dollar as US currency retreats

The rupee appreciated 26 paise to 81.67 against the US dollar in early trade as the American currency retreated from its elevated levels. READ MORE