Market Highlights, July 16: Sensex, Nifty end flat after hitting record highs; RIL, HDFC Bank weigh

Stock Market Highlights today, Tuesday, July 16, 2024: In the broader markets, the BSE MidCap slipped 0.29 per cent, but the BSE SmallCap added 0.32 per cent

9:34 AM

Nuvama says 'Buy' Emami stock for 20% upside; eyes strong growth in FY25

Analysts at domestic brokerage firm Nuvama Institutional Equities (Nuvama) have raised the target price of fast moving consumer goods (FMCG) company Emami to Rs 915, indicating an upside of 20 per cent from the previous closing price. READ MORE

9:25 AM

ALERT:: Nifty hits fresh record high

9:22 AM

Sector Update: Nifty Realty is the top gainer

9:21 AM

Broader markets outperform benchmarks

9:19 AM

Index heatmap check

9:17 AM

Opening bell: Nifty holds 24,600

9:17 AM

Opening bell: Sensex above 80,700-mark

9:10 AM

Sensex rises nearly 70 pts to 80,730 levels in pre-open

9:07 AM

Nifty above 24,600 in pre-open

9:03 AM

ALERT :: Nifty Financial Services, Bank weekly F&O expiries today

>> Due to stock market holiday on Wednesday, July 17, the weekly expiry of Nifty Bank has been preponed to today, July 16.

8:59 AM

ALERT :: Rites bags order worth Rs 50.18 crore from Assam Govt

>> Public Works Roads Department (PWRD), Government of Assam has given the Letter of Acceptance for Consultancy Services for Third Party Monitoring & Quality Control for 47 Roads (Length 996.70 km) across Assam under Asom Mala 2.0 for the year 2023-24.

8:56 AM

Global Brokerage Calls :: JP Morgan on Bharti Hexa, Citi on Vodafone Idea

MS on VBL: Maintain Overweight on Company, raise target price at Rs 1701/Sh 

 

JP Morgan on Bharti Hexacom: Initiate Overweight on Company, target price at Rs 1280/Sh 

 

GS on HDFC Life: Maintain Buy on Company, raise target price at Rs 765/Sh 

 

Jefferies on HDFC Life: Maintain Buy on Company, target price at Rs 750/Sh

 

HSBC on HDFC Life: Maintain Buy on Company, raise target price at Rs 760/Sh 

 

Citi on HDFC Life: Maintain Buy on Company, raise target price at Rs 735/Sh 

 

MS on HDFC Life: Maintain Overweight on Company, raise target price at Rs 790/Sh 

 

Jefferies on HDFC AMC: Maintain Buy on Company, raise target price at Rs 4900/Sh 

 

Citi on Vodafone Idea: Maintain Buy on Company, target price at Rs 23/Sh 

 

GS on Torrent Pharma: Maintain Buy on Company, raise target price at Rs 3125/Sh

 

GS on Neuland Labs: Maintain Buy on Company, raise target price at Rs 10200/Sh

 

JP Morgan on Gas stocks: Data from the PPAC and CEA suggests LNG imports increased meaningfully in April / May due to higher demand from power plants. Prefer *Petronet, MGL and IGL* 

 

MS on Apollo Tyre: Maintain Equal weight on Company, target price at Rs 472/Sh 

 

MS on HDFC AMC: Maintain Equal weight on Company, target price at Rs 3640/Sh

 

HSBC on HDFC AMC: Maintain Hold on Company, target price at Rs 4030/Sh 

 

CLSA on HDFC Life: Maintain Outperform on Company, target price at Rs 700/Sh 

 

Macquarie on HDFC Life: Maintain Neutral on Company, target price at Rs 560/Sh 

 

8:53 AM

Brokerage Call :: Phillip Capital on HDFC AMC

>> Strong AUM growth driven by buoyant equity markets and strong inflows is likely to return to normalize levels once equity market turns volatile.

>> Revenue yield will continue to remain under pressure and hence operating leverage benefit will be limited.

>> At current price, stock trades at a P/E of 36x/32x on FY25/FY26 earnings; We believe at current price, market is factoring AUM CAGR of c.18-19% for 10 years and hence see limited upside from here.

>> Maintain NEUTRAL with a revised TP of Rs 4,000, valuing it at 30x FY26 earnings.
 

8:51 AM

Brokerage Call :: MOFSL on Varun Beverages

>> We expect VBL to maintain its earnings momentum, aided by: 1) increased penetration in newly acquired territories in Africa, 2) higher acceptance of newly launched products, 3) ramp-up of snack food segment, 4) continued expansion in capacity and distribution reach, 5) growing refrigeration in rural and semirural areas, and 6) a scale-up in international operations.

>> We expect a CAGR of 21%/22%/29% in revenue/EBITDA/PAT over CY23-26.

>> We value the stock at 60x Sep’26E EPS to arrive at a TP of Rs 1,900. We reiterate our BUY rating on the stock.

8:49 AM

Brokerage Call :: MOFSL on HDFC Life

>> HDFCLIFE remains focused on maintaining a balanced product mix, with an emphasis on product innovation and superior customer service.

>> Growth in lower-tier cities will be in focus with the expansion of HDFC Bank’s branch network and deepening of HDFC LIFE’s branch network.

>> Persistency improved across cohorts, which will keep the renewal premium growth healthy. The company aims to double its APE/VNB over the next four years. 

>> We have raised our APE growth estimates but lowered our VNB margin assumptions based on the 1Q performance and the guidance.

>> We now estimate HDFCLIFE to deliver an ~18% VNB CAGR over FY24-26 and steady margin in the range of 25-26%. Maintain BUY with a TP of Rs 750 (premised on 2.5x Mar’26E EV)