Stock Market Highlights, May 13: Sensex recoups 910 pts from low, ends 112 pts up; Nifty holds 22100

Stock market highlights, Monday, May 13, 2024: In the broader markets, the BSE MidCap index gained 0.36 per cent, while the BSE SmallCap fell 0.23 per cent

9:01 AM

New Listing :: Indegene to make stock market debut today

>> Issue price fixed at Rs 490

>> GMP today: Rs 290

8:56 AM

Results today :: These companies will report their March quarter results on Monday

Aarti Pharmalabs, Aditya Birla Capital, Alembic, Bombay Burmah Trading Corp, BLS E-Services, Cera Sanitaryware, Chalet Hotels, DLF, Ethos, Electrosteel Castings, GIC Housing Finance, INOX India, Jindal Steel and Power, C.E. Info Systems, Sanofi India, Tube Investments of India, UPL, Varun Beverages, and Zomato

8:50 AM

ALERT :: VA Tech Wabag bags order worth $49 million from Kathmandu Upatyaka Khanepani

8:47 AM

Brokerage Call :: Centrum on VIP Industries

Buy | Target: Rs 606

We reckon VIP’s next phase of growth is driven by, (1) focusing on development, designing and innovation to cater every segment of the market, (2) increasing ASP by driving contribution from premium NPD, (3) strengthening supply chain, and (4) significant growth in MT/e-com channel.

Further, with the new management team in place, we expect improved execution and speed in decision making to lift overall revenue momentum.

Despite near team weakness in performance, we are optimistic on VIP’s growth story.

We tweaked earnings for FY25E/GY26E by +1.1%/-1.0% and retain BUY with a revised TP of Rs 606 (implying 37x FY26E EPS).

Risks: rising local competition, significant rise in input raw material.

8:44 AM

Brokerage Call :: Kotak Institutional Equities on BPCL

Sell | Target: Rs 550

While reported GRM of US$12.5/bbl declined Q-o-Q ($13/bbl in Q3, KIE: US$14/bbl), these were significantly better versus peers.

With record profits in FY2024, the balance sheet has materially improved (higher net worth, lower debt).

Our key worries on OMCs remain the lack of pricing freedom and no clarity when this will return. With weaker refining and marketing, Q1FY25 is likely to be dismal. 

8:41 AM

Brokerage Call :: Kotak Institutional Equities on Tata Motors

Add | Target: Rs 1,100

Tata Motors’ consolidated Ebitda was 5% below our estimates, driven by weak domestic CV business performance. The JLR and domestic PV businesses’ Ebitda were broadly in line with our expectations.

The company generated FCF of Rs269 bn in FY2024, resulting in sharp reduction in overall consolidated net automotive debt and remains on track to become

net cash by FY2025E.

Overall, we expect the FY2025-26E performance to remain healthy, led by (1) steady JLR business performance, driven by an improvement in mix and cost control measures, (2) market share gain in the PV and CV segments and (3) net cash balance sheet by FY2025E. 

8:38 AM

Brokerage Call :: Emkay Global on Bank of Baroda

Buy | Target: Rs 325

Despite continued moderation in growth and higher staff cost due to wage revision impact, Bank of Baroda (BoB) reported a strong 12% beat in PAT at Rs 48.8bn, mainly due to the strong margin delivery (up 17bps QoQ to 3.3%) and higher other income, including treasury gains.

Slippages were slightly higher (Agri + MSME) at Rs32bn/1.4% of loans, but higher recoveries/write-offs led to reduction in GNPA/NNPA ratios by 16bps/2bps QoQ to 2.9%/0.7% of loans.

Going forward, the bank aims to calibrate growth with clear focus on sustaining margins and improving asset quality, thereby sustaining higher RoAs as seen in FY24 (of 1.2% — the best among PSBs).

We raise our FY24-26E earnings by 9% and expect the bank to deliver superior RoA@1.2%. Higher CET 1 at 13% and Management credibility, add to our comfort.

8:32 AM

Fund Flow :: DIIs buy equities worth Rs 2,709.81 crore on Friday, May 10

8:29 AM

Fund Flow :: FII/FPIs sold equities worth Rs 2,117.50 crore on Friday, May 10

8:24 AM

ALERT :: US likely to impose 100% tariff on electric vehicle imports from China

>> The United States is all set to impose a 100% tariff on electric vehicles imported from China

>> The fresh measures, if taken, will be a major escalation in the ongoing trade war between the US and China and may attract tit-for-tat duties from the Xi Jinping-led Chinese administration. 

>> The reported increase in the tariffs is a four-fold jump from the existing 25%.

Source: Financial Times 

8:21 AM

Eicher Motors, BoI, Piramal Pharma among seven stocks to track on May 13

Eicher Motors

The company's consolidated profit after tax stood at Rs 1,070 crore for the fourth quarter ended March 2024 (Q4FY24), on the back of higher sales, from Rs 906 crore in the same period last year. The company’s total revenue jumped 12 per cent to Rs 4,256 crore in the January-March quarter of FY24 compared to Rs 3,804 crore in the corresponding quarter of FY23. Additionally, Royal Enfield sold 2,27,925 motorcycles in the fourth quarter, up 6 per cent from 2,14,685 units in the year-ago period. READ MORE

8:18 AM

Stocks to watch on May 13: BEML, JK Cement, Zydus Life, ITDC

Bharat Earth Movers Limited (BEML)

BEML's Q4 earnings showcased strong growth, with net profit soaring 62.8 per cent year-on-year (YoY) to Rs 256.8 crore. Revenue also witnessed a healthy uptick of 9.1 per cent to Rs 1,513.7 crore. Ebitda surged 29.2 per cent to Rs 370.4 crore, with an improvement in margin to 24.5 per cent from 20.7 per cent year-on-year basis (Y-o-Y). READ MORE

8:14 AM

Nifty 50 staging rebound on charts in near term, buy dips; key levels here

These levels are crucial as they indicate areas where buying interest could potentially emerge, contributing to a bounce in prices. Given the oversold nature of the index and the presence of strong support levels, the recommended trading strategy for traders would be to consider buying the index and its constituents. READ MORE

8:10 AM

Stocks to Buy: Here's why Anand Rathi suggests HAL, Titan, Aegis Logistics

Titan

Since reaching its peak around the Rs 3,800 mark on April 1, 2024, the market has experienced a significant downturn, with a decline of nearly 600 points, translating to a 16 per cent loss in price. READ MORE

8:07 AM

Pre-market: Nifty key levels; Stocks to react to Q4 nos, IIP data on May 13

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said the Foreign Portfolio Investors (FPIs) have been aggressively building short positions and liquidating existing long positions in Nifty Futures as the long short ratio stood at 33 per cent on May 09. READ MORE