Sensex rises 170 pts, Nifty tops 17,800; GSFC leaps 20%, MCX crashes 6%

CLOSING BELL: There were 21 gainers of the 30-pack index, and 33 on the 50-pack index, led by Power Grid, Nestle India, Tata Consumer Products, IndusInd Bank, L&T, HCL Tech, Tata Motors, SBI Life, HUL

9:19 AM

OPENING BELL: Nifty50 opens unchanged at 17,768 levels

9:17 AM

OPENING BELL: Sensex opens flat above 60,100 levels

9:13 AM

ALERT :: Patel Engineering-led JV wins worth worth Rs 451.28 crore

9:08 AM

PRE-OPEN SESSION: Sensex trades flat below 60,100 levels

9:07 AM

PRE-OPEN SESSION: Nifty50 hovers flat above 17,750 levels

9:06 AM

Rupee opens 81.99/$ as against previous close of 81.92/$

8:59 AM

WATCH :: Will heat waves spark rally in power stocks?

8:55 AM

Market Outlook :: Key levels to watch on Nifty, Bank Nifty ahead of F&O expiry tomorrow

Nifty50
With the overall bias and sentiment maintained positive, the index needs to breach decisively the 17,800 zone for further continuation of the upward move with next targets expected near 18200-18300 zone. The support for the day is seen at 17,650 levels while the resistance is seen at 17,900 levels.

Nifty Bank

The near-term support is maintained strong near 42,000 zone and upside near term target is set near 43,600-43,700 levels. BankNifty would have the daily range of 42,300-43,200 levels.

Source: Prabhudas Lilladher

8:51 AM

Maruti Suzuki Q4 preview: Price hikes to lift revenue, margin, say analysts

Axis Securities

Analysts expect the company's Ebitda to outpace topline growth YoY and QoQ, led by richer product mix (higher share of SUV) and assumption of flat raw material costs QoQ. The rich product mix, price hike, and operating leverage, they said, will help expand Ebitda margins ~130/65 bps YoY/QoQ in Q4FY23. PAT, on the other hand, is likely to follow the Ebitda growth. READ MORE

8:47 AM

Indian markets likely to remain range-bound in the near term: Analysts

“The valuation froth in the India equity market has settled after the recent derating. However, with global uncertainties still elevated, Indian equities may remain range-bound in the near term. We expect a good recovery in the second half of 2023 (H2-2023), as major central banks may likely end their rate hiking cycle amid a deteriorating global growth outlook,” wrote Jitendra Gohil, director, Global Investment Management at Credit Suisse Wealth Management India in a recent note with Premal Kamdar. READ MORE

8:44 AM

Brokerage Call :: ICICI Securities on Tata Consumer Products

TCPL reported consolidated revenue and EBITDA growth of 14% and 15.2% YoY, respectively. Recurring PAT declined 4.5% YoY. Constant currency growth was 12%. Segment-wise YoY revenue growth rates: India Beverages 8%, India Foods 26%, US Coffee 6%, International Tea 14% and Tata Coffee 16%. India Beverages and Foods reported volume growth of 3% and 8% YoY, respectively.

Gross margin contracted 280bps YoY but EBITDA margin expanded 15bps YoY due to lower ad-spend (our view). Standalone revenues, EBITDA and PAT were up 11.8%, 22.4% and 21.5% YoY, respectively.

We model TCPL to report revenue and PAT CAGR of 12% and 21%, respectively over FY23-25E. We maintain BUY and value the stock on SoTP basis with a target price of Rs900.

Key risk is execution – slower-than-expected ramp up of distribution and steep competition.

8:41 AM

Brokerage Call :: Emkay Global on Bajaj Auto

Bajaj Auto (BJAUT) reported better-than-expected performance, with an improved product mix leading to a significant rise in ASPs and, consequently, healthy margins. 

What we liked: 1) Robust performance in ASP/margins led by a strong product mix and 2) positive commentary around the domestic motorcycle industry’s growth. What we did not like: 1) Export recovery is expected to be gradual and dependent on easing USD availability in key countries and 2) Consistent market share loss in the domestic motorcycle business.

Outlook: BJAUT has created a strong franchise in the fast-growing, albeit near-term volatile, export (2Ws/3Ws) segment, with a leadership position in several countries. However, the weakening domestic ICE-2W franchise with continued market-share loss in the commuter and premium motorcycle space, along with sustained absence from the ICE-scooter segment, is a structural concern. Despite expectations of increased activity in the E-2W/E-3W segment, poor execution in the domestic ICE-2W segment over the past decade limits confidence. Triumph’s launch, though positive, would not swing the needle much for BJAUT.

Nevertheless, risk-reward at current valuations of 19.1x/16.4x its FY24E/FY25E PER, with a dividend yield of 4.7%/5.5%, appears balanced. We maintain our HOLD rating on BJAUT

8:38 AM

Brokerage Call :: ICICI Securities on Nestle India

Nestle’s revenue growth of 21% YoY (highest ever in last decade on LFL basis) was above our (and consensus) estimates driven by price hikes. Maintaining volume growth trajectory coupled with mix improvement despite price hikes is impressive (no surprises though).

This performance does have benefits of (1) continued deeper expansion in lower tier towns and villages and (2) a portfolio which is better insulated to overall market slowdown. Gross margins (-140bps YoY) remain under pressure likely due to higher milk and soft commodity prices.

We increase our earnings estimates by ~3% for CY23-24E; modelling revenue / EBITDA / PAT CAGR of 12 / 18 / 21 (%) over CY22-24E.

Maintain ADD rating with a DCF-based revised target price of Rs 23,000 (was Rs 22,000 earlier). Key risks are consumption slowdown linked to economic

performance.

 

8:34 AM

ALERT :: GMR Airports, NIIF to invest in three airports

GMR Goa International Airport Limited (GGIAL), a step-down subsidiary of the Company has received the amount of Rs 631.24 crore from National Investment and

Infrastructure Fund (NIIF) towards subscription of 63,124 Compulsory Convertible Debentures (CCDs) of Rs1,00,000/- each of GGIAL

8:32 AM

Asia's richest tycoon Ambani is gung-ho, but his investors not so much

With the pandemic over, the conglomerate is experiencing a fresh growth spurt across business lines. The 19% surge in March-quarter profit beat analysts’ estimates, while the 37% boost to capital expenditure showed that Ambani is again in expansion mode. Yet, green technologies — the centerpiece of the strategy — aren’t getting much attention. Either investors don’t believe that India is ready for a hydrogen revolution, or they’re worried the group will overstretch its finances in chasing the rainbow. READ MORE