Stock Market Live Updates: Sensex trades higher, Nifty around 14,700; IT, auto, metals lead
JB Chemicals & Pharmaceuticals | The company has announced its foray into the area of Nephrology with a new dedicated division called “RENOVA” which will endeavour to serve patients who are under treatment for Chronic Kidney Disease.
CLSA on Tata Steel
Tata Steel’s 4Q adjusted consolidated Ebitda of Rs 139 billion was above estimates with a beat across all segments. Standalone Ebitda/t of Rs 27,800 was its highest ever and 1QFY22 looks even better. Europe profitability of USD 66/t was better (awaiting clarity on carbon cost impact) and the spot spread is USD 240/t higher than in 4Q. Net debt fell Rs 107 billion QoQ, partly helped by proceeds from a share issuance (Rs36bn). Tata Steel resumed work on Kalinganagar expansion, which is positive following its strong debt reduction. It approved a dividend of Rs 25/share. The outlook for steel prices, Europe profitability and the timeline for expansion will be key from the call.
Sundram Fasteners Q4FY21 | The company's consolidated net profit rose to Rs 140.8 crore from Rs 54.6 crore, while revenue grew 53.2 percent to Rs 1,273.1 crore from Rs 830.9 crore, YoY. Consolidated EBITDA jumped 92.8 percent to Rs 236.8 crore as Rs 122.8 crore and EBITDA margin stood at 18.6 percent against 14.8 percent, YoY.
COVID vaccine capacity stumbling block, not patents: Biocon’s Kiran Mazumdar Shaw
US President Joe Biden on Wednesday threw his support behind waiving intellectual property rights for COVID-19 vaccines, bowing to mounting pressure from Democratic lawmakers and more than 100 other countries. However, according to Kiran Mazumdar-Shaw, executive chairperson of Biocon, just waving patents is not enough. “Vaccine inequity is raising a very serious debate about patent waivers. The point is that just waiving patents is not enough; this is not a stumbling block. I do not think patents are the stumbling block at the moment. The stumbling block is capacity for the world,” Mazumdar-Shaw told CNBC-TV18. Read more.
Emkay Global on RBI measures
We believe these measures are first in the series of the relief measures to be announced by RBI and more should come from RBI/Govt as the situation evolves. No moratorium announcement is good news as it disrupts credit discipline, and thus chances are low hereon as if it was to be announced, it would have been done now.
However, RBI still can provide forbearance (say for 30-90 days) on NPA recognition which has been done in the past (post Demonetisation) and is relatively less disruptive. Among the measures announced today, we believe SFBs (Equitas, Ujjivan, AU SFB) are the key beneficiaries given opening up of new SLTRO window for on-lending to small borrowers/PSL status for lending to small MFI.
Market Watch: Jay Thakkar, Marwadi Shares & Finance
- Buy HDFC AMC for target of Rs 2,900 placing stop loss at Rs 2,676.
- Buy Apollo Hospital for target of Rs 3,500 placing stop loss at Rs 3,290.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The markets are slowly treading towards 14,700. It is imperative it closes and sustains above this level. That will be a bullish signal which will lead the Nifty to 15,100-15,200. If we break 14,400, we will slide down to 14,000-14,100.
Market Watch: Susmit Patodia, Associate Director & Fund Manager-PMS, Motilal Oswal AMC
If inflation picks up further from here, then it would be going back to basics which is looking at the large brand-consumer companies, look at sectors where there is a large unorganized fragments – sectors like luggage, pipes, wires, cables, etc. These are seen good inflation plays. The second wave of COVID has impacted 30 percent of population which is 60-70 percent of the consumption basket. Their behaviour will most likely change. The revenge buying that we saw, not only happened with quantum, but also with speed as soon as the first wave ended. I think the so called revenge buying or people going back to normalcy may take a little more time than what we saw last year end.
Buzzing | Shares of Bajaj Healthcare rallied over 6 percent to hit a fresh 52-week high after the company launched Ivermectin tablets for treatment of COVID-19.
Bajaj Auto shares gain 3% after co posts global sales of 3.48 lakh units in April
The share price of Bajaj Auto rose nearly 3 percent on Thursday after the two- and three-wheeler manufacturer clocked global sales of 3.48 lakh units in April. The stock rose as much as 2.8 percent to its day's high of Rs 3,950.20 per share on the BSE. The firm registered domestic sales of 1.26 lakh units in April 2021 as against zero sales in the same period last year. Bajaj exported 2.21 lakh units last month, up a whopping 592 percent than the 32,009 units exported in April 2020. Combining the two-wheeler and commercial vehicle sales, Bajaj Auto sold 1.34 lakh units in the domestic market and exported 2.53 lakh units, which are the company's second-highest monthly exports ever.
Blue Dart Express posts net profit of Rs 90 cr in Q4
Logistics services provider Blue Dart Express Ltd on Wednesday reported a consolidated net profit of Rs 90 crore for the fourth quarter ended March 2021. The company had posted a net loss of Rs 30.57crore in the January-March period a year ago, Blue Dart Express said in a BSE filing. Total income was up 34.11 percent to Rs 975.64 crore as against Rs 727.49crore in the corresponding quarter of the previous fiscal. Total expenses were at Rs 853.63 crore, up 12.49 percent from Rs 758.87 crore in Q4 FY20. For the fiscal year 2020-21, the company reported a net profit of Rs 101.81 crore. It had logged a net loss of Rs 41.86 crore in the previous year. Total income for the entire fiscal was at up 3.69 percent to Rs3,308.43 crore compared to Rs 3,190.65 crore earlier. More here
Coforge shares rally 12% to hit 52-week high on better than expected Q4 results
Shares of Coforge surged over 12 percent to hit its 52-week high on Thursday after the IT services firm reported better than expected numbers for the March quarter. The company posted a 17 percent rise in net profit of Rs 133 crore as against Rs 113.60 crore in the year-ago period. CNBC-TV18 poll expected a new profit of Rs 127.5 crore in this period. Consolidated sales revenues for the quarter stood at Rs 1,261.50 crore, up 13.7 percent YoY. In terms of verticals, the share of transport vertical in revenues was sharply lower while the share of banking, financial and other verticals was higher on a YoY basis. The IT firm sees FY22 constant currency revenue growth of at least 17 percent, it said.
Gold rate today: Yellow metal trades higher
Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Thursday as the international spot prices gained following lower US Treasury yields. Silver prices also traded above Rs 70,000 per kg on MCX. At 11:05 am, gold futures for June delivery rose 0.37 percent to Rs 47,175 per 10 grams as against the previous close of Rs 47,000 and the opening price of Rs 47,072 on the MCX. Silver futures traded 0.58 percent higher at Rs 70,026 per kg. The prices opened at Rs 69,692 as compared to the previous close of Rs 69,619 per kg. More here
IDBI Bank shares rally 14% after Cabinet clears strategic disinvestment
The share price of IDBI Bank rallied over 14 percent on Thursday after the Cabinet gave in-principle approval for strategic disinvestment along with transfer of management control in the lender. The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the strategic sale of IDBI Bank, an official statement said on Wednesday. The extent of respective shareholding to be divested by the central government and LIC shall be decided at the time of structuring of transaction in consultation with the RBI, it said. The central government and LIC together own more than 94 percent equity of IDBI Bank. LIC, currently the promoter of IDBI Bank with management control, has a 49.21 percent stake. More here
Adani Enterprises Q4 net profit up 282% to Rs 233.95 cr
Adani Enterprises on Wednesday reported 282.2 percent rise in consolidated net profit at Rs 233.95 crore for the quarter ended March 31, 2021. The company had posted a consolidated net profit attributable to the owners of the company of Rs 61.21 crore in the year-ago period, Adani Enterprises Ltd (AEL) said in a filing to BSE. The consolidated income of the company during the January-March quarter was at Rs 13,688.95 crore as compared with Rs 13,698.09 crore in the year-ago period, the filing said. ”I am pleased with the results Adani Enterprises has delivered. Despite the challenges our nation and our people have faced over the past year, we have remained true to the philosophy of Atmanirbharta in every business that AEL incubates. More here
Credit Suisse: India offers great long-term opportunity despite short term risk
India’s credit cycle is at a more favourable point than other countries, said Dan Fineman, co-head of equity strategy-Asia Pacific at Credit Suisse on Thursday. Fineman also added that India is better than other emerging markets (EMs) struggling with the pandemic. “India’s credit cycle is at a more favourable point than rest of the planet and not just emerging markets (EMs). So, India has a lot of strength that should rank it above most other emerging markets that are now suffering from severe outbreaks,” Fineman told CNBC-TV18. India looks relatively good compared to Asian peers on a 6-12 months basis, he added. More here
Tata Steel shares jump over 5% to hit 52-week high after Q4 earnings
The share price of Tata Steel jumped over 5 percent to hit a fresh 52-week high of Rs 1,128.80 apiece on Thursday after the company reported March quarter earnings largely in line with estimates. The company posted a consolidated net profit of Rs 6,644.1 crore in the fourth quarter of fiscal 2021 as compared to a loss of Rs 1,481.3 crore in the year-ago quarter. Consolidated revenue from operations increased by 38.8 percent to Rs 49,977.4 crore from Rs 36,009.4 crore, YoY. Though the company's bottomline missed analysts' expectations due to higher tax cost and lower other income, topline and operating performance beat estimates. More here
CCI orders probe against Tata Motors for alleged unfair biz practices
The Competition Commission has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services Ltd and Tata Motors Finance Ltd (opposite parties). The Competition Commission of India (CCI) observed that the complainants are primarily aggrieved that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position in contravention of the provisions of Section 4 of the Competition Act. Section 4 pertains to abuse of dominant position. More here
Market Watch: Nischal Maheshwari, CEO-Institutional Equities & Advisory, Centrum Broking
On Pharma stocks
“We still believe that the drug manufacturers are the best ones to invest in and thereafter the healthcare. So, we continue to like Sun Pharmaceutical, Aurobindo Pharma, and Dr Reddys in the pharma sector.”
On Tata Steel
“Our target price is Rs 1,200 so there is limited upside. I would not say that we should go out and buy but people who are already have it in the portfolio, they should hold it. They should not sell it away in a hurry and wait for more clarity.”
Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The trend of positive news alternating with negative news continues. President Biden's decision to back waiving intellectual property rights on vaccines is a big positive. This will quicken the vaccination process enabling countries like India to come out of the pandemic faster. But data on daily infections indicate a rise, though mild, after 5 days of decline. Also, lockdowns & restrictions on mobility are increasing, impacting the economic recovery. Now there are two broad views regarding the peaking of the second wave: One, peaking by mid-May; two, peaking by July. If the first scenario plays out, the hit to economic growth will be a marginal, say, 1% decline from the estimates of 11% growth in FY22. In the second scenario, the hit will be worse. It remains to be seen which scenario will play out. Investors may wait & watch. IT, pharma, metals & telecom are likely to remain resilient even under difficult times"
Opening bell: Sensex opens 200 points higher, Nifty above 14,650; banks, pharma stocks gain
Indian indices opened higher on Thursday, tracking positive global cues, and as RBI Governor Shaktikanta Das, in a surprise media briefing yesterday, announced a slew of measures to tackle the pandemic lifting the sentiment. broad-based buying was witnessed in key sectors with banking and pharma taking the lead. At 9:18 am, the Sensex was up 217 points at 48,895 while the Nifty rose 50 points to 14,668. On the Nifty50 index, Tata Consumer, Adani Ports, Hindalco, SBI and ITC were the top gainers while SBI Life, Bajaj Finserv, Grasim, NTPC and Britannia led the losses. Broader markets were also higher with the midcap and smallcap indcies up around half a percent each.
Oil prices fall as US gasoline stocks rise for a fifth week
Oil prices fell on Thursday as gasoline inventories in the United States, the world’s largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices. Brent crude oil futures fell by 16 cents, or 0.2 percent, to USD 68.80 barrel by 0123 GMT, and US West Texas Intermediate (WTI) crude futures dropped by 20 cents, or 0.3 percent, to USD 65.43 a barrel. Both Brent and US crude futures hit their highest since mid-March on Wednesday before retreating. The USD 70-per-barrel mark has acted as a barrier for the market since Brent broke just above that level in March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world. More here
continue Reading
Comments
Post a Comment