31 January 2023, 15:47 PM
Stock Market Live Updates: Anand Rathi Maintains BUY Recommendation for Exide Industries
For Exide Industries, volumes across most verticals improved during the quarter. Raw material inflation continued to ease, aiding gross margins. Automotive demand was strong for OEMs while replacements saw modest growth. Within Industrials, railways, telecoms and other verticals saw strong growth. The lithium-ion-cell manufacturing plant construction is on track. We retain our Buy rating at a revised TP of Rs210 (14x FY25e)
31 January 2023, 14:30 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Tech Mahindra Ltd
Recommendation: ADD
CMP: Rs 1,036
Target Price: Rs 1,160
Potential Return: +12%
31 January 2023, 14:30 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Nippon Life India AMC
Debt outflows significant but management sees a turnaround. (2) Overall yield improved for a second consecutive quarter with calculated blended revenue yield up by 2bps QoQ to 48bps. (3) We maintain ‘ADD’ rating on NAM with a revised price target of Rs 275.
31 January 2023, 14:05 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Nippon Life India AMC
Recommendation: ADD
CMP: Rs 235
Target Price: Rs 275
Potential Return: +17%
31 January 2023, 13:56 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Exide Industries
While EXID’s LAB business is expected to grow 7‐8% CAGR over 3‐5 years, significant ramp-up in EV battery manufacturing and order wins to act as key re-rating trigger for the stock. EXID is trading at 12.8x/10.6x FY24/25 S/A EPS (v/s 10‐year LPA of 20.6x). We estimate Revenue/EBITDA/PAT CAGR of 12.2%/18.4%/19% over FY22‐25E and largely keep our estimates unchanged. Maintain BUY with TP of Rs212 (12x Sep-24 EPS + 50% holdco discount to HDFC Life stake).
31 January 2023, 13:44 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Exide Industries
EXID’s 3QFY23 results was a mixed bag as EBITDA was in-line at Rs4b (+7.5% YOY, -3% QoQ) while revenues/Adj.PAT missed our/street estimates by 7-8%/4-7%. Moderate growth in revenues at 6.5% YoY (-8.4% QoQ) was explained by higher growth in auto OEM/ industrial while relatively weak volumes in replacement segment. However, gross margins came in better at 32.2% (est 30.5%, +120bp YoY/ +170bp QoQ). Over the mid-long term, EXID’s speedy ramp-up of lithium-ion battery cell manufacturing through collaboration with SVOLT, would be closely watched.
31 January 2023, 13:32 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Exide Industries
Recommendation: ADD
CMP: Rs 177
Target Price: Rs 212
Potential Return: +20%
31 January 2023, 13:20 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharat Petroleum Ltd (BPCL IN)
As we write while Petrol margins have moderated to Rs 5.5/ltr, the loss on retailing of Diesel has also narrowed to Rs (3-4)/ltr. We expect retail marketing to normalize over FY24-25e and maintain ADD with a TP of Rs 410/sh.
31 January 2023, 13:20 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharat Petroleum Ltd (BPCL IN)
BPCL’s 3QFY23 reported Ebitda stood at Rs 42.3bn (+0.5% YoY; +195.3% QoQ), better than our and street estimates as the retail marketing margin for MS and HSD possibly stood better than our estimates. The GRM at USD 15.9/bbl however stood marginally below our assessment. The sequential improvement in earnings stemmed from QoQ recovery in Petrol and Diesel retail margins to ~ Rs10/ltr (2Q: Rs(0.04)/liter ) and Rs (5.5)/ltr (2Q: Rs (12)/ltr), as global product price moderated, however firm HSD cracks helped sustain GRMs.
31 January 2023, 12:58 PM
Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Bharat Petroleum Ltd (BPCL IN)
Recommendation: ADD
CMP: Rs 335
Target Price: Rs 410
Potential Return: +22.4%
31 January 2023, 12:58 PM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Heranba Industries Ltd
Due to ongoing global destocking, declining prices of pyrethroids and other insecticide molecules, we expect near term outlook will continue to be challenging for the company. Owing to multiple headwinds in terms of demand as well as margins, we have revised our FY24E EPS to Rs.37.3 (revised downward by 32%) and revalued the company at P/E(x) multiple of 12x on FY24E EPS. Hence though we maintain our BUY rating on the stock, we have revised our target price to Rs447.
31 January 2023, 12:36 PM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Heranba Industries Ltd
Recommendation: BUY
CMP: Rs 372
Target Price: Rs 447
Potential Return:+20%
31 January 2023, 12:29 PM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sagar Cements
Given the lower capex guidance, we believe SGC to generate FCF of Rs8.1bn over FY24-25E, which will aid to deleverage the B/S. We rolled forward our estimates to FY25 and arrived at a price target of Rs271, valuing the stock at 7.5x EV/EBITDA on FY25E
31 January 2023, 12:28 PM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sagar Cements
With Andhra Cement acquisition, SGC will accomplish its target of ~10MTPA capacity, a year before FY25E. We are positive on SGC and believe that ramp up of newly added capacities in MP & Orissa will reduce its southern exposure and grow beyond south markets. As a result, we expect SGC volume to grow at ~17% CAGR over FY23-25E (excl. volume from Andhra Cement).
31 January 2023, 12:02 PM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sagar Cements
Recommendation: BUY
CMP: Rs 222
Target Price: Rs 271
Potential Return: +22%
31 January 2023, 12:01 PM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to CSB Bank Ltd
(1) Low slippages and write-back combined to deliver another quarter of negative credit cost. (2) While loan growth was all about gold loans, management flagged that the underlying driver was tonnage growth. (3) Management reiterates that margin would moderate lower but CSB is currently sitting at the highest margin for our coverage universe for 3Q so far. (4) We maintain ‘Buy’ rating on CSB with a revised price target of Rs 315.
31 January 2023, 11:42 AM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to CSB Bank Ltd
Recommendation: BUY
CMP: Rs 243
Target Price: Rs 315
Potential Return: +29%
31 January 2023, 11:32 AM
While there are near-term challenges but maintain BUY on long term fundamentals, as stock continues to trade at inexpensive valuation of 8x FY25e.
31 January 2023, 11:31 AM
GAIL reported 3QFY23, significantly below estimates, with operating profit at Rs 2.6bn (-94% YoY; -85% QoQ), primarily on Rs 11bn in inventory losses related to two unsold cargoes. Adjusted for the same the operating profit stood at Rs 13.6bn, which nonetheless, is still lower than our estimates (YES: Rs 17.2bn), due to operating losses in the LPG-LHC segment. GAIL continues to reel under the disruption of supply from Gazprom, impacting its gas trading and petrochemical segments. While GAIL is in negotiation with other suppliers to fulfill the gap of 8-9mmscd, at this moment any conclusive update on the same is pending. GAIL has additionally filed for revision in tariff as per revised regulations and tariffs are likely to be updated by Apr’23.
31 January 2023, 11:09 AM
Stock Market Live Updates: Yes Securities Gives BUY Recommendation to GAIL
Recommendation: BUY
CMP: Rs 95
Target Price: Rs 135
Potential Return: +42%
31 January 2023, 10:12 AM
Stock Market Live Updates: Rupee falls Against USD
The rupee depreciated 12 paise to 81.64 against the US dollar in early trade on Tuesday, weighed down by significant foreign fund outflows and a muted trend in domestic equities.
31 January 2023, 10:12 AM
Stock Market Live Updates: Rupee Falls Against USD
At the interbank foreign exchange, the domestic unit opened weak at 81.61 against the dollar, then lost ground and fell to 81.64, registering a decline of 12 paise over its last close. In the previous session on Monday, the rupee settled at 81.52 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 102.23
31 January 2023, 10:11 AM
Stock Market Live Updates: Rupee Likely to Witness Range-Bound Trading
Forex traders said the rupee is likely to witness range-bound trading as investors brace for interest rate decisions from the Federal Reserve, and the Union Budget for 2023-24, both scheduled to be announced on Wednesday
31 January 2023, 10:11 AM
Stock Market Live Updates: FIIs Net Sellers in Capital Markets
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 6,792.80 crore, according to exchange data.
31 January 2023, 10:05 AM
Stock Market Updates: Sensex, Nifty Decline
Sensex declines 203.74 points to 59,296.67 in early trade; Nifty falls 52.8 points to 17,596.15.
31 January 2023, 09:12 AM
Stock Market Live Updates: Gold Slightly Higher
Gold was slightly higher. Spot gold was traded at $1922.91 per ounce
31 January 2023, 09:11 AM
Stock Market Live Updates: US Crude Up
US crude ticked up 0.2% to $78.02 a barrel while Brent crude settled at $84.9 per barrel early in the Asia session
31 January 2023, 09:11 AM
Stock Market Live Updates: Currency Basket Update
In currencies, the U.S. dollar, which was poised for its fourth month of declines, was down at 102.19 against a basket of other major currencies. The European single currency was up 0.1% on the day at $1.0852, having gained 1.4% in a month
31 January 2023, 09:10 AM
Stock Market Live Updates: S&P 500, Nasdaq Drop
The Dow Jones Industrial Average fell 0.8% to 33,717.09, the S&P 500 lost 1.3% to 4,017.77 and the Nasdaq Composite dropped 2.0% to 11,393.81. Despite Monday’s declines, the S&P 500 remained on track to post its biggest January gain since 2019
31 January 2023, 09:09 AM
Stock Market Live Updates: Asian Shares Trade Cautiously
Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. U.S. stock futures, the S&P 500 e-minis, rose 0.1%. Japan’s Nikkei stock index slid 0.1% while Australian shares were up 0.2%. China’s blue-chip CSI300 index remained flat in early trade. Hong Kong’s Hang Seng index opened up 0.4%
31 January 2023, 09:08 AM
Stock Market Live Updates: Asian Shares Trade Cautiously
Asian shares traded cautiously and bonds nursed small losses on Tuesday as investors braced for an eventful week that includes central bank meetings, a slew of earnings reports and key U.S. economic data
