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Stock Market Highlights: Adani Enterprises Could Be on its Way Out From Nifty

Most of the group firms of Adani tanked after the company pulled out its Rs 20,000-crore Follow-on Public Offer (FPO).

LIVE Blog

On Thursday, equity markets showed mixed trends, with the Sensex rising by more than 224 points while the NSE Nifty fell by about 6 points in a choppy session.

The benchmark 30-share BSE Sensex rose 224.16 points, or 0.38 percent, to close at 59,932.24. It reached a high of 60,076.77 and a low of 59,215.62 throughout the day. However, due to persistent selling in Adani group equities, the larger NSE Nifty fell 5.90 points, or 0.03 percent, to close at 17,610.40.

ITC increased by 4.74% to lead the Sensex gainers' chart for the second day in a row. IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, Tata Consultancy Services, and ICICI Bank were among the other notable winners. NTPC, HDFC, Titan, Tata Steel, Power Grid, and Bajaj, nevertheless were the prominent laggards. Titan slipped 1.80 per cent were the prominent laggards. Titan slipped 1.80 per cent.

Adani Enterprises tumbled 26.50 per cent. Most of the group firms also ended in the negative territory, including Adani Transmission which tanked 10 per cent, Adani Green Energy slumped 10 per cent, Adani Total Gas (10 per cent) and Adani Ports (6.13 per cent) a day after the conglomerate late on Wednesday pulled out its Rs 20,000-crore Follow-on Public Offer (FPO).

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities said, "Another major impact that could be seen in the next few quarters is that Adani Enterprises could be on its way out from the Nifty given the sharp fall in market capitalisation. So if the stock drags lower from here then there are high chances that it may be on its way out from Nifty."

02 February 2023
15:54 PM

Sensex ups 224 points; Nifty ends lower

13:23 PM

Stock Market Live Updates: Adani Enterprises Could Be on its Way Out From Nifty 

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities told Zee Media that in the midst of the sharp fall in market capitalisation Adani Enterprises could be on its way out from the Nifty 

Another major impact that could be seen in the next few quarters is that Adani Enterprises could be on its way out from the Nifty given the sharp fall in market capitalisation. So if the stock drags lower from here then there are high chances that it may be on its way out from Nifty.

13:09 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives ACCUMULATE Rating to Ramkrishna Forg.

Rating: ACCUMULATE

CMP: Rs 266

Target: Rs 300

Upside percentage: 13%

13:01 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives ACCUMULATE Rating to HCL Technologies

Rating: ACCUMULATE

CMP: Rs 1132

Target: Rs 1192

Upside percentage: 5%

12:57 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Marico

Rating: BUY

CMP: Rs 504

Target: Rs 600

Upside percentage: 19%

12:48 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Devyani Intl.

Rating: BUY

CMP: Rs 150

Target: Rs 255

Upside percentage: 70%

12:38 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Oberoi Realty

Rating: BUY

CMP: Rs 823

Target: Rs 1150

Upside percentage: 40%

12:33 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Jubilant Ingrev.

Rating: BUY

CMP: Rs 492

Target: Rs 700

Upside percentage: 42%

12:27 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Sobha Limited

Rating: BUY

CMP: Rs 585

Target: Rs 850

Upside percentage: 45%

12:19 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Amber Enterp.

Rating: BUY

CMP: Rs 1,879

Target: Rs 3,000

Upside percentage: 60%

12:14 PM

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Cholamandalam Invest. & Finance

Management commentary on growth, market share, new products contribution and asset quality remains enthusing. Notably, the outlook on NIM seems to have undergone an upgrade with CIFC now aspiring to hold the margin. Our earnings estimates haven’t seen any meaningful revision, despite raising of growth assumptions, on building of higher opex and NIM compression. With asset quality under control, we don’t see any significant risk to 18-20% RoE delivery through FY23-25. Stock trades at 4.2x FY24 P/ABV and we retain constructive stance and an ADD rating.

12:13 PM

Stock Market Live Updates: Adani FPO Recall Face Saver For the Group

"Adani group had limited options after the stock price crashed by 35% yesterday. Withdrawing of FPO acts as a face saver and adds to the reputation of the group. It was in the best interest of the investors to withdraw FPO as they would have suffered a loss of Rs 1,000 per share in a day. Now that FPO is out of the way and stock price is trading far below recent highs the group can think of buyback to boost investor confidence. However, there is limited scope for this given the high promoter holding and limited cash on books," said Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities

12:04 PM

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Cholamandalam Invest. & Finance

Recommendation: ADD

CMP: Rs 750

Target Price: Rs 840

Potential Return: +12.0%

12:03 PM

Stock Market Live Updates: Adani FPO Recall Face Saver For the Group

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities commenting on Adani FPO recall has said that withdrawing of FPO acts as a face saver and adds to the reputation of the group

12:03 PM

Stock Market Live Updates: Yes Securities Gives Buy Recommendation to Ajanta Pharma

We cut FY23 and FY24 forecast by 10-13% on back of margin cuts in the range of 250-400bps. Albeit, we do not think Ajanta has lost any structural ability to generate 25% margin and view last 4 quarters as an aberration. Moreover, growth expectation in domestic business (+12%) and branded exports remain intact and with the hiring of 50% MRs (to 1200) creates better visibility on faster branded exports growth in FY24/25. While near term (Q4) outlook might be suppressed, we remain confident on underlying better margin trajectory next fiscal. Our BUY stays based on 25x FY24 EPS with revised TP Rs1,400 (earlier Rs1,575).

 

12:02 PM

Stock Market Live Updates: Metals & Mining Sector, Market Outlook in Near Future

Aditya Welekar, Senior Research Analyst, Axis Securities has said that the budget announcements would affect the Metals & Mining Sector and market outlook in near future

"The Budget's focus on infrastructure deployment will support the metals and mining sector. Urban Infrastructure Development Fund (Rs 10,000 Cr/p.a.), which will create urban infrastructure in Tier 2 and Tier 3 cities, and PM Awas Yojana (Rs 0.79Lc Cr) will also support the metals demand as we go forward," he said

12:01 PM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to P I Industries

Rating: BUY

CMP: Rs 3,030

Target: Rs 4,000

Upside percentage: 32%

11:57 AM

Stock Market Live Updates: Yes Securities Gives Buy Recommendation to Ajanta Pharma

 Recommendation: BUY

CMP: Rs 1,184

Target Price: Rs 1,400

Potential Return: +18%

11:54 AM

Stock Market Live Updates: Yes Securities Gives Buy Recommendation to Whirlpool of India Ltd

Whirlpool’s standalone revenue came in below ours and consensus estimates with, revenue declining 18.3% yoy. This decline is largely on sluggish demand for the entry level products which is well known and primary sales to the dealers have been very minimal as channel inventory was high and they were gearing for new revamped product launches ahead of summer season. On the margin front, WHIRL continues to see gross margin erosion of 85bps yoy, as they were holding high-cost inventory with them.  We have built in moderate estimates for FY24 and reduced our target multiple to 40x considering risk to the rural demand. We upgrade the stock to BUY with PT of Rs1,707 valuing it at 40x vs 45x earlier.  There could be upside risk to our estimate if we see quick turnaround of rural markets.

11:52 AM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Sona BLW Precis.

Rating: BUY

CMP: Rs 456

Target: Rs 700

Upside percentage: 54%

11:52 AM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to AU Small Finance

Rating: BUY

CMP: Rs 611

Target: Rs 848

Upside percentage: 39%

11:47 AM

Sensex, Nifty Live Updates: Experts Hail Pro-People Budget

B Gopkumar, MD & CEO, Axis Securities has appreciated FM Sitharaman for presenting a well-balanced Budget.

"We expect the markets to move higher on the back of pro-growth measures announced in the budget and less fear of the government crowding out private investments due to fiscal prudence shown by the government," he said

11:46 AM

Stock Market Live Updates: Yes Securities Gives Buy Recommendation to Whirlpool of India Ltd

Recommendation: BUY

CMP: Rs 1,350

Target Price: Rs 1,707

Potential Return: +26.5%

11:45 AM

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Shriram Finance

Management reiterated growth expectations of 15% pa and expects RoA/RoE to trend above 3%/15% on a steady-state credit cost of near 2%. In our view, double-digit growth for Shriram Finance looks plausible considering buoyancy in used CV/CE/PV markets and immense scope to distribute the small enterprise loan (SEL) product through the network of erstwhile Shriram Transport. Aided by merger benefits and the borrowings construct (lower share of bank loans), the CoF is expected to increase only gradually over the next couple of quarters. We expect the co. to deliver 12-15% growth in AUM and earnings in FY24/25 with RoE of 15-16%. Basis this expectation and an undemanding valuation (1.2x P/ABV and 6.6x P/E on FY24 estimates), we rate the stock as BUY with 12m PT of Rs1685.

11:43 AM

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Shriram Finance

Recommendation: BUY

CMP: Rs 1,297

Target Price: Rs 1,685

Potential Return: +29.9%

11:37 AM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Stove kraft

Rating: BUY

CMP: Rs 510

Target: Rs 805

Upside percentage: 58%

11:36 AM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Suprajit Engg.

Rating: BUY

CMP: Rs 323

Target: Rs 485

Upside percentage: 50%

11:34 AM

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To KEC International Ltd 

We believe KECI is well poised to gain from upcoming opportunities in infrastructure segment given 1) diversified business model, 2) healthy market share in T&D segment, 3) excellent execution track record with strong parentage and 4) comfortable balance sheet. The stock is currently trading at 20.2x/12.2x/10.1x FY23E/FY24E/FY25E earnings. We roll forward our target multiple to FY25E with a revised target price of Rs634 valuing it at 14x FY25E EPS of Rs 45

11:28 AM

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To KEC International Ltd 

Recommendation: BUY

CMP: Rs 457

Target Price: Rs 634

Potential Return: +39%

11:27 AM

Stock Market Live Updates: Budget Very Positive For Markets

"Before the budget was presented, investors worried about a rise in capital gains. No change there, has also created a positive reaction," Ashishkumar Chauhan, MD& CEO, NSE said

11:27 AM

Stock Market Live Updates: NSE MD gives 10/10 rating to Budget

Ashishkumar Chauhan, MD& CEO, NSE has rated the Budget 10/10. He said that overall the Budget by FM has been a very positive one for the markets

11:20 AM

Stock Market Live Updates: Brokerage Angel One Limited Gives BUY Rating to Federal Bank

Rating: BUY

CMP: Rs 131

Target: Rs 151

Upside percentage: 18%

10:34 AM

Stock Market Live Updates: Experts Comment on Fed Rate Hike

Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities commenting on the Fed rate hike said that it is the first sign of a Dovish Fed.

"The US Fed hiked interest rates by a widely anticipated 25 bps. This marks yet another slowdown in the tightening interest rate cycle. However this time around the Fed Chief Jerome Powell gave first dovish hints. He accepted that if inflation comes down quickly then it will definitely play in to their policy meetings. This was a good enough sign that we might be almost at the end of the rate hike cycle given that inflation is speeding down swiftly. US stock markets cheered dovish remarks from the Fed since cost of capital is on its way down," he added

 

10:02 AM

Stock Market Live Updates: Asian Stocks Jump 

Asian stocks jumped on Thursday while the dollar eased after Federal Reserve Chair Jerome Powell said a “disinflationary” process was underway, boosting risk appetite and hope that the U.S. central bank will soon end its monetary tightening streak

 

10:02 AM

U.S. crude rose 0.93% to $77.12 per barrel and Brent was at $83.48, up 0.77%