Stock Market Highlights: Markets Rise by More Than 1%

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"According to our opinion, the pullback formation is expected to persist as long as the index trades over 17700/60400, a level above which it may increase to 18000/61200. The index may continue to rise, and this might push it as high as 18150/61500. On the other hand, the negative mood is expected to worsen and spread faster below 17700/60400. The index could retest the level of 17500-17400/59700/59400 below 17700/60400," Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities said

Stock Market Live Updates: Market's Short-Term Structure Erratic, non-directional

The 20 day SMA (Simple Moving Average), or 17950–1800 for the Nifty, and 61000–61200 for the Sensex, will be the immediate obstacles for traders, said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd 

Stock Market Live Updates: Markets Rally 1%

Markets rallied over 1 percent on Friday. Sensex zoomed 909.64 points or 1.52 percent to end at 60,841.88. NSE Nifty jumped 243.65 points or 1.38 percent to settle at 17,854.05

Stock Market Live Updates: Anand Rathi Gives BUY Rating to Indian Hotels

We believe that Indian Hotels’ Q3 results prefigure what the sector upswing could look like. On the company’s strong 9M FY23 growth, we believe the trend will persist in Q4 and will outshine pre-Covid’19 levels considerably on brighter prospects. With strategically-located properties and a sharper focus on an asset-light model, company is poised to benefit from potential tourism growth. Factoring in the better-than-expected result, we raise our FY23e/FY24e/FY25e revenue & EBITDA by 4.8%/4.8%/4.7% & 13.6%/14.1%/14.4% respectively. We retain our Buy on the stock, with a higher TP of Rs.400 (earlier Rs.360) on a sum-of-parts basis, valuing it at 22x consolidated FY25e EBITDA.

Stock Market Live Updates: Anand Rathi Gives BUY Rating to Prism Johnson  

High commodity prices kept Prism Johnson’s Q3 FY23 performance subdued. Its cement capacity expansion is still on hold. The cement supply agreement, wind power and tile-capacity expansion are positives. We retain our Buy rating, with a lower TP of Rs.134 (earlier Rs.152).

Stock Market Live Updates: Anand Rathi Gives BUY Rating to Ashok Leyland

For Ashok Leyland, raw material cost reduction combined with price hikes and discounting were the highlights of the quarter. Gross margin expansion was arrested by weakness in the export markets, sequentially. Robust domestic volume off-take and a better product mix led to the strong top-line performance. We continue to believe that FY24 would be the peak year for M&HCV off-take, post which we expect the segment to slow down. It continues to build up its EV order book. Accordingly, we maintain a Buy at a revised TP of Rs175 (25x FY25e). 

Stock Market Live Updates: Anand Rathi Gives BUY Rating to Blue Star

Key growth drivers leading to strong FY23-25 growth are (a) the good reassuring project order book, (b) the Sri City plant commissioning, which can support volumes required for coming seasons and (c) upgraded Wada plant, which manufactures commercial air-coolers. At the CMP, the stock trades at 34x/27x FY24e/FY25e EPS of Rs39/Rs50. We retain a Buy rating with a TP of Rs1,593 (32x FY25e EPS of Rs49.8), earlier Rs1,517.

Stock Market Live Updates: Yes Securities Gives Neutral Recommendation To Britannia Industries

We initiate coverage on Britannia Industries Ltd. (BRIT) with NEUTRAL rating due to following reasons: (1) Strong runway of growth in Indian packaged foods industry. (2) Continues market share gains in the core category with increased focus on smaller towns supporting growth. (3) Non-Biscuit portfolio gradually increasing in mix led by NPD’s. (5) Decent margin expansion over FY23E-25E led by price actions, normalization of commodity inflation and cost optimization.

Stock Market Live Updates: Yes Securities Gives Neutral Recommendation To Britannia Industries

Recommendation: NEUTRAL

CMP: Rs 4,573

Target Price: Rs 4,960

Potential Return: +8.5%

Stock Market Live Updates: Yes Securities Gives ADD Recommendation To Bajaj Electricals Ltd

Consumer products (CP) business registered growth of 9.5% as company had push inventory of non-star rated fans in Q3; while appliances saw decline on subdued demand and slowdown in off take of water heaters on delayed setting off winter. Gross Margins have expanded by 420bps mainly driven by margin expansion in core FMEG business. EBITDA margins were impacted on higher other expense which shot up on RBP loyalty program, high brand investments and bringing logistics in-house. We build in FY22-25E Revenue/EBITDA/PAT CAGR of 13%/37%/54% and maintain ADD with PT of Rs1,253 continuing to value the company at 35x. We expect the stock to re-rate with a further with improvement in profitability and pick-up in rural demand.

Stock Market Live Updates: Yes Securities Gives ADD Recommendation To Bajaj Electricals Ltd

Recommendation: ADD

CMP: Rs 1,123

Target Price: Rs 1,253

Potential Return: +11.6%

Stock Market Live Updates: Yes Securities Gives ADD Recommendation To Bharat Electronics Ltd

Given strong tender pipeline, comfortable order book, healthy execution capabilities and diversification into newer business verticals we expect BHE to report 14%/18% revenue/PAT CAGR over FY22‐25E. At CMP, the stock trades at 24.3x/19.7x/17.6x FY23E/24E/25E. Given the company being the prime beneficiary of the government’s thrust on defence and focus on diversifying its revenue, we maintain our ADD rating. We roll forward our target multiple to FY25E with a TP of Rs106 valuing the company at a PE of 20x on FY25E EPS.

Stock Market Live Updates: Yes Securities Gives ADD Recommendation To Bharat Electronics Ltd 

Recommendation: ADD

CMP: Rs 93

Target Price: Rs 106

Potential Return: +14%

Stock Market Live Updates: Yes Securities Gives ADD Recommendation To Alembic Pharma  

Management reiterated Rs2bn of operating cost hit to expenses as onco and general injectable plants come on stream in Q4 and Q1 FY24 respectively, in addition to ~Rs1bn of depreciation impact. Domestic business appears to sustain its trajectory and barring gastro, most of the therapeutic segments have fared well and improved performance is likely to persist. US business outlook is the key pivot around which margin would revolve over next 12 months; broadly, we expect US$220mn of sales (vs US$200mn in FY23) in FY24 (previous US$240-250mn). Commentary around 10% price erosion is a relief in our view as H1 had witnessed even higher pricing pressure and now leading to hope of a bottoming out of price erosion. Our FY23 EPS gets a raise as revenue performance has been better than expected leading to higher FY23 sales (approx. Rs1bn higher than earlier estimate) translating into a jump in PAT; FY24 estimate undergo marginal compression. Retain ADD as believe inflection point may be some distance away as juggling is underway between US growth and opex hit over next 6 months. We trim PE multiple from 25x to 22x as US business is unlikely to take off at least in H1 FY24 as earlier envisaged with FY25 having a higher possibility of an inflection. Our revised TP is Rs680 (earlier Rs830) based on 22x FY24 EPS.

Stock Market Live Updates: Yes Securities Gives ADD Recommendation To Alembic Pharma  

Recommendation: ADD

CMP: Rs 540

Target Price: Rs 680

Potential Return: +26%

Stock Market Live Updates: Yes Securities Gives REDUCE Recommendation To Dr Lal Pathlabs

 Dr Lal management conveyed what has been largely evident about volume CAGR being 2-3% lower than pre covid baseline. More importantly, there has been a lack of volume revival in recent quarters with an increasing likelihood that FY24 too would be a work in progress year for initiatives to bear fruit. We lower volume growth to mid-single digit next fiscal from our earlier forecast of 10-11% which basically postpones recovery by a year. Accordingly, we lower estimate for FY24 by 20% while FY23 is largely unchanged. We also trim target PE to 50x as volume growth catch up to earlier base line is greatly diminished; retain Reduce based on 50x FY24 EPS with a revised TP Rs1,800 (earlier Rs2,500).

Stock Market Live Updates: Yes Securities Gives REDUCE Recommendation To Dr Lal Pathlabs

Recommendation: REDUCE

CMP: Rs 2,020

Target Price: Rs 1,800

Potential Return: -10%

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

HDFC’s Q3 FY23 performance was largely in-line with expectations with a mild miss on core PPOP offset by lower credit cost. Softer-than-expected core PPOP growth (3.8% qoq/10.6% yoy) was caused by a deceleration in AUM growth (1.6% qoq/13% yoy) even as NIM/Spread performance was slightly better (cumulative NIM improved). On asset quality front, reduction in Stage-2 and Stage-3 continued and the coverage was enhanced again.   We retain BUY on HDFC basis stand-alone view on the franchise. See 14-15% CAGR in loan portfolio and core PPOP over FY22-25. The core mortgage business is available at 1.8x FY24 P/ABV. We continue to believe that merger is beneficial for HDFC’s shareholders as it transitions investors’ holding into a diversified and strengthened combined entity.                                                                             

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

Recommendation: BUY

CMP: Rs 2,613

Target Price: Rs 3,150

Potential Return: +20.5%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Ashok Leyland

AL’s 3QFY23 operating performance was healthy as EBITDA beat our/street estimates by 22-23%. This was led by higher-than-expected expansion in gross margins at 23.7% (+170bp QoQ, +160bp YoY) due to decline in RM, operating leverage and favorable product mix. We believe, margins to continue expand even in 4Q led by 1) cumulative price hikes of 4-4.5% in past 3 quarters (including Jan’23), 2) RM decline, 3) moderating discounts and 4) cost controls. We are building in volume CAGR of ~9% over FY23-25 with likely margins expansion to 12% by FY25 (v/s 8.8% in 3QFY23 and similar to FY19 peak). We believe AL’s de-risking strategy to help as it reduces domestic MHCV exposure by adding new revenue pools such as LCVs (12-13%), exports (9-10% of sales) and spares (8-9% of sales). We raise FY24/25 EPS by ~6.6%/2.7% to build in better-than-expected gross margins and favorable mix and re-iterate BUY with TP of Rs184.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Ashok Leyland

Recommendation: BUY

CMP: Rs 152

Target Price: Rs 184

Potential Return: +21.1%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To UTI Asset Management Co.

(1) Overall revenue yield stays stagnant sequentially despite equity yield inching up. (2) Income funds (non-liquid debt funds) show a precipitous decline of -35% YoY but have eked out a 2.6% rise QoQ. (3) We maintain ‘BUY’ rating on UTI with a revised price target of Rs 900.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To UTI Asset Management Co.

Recommendation: BUY

CMP: Rs 726

Target Price: Rs 900

Potential Return: +24%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Stove Kraft Ltd

 STOVEKRAFT has delivered lower than expected revenue growth, however its performance was much better than its peers where the like of TTK prestige and Butterfly has reported revenue decline. The company is on track to achieve its guidance of strong double-digit growth for FY23. In 9MFY23 company has added about 42,540 touch points. STOVEKRA has opened its brand store which is company owned and company operated in Bangalore and has now taken the count to 19. It is expecting to take store count to 40 in next 12-18 months. We continue to maintain BUY as current risk-reward has turned favorable and there is significant upside from current levels. We maintain BUY rating with TP of Rs714 valuing the company at 25x FY24E EPS.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Stove Kraft Ltd

Recommendation: BUY

CMP: Rs 526

Target Price: Rs 714

Potential Return: +35.8%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Ujjivan Small Finance Bank

We raise our earnings estimates by 35%/20% for FY23/24 on much stronger-than-expected operational delivery in Q3 FY23 and encouraging medium-term commentary on asset quality, growth, loans/deposits pricing flexibility and cost metric. While FY23 will be an exceptionally profitable year due to lower-than-usual credit cost and higher-than-usual bad debts recovery, we estimate the bank to deliver 18-20% RoE even under normalized circumstances. Expect stock to re-rate further; we maintain BUY with revised 12m PT of Rs45. Valuation is quite attractive at 5.7x P/E and 1.1x P/ABV on FY24 estimates.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Ujjivan Small Finance Bank

Recommendation: BUY

CMP: Rs 30

Target Price: Rs 45

Potential Return: +51.7%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Orient Cement

Given the 9MFY23 volume performance of 4MT, we believe ORCMNT is on track to achieve our volume estimate to 5.5MT (v/s management guidance 5.8MT) for FY23E. Ongoing expansion project of 3MTPA in Maharashtra & Telangana would take total capacity to 11.5MTPA by FY24-25E. Ongoing expansion will enhance the access to Chhattisgarh, Maharashtra & South MP markets and thereby diversify its geographical presence with higher blended sales & enabling optimization of logistic cost. ORCMNT is expected to generate a CFO of Rs11bn over FY23-25E that would aid to fund its CAPEX plans partially thereby the Net Debt is expected to peak at ~Rs9.5bn with net debt/EBITDA of ~1.1x by FY25E. We retain our BUY rating with a TP of 195, valuing the stock at 5.5x EV/EBITDA on FY25E.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Orient Cement

Recommendation: BUY

CMP: Rs 122

Target Price: Rs 195

Potential Return: +60%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Sunteck Realty

"SRIN continued its strong performance and achieved presales of Rs3.96bn and collected Rs3.04bn for the Q3FY23 and reiterated guidance of Rs18bn presales for FY23E. SRIN plans to launch one of the two projects from Kalyan or Mira Road along with the new activation in Vasai. And cumulatively till FY24E plans to launch ~7.5msf which will guide to achieve 25-30% CAGR. SRIN will continue to aggressively vouch for Business Development (BD) opportunities in next 12-18months supported by the best-in-class B/S with leverage as low as 0.14x by the end of Q3FY23. We retain ‘BUY’ rating with a revised target of Rs577/share" Yes Securities said.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation To Sunteck Realty

Recommendation: BUY

CMP: Rs 348

Target Price: Rs 577

Potential Return: +66%

Stock Market Live Updates: Top Stocks Recommended by JARVIS Invest

Based on the announcement, JARVIS, an AI-tool, extracted the sentiment from the Budget speech's highlights and gave its users recommendations for the top 10 stocks and industries listed below:

Stock Market Live Updates: Top Stocks Recommended by JARVIS Invest

The unveiling of the Union Budget for 2023–2024 had a favourable effect on Indian stocks. Participants in the stock market will, in general, value an emphasis on fiscal consolidation over mid- or short-term measures, AI-tool JARVIS maintains

"Going forward, we would advocate for the participants to keep a close tab on the mentioned levels and avoid undue risk in the market. Even though the indices are not doing much, sector churning is visible in the broader market, and hence one should focus on identifying such potential movers and trading accordingly," Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

"On the technical front, no sign of respite was seen in the index as it struggled in a tight range. The 200-day SMA is much closer now, and with the ongoing lackluster participation of the bulls, there could be a higher probability of it being tested. As far as levels are concerned, the pivotal support of 17500 remains the key support, and any breakthrough could open room for the 200 SMA, which is placed around the 17290-odd level. While on the higher end, until we decisively surpass the 17700-17800 zone, such timidity is likely to continue," Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Stock Market Live Updates: Technical & Derivatives Report by Angel One Ltd

"The Indian equity market had a bleak start on the day of weekly expiry, taking cues from the SGX Nifty and continuing its hustle throughout the day. The benchmark index Nifty50 remained in a slender range at the lower levels, followed by some volatility in the latter half of the weekly expiry session, resulting in a muted closure. The Nifty index corrected 0.03 percent from its previous day’s close and settled slightly above the 17600 level," Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

Stock Market Live Updates: S&P 500 End Higher

A more dovish-than-expected statement from Federal Reserve Chair Jerome Powell buoyed equities, and Meta Platforms shares jumped on strict cost cuts, helping the Nasdaq and S&P 500 conclude the day higher and reach about five-month highs

Stock Market Live Updates: Nikkei Opens Higher

Early trading saw the benchmark Nikkei 225 index rise 0.29 percent, or 78.97 points, to 27,481.02, while the larger Topix index dipped 0.02 percent, or 0.34 points, to 1,964.83.