Stock Market Highlights: Sensex, Nifty tumble over 1% on selling in banking shares

Stock Market Live Updates: Rupee Appreciates Against USD

The rupee appreciated 8 paise to close at 81.53 (provisional) against the US dollar on Friday amid a firm American currency against major rivals overseas

Stock Market Live Updates: Rupee Appreciates Against USD

Heavy selling pressure in the domestic equity markets and unabated foreign fund outflows restricted the gains in the local currency, forex traders said. At the interbank foreign exchange market, the rupee opened stronger at 81.51 to a dollar. The local unit moved in the range of 81.50 to 81.67 during the day. It finally settled at 81.53, a rise of 8 paise against the previous close of 81.61

Stock Market Live Updates: Brent Crude Trading Higher

Brent crude was trading 1.19 per cent higher at USD 88.51 per barrel

Stock Market Live Updates: Sensex, Nifty tank

On the domestic equity market front, the 30-share BSE Sensex tanked 874.16 points or 1.45 per cent to end at 59,330.90. Similarly, the broader NSE Nifty declined 287.60 points or 1.61 per cent to 17,604.35

Stock Market Live Updates: FIIs Net Sellers 

Foreign Institutional Investors (FIIs) remained net sellers in the capital market on Wednesday as they sold shares worth Rs 2,393.94 crore, according to exchange data

Stock Market Live Updates: REDUCE Recommendations for Torrent Pharma

We raise domestic estimates incorporating Curatio and slightly better core business growth (overall 12% from 11%) and better traction in other export markets based on Q3 performance. Margin levers in the form cost synergy from Curatio acquisition, lower freight expenses exist, and we expect OPM to improve and hover around 32% mark in FY24 on back of ~10% topline growth. Continue with our expectation of a lack of margin surprise coupled with steady growth; Reduce stays with unchanged 35x FY24 EPS and revised TP Rs1,600 (earlier Rs1,500) as we raise FY23/24 estimates by 5-7%.

Stock Market Live Updates: REDUCE Recommendations for Torrent Pharma

Recommendation: REDUCE

CMP: Rs 1,558

Target Price: Rs 1,600

Potential Return: +3%

Stock Market Live Updates: Sluggish demand impacts performance: growth momentum set to resume; upgrade to Neutral

Revenue growth has been below expectation as consumer electronics, Lighting and Mobiles phones key verticals for the company has seen steep decline. We however upgrade the stock to Neutral as stock has already corrected sharply and Strong growth momentum is expected to resume as 1) Order book across the categories continues to remain healthy; 2) New capacities have started commercial production; 3) Revenues from new product categories like wearables and refrigerators will drive incremental growth; 4) New JV in, Wearables and Telecom products will add further growth levers. 5) Lighting exports has started in Q3 with order from UAE and has got additional orders. We roll froward our valuation multiple and now value the company at 40x vs 50x earlier as there could be downside risk if the demand environment remains sluggish for extended period.

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Dixon Technologies Ltd 

Recommendation: NEUTRAL

CMP: Rs 3,365

Target Price: Rs 3,506

Potential Return: +4.2%

Stock Market Live Updates: Market Share Loss Drags Revenue; Maintain Neutral Recommendation to Johnson Controls‐Hitachi Air Conditioning

JCHAC has once again registered poor set of performance with revenue coming significantly below ours and consensus estimates. Gross margin although has improved on sequential basis, it remains significantly below it normalized margin. We feel that this gross margin contraction is on account of intense competition in RAC space where other companies have become super aggressive. JCHAC has been losing market share as well as margins in this super competitive environment. We have revised our estimated downwards and now expect FY22-25E revenue/EBITDA/PAT CAGR of 17%/32%/91% on the lower base. Given the headwinds company is facing, we continue to remain Neutral the stock with a revised PT of Rs1,149 now valuing it at 35x rolling forward valuation multiple.

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Johnson Controls‐Hitachi Air Conditioning 

Recommendation: NEUTRAL

CMP: Rs 1,101

Target Price: Rs 1,149

Potential Return: +4.4%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Nazara Technologies Ltd

Nazara Technologies (NAZARA) reported mixed financial performance for the quarter. While, sequential revenue growth was ahead of estimates; EBITDA margin came in slightly below expectation. It reported sequential revenue growth of 19.3% QoQ, led by 11.6% QoQ increase in revenue of esports (contributing 48% to revenue) and 34.4% QoQ increase in the revenue of Gamified Early Learning. There was sequential increase in EBITDA margin (up 165 bps QoQ) led by control on marketing cost. The business remains profitable as it generated PAT of Rs 181mn for the quarter. We maintain our NEUTRAL rating on the stock with revised target price of Rs 658/share based on EV/EBITDA of 18x on FY24E.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Nazara Technologies Ltd 

Recommendation: NEUTRAL

CMP: Rs 607

Target Price: Rs 658

Potential Return: +8%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Indus Towers Ltd

Indus Towers (INDUSTOW) reported sequentially weak performance for the quarter. While adjusted revenue growth was broadly inline with estimates; EBITDA margin was below expectation. It reported decline in revenue by 15.1% QoQ, as Q2FY23 revenue included Rs 11bn of deferred revenue. There was sequential decline in EBITDA margin (down 1777 bps QoQ) led by provision on doubtful debts of Rs 22bn for the quarter. Average sharing factor for the quarter was flat at 1.80x. We maintain our ADD rating on the stock with revised target price of Rs 180/share based on PER of 9x on FY24E.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Indus Towers Ltd

Recommendation: ADD

CMP: Rs 158

Target Price: Rs 180

Potential Return: +14.0%

 Stock Market Live Updates:  Initiated with BUY in March 2022, INBK nearly doubles, Maintain ADD

(1) While there were some restructured book slippages, these were under control in the overall context. (2) Continued asset repricing, favourable business mix change and lower interest reversals all contributed to material sequential margin expansion. (3) Sequential loan growth was driven by retail loans, with healthy contribution from non-home loan categories, while deposit growth was a concern. (4) We maintain ‘Add’ rating on INBK with a revised price target of Rs 345.

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Indian Bank Ltd

Recommendation: ADD

CMP: Rs 292

Target Price: Rs 345

Potential Return: +18%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to CEAT

CEAT 3QFY23 results were better than estimates as consol gross margins expansion of 200bp QoQ at 34.5% (est 33%) surprised positively. This was led by ~4% decline in blended RM basket QoQ and price hikes. On S/A basis while volumes declined ~6.5% QoQ, ASPs grew 0.5% QoQ. YoY basis large volume growth was led by OEMs while exports/replacement have been weak QoQ. We believe, with stability in key RM prices (such as NR and crude) and aggressive price hikes (management hinted at up to ~1-1.5% blended price hike likely in Nov v/s 4% in 2Q) to help margins expansion QoQ. Going forward, focus on high margin segments such as exports and OHT over TBR (being a low ROCE biz) to aid volumes and margins.  We maintain BUY target with TP of Rs1,917 (v/s 1819 earlier).

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to CEAT Ltd

Recommendation: BUY

CMP: Rs 1,585

Target Price: Rs 1,917

Potential Return: +21%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Indoco Remedies

Recommendation: BUY

CMP: Rs 352

Target Price: Rs 430

Potential Return: +22%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Home First Finance Company

Key highlights of this consistently robust performance were a) stronger-than-expected disbursements/AUM growth, b) moderated BT Out, c) adeptly managed portfolio spread, d) benign credit cost on improvement in delinquency buckets and e) enhancement of Stage-3 coverage. RoA was sustained at an elevated level of 3.8% and RoE further rose to 13.7%. Trajectory of portfolio spread compression would be a key monitorable from hereon, but loan growth and asset quality would stay resilient in our view. Our FY23/24 earnings estimates have seen an upgrade of 3-4%, mainly on raising of loan growth assumptions. We estimate RoA delivery of avg 3.5% over FY23-25 with RoE surpassing 15% in FY25. Consistent strong execution on growth and asset quality underscores our conviction on Home First. We have a BUY rating on the stock with 12m PT of Rs1,030. Stock trades at 3x/20x PABV/PE on FY25 estimates.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Home First Finance Company

Recommendation: BUY

CMP: Rs 794

Target Price: Rs 1,030

Potential Return: +29.9%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Bajaj Auto

BJAUT’s 3QFY23 results were better than expected as EBITDA/adj.PAT beat our/consensus estimates by 14.5%/8%. This was led by sharp 280bp QoQ (+410bp) expansion in gross margins at 29.4% (est 27.6%). With large of RM benefit now part of P&L (~70% gross margins expansion was led by RM softening), we expect the same to stabilize ahead. ASPs continue to grow for the fourth consecutive quarter by healthy 6.9% QoQ at record Rs94.7k/unit led by + fx, higher spares sales and favorable mix. Overall demand outlook remain mix as 1) domestic 2W volumes recovery continues to remain hopeful, 2) exports near-term volumes to see recovery in dispatches but retails to be weak led by currency headwinds in key African markets, 3) 3W volumes expected to recover in near term but to normalize post restocking. We maintain BUY with TP of Rs4,438 (v/s Rs4,355 earlier) at 17x Sep’24 EPS.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Bajaj Auto

Recommendation: BUY

CMP: Rs 3,717

Target Price: Rs 4,438

Potential Return: +19.4%

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Tata Motors

TTMT’s 3QFY23 results were beat across parameters led by better than expected performance at JLR (EBITDA margins at 11.9% v/s est 10.4%), domestic CV at 8.4% (+340bp QoQ) and PV at 6.9% (+150bp QoQ). JLR performance was better led by better than estimated ASPs and gross margins. The key positive from JLR results is 1) its EBIT margins continued be positive at 3.7% (v/s 1% in 2QFY23 and -4.4% in 1QFY23), 2) expect 4QFY23 wholesales to be better than 3QFY23 led by healthy orderbook, 3) positive FCF at GBP490m (v/s  -GBP782m in 1HFY23) and guides for FCF breakeven in FY23, 4) not seeing major cuts in demand of premium PVs globally yet, indicating gradual volume ramp-up ahead. We maintain BUY with TP of Rs520 (v/s Rs504 earlier), brokerage Yes Securities said.

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Tata Motors

Recommendation: BUY

CMP: Rs 419

Target Price: Rs 520

Potential Return: +24%

Stock Market Live Updates: Sensex Declined by 578 points in early trade

The 30-share BSE Sensex declined by 578.19 points to 59,626.87 while the broader Nifty fell 144.7 points to 17,747.25 in early trade. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth Rs 2,393.94 crore, according to exchange data.

Stock Market Live Updates: Brent Crude Trading Higher

Brent crude was trading 0.34 per cent higher at USD 87.77 per barrel. The Joint Ministerial Monitoring Committee of OPEC will meet next week to take a call on the output and full meeting of the cartel and allies.

Stock Market Live Updates: Rupee Appreciated by 9 Paise 

The rupee moved in a range of 81.50 to 81.58 in early trade. It was trading at 81.52 to a dollar at 0940 hours.
Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, edged up 0.08 per cent to 101.92.

Stock Market Live Updates: Rupee Appreciated by 9 Paise 

The rupee appreciated by 9 paise to 81.52 against the US currency in early trade on Friday as crude oil prices were little changed ahead of the oil cartel OPEC's meeting. At the interbank foreign exchange market, the rupee opened higher at 81.51 against the previous close of 81.61 on Wednesday. The money markets were closed on Thursday for the Republic Day holiday.

Stock Market Live Updates: Wall Street ended a choppy session higher 

Wall Street ended a choppy session higher on Thursday as investors grappled with an onslaught of economic data and a string of mixed corporate earnings, while eyeing the clock as it ticks down toward next week's Federal Reserve monetary policy meeting. The Dow gained six-tenths of a percent, the S&P rose 1.1% and the Nasdaq jumped nearly 1.8%.