Share Market Highlights Budget 2023: Share Market Highlights Budget 2023: D-Street Gives Major Cheer to Budget Announcement, Ends With Moderate Gains

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to Blue Star Ltd (BLSTR IN)

BLSTR now has made a habit of beating consensus, Q3 is the 5th quarter in row where they have delivered positive surprise. All segments have contributed to its growth with all its verticals registering strong double-digit growth. Order-inflow continues to be robust with order-book swelling to Rs48bn which has been highest ever. Execution is expected to keep pace with inflows and backlog as there is pressure on execution from its customers. We now pencil in revenue/EBITDA/PAT CAGR of 21%/29%/42% over FY22-25E. We have increased our SoTP-based PT to Rs1,521 vs earlier Rs1,370 valuing Unitary products business at 45x rolling forward our valuation multiple.

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to Blue Star Ltd (BLSTR IN)

CMP: Rs 1,228

Target Price: Rs 1,521

Potential Return: +23.9%

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to ACC Ltd (ACC IN)

ACC Ltd (ACC) reported in-line revenue of Rs45.4bn (+7% y/y & +14% q/q) largely supported by overall volume growth of +3% y/y and +12% q/q to 8MT, aided by pickup in construction activities. EBITDA/PAT came at Rs3.8/1.9bn, declined by 32/43% y/y respectively. In Q4CY22, ACC charged exceptional items of Rs791mn towards a) one time Information technology transition cost b) towards special incentives. ACC’s total cost/te came 4% below YSECe to Rs5400 (+10% y/y) softened by 7% sequentially resulting in EBITDA/te of Rs492 beat by 37% to YSECe (v/s Rs24/te in Q3CY22). At CMP stock trades at 10/7x EV/EBITDA on FY24/25E. We rolled our estimate to FY25E and arrived at a BUY rating with revised price target of Rs2488, valuing the stock at 10x EV/EBITDA on FY25E.

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to ACC Ltd (ACC IN)

CMP: Rs 1,968

Target Price: Rs 2,488

Potential Return: +26%

Share Market Live Budget 2023: Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to TTK Prestige Ltd (TTKPT IN)

TTKPT registered disappointing performance with revenue declining 9 percent. Revenue decline can be attributed to 1) shifting of Diwali festival to Q2 vs Q3 in the previous year, 2) lower demand in a high inflationary environment, 3) decline in wallet share for the kitchen, and 4) Lower pick-up in inventory by the dealers. Gross margins have seen sequential expansion; however, the expansion was lower than expected as the company is still holding high costs inventory. We expect FY22-25E normalized growth trajectory of 9% revenue CAGR. With margins also expected to reach 15.3% by FY25, we estimate FY22-25E EBITDA and PAT CAGR of 7.5% each respectively. We continue to value the company at 40x FY24 EPS and arrive at a revised PT of Rs987 to maintain BUY.

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to TTK Prestige Ltd (TTKPT IN)

CMP: Rs 781

Target Price: Rs 987

Potential Return: +26.3%

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to Max Financial Services Ltd (MAXF IN)

The Smart Wealth Advantage Guaranteed (SWAG) product had a standout launch. (2) The growth of the key Banca channel continues to look optically weak on a YoY basis while a sequential recovery ensues. (3) We maintain ‘BUY’ rating on MAXF with a revised price target of Rs 1075.

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to Max Financial Services Ltd (MAXF IN)

CMP: Rs 836

Target Price: Rs 1,075

Potential Return: +29%

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to Greenpanel Industries Ltd (GREENP IN)

We believe, MDF industry will continue to grow at CAGR of 15-20% for next-5 years & GREENP will be one of the biggest beneficiaries of the same. Factoring the import threat & rising domestic competition, we have revised our revenue & margins expectations for FY24E. At CMP, we believe the stock is available at lucrative valuations of P/E(x) of 14.5x on FY24E EPS & major headwinds seems to be factored. Hence though we have revised our FY24E earnings downwards by 16%, we retain our BUY rating on the stock.

Share Market Live Budget 2023: Yes Securities gives BUY Recommendation to Greenpanel Industries Ltd (GREENP IN)

CMP: Rs 324

Target Price: Rs 445

Potential Return: +38%

Share Market Live Budget 2023: Yes Securities Gives BUY Recommendation to SRF Ltd (SRF IN)

SRF’s 3QFY23 Ebitda at Rs 8.3bn (-5% YoY; +8% QoQ), stood in-line with our and street estimates, with broader earning trends in-line with expectations. In the 9M period the operating earnings have grown by 25% YoY, driven by CB segment. Over 3QFY23, CB revenue at Rs 17.6bn registered a growth of 23% YoY, driven by demand traction for both specialty chemicals and fluorochemicals, helping offset 6% YoY lower PFB revenue at Rs 12bn and 21% YoY lower TTB revenue at Rs 4.3bn. While weaker demand for nylon tyre chord fabric impacted TTB revenues; start of new BOPET & BOPP lines in India and globally led to drop in PFB revenues. Continued investment towards capacity addition in CB, along with introduction of new product lines in specialty chemicals and fluoropolymers are likely to maintain earnings growth CAGR of ~ 20% for SRF. Maintain BUY.

Share Market Live Budget 2023: Yes Securities Gives BUY Recommendation to SRF Ltd (SRF IN)

CMP: Rs 2,182

Target Price: Rs 3,195

Potential Return: +46.4%

Share Market Live Budget 2023: Yes Securities Gives BUY Recommendation to Indian Oil Corp. Limited

IOCL’s 3QFY23 reported Ebitda at Rs 35.9bn (-62% YoY; +83% QoQ), missed our and street estimates, primarily on weaker than estimated reported GRM at USD 12.9/bbl. The adjusted (for inventory loss) core GRM asper our estimates stood at ~USD 17.4/bbl. Correction in crude oil and product prices during the quarter, resulted in plausible inventory losses, weighing on reported GRMs. Retail marketing margins on Petrol and Diesel, however improved QoQ to Rs 10/ltr (2Q: Rs (0.04)/liter) and Rs (5)-(6)/ltr, (2Q: Rs (12)/ltr), which in our assessment was offset partially by marketing inventory losses. IOCL 9M operating profit nevertheless remains in black, despite the challenging operating environment 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 BUY with a TP of Rs 120/sh.

Share Market Live Budget 2023: Yes Securities Gives BUY Recommendation to Indian Oil Corp. Limited

CMP: Rs 82

Target Price: Rs 120

Potential Return: +46%

Share Market Live Budget 2023: Anand Rathi Gives BUY Rating to Axis Bank Limited

Given the healthy asset mix, liability strength, adequate capital, and superior customer profile, we believe the bank is poised to face near-term challenges and benefit in the phase of normalization. We continue to remain positive on the company and maintain our BUY rating on the stock with a target price of Rs.1,100 per share.

Share Market Live Budget 2023: Anand Rathi Gives BUY Rating to Axis Bank Limited

CMP: Rs.871  

Target Price: Rs.1,100  
 
Nifty 500: 14,936  

Share Market Live Budget 2023: Anand Rathi Gives BUY Rating to SONA BLW Precision Forgings

We remain positive on the stock and expect good growth in long term supported by revenue visibility from Order book, increasing EV penetration and companies focus on BEV portfolio. We maintain BUY rating on the stock with a target price of Rs.630 per share.  

Share market LIVE Budget 2023: Anand Rathi Gives BUY Rating to SONA BLW Precision Forgings

CMP: Rs.450 
 
Target: Rs.630
 
Nifty 500: 14,935

Rupee rises 10 paise to 81.78 against US dollar in early trade
 

Share market LIVE Budget 2023: Markets Open in Green Ahead of Budget Presentation

Sensex opens in green, currently up by 437.32 points and trading at 59,987.22

Share market LIVE Budget 2023: Anand Rathi Gives BUY Rating to Route Mobile Ltd

The company's clear growth strategy, deep customer focus and robust technology platform are tuned to deliver strong and sustainable performance year after year. We have revised our EPS estimates, We believe as the company is invested in Chile, Mexico, and Brazil which is key market growth for Route mobile within Latin will be going to benefit from FY23 onwards. We remain positive on medium-term growth prospects; its trading at 27x FY24E EPS. We maintain ‘BUY’ rating on the stock with revised TP of Rs.1,644, says brokerage Anand Rathi 

Share market LIVE Budget 2023: Anand Rathi Gives BUY Rating to Route Mobile Ltd

CMP: Rs.1,230  
 
Target Price: Rs.1,644 
 
Nifty 500: 14,935 

Share market LIVE Budget 2023: Asian Markets Steady

Asia's stockmarkets steadied on Wednesday, with signs of a slowdown in U.S. wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes at its meeting later in the day

Share market LIVE Budget 2023: Wall Street Indexes Rally

Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed's preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year

Share market LIVE Budget 2023: Fed to Announce its Rate Decision today

The Fed will announce its rate decision at 1900 GMT, followed by a news conference with Chair Jerome Powell half an hour later. Interest-rate markets have priced in a slowdown in the cracking pace of rate hikes, with a 25 basis point hike seen bringing the Fed funds rate target range to 4.5-4.75%. Barring surprises, the focus will be on Powell's tone. The market is trying to gauge whether he foreshadows an endpoint for hikes in the near future, as well as whether he pushes back on market pricing for rate cuts beginning as soon as the second half of this year

Share market LIVE Budget 2023: Currency Trade in a Holding Pattern 

Currency trade has been in a holding pattern ahead of the Fed and Bank of England and European Central Bank meetings that follow on Thursday. But the U.S. wages data wiped out some small dollar gains made earlier this week amid some nerves that the Fed sticks to its hawkish stance

Share market LIVE Budget 2023: Currency Trade in a Holding Pattern 

The dollar dropped for a fourth straight month in January, and lost 1.5% on the euro and 0.8% on the yen . Both pairs were steady in early Asia trade, with the euro at $1.0860 and the dollar buying 129.91 yen. The Australian dollar , which gained 3.5% through January, took a breather at $0.7052

Share market LIVE Budget 2023: US Treasuries Firmer in Asia

US treasuries were cautiously firmer in Asia, with benchmark 10-year yields down 2 bps to 3.5105%. S&P 500 futures fell 0.3%. Solid earnings also lifted Wall Street and the mood overnight, even as company executives struck a cautious tone as many firms brace for an expected economic slowdown

Share market LIVE Budget 2023: Oil, Brent Crude Futures up

In commodity markets, optimism for demand supported oil prices and Brent crude futures were up 0.23% to $85.67 a barrel. Gold , which rallied on the dollar's weakness through January, paused at $1,927 an ounce