Vinod Nair, Head of Research at Geojit Financial Services
The domestic market continued its rally as recent Q4 results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile.
The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP versus 4.4% in Q3.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets managed to end higher in a range bound session, in continuation to the prevailing trend. After the flat start, it oscillated in a narrow range and settled around the upper band to close at 18,633.85 levels. Meanwhile, sectoral indices traded mixed wherein banking, financials and FMCG were in the limelight while metal, pharma and auto ended lower. The broader indices continued their gaining streak and settled marginally in the green.
Markets are gradually inching towards the record high however mixed global cues are capping the momentum. We feel the scenario may continue and that may keep the traders guessing on the sustainability of the trend. Having said that, traders should maintain a positive tone till Nifty holds 18,250 and proactively manage their positions.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Due to absence of cues from the US markets which were shut on Monday, local stocks witnessed cautious optimism with selective buying in banking and IT stocks. However, weakness in metals and oil & gas stocks limited the uptick. Investors are also awaiting the US debt agreement deal on Wednesday, as its outcome would determine the market direction in the near to medium term.
Technically, on the daily chart, the Nifty has formed a small body candle which clearly suggests the indecisiveness between bulls and bears. The intraday formation is also suggesting the continuation of a range bound activity in the near future.
For bulls, 18665 would be the immediate breakout level, above which the market could rally till 18725-18750. On the flip side, below 18550, selling pressure is likely to accelerate till 18500-18475.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:
The Nifty witnessed a day of consolidation today and managed to close the day on a positive note, up ~35 points. On the daily charts, we can observe that after a sharp upmove, the Nifty is witnessing consolidation which is a bullish sign. During this range-bound price action, it will prepare a base for itself and set the stage for the next leg of the upmove.
The hourly momentum indicator still has a negative crossover which points out that the consolidation is still not over, and it could lead to a rangebound price action over the next few trading sessions. In case of a huge gap up, it is unlikely to sustain at higher levels without the support from the momentum indicator.
Overall, the uptrend is intact, and this consolidation shall provide an opportunity for initiating fresh long positions. In terms of levels, 18705 – 18735 shall act as the immediate hurdle zone, while 18570 – 18500 is the crucial support zone from a short-term perspective.
Ameya Ranadive, Equity Research Analyst at Choice Broking
Equity benchmark indices extended their winning streak for the fourth consecutive day on Tuesday, bolstered by a steady influx of foreign funds.
Despite facing volatility throughout the day, the Nifty managed to close above the 18600 level. In contrast, the trend remained unclear for the majority of the trading session. Meanwhile, the Bank Nifty closed above the 44400 mark, achieving consecutive all-time highs over the past two days.
Looking ahead, both benchmark indices are expected to undergo a slight consolidation phase or witness some profit booking. The Nifty has crucial support levels at 18500-18450, while potential resistance can be anticipated at 18700-18750 levels. Similarly, for the Bank Nifty, support is situated at 44100, whereas resistance levels are projected at 44750-44800.
Rupee Close:
Indian rupee ended lower at 82.71 per dollar against previous close of 82.63.
Market Close:
In the volatile session on May 30 the benchmark indices ended on a positive note with Nifty above 18,600.
At close, the Sensex was up 122.75 points or 0.20% at 62,969.13, and the Nifty was up 35.10 points or 0.19% at 18,633.80. About 1640 shares advanced, 1766 shares declined, and 112 shares unchanged.
Top gainers on the Nifty were Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, HCL Technologies and HDFC Life and losers were Hindalco Industries, Adani Enterprises, Tech Mahindra, Tata Steel and Sun Pharma.
Selling was seen in the auto, energy, pharma and metal names, while buying witnessed in the bank, capital goods, FMCG and information technology names.
The BSE midcap and smallcap indices ended with marginal gains.
S Ranganathan, Head of Research at LKP Securities
On a day when the Volatility Index dropped below 12, it was an eventful trading session today as the month of May has witnessed cash market volumes surging towards a six-month high as the return of FII's pepped up domestic investors in search of Alpha in a month which defied the usual ' Sell in May and Go Away ' rhetoric.
As markets shrugged away inflation, supply-chain disruptions and a slowdown in certain discretionary spends, buoyant FII inflows of Rs 450 billion since April has powered the Bank Nifty to its yearly-high today ahead of the MSCI rejig tomorrow. The sight of 63K on the BSE Sensex today was indeed music to Bulls who made Hay in May.
Investec View On ICICI Lombard General Insurance Company
-Buy rating, target at Rs 1,570 per share
-ICICI Bank board approves to increase stake above 50% in company
-Bank would need to acquire at least 2.5% stake to classify ICICI Lombard as subsidiary
-Stake increase would be subject to RBI approval
-Material positive for Lombard as it will remove a key technical hangover
-The stock trades at 23x FY25E P/E
ICICI Lombard General Insurance Company was quoting at Rs 1,183.85, down Rs 6.50, or 0.55 percent on the BSE.
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| AIA Engineering | 3033.00 | 3033.00 | 2,978.00 |
| Aurobindo Pharm | 654.95 | 654.95 | 652.65 |
| Power Finance | 181.30 | 181.30 | 181.15 |
| Ramco Cements | 919.50 | 919.50 | 919.50 |
| Equitas Bank | 89.40 | 89.40 | 87.95 |
| IDFC | 99.15 | 99.15 | 98.88 |
| J. K. Cement | 3288.90 | 3288.90 | 3,177.40 |
| Interglobe Avi | 2412.00 | 2412.00 | 2,372.00 |
| IDFC First Bank | 71.85 | 71.85 | 71.59 |
| Sundram | 1099.15 | 1099.15 | 1,098.60 |
Apollo Hospitals Enterprises Q4 Results
Apollo Hospitals Enterprises has posted 50.5% jump in its Q4 Net Profit at Rs 146 crore against Rs 97 crore and revenue was up 21.3% at Rs 4,302.2 crore versus Rs 3,546.4 crore, YoY
Apollo Hospitals Enterprises was quoting at Rs 4,600.30, down Rs 45.80, or 0.99 percent.
Apollo Micro Systems board approves Rs 200-crore fund raising plan
Apollo Micro Systems Ltd (AMSL) is looking to raise Rs 200 crore to execute its expansion plans through acquisition route.
A decision on the fund raising plan was approved by the board of directors at its meeting on Monday.
The board also approved appointment of Sudarshan Chiluveru, the Chief Financial Officer (CFO), as the Compliance Officer officer of the company with effect from June 1, 2023.
Morgan Stanley view on Bajaj Finance
-Overweight rating, target at Rs 8,500 per share
-Update risk reward for Bajaj Finance
-Roll forward our scenario valuation by six months to March, 2024
-Scenario values see an increase of 6%, earnings estimates are unchanged
-Healthy loan growth, strong earnings momentum, P/BV & P/E below mean
Market at 3 PM
Benchmark indices erased all the intraday losses and trading near the day's high.
The Sensex was up 119.61 points or 0.19% at 62,965.99, and the Nifty was up 37.50 points or 0.20% at 18,636.20. About 1502 shares advanced, 1722 shares declined, and 108 shares unchanged.
NMDC fixes Lump Ore, Fines prices; shares gain
NMDC has fixed Lump Ore prices (65.5%, 6-40mm) at Rs 3,900 per ton and Fines prices (64%-10mm) at Rs 3,560 per ton.
NMDC was quoting at Rs 107.35, up Rs 0.50, or 0.47 percent.
Sharekhan maintains buy on Info Edge, target Rs 4,876
Despite the tepidness in IT hiring the company continues to show resilience in Recruitment Solutions aided by non-IT hiring. The company is also witnessing greater traction in its real estate verticals and is therefore able to maintain its leadership position in these verticals.
Broking house expect sales and PAT to grow at 14%/15% CAGR respectively for FY23-FY25E.
It maintains ‘Buy’ on Info Edge with a revised SOTP based Price Target (PT) of Rs 4,876 (the increase in PT reflects rollover of valuation multiple to FY25E earnings) given the strong traction in non-IT hiring, growth momentum across 99acres.com and Shiksha.com and trimming of losses across other investments.
Expect Rupee to trade with a slight negative bias in the near term: Anuj Choudhary - Research Analyst, Sharekhan by BNP Paribas
Indian Rupee depreciated today on strong US Dollar and surge in crude oil prices. However, positive domestic markets and FII inflows cushioned the downside. US Dollar gained amid optimism in the US markets over the debt ceiling deal and hawkish statements from most Fed officials.
We expect Rupee to trade with a slight negative bias in the near term on strong Dollar and expectations of a 25-bps rate hike by US Federal Reserve. However, improved global risk sentiments may prevent sharp downside in Rupee and may also dent safe haven appeal for Dollar. Any intervention by the central bank may also support Rupee.
Investors may remain cautious ahead of India’s fiscal deficit, GDP and manufacturing PMI data. Traders may also remain cautious ahead of from ISM manufacturing PMI and non-farm payrolls from US this week. We expect USDINR spot to trade in between 82.20 to 83.20 in the near term.
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| AIA Engineering | 3,010.95 | 3,020.00 2,789.25 | 7.95% |
| Birla Corp | 1,086.40 | 1,088.00 1,016.05 | 6.92% |
| RBL Bank | 162.70 | 162.85 152.95 | 6.37% |
| TCI Express | 1,613.65 | 1,645.00 1,521.00 | 6.09% |
| Aurobindo Pharm | 646.55 | 654.95 611.25 | 5.78% |
| Kalpataru Power | 512.75 | 529.95 485.00 | 5.72% |
| Privi Special | 1,100.00 | 1,109.35 1,043.85 | 5.38% |
| HLE Glascoat | 624.90 | 626.40 594.05 | 5.19% |
| Suzlon Energy | 10.73 | 10.74 10.22 | 4.99% |
| Hikal | 310.20 | 319.50 296.10 | 4.76% |
EID Parry Q4 results:
EID Parry has posted 41 percent fall in its Q4FY23 net profit at Rs 178.9 crore against Rs 303 crore and revenue was up 21.1% at Rs 6,860.3 crore versus Rs 5,665.8 crore, YoY.
Mawana Sugars Q4 earnings
The company reported 67.5 percent jump in its Q4 net profit at Rs 52.1 crore versus Rs 31.1 crore and revenue was up 19.1% at Rs 350.3 crore versus Rs 294.1 crore, YoY.
Arvind Fashions Q4 net profit up 27% YoY
Net profit up 27.2% at Rs 28.5 cr Vs Rs 22 cr (YoY)
Revenue up 24.4% at Rs 1,140 cr Vs Rs 916.7 cr (YoY)
EBITDA up 69.2% at Rs 124 cr Vs Rs 73.3 cr (YoY)
Margin at 11% Vs 8% (YoY)
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Jubilant Pharmo | 332.85 | -7.15 | 828.87k |
| Campus Active | 336.00 | -6.35 | 1.19m |
| Vedanta | 285.10 | -5.08 | 12.58m |
| Rail Vikas | 115.55 | -4.98 | 20.69m |
| Ceat | 1,933.30 | -4.52 | 325.72k |
| NIIT | 386.50 | -3.38 | 701.31k |
| NOCIL | 214.60 | -3.22 | 512.97k |
| Rattanindia Ent | 37.70 | -3.21 | 864.06k |
| Jindal Stainles | 282.80 | -2.83 | 273.92k |
| Info Edge | 4,089.05 | -2.81 | 354.27k |
Lux Ind Q4 net profit down 58% YoY
Net profit down 57.7% at Rs 31.2 cr Vs Rs 74 cr (YoY)
Revenue up 21.9% at Rs 715.2 cr Vs Rs 586.9 cr (YoY)
EBITDA down 60.5% at Rs 42.2 cr Vs Rs 106.9 cr (YoY)
Margin at 5.9% Vs 18.2% (YoY)
V-Guard Q4 net profit down 41% YoY
Net profit down 41.2% at Rs 52.7 cr Vs Rs 90 cr (YoY)
Revenue up 7.6% at Rs 1,140.1 cr Vs Rs 1,059.2 cr (YoY)
EBITDA down 11.9% at Rs 98.6 cr Vs Rs 111.9 cr (YoY)
Margin at 8.6% Vs 10.6% (YoY)
Heranba Ind net profit fell 66% YoY in March quarter
Net profit down 66.4% at Rs 14.3 cr Vs Rs 43 cr (YoY)
Revenue down 26.0% at Rs 259 cr Vs Rs 350.1 cr (YoY)
EBITDA down 63.5% at Rs 22.8 cr Vs Rs 62.5 cr (YoY)
Margin at 8.8% Vs 17.8% (YoY)
Munjal Showa net profit up 200% YoY in March quarter
Net profit at Rs 21.2 cr Vs Rs 7 cr (YoY)
Revenue up 0.9% at Rs 298.8 cr Vs Rs 296.2 cr (YoY)
EBITDA up 82.2% at Rs 16.4 cr Vs Rs 9 cr (YoY)
Margin at 5.5% Vs 3.0% (YoY)
Market at 2 PM
The Sensex was up 31.61 points or 0.05% at 62,877.99, and the Nifty was up 12.20 points or 0.07% at 18,610.90. About 1513 shares advanced, 1689 shares declined, and 104 shares unchanged.
3M India Q4 results:
3M India has posted 22.4 percent jump in its Q4 net profit at Rs 135.7 crore versus Rs 111 crore and revenue was up 13% at Rs 1,046 crore versus Rs 925.6 crore, YoY
3M India was quoting at Rs 24,470, up Rs 340.35, or 1.41 percent.
Marksans Pharma Q4:
Marksans Pharma has posted net profit at Rs 81.9 crore versus Rs 28.1 crore and revenue was up 16.3% at Rs 486 crore versus Rs 418 crore, YoY
Morgan Stanley View On Reliance Industries
-Energy vertical is key to keeping net debt/EBITDA below one
-Company invests USD 17 billion annually in chemicals, telecoms, new energy and retail
-Monthly margin tracker points to O2C margin recovery despite volatility in fuel margin
-Chemicals to drive an EPS upgrade cycle
Landmark Cars hits 52-week high as Q4 jumps 28% at Rs 24 crore
Landmark Cars has posted 28.3 percent jump in its Q4 net profit at Rs 24 crore against Rs 18.7 crore and revenue was up 17.5% at Rs 854 crore versus Rs 727 crore, YoY.
Landmark Cars was quoting at Rs 715.95, up Rs 16.15, or 2.31 percent and touched a 52-week high of Rs 731.
| Company | CMP | Chg(%) | 30 SMA |
|---|---|---|---|
| Precision | 38.4 | 18.78 | 32.33 |
| Venus Remedies | 236.75 | 18.51 | 199.78 |
| Dilip Buildcon | 202.95 | 16.04 | 174.9 |
| Paisalo Digital | 56.6 | 9.44 | 51.72 |
| Assoc Alcohol | 391.5 | 7.26 | 365 |
| Vineet Lab | 50.45 | 6.66 | 47.3 |
| Coastal Corp | 214.45 | 5.7 | 202.89 |
| Hikal | 309.9 | 5.31 | 294.28 |
| Dynemic Product | 328.2 | 4.3 | 314.67 |
| Delta | 78.5 | 3.7 | 75.7 |
Elara Capital maintains reduce rating on ONGC, raise target price to Rs 153
Elara Capital marginally raise target price to Rs 153 (from Rs 144) on revised long-term crude realization at USD 64/bbl (from USD 60/bbl) and lower net debt post adjustment for FY23 reported financials.
Broking house maintained reduce due to lower possibility of earnings growth on capping of domestic natural gas prices and crude oil realization.
Value oil & gas reserves on EV/boe of USD 2.4 (from USD 2.3).
Block deal of 22,32,081 shares of Zomato at Rs 68.1 per share for Rs 15.2 crore
Zomato was quoting at Rs 67.90, up Rs 0.82, or 1.22 percent.
Kotak Institutional Equities on Aurobindo Pharma
-Add rating, target at Rs 625 per share
-Company delivered a healthy 4QFY23, operationally in-line with estimates
-Company is guiding for improved traction in both oral solids as well as injectable in FY24
-Company is coupled with moderation in input costs
-Expect moderation to lead to strong EBITDA margin expansion in FY24
-Expect company to deliver an EBITDA CAGR of 15% over FY23-26
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY 50 | 18612.00 0.07 | 2.80 1.44 | 3.03 11.71 |
| NIFTY BANK | 44306.80 -0.01 | 3.07 0.80 | 2.48 23.67 |
| NIFTY Midcap 100 | 33582.95 0.1 | 6.58 1.88 | 5.62 18.56 |
| NIFTY Smallcap 100 | 10057.85 0.17 | 3.36 1.10 | 3.98 10.58 |
| NIFTY NEXT 50 | 41960.25 0.08 | -0.54 2.32 | 6.19 7.74 |
Guj Info Petro partners with Route Mobile to enable Gujarat SSC results on WhatsApp
uj Info Petro has partnered with Route Mobile to enable SSC (10th grade) examination results over WhatsApp. Now students can simply access their result by sending their exam seat number on the official WhatsApp number. This entire WhatsApp solution has been facilitated by Route Mobile’s CPaaS platform for WhatsApp Business Messaging. Guj Info Petro is the official IT partner of the Gujarat Secondary and Higher Secondary Education Board.
Route Mobile Ltd was quoting at Rs 1,443.80, down Rs 17.45, or 1.19 percent on the BSE.
Campus Activewear Q4 profit flat at Rs 22.95 crore, revenue drops; shares fall
Campus Activewear: The footwear company's profit for March FY23 quarter came in flat at Rs 22.95 crore compared to corresponding period last fiscal, impacted by lower topline, disappointing operating numbers and higher other expenses. Revenue from operations for the quarter stood at Rs 347.7 crore, falling 1.3% compared to corresponding period last fiscal. The company said the board has appointed Sanjay Chhabra as Chief Financial Officer with effect from June 1 after Raman Chawla resigned as CFO.
Shriram Properties Q4 profit falls 76% to 15.8 crore
Realty firm Shriram Properties Ltd has reported a 76 percent decline in its consolidated net profit at Rs 15.82 crore in the quarter ended March on lower income.
Its net profit stood at Rs 64.83 crore in the year-ago period.
Total income fell to Rs 170.97 crore in the fourth quarter of last fiscal from Rs 236.5 crore in the corresponding period of the preceding year, according to a regulatory filing.
During the last fiscal, net profit jumped nearly four times to Rs 68.2 crore from Rs 18.03 crore in the previous year.
Market at 1 PM
Benchmark indices were trading flat in the volatile session.
The Sensex was up 27.26 points or 0.04percentat 62,873.64, and the Nifty was up 11.30 points or 0.06 percentat 18,610. About 1,549 shares advanced, 1,615 shares declined, and 102 shares were unchanged.
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| TCNS Clothing C | 416.40 | 416.45 410.80 | -0.01% |
| Neuland Lab | 2,729.25 | 2,729.75 2,615.20 | -0.02% |
| KPIGREEN | 497.10 | 497.30 486.50 | -0.04% |
| Jyoti Resins | 1,416.25 | 1,417.00 1,380.00 | -0.05% |
| Dodla | 517.55 | 517.80 506.95 | -0.05% |
| Manorama Indust | 1,474.00 | 1,475.00 1,435.00 | -0.07% |
| Fine Organics | 4,500.95 | 4,503.90 4,448.55 | -0.07% |
| AstraZeneca | 3,272.00 | 3,274.55 3,246.30 | -0.08% |
| RPG Life | 756.80 | 757.40 753.35 | -0.08% |
| Coromandel Int | 960.80 | 961.75 949.45 | -0.1% |
Rail Vikas Nigam shares declines 4% as profit drops 5% YoY to Rs 359 crore
Rail Vikas Nigam has recorded a 5percentyear-on-year decline in consolidated profit at Rs 359 crore for the quarter ended March FY23, impacted by lower topline. Consolidated revenue from operations dropped 11.1percentto Rs 5,720 crore compared to the corresponding period last fiscal, but the operating profit margin was better due to lower operation expenses.
Nomura View On Balkrishna Industries
-Reduce rating, target at Rs 2,100 per share
-Q4 revenue ahead but EBITDA margin misses estimates
-Volumes partly offset by a decline in realisations on product mix & freight cost pass-through
-High-cost RM inventory impacted RM/sales, net debt increased
-Expect near-term revenue growth to remain subdued due to volume decline
-Higher competitive intensity can impact ASPs as well
-Factor in full benefits of lower commodity/freight costs
-Revise volume growth to 4 percent/8percentYoY from 5 percent/5percentearlier)
-Expect EBITDA of Rs 85,000/86,000 per tonne for FY24/25
Revise FY24/25 EBITDA margin by 100 bps to 26.7 percent/27percent
Balkrishna Industries was quoting at Rs 2,251.90, down Rs 27.40, or 1.20 percent.
| Company | CMP Chg(%) | Conc. Price Chg% | Volume |
|---|---|---|---|
| Mohite Ind | 31.43 9.97 | 19.85 58.34 | 121,624 |
| Comfort | 5.58 20.00 | 3.69 51.22 | 4,919,404 |
| Authum Invest | 304.50 11.31 | 221.20 37.66 | 95,663 |
| Ecoplast | 120.00 0.91 | 89.57 33.97 | 15,805 |
| RRIL | 23.68 1.20 | 17.98 31.70 | 322,646 |
| Maestros Elect | 64.25 4.17 | 49.27 30.40 | 46,454 |
| Sal Automotive | 360.80 10.00 | 279.85 28.93 | 19,034 |
| Ind Cap | 13.10 1.31 | 10.19 28.56 | 73,206 |
| Centum Electron | 1,034.95 6.54 | 808.65 27.98 | 14,021 |
| Ndr Auto Compon | 835.90 2.87 | 674.85 23.86 | 24,560 |
Apollo Hospitals gains 2% on hopes of strong Q4 earnings
Shares of Apollo Hospitals Enterprise rose 2 percent in early trade on May 30 as investors bet on hopes of a robust earnings show from the healthcare services major. The company is set to release its fourth-quarter numbers later today.
According to analysts on the Street, the company's net profit is likely to come around Rs 198 crore in Q4, reflecting an over two-fold percent jump from Rs 93.99 crore clocked in the corresponding quarter last year. The rise in net profit for the quarter under review will be aided by a favourable base and strong seasonality.
NHPC shares climb 5% on better Q4 earnings; board recommends final dividend
NHPC share price added 5 percent intraday on May 30 as company reported better numbers for the quarter ended March 2023.
NHPC posted a 39.20 percent jump in its Q4FY23 consolidated net profit at Rs 719.18 crore, against Rs 515.90 crore during same quarter last year.
Total income also rose to Rs 2,228.68 crore from Rs 2,026.62 crore in the year-ago quarter.
For the entire 2022-23, net profit increased to Rs 4,234.74 crore from Rs 3,774.33 crore in previous fiscal year.
