Closing Bell: Sensex up 560 points, Nifty above 22,300; all sectors in the green

Indian benchmark indices ended higher for the second consecutive session on April 22 with Nifty around 22,350. At close, the Sensex was up 560.29 points or 0.77 percent at 73,648.62, and the Nifty was up 189.40 points or 0.86 percent at 22,336.40.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit www.moneycontrol.com/markets/global-indices for all the global market action.

The Nifty opened the gap up and consolidated for the most of the day. The late surge helped Nifty to close with handsome gains for the second consecutive day. On the daily charts, we can observe that the Nifty has witnessed follow-through buying interest and has also managed to close above the 20- and 40-day moving averages placed in the range 22315 – 22198 which shall act as a support in the case of a dip. On the upside we expect Nifty to continue its upmove towards 22562 which is the 78.6% Fibonacci retracement level of the fall from 22776 – 21777.

As far as the Bank Nifty is concerned, the upmove is likely to continue till 48470 – 48500 which coincides with the gap area formed on the 15th of April. The momentum setup also suggests positive momentum likely to continue. On the downside, 47700 – 47620 is the crucial support zone.

Rupee traded higher by 0.10 at 83.36 as dollar index witnessed sideways move near 105.95. But the selling in weakness in bullion & mainly Crude with more than 4% fall in last few days has contributed gains to rupee, capital market positive trend in past two session has also majorly contributed to rupee strength. The overall volatility will continue between 83.20-83.65.

Bulls continued to dominate the market as the Nifty gained for the second consecutive session. The trend has turned positive after reclaiming a critical near-term moving average.

Sentiment is expected to remain favorable for bulls as long as it stays above 22,150. On the upside, the index could potentially move towards 22,600-22,700. Conversely, a drop below 22,150 could lead to consolidation in the index.

After a volatile opening, the Index remained rangebound for major part of the day but a sharp uptick in the last hour of trade pushed the Index further higher to settle at 22,336.40 with gains of 189.40 points.

It was a day of green as all the sectors ended the session higher with PSU Banks and Pharma being the leaders. A mixed trend was witnessed in the broader markets where Midcaps performed in line with the Benchmark Index while Smallcaps outperformed.

Nifty50 has formed a Dragonfly DOJI candlestick pattern but overall positive momentum is likely to push the Index higher to fill the bearish gap zone of 22,430-22,500 while on the lower side, a level of 22,180 (50DMA) will act as support.

The Indian market extended last Friday's relief rally as Middle East tension saw some respite, though the situation remains fluid. The recovery was broad-based across sectors, with renewed interest in mid- and small caps. Gold and oil prices showed some relief but are still at elevated levels. Hawkish remarks from the US FED, driven by persistent inflation and robust economic data, spurred a rally in bond yields.

The prevailing higher interest rate environment is expected to persist longer than expected which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near-term.

Indian rupee ended 11 paise higher at 83.36 per dollar on Monday against Friday's close of 83.47.

: Indian benchmark indices ended higher for the second consecutive session on April 22 with Nifty above 22,300.

At close, the Sensex was up 560.29 points or 0.77 percent at 73,648.62, and the Nifty was up 189.40 points or 0.86 percent at 22,336.40. About 2465 shares advanced, 1148 shares declined, and 134 shares unchanged.

Top Gaines on the Nifty included and BPCL, Tata Consumer Products, Eicher Motors, L&T and Shriram Finance, while losers were NTPC, HDFC Bank, JSW Steel, IndusInd Bank and Tata Steel.

All the sectoral indices ended in the green, with Auto, PSU Bank, Capital Goods, Oil & Gas, FMCG, Healthcare and Realty indices up 1-3 percent.

The BSE midcap and smallcap indices gained 1 percent each.

- Q4 profit of Rs 540 crore, up 44 percent YoY, was boosted by strong growth in AUM & revenues
-Q4 AUM grew 36 percent, led by 58 percent rise in equity assets on the back of strong market returns
-Profit beat was led by higher investment income & lower tax
-Core revenue missed estimate on year-end adjustments, which will normalise from Q1
-Raise estimate by 4-6 percent to factor in better cost trends

Sensex Today | BSE PSU index up 1 percent; top losers include ITI, Union Bank of India, Rashtriya Chemicals and Fertilisers 

-Q4FY24 was another muted quarter & guidance for Q1FY25 is sluggish
-Company continues to lose market share
-Elevation of internal veteran to CEO looks positive
-Growth acceleration doesn’t look imminent and cost-cutting continues
-Signs Of operational improvement still not imminent

- Q4 profit of Rs 540 crore, up 44 percent YoY, was boosted by strong growth in AUM & revenues
-Q4 AUM grew 36 percent, led by 58 percent rise in equity assets on the back of strong market returns
-Profit beat was led by higher investment income & lower tax
-Core revenue missed estimate on year-end adjustments, which will normalise from Q1
-Raise estimate by 4-6 percent to factor in better cost trends

Indian Rupee appreciated on Monday on positive domestic markets and a soft US Dollar. A decline in crude oil prices also supported the Rupee. Israel and Iran have downplayed the risk of escalation of hostilities between the two nations. However, the ongoing Middle East conflict capped sharp gains. US Dollar eased as the tensions between Israel and Iran seem contained over the weekend. The Dollar still managed to stay above the 106 mark on hawkish US Federal Reserve.

We expect Rupee to trade with a slight positive bias amid easing of geopolitical tensions in the Middle East which improved global risk sentiments. Retreating US Dollar and crude oil prices may also support the Rupee. However, any fresh aggressions in the Middle East may cap sharp upside. Investors may remain cautious ahead of PMI and inflation data from US this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.60.

Sensex Today | Market at 3 PM

The Sensex was up 487.46 points or 0.67 percent at 73,575.79, and the Nifty was up 169.70 points or 0.77 percent at 22,316.70. About 2358 shares advanced, 1004 shares declined, and 125 shares unchanged.

-Believe company will surprise on market share in room air conditioner segment, reaching 23 percent in FY26 versus 19.5 percent for consensus
-Voltbek JV should also continue to gain market share
-Voltbek JV should boost profitability by breaking even in FY26
-Expect incremental revenue of Rs 10,000 crore, 60 percent of FY27 revenue in consumer electronics by FY27
-Lift FY24-26 EPS 4-31 percent & expect 20 percent/28 percent revenue/EBITDA CAGR over FY23-26

-Q4 core performance in-line, margin improve QoQ
-Prudently deploys one-off gains to boost floating provisions
-Adjusted PAT in-line, CD ratio, liquidity coverage ratio improves
-Over FY24-26, estimate company to deliver 13.5 percent/18 percent CAGR in loans/deposits
-16 percent CAGR in earnings, translating into RoA/RoE of 1.9 percent/15.5 percent by FY26

Sensex Today | BSE Auto index rose 1 percent; Eicher Motors, Cummins, Hero MotoCorp among major gainers

The board of directors of Coforge approved appointment of Mr. Om Prakash Bhatt as an additional director and non-executive independent director.

--Total Subscription 3.3x, Retail 0.5x, NIIs 2.6x & QIBs 8.7x till 2:35 pm

- Net Profit Down 1.5% At Rs20 Cr Vs Rs20.3 Cr (YoY)

- Revenue up 9.4% At Rs240 Cr Vs Rs219.4 Cr (YoY)

- EBITDA up 3% At Rs34.8 Cr Vs Rs33.8 Cr (YoY)

- Margin At 14.5% Vs 15.4% (YoY)

--Stock FY25 Guidance; Revenue +20% to 25% with margins at 11%

--Order book at Rs2100 cr

Bharti Airtel unveiled affordable international roaming packs for customers travelling abroad.

The new packs include access to 184 countries and the tariffs start at as low as Rs. 133/day, making them an affordable option even when compared to local sims. In addition, they offer enhanced data benefits, inflight connectivity and 24x7 contact centre support.

Satin Creditcare Network said that the board of directors will be meeting on April 24 to consider the fund raising via issuance of non-convertible debentures on private placement basis.

Central Bank Of India has entered into a distributorship agreement with Aditya Birla Sun Life AMC for distribution of their mutual fund products to bank's customers on Do it yourself (DIY) model.

Sensex Today | Market at 2 PM

The Sensex was up 389.45 points or 0.53 percent at 73,477.78, and the Nifty was up 143.70 points or 0.65 percent at 22,290.70. About 2386 shares advanced, 961 shares declined, and 114 shares unchanged.

Sensex Today | Nifty PSU Bank index up 2.3 percent; Union Bank of India, Punjab & Sind Bank, Bank of Maharashtra among major gainers

-Q4FY24 results largely in-line with estimate
-No big bang changes under the new CEO
-Q1FY25 guidance reflects discretionary weakness
-Q1FY25 guidance is weak
-Margin improvement to moderate going forward in FY25

ICICI Bank said that the board will be meeting on April 27 to consider fund raising via issuance of debt securities in domestic markets.

Sensex Today | Bharti Airtel, M&M among BSE Sensex stocks, which touched their 52-week high

Sham Dattatraya Kajale has decided to step down as Joint Managing Director of Sanghvi Movers, but would continue as Chief Financial Officer of the company. He would like to concentrate on future strategic and financial planning.

Allcargo Gati's total volume, including surface and air express, stood at 111kt for the month of March 2024, an increase of 3% compared to March 2023, and up 7% compared to February 2024.

-Management optimism in last quarter around revival in consulting
-A weak Q1FY25 guidance also indicates revival is still some time away
-Large deal TCV growing 30 percent QoQ is good but not enough
-Company has not been able to translate its order book into revenue since past couple of quarters
-Cut earnings estimates on lower-than- estimate guidance by 5 percent & 4 percent for FY25 and FY26

Sensex Today | Tata Consumer Products, Hero MotoCorp, Eicher Motors among others which shows recovery from their lows

Gujarat Toolroom Limited has successfully executed another segment of the ongoing contract with Reliance Industries Limited.

GTL has delivered construction supplies valued at Rs. 650 million to Reliance Industries Limited, marking the second installment of the agreed-upon contract.

Sensex Today | Axis Bank, TCS, Eicher Motors were among stocks which fell from their day's high

Sanghi Industries at its meeting held on April 22 approved proposal for raising of funds by issuance of non-convertible cumulative redeemable preference shares (RPS) of face value of Rs 10 each aggregating upto Rs 2,200 crore, in one or more tranches, on private placement basis, subject to approval of the shareholders of the company.

Ircon International has received a VAT demand of Rs 42.87 crore for its RCF Raebareli project for the year 2014-15. The company is preferring an appeal against this demand order in the Tribunal, Bench-II, Commercial Tax Department, Lucknow.

Gold prices slipped more than 1% on Monday, as easing fears of a wider Middle East conflict lowered bullion's safe-haven appeal, while market participants awaited a key U.S. inflation reading due later this week for interest rate cues.

Spot gold was down 1.4% at $2,357.19 per ounce. U.S. gold futures fell 1.8% to $2,371.

Zomato has received an order for GST demand of Rs 5.9 crore with interest and penalty of Rs 5.9 crore, from the Additional Commissioner, Central Goods and Services Tax, Gurugram, for the period July 2017 to March 2021.

Sona BLW Precision Forgings Ltd. (Sona Comstar), one of the leading global providers of automotive technology solutions, announces the inauguration of its new manufacturing plant in the Fipasi Industrial Park, Silao, Mexico.

The new facility will specialize in producing differential assemblies and reduction gears meticulously designed for BEVs. Over time, it will further diversify its product range to accommodate the evolving technological advancements in electric vehicles.

Sensex Today | BSE Oil & Gas index rose 0.7 percent; HPCL, BPCL, IOC among major gainers

Oil prices fell by more than 1% on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel's apparently small strike on Iran.

Brent futures fell $1.21, or 1.4%, to $86.08 a barrel.

The front-month U.S. West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 97 cents, or 1.2%, to $82.17 a barrel, while the more active June contract dropped $1.23 to $80.99 a barrel.

This tariff revision was pending since long and with this cut, there are no further negatives expected in the stock.

In fact, the volumes are also currently much lower than ~37mmscmd peak that the company has done in the past.

Gas demand from power sector would rise going forward and along with rise in ceramic demand, Morbi consumption would also rise.

Completion of Mehsana-Bhatinda pipeline would add another ~6mmscmd to the volume.

Reiterate that this is indeed a very good price to buy the stock with a Target Price of Rs 392.

Bharti Airtel today announced that it has deployed additional sites in Kottayam and Pathanamthitta district to densify its network.

Yes Bank has received income-tax computational statements from the Jurisdictional Assessing Officer, determining refund of Rs 284.21 crore (including interest of Rs 113.44 crore), pertaining to AY 2011-12 to AY 2013-14.

The income-tax department has appealed against the Income-tax Appellate Tribunal's (ITAT) consolidated order before the Bombay High Court.

Aditya Birla Fashion & Retail's board has approved the vertical demerger of Madura Fashion and Lifestyle business (MFL business) from ABFRL into a newly incorporated company - Aditya Birla Lifestyle Brands (ABLBL).

ABLBL will be listed separately on completion of the demerger.

The demerger will be implemented through an NCLT scheme of arrangement and upon its completion, all shareholders of ABFRL will have identical shareholdings in both the companies (ABLBL & ABFRL).

The shareholders of ABFRL will get one share of ABLBL for every one share in ABFRL, in addition to their existing shareholding in ABFRL. Within 12 months after the completion of the demerger, ABFRL plans to raise Rs 2,500 crore equity capital to strengthen its balance sheet and fund the growth of the remaining businesses.

-Q4 saw strong bounce-back on LCR
-Improved margins of +4 bps QoQ was one of the key highlights
-Fee income surprised positively
-PBT ex-one-offs in-line with estimates
-Headline PAT missed estimate owing to higher one-time staff costs and floating provisions

Ultratech Cement announced on April 20 it will buy a grinding unit from India Cements in Mahrashtra for a consideration of Rs 315 crore. The grinding unit will have a capacity of 1.1 million tonnes per annum (mtpa).

Vodafone Idea’s follow-on public offer (FPO) was fully subscribed by the afternoon of April 22, the final day of bidding, with investors picking 1,289.8 crore equity shares, subscription data from exchanges showed.

The country's third-largest telecom operator has offered 1,260 crore shares in the Rs 18,000-crore FPO, the largest such offering in the country. This move is part of a larger strategy to gather Rs 45,000 crore through a combination of debt and equity.

Non-institutional investors (NIIs) have taken the lead, subscribing 2 times the portion reserved for them. Qualified institutional buyers (QIBs) purchased 1.34 times their allotted quota of shares reserved. Retail investors are yet to warm up to the FPO, picking 43 percent of their allotted quota of shares.

Dr Reddy's Laboratories has launched condition management programme DailyBloom IBS. DailyBloom IBS is India’s first integrated care plan for irritable bowel syndrome (IBS). IBS is a functional gastrointestinal disorder characterised by abdominal pain, bloating and altered bowel habits.

Reliance Industries Ltd is set to report robust quarterly earnings, driven by a recovery in its core oil-to-chemicals (O2C) business and sustained momentum across the company’s consumer-facing telecom and retail businesses.

An improvement in refining margins and a rebound in the petrochemicals cycle are likely to fuel RIL’s earnings growth for the quarter ended March 31, 2024 (Q4FY24), analysts said. The Mukesh Ambani-led conglomerate is scheduled to report its earnings on April 22. Read More

Sensex Today | BSE Bank index up 0.7 percent; Axis Bank, ICICI Bank, IDFC First Bank among major gainers

The Department of Public Enterprise, Ministry of Finance, Government of India has granted the Navratna Status to National Fertilizers.

The total units booked in Q4 stood at 228, while in FY24 it was 705.

The total carpet area booked at 4,48,844 square meter, while booking value was Rs 1,775 crore in Q4.

Shares of Zydus Lifesciences rose over 3 percent on April 22 after the pharma company launched the generic version of bladder control drug Mirabegron in the US.

Mirabegron is used in the treatment of overactive bladder (OAB) with symptoms of urge urinary incontinence, urgency and urinary frequency. The company is among the first to launch the generic version in 25 mg dosages in the US market and is prepared to launch 50mg dosages imminently, it said. Read More

Sensex Today | Nifty Metal index added 0.5 percent; Welspun Corp, MOIL, Hindustan Zinc among major gainers

Vodafone Idea’s follow-on public offer (FPO) was subscribed 70 percent by the morning of April 22, the final day of bidding, with investors picking 883.6 crore equity shares, subscription data from exchanges showed.

The country's third-largest telecom operator has offered 1,260 crore shares in the Rs 18,000-crore FPO, the largest such offering in the country. This move is part of a larger strategy to gather Rs 45,000 crore through a combination of debt and equity. Read More

Shares of Lupin rose nearly 4 percent after the pharmaceutical major announced the launch of Mirabegron Extended-Release tablets (25 mg) in the United States, a drug which has over $1 billion in sales in the country.

Lupin had received approval from the Food and Drug Administration (US FDA) for the launch of the drug.

Mirabegron Extended-Release tablet is a generic equivalent of Myrbetriq Extended-Release tablets of Astellas Pharma Global Development, Inc. The tablets are a medication used to treat overactive bladder (OAB) symptoms, such as frequent or urgent urination and urinary incontinence. Read More

-Q4 saw healthy equity AUM Growth, controlled operating expenses
-Lower taxes led to strong Q4FY24 PAT growth
-As AUM grows, pressure on income yields should drive slower FY25-27 EPS growth than AUM growth
-Expect FY24-27 EPS CAGR of 12 percent, slower than AUM CAGR of 18 percent

United Breweries informed that Mr. Radovan Sikorsky has today conveyed his decision to resign from the post of Director & Chief Financial Officer of the company due to change of role as Regional Chief Financial Officer for Asia.

He will continue to discharge his duties as Director & Chief Financial Officer of the company, until the close of business hours on Sunday, June 30, 2024, to facilitate smooth transition.

Rushil Modala Ply, a subsidiary of Rushil Decor, has commenced commercial production of plywood in its factory in Karnataka.

Sensex Today | Market at 12 PM

The Sensex was up 453.21 points or 0.62 percent at 73,541.54, and the Nifty was up 161.20 points or 0.73 percent at 22,308.20. About 2436 shares advanced, 837 shares declined, and 112 shares unchanged.

-Company’s Q4 reported & adjusted RoA strong
-Estimate gradual re-rating on sustained deposit growth
-Sharp reduction in borrowings, down 10 percent QoQ
-3-4 bps QOQ rise in NIM
-LCR jumped to 115 percent versus 110 percent, QoQ
-Strong reported ROA, at 1.96 percent and adjusted RoA, at 1.88 percent
-Bank has broadly utilised bulky treasury gains & tax write-backs towards floating provisions
-Estimate nearly 18 percent CAGR in deposits, implying nearly 15 percent incremental market share
-Cut loan growth estimate to 13 percent
-LDR improving to 100 percent/96 percent by FY25/FY26
-Cut EPS estimate by 5 percent for both, FY25/26E, mainly due to cut in growth estimate
-Estimate bank to deliver healthy RoA of nearly 1.7 percent for FY25/26 with 14 percent-15 percent ROE

Sensex Today | Nifty Bank index gained 0.5 percent; Bandhan Bank, Axis Bank, PNB top gainers

Jio Financial Services has recorded profit at Rs 310.6 crore for quarter ended March FY24, growing 5.7% over previous quarter.

Interest income for the quarter at Rs 280.7 crore increased by 4.3% and total revenue from operations rose by 1% to Rs 418.1 crore compared to December FY24 quarter.

HDFC Asset Management Company has reported standalone revenue at Rs 541.1 crore for March FY24 quarter, growing 43.8% over a year-ago period. Revenue from operations grew by 28.6% year-on-year to Rs 695.4 crore during the quarter. The board has recommended a dividend of Rs 70 per share.

Stock Market LIVE Updates | Eicher Motors, M&M among stocks that hit fresh 52-week highs

- Ambit initiates 'buy' coverage on Venus Pipes, with a target price of Rs 2,648 per share
- A beneficiary of energy, material and industrial capex, Venus’s growth will be accelerated given govt's import substitution norms and expanding export opportunities, analysts said
- Venus Pipes can register 29 percent/36 percent revenue/PAT CAGR over FY24-27E

- HP grid tariff reduced by 47 percent to Rs18.1/mmbtu from Rs 34/mmbtu from May 1
- GSPL had requested for an upward tariff revision to Rs 50.77/mmbtu but tariff cut was higher than analyst expectations
- Kotak Securities downgrades Gujarat State to 'reduce' from 'buy', cuts target price to Rs 360 from Rs 465

CelerityX, the enterprise networking solutions business of OneOTT Intertainment Ltd. (OIL) and a subsidiary of Hinduja Global Solutions Limited, announced the launch of OneX - a unified network-as-a-service solution covering network management, security, and LAN-side control solution, today. As a start, it also announced deployment of OneX to tackle the connectivity challenges faced by cooperative credit societies in Maharashtra.

As a start, it also announced deployment of OneX to tackle the connectivity challenges faced by cooperative credit societies in Maharashtra. Through a strategic partnership with Maharashtra State Cooperative Credit Societies Federation (MAFCOCS), it aims to enable secure and high uptime banking connectivity for over 40,000 branches in the state, with the potential to serve over 100,000 branches nationwide.

Wipro has recorded consolidated net profit at Rs 2,834.6 crore for quarter ended March FY24, growing 5.2% over previous quarter. IT services revenue fell 0.3% sequentially to Rs 22,079.6 crore during the same period. EBIT grew by 2.2% QoQ to Rs 3,619.5 crore with margin expansion of 40 bps at 16.4% in Q4FY24, which both came in ahead of analysts' expectations.

IT services revenue in dollar terms increased by 0.1% QoQ to $2,657.4 million during the quarter, but revenue in constant currency was down 0.3% QoQ. Wipro sees revenue in the range of $2,617- $2,670 million in Q1FY25.

HDFC Bank has recorded standalone net profit at Rs 16,511.9 crore for quarter ended March FY24, growing 0.9% over previous quarter impacted by significantly higher provisions. Net interest income for the quarter at Rs 29,077 crore increased by 2.1% over previous quarter. On the asset quality front, the gross NPA dropped by 2 bps QoQ to 1.24%, but net NPA rose 2 bps to 0.33% for the quarter.

The biggest positive for the market in the near-term is that the feared escalation in the Israel-Iran tension is unlikely to happen. Israel didn’t officially confirm its strike in Iran and Iran downplayed the Israeli strike by ignoring it. The takeaway is that both sides don’t want an escalation of tensions. Decline in Brent crude from $90 to $87 is a confirmation of this expected deescalation.

However the market is likely to be weighed by the high US bond yields (the 10-year yield has spiked to 4.65%) which can trigger further selling by FIIs. Since largecaps constitute the lion’s share of the AUM of FIIs, the pressure will be on largecaps despite their relatively fair valuations.

FII selling will provide opportunities to investors to slowly accumulate high quality largecaps like HDFC Bank which has reported good Q4 results with improving margins.
The Q4 results of autos, capital goods and cement companies will be good and the market can be expected to respond positively to the numbers.

Pavna Industries has inked an agreement with OLA Electric to supply ignition switches and latches. This contract further consolidates the company’s foray into the two-wheeler electric vehicle segment.

Sensex Today | BSE Capital Goods index up 1 percent; ABB India, Siemens, Timken top gainers

Reliance Industries, Aarti Surfactants, Aditya Birla Money, Mahindra Logistics, Rallis India, Tejas Networks, Tamilnad Mercantile Bank, Hatsun Agro Product, Kesoram Industries, K P Energy, Epigral, Piccadily Agro Industries, Piccadily Sugar & Allied Industries, Rajratan Global Wire, and Trident Lifeline will be in focus ahead of quarterly earnings on April 22.

Dollar revenue jumped 3.4% at USD 310.9 million against USD 300.6 million, while rupee revenue up 3.7% at Rs 2,590.5 crore versus Rs 2,498.2 crore, QoQ.

During the next 12 months, given the challenging macro environment, its goal is to maintain top-quartile growth while maintaining margin at the current level. The company guides for margin to be flat in FY25 against expectations of an expansion, company said in its concall.

Vikas Lifecare has secured significant orders for its Agro Products Division. The division has bagged an order for rice, valued about Rs 500 million and of this present orders, Rs 400 million are attributed to premium rice varieties, while the remaining Rs 100 million represent orders for Organic Breeds of Rice.

The company's Agro Products Division has set an ambitious target of Rs 4500 million for the current F.Y., as compared to Rs 3600 million achieved in the preceding FY, targeting a 20+ % Growth on YoY Basis.

Sensex Today | Major indices trade higher; Nifty, Nifty Bank up 0.3% each

-Q4 profit was below estimate
-Q4 PPOP was in-line & adjusted for one-offs EPS was at Rs 21 & RoA at 1.9 percent
-Key positive was a slight rise in NIMs even as liquidity coverage ratio rose
-Deposit growth was strong at 17 percent
-Loan growth lagged at 12 percent as company is recalibrating to improve NIM & moderated LDR of 104 percent

Sensex Today | BSE Smallcap index gained 1 percent; Summit Securities, Kalyani Investment Company, BF Investment among top gainers

-Company announced plans to buy a 1.1 mt grinding unit from India Cement for Rs 315 crore
-Grinding unit is located in Parli, Maharashtra & also includes a captive railway siding
-Company also has plans to expand brownfield development of 1.8 mt at Dhule, Maharashtra
-Cumulatively, the expansion cost is around Rs 500 crore, to be funded by internal accruals
-Believe these announcements will further strengthen company's presence in Maharashtra