Sensex Today Live Updates : Sensex up 130pts, Nifty at 22,650; Bank, Realty down

Sensex Today Live : Dabur reports Q4FY24 net profit at ₹341.22 crore, up 16.55% YoY from ₹292.76 crore in Q4FY23

Revenue from operations at ₹2,943.49 crore in Q4FY24, up from ₹2,798.52 crore in Q4FY23

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers higher.

At 2 pm, Sensex was up 269.72 points, or 0.36%, at 74,752.50, and Nifty was up 86.75 points, or 0.38%, at 22,691.60.

Sensex Today Live : Godfrey Phillips India announced today that it has signed a product supply agreement with the Ferrero Rocher chocolate-makers Ferrero India for the distribution/re-sale of some sweet-packaged food products manufactured by Ferrero India.

The company, in an exchange filing, said, “The Company (Godfrey) shall purchase the Products from Ferrero and then distribute/re-sell the same using its distribution set-up through select channels. The initial term of the Agreement is for 2 (two) years and is subject to customary terms and conditions including warranties and indemnities as set out in the Agreement”.

Sensex Today Live : Rating: ACCUMULATE

Target Price : ₹878

Upside : 15%

CMP : ₹762 (as on 30 April 2024)

While the markets may appreciate CANF’s efforts to expedite its operational rejig given recurring fraud cases, growth has taken a beating alongside supply-side shocks in the affordable housing market, thus requiring distinct efforts – Shift in ticket size to highly-competitive segments and curbing BTs.

Said that, asset quality is on the mend, with restructured pool not impeding credit costs run-rate ahead. FY25/26E RoA may fall a tad below 2%. Given the recent run-up in stock price and systemic changes still underway, we revise CANF to Accumulate (from Buy). We maintain our TP at ₹878, on 2.3x FY25E P/ABV (retained).

Sensex Today Live : The Godrej family has agreed to divide the conglomerate into two branches. Adi and his brother Nadir will retain the listed entities, while their cousin Jamshyd will take control of the unlisted companies and the land bank. This agreement was shared with the stock exchanges on April 30.

The Godrej trademark will be equally owned and shared by both family groups. The Godrej family is divided into two factions: Godrej Industries & Associates, led by Adi Godrej and his brother Nadir, and Godrej & Boyce Manufacturing Company (G&B), led by cousins Jamshyd Godrej and Smitha Godrej Crishna.

Sensex Today Live : Ester Industries announced today that it has entered into a joint venture with Canada-based Loop Industries that pioneered the recycling of PET plastic and polyester fiber waste into DMT and MEG, their base building blocks.

In an exchange filing, the company said, “We wish to inform you that Ester Industries has entered into a Joint Venture Agreement with Loop Industries Inc., a Company under the laws of State of Nevada with principal office at Quebec, Canada, to incorporate a Joint Venture Company in India for the purpose of engaging in the business of manufacture of DMT and/or MEG through depolymerisation of PET and/or Polyester waste using patented Loop technology”.

Sensex Today Live : The e-commerce firm reported a substantial 78.5% YoY increase in net profit, amounting to ₹99.6 crore for the fourth quarter that ended in March 2024. In the same period last year, the company had posted a net profit of ₹55.8 crore. The company’s revenue from operations increased by 17.1% to ₹314.7 crore, up from ₹268.8 crore in the corresponding period last year. At the operational level, EBITDA increased by 33.7% to ₹88.4 crore in the fourth quarter of this fiscal year, up from ₹66.1 crore in the corresponding period of the previous fiscal year. The EBITDA margin stood at 28.1% in the reporting quarter, compared to 24.6% in the year-ago period. The board of directors has recommended a final dividend of ₹20 per equity share of ₹10 each for FY24.

Sensex Today Live : Rating: REDUCE | CMP: ₹169 | TP: ₹151

IOC’s Q4 EBITDA stood at ₹104.4 billion (down 33% QoQ, PLe: ₹145 bn, cons. est: ₹156 bn) and PAT at ₹48.4 bn (down 40% QoQ, PLe: ₹66.9 bn, cons est: ₹73.5 bn). The weak set of results was primarily on account of lower refining margins although gross marketing margins remained moderate. Refining capacity utilization stood at 104.5%. IOCL declared a final dividend of Rs7/share.

The stock is currently trading at 1.2x FY26 P/BV and 12.3x FY26 EPS. Factoring in structural weakness in GRMs and inability to pass on rise in fuel cost we anticipate GRMs at US$6/bbl for FY25/26E and gross marketing margin at ₹4.2/ltr for FY25/26E. We re-rate the stock from ‘Sell’ to ‘Reduce’ due to correction in stock price rating with a TP of ₹151 based on 1x FY26E P/BV.

Sensex Today Live : Q4FY24 NII at ₹2,195.1 crore compared to ₹1,909.3 crore in Q4FY23

Q4FY24 Net NPA at 0.60% compared to 0.64% in Q3FY24

Q4FY24 Gross NPA 2.13% compared to 2.29%, in Q3FY24

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers higher.

At 1 pm, Sensex was up 240.05 points, or 0.32%, at 74,722.83, and Nifty was up 79.25 points, or 0.35%, at 22,684.10.

Sensex Today Live : The retail financial services firm reported a net profit of ₹50.6 crore for the quarter ending March FY24, a significant increase of 77.3% over the same period last year. The company’s revenue from operations surged by 87.8% YoY to ₹208.1 crore for the quarter.

Sensex Today Live : Sprayking Limited had announced on Tuesday that it has secured a sample order for hose nozzles from Flobal Corporation, a Japanese company with over a century of expertise in supplying piping and tubing components and parts.

Sensex Today Live : The Nifty Bank was in the red, down 0.30%, while the Realty index was down 1.43%.

The Auto index was up 1.18%, the Metal index was up 1.41% and the Oil & Gas index was up 1.05%. FMCG, Auto, IT, Pharma, and Healthcare indices were also in the red.

Sensex Today Live : The broader market was in the green, with the BSE MidCap up 0.74% and the BSE SmallCap gaining 0.33%. 

Sensex Today Live : 15 of the 50 stocks on the Nifty 50 were in the red. Kotak Mahindra Bank, Bharti Airtel, Tata Consumer Products, Divi’s Laboratories, and HDFC Life were in the red, while BPCL, Power Grid Corp., Asian Paints, Tata Motors, and Bajaj Auto, were the top gainers. 

Sensex Today Live : 11 of the 30 stocks on the Sensex were in the red. Kotak Mahindra Bank, Bharti Airtel, ICICI Bank, Wipro, and Axis Bank were the top drags, while Power Grid Corp., Tata Steel, Tata Motors, Asian Paints and Mahindra & Mahindra were the top gainers. 

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers higher.

At 12 pm, Sensex was up 267.56 points, or 0.36%, at 74,750.34, and Nifty was up 81.75 points, or 0.36%, at 22,686.60.

Sensex Today Live : Havells India Rating: ACCUMULATE | CMP: ₹1,664 | TP: ₹1,774

“We have downward revised our FY25/FY26E earnings by 6.4%/8.8% mainly with correction in margins with increased adv. & employee expenses, and RM price fluctuation. Havells India’s reported healthy growth in revenue mainly with better than expected growth from ECD and Cables segments (21.5%/14.1% YoY), while Lloyd reported soft revenue growth (+5.4% YoY).

The company indicated that ECD segment growth momentum to continue through summer led demand & uptick in real estate demand. Lloyd strategy remain on growth with profitability while expected to maintain its market share. We believe the company to focus on growth in coming year with restricted margins.

We estimate Revenue/EBITDA/PAT CAGR of 15.6%/24.5%/26.8% for FY24-26E with ECD/Cables/Lloyd segments revenue CAGR of 13.5%/18.0%/16.2% over FY24-26E and EBITDA margin to reach 11.5% by FY26E (+160bps). Maintain ‘Accumulate’ rating at a DCF based target price of ₹1,774 (earlier ₹1,681), which implies 54x FY26 EPS.”

Sensex Today Live : Ester Industries announced today that it has entered into a joint venture with Canada-based Loop Industries that pioneered the recycling of PET plastic and polyester fiber waste into DMT and MEG, their base building blocks.

In an exchange filing, the company said, “We wish to inform you that Ester Industries has entered into a Joint Venture Agreement with Loop Industries Inc., a Company under the laws of State of Nevada with principal office at Quebec, Canada, to incorporate a Joint Venture Company in India for the purpose of engaging in the business of manufacture of DMT and/or MEG through depolymerisation of PET and/or Polyester waste using patented Loop technology”.

Loop Industries has developed a unique technology to perform the depolymerisation process, in which PET (Polyethylene Terephthalate) plastic and polyester fiber waste are broken down into their base building blocks, DMT (Dimethyl Terephthalate) and MEG (Monoethylene Glycol), using a patented technology developed by Loop Industries. Their technology can break down previously unrecyclable PET plastic and polyester fiber waste into DMT and MEG using low heat and no added pressure.

Sensex Today Live : The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 59.1 in March to 58.8 in April, indicating the second-best improvement in the sector’s health in three-and-a-half years

The PMI was well above the neutral mark of 50.0 and its long-run average of 53.9.

Operating conditions improved at the second-fastest rate in three-and-a-half years, driven by strong demand.

Firms saw a significant increase in new business intakes and adjusted their production levels accordingly.

Expecting sales to remain positive, firms increased their buying levels and input stocks, reaching one of the highest levels in over 19 years of data collection.

Cost pressures increased slightly but remained historically low, leading to the highest charge inflation since January.

The rise in raw material stocks in April was supported by an increase in buying levels, with inputs purchased to the greatest extent since June 2023.

Suppliers’ timely delivery of items facilitated this increase, with vendor performance improving for the second consecutive month.

Indian manufacturers reported strong demand for their goods in April, both domestically and internationally.

Sensex Today Live : Infosys announced today that it has received a rectification order to the tax assessment order for AY 2022-23.

As per the notice, the tax demand on the company stands revised from ₹2,763 crore to ₹1,505 crore.

The company, in an exchange filing, said, “We hereby inform that the Deputy Commissioner of Income Tax, Circle 3(1)(1) – Bengaluru, has issued a rectification order to the assessment order for AY 2022-23, passed under Section 154 read with Section 143(3) of the Income Tax Act, 1961, as per which the tax demand stands revised from INR 2,763 Crore to INR 1,505 Crore. Based on the rectification order the Company does not expect any impact on the financial statements”.

Sensex Today Live : Tata Communications today announced the adoption of a sustainability-linked loan (SLL) framework to align all future long-term debt financing with its environmental commitments.

Unlike traditional loans, loans aligned to the SLL framework have margins tied to specific carbon emission reduction targets (or non-financial covenants), incentivising continuous improvement in sustainability performance.

By linking its loan margins directly to environmental impact, Tata Communications aims to drive meaningful change while fostering a deeper integration of the Tata Group’s overarching sustainability aspirations with its own capital structure, the company said in an exchange filing.

Sensex Today Live : Genus Power Infrastructures announced today that it has incorporated a wholly-owned subsidiary called Genus Alfa Smart Metering Private Limited on May 01, 2024 to execute an Advanced Metering Infrastructure Service Provider (AMISP) contract.

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, led higher by firm sentiment.

At 11 am, Sensex was up 262.46 points, or 0.35%, at 74,745.24, and Nifty was up 72 points, or 0.32%, at 22,676.85.

Sensex Today Live : Steel Strips Wheels achieved Net turnover of ₹339.22 crore in April compared to ₹317.11 crore in April 2023 with growth of 6.66 % YoY.

It achieved gross turnover of Rs. 415.33 crore in April compared to ₹389.54 crore in April-23 there by recording growth of 6.62% YoY

Sensex Today Live : Consolidated revenues at ₹200 crore in Q4, down 2% QoQ

FY24 consolidated revenues at ₹691 crore, up 1% YoY

Q4 EBITDA at ₹36 crore, up 10% YoY

FY24 EBITDA at ₹110 crore, down 1% YoY

Q4 Profit Before Tax at ₹22 crore, up 8% QoQ

FY24 PBT at ₹53 crore, down 26% YoY

Q4 Profit After Tax at Rs. 17 crore, up 18% QoQ

FY24 PAT at ₹36 crore, down 29% YoY

Sensex Today Live : ICICI Bank announced today that the reports circulating in the media about the MD & CEO of the company looking to leave due to personal reasons is false and malicious.

In an exchange filing, the company, said, “We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons. This information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders”.

Sensex Today Live : L&T Technology and FORVIA signed a strategic partnership – which represents a contract of approximately €45 million – on Engineering development activities for the benefit of its Clean Mobility division.

As part of this five-year partnership, approximately 300 engineers from FORVIA’s Augsburg (Germany) and Bangalore (India) sites, have transferred to LTTS. This represents a 95% transfer success rate securing the skills of these teams who will develop internal combustion engine related engineering activities from within LTTS.

With LTTS at the helm, these engineers continue their activities for FORVIA from their current locations, guaranteeing seamless collaboration and ongoing support for end customers across Digital PLM initiatives. FORVIA is addressing the evolving automotive landscape on ultra-low emissions while ensuring high-quality engineering support and providing opportunities for maintaining employment.

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, led higher by firm sentiment.

At 10 am, Sensex was up 155.65 points, or 0.21%, at 74,638.43, and Nifty was up 38.85 points, or 0.17%, at 22,643.70.

Sensex Today Live : Analysts predict that the company may report mixed earnings, with expected significant surges in revenue and EBITDA due to increased volumes, but a potential decline in net profit for the period. The focus will be on global container trade and the operations of international ports, with investors also monitoring cargo volume projections for FY25 and capital expenditure forecasts for the current fiscal year.

In April 2024, APSEZ processed a total of 36.2 MMT of cargo, marking a commendable year-on-year growth of 12 percent. This growth was observed across most domestic ports, with Dhamra Port setting a new record by handling its highest ever monthly cargo of 4.38 MMT.

The growth was spread across the three major cargo categories: Dry cargo saw a rise of 7 percent year-on-year, Liquid & Gas cargo increased by 29 percent, and Container cargo grew by 14 percent.

The logistics segment also continued its growth trajectory, with rail volumes rising by 5 percent year-on-year to 49,430 TEUs. Additionally, GPWIS volumes saw a significant increase of 26 percent, reaching approximately 1.8 MMT.

Sensex Today Live : Barring Realty, IT and Media, all other sectoral indices were trading in the green, with heavyweight indices like FMCG, Auto, Pharma and Healthcare leading the gains.

Sensex Today Live : The broader market was in the green, with the BSE MidCap up 0.70% and the BSE SmallCap up 0.20%. 

Sensex Today Live : 18 of the 50 stocks on the Nifty 50 were in the red. Kotak Mahindra Bank, Hindalco, Maruti Suzuki India, HDFC Life and Tata Consumer Products were the top drags, while Power Grid Corp., BPCL, Mahindra & Mahindra, Asian Pains and Grasim Industries, were the top gainers. 

Sensex Today Live : 11 of the 30 stocks on the Sensex were in the red. Kotak Mahindra Bank, Maruti Suzuki India, Wipro, Bharti Airtel, and IndusInd Bank were the top drags, while Power Grid Corp., Mahindra & Mahindra, Asian Paints, Sun Pharma, and Tata Steel, were the top gainers. 

Sensex Today Live : The domestic computer server maker posted a nearly three-fold jump in its net profit to ₹29.6 crore in the fourth quarter ended on March 31, 2024, due to a boom in demand for artificial intelligence-based solutions. The company had posted a net profit of ₹10.5 crore in the same period a year ago. Revenue from operations of Netweb Technologies more than doubled to ₹265.88 crore during the reported quarter from ₹123.39 crore in the year-ago period. Netweb Technologies’ income from AI Systems has grown by about 2.6 times on a year-over-year basis and is now over 11 percent of operating income.

Sensex Today Live : The government-owned non-bank finance company reported a profit for FY24, ending seven consecutive years of losses, following its expansion into government and private corporate advisory services. The company swung to a profit of ₹128 crore for FY24, up from a loss of ₹288 crore in the previous year. Standalone revenue improved by 19% to ₹896 crore.

Sensex Today Live : The e-commerce firm reported a substantial 78.5% YoY increase in net profit, amounting to ₹99.6 crore for the fourth quarter that ended in March 2024. In the same period last year, the company had posted a net profit of ₹55.8 crore. The company’s revenue from operations increased by 17.1% to ₹314.7 crore, up from ₹268.8 crore in the corresponding period last year. At the operational level, EBITDA increased by 33.7% to ₹88.4 crore in the fourth quarter of this fiscal year, up from ₹66.1 crore in the corresponding period of the previous fiscal year. The EBITDA margin stood at 28.1% in the reporting quarter, compared to 24.6% in the year-ago period. The board of directors has recommended a final dividend of ₹20 per equity share of ₹10 each for FY24.

Sensex Today Live : The company announced on Wednesday that it has secured an order from Powergrid to set up a state transmission asset management centre (STAMC) in Odisha. The centre will help Odisha Power Transmission Corporation Limited (OPTCL) operate the grid through real-time monitoring and control. It will help OPTCL optimize grid operations and integrate renewable energy sources more effectively by enabling the substations to be remotely controlled with advanced grid software solutions, which will be installed at four locations across the state of Odisha.

Sensex Today Live : The company reported a significant 71.6% YoY increase in net profit, amounting to ₹168 crore for the fourth quarter that ended in March 2024. In the same quarter of the previous year, the company had posted a net profit of ₹97.9 crore. The company’s revenue from operations saw a 4.7% increase, rising to ₹1,167 crore from ₹1,114.8 crore in the corresponding period of the preceding fiscal year. At the operational level, EBITDA jumped 47.6% to ₹299.1 crore in the fourth quarter of this fiscal year, up from ₹195.2 crore in Q4 of FY23. The EBITDA margin stood at 24.7% in the reporting quarter, compared to 17.5% in the year-ago period. The board has recommended a dividend of ₹0.25 per equity share of the face value of ₹1 for the financial year 2023-24.

Sensex Today Live : The bank announced on Tuesday that KVS Manian has resigned as Joint Managing Director of the bank with immediate effect. As a result of his resignation, Manian ceases to be a Director and a Key Managerial Personnel of the Bank. In February this year, it was reported that Federal Bank had shortlisted Manian as a Chief Executive Officer (CEO) candidate.

Sensex Today Live : A branch of the Godrej family may venture into property development in the future, as per their family agreement. However, certain conditions in the agreement might restrict its immediate growth, even though another branch is already involved in real estate.

Historically, Godrej & Boyce Mfg Co. Ltd held the group’s land assets, while Godrej Properties Ltd was responsible for property development. After the division, Nyrika Holkar, from the family branch that will own Godrej & Boyce, has the liberty to establish a real estate business. Meanwhile, her elder cousin, Pirojsha Adi Godrej from the other branch, heads Godrej Properties. (Read the full story here.)

Sensex Today Live : The Godrej family has agreed to divide the conglomerate into two branches. Adi and his brother Nadir will retain the listed entities, while their cousin Jamshyd will take control of the unlisted companies and the land bank.

As part of the realignment, members of Adi and Nadir’s family will make an open offer to the shareholders of Astec Lifesciences.

Sensex Today Live : The Godrej family has agreed to divide the conglomerate into two branches. Adi and his brother Nadir will retain the listed entities, while their cousin Jamshyd will take control of the unlisted companies and the land bank. This agreement was shared with the stock exchanges on April 30. The agreement addresses issues of royalty, brand usage, and land bank development. Shareholding interests and directorships between various entities will need to be realigned before the Family Settlement Agreement (FSA) becomes effective and receives approval from the Competition Commission of India.

Sensex Today Live : Indian benchmark indices opened in the green on Thursday, led higher by firm sentiment.

At opening bell, Sensex was up 46.48 points, or 0.06%, at 74,529.26 and Nifty was up 14.40 points, or 0.06%, at 22,619.25.

Sensex Today Live : The retail financial services firm reported a net profit of ₹50.6 crore for the quarter ending March FY24, a significant increase of 77.3% over the same period last year. The company’s revenue from operations surged by 87.8% YoY to ₹208.1 crore for the quarter.

Sensex Today Live : Indian benchmark indices were red at pre-open on Thursday, following global markets down.

Sensex was down 80.34 points, or 0.11%, at 74,402.44, and Nifty was down 37 points, or 0.16%, at 22,567.85 during pre-open.

Sensex Today Live : The cement manufacturer reported a net profit of ₹100.35 crore for the January-March FY24 quarter, a sharp 50% drop compared to the same period last year. Despite a tax write-back boosting profit in Q4FY23, the operating numbers remained strong. The company’s revenue from operations increased by 0.2% year over year to ₹2,933.4 crore for the quarter.

Sensex Today Live : The government-owned railway firm has been declared the lowest bidder for a project valued at ₹390.97 crore from Eastern Railway. The project involves the construction of the Sitarampur bypass line under the Asansol division of Eastern Railway.

Sensex Today Live : The Indian stock market’s key indices, Sensex and Nifty 50, are predicted to commence trading on a positive note this Thursday, despite mixed signals from the global markets. The Gift Nifty trends suggest a promising start for the Indian benchmark index, trading around the 22,740 level, which is nearly 25 points higher than the previous close of Nifty futures.

On Tuesday, the domestic equity indices concluded on a lower note, with the Nifty 50 maintaining above the 22,600 level. The Nifty 50 chart depicted a small negative candle with an upper shadow.

Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, interpreted this pattern as an indication of significant overhead resistance in the market around the 22,800 levels. He stated, “The larger degree of higher tops and bottoms remains intact, and Nifty is currently positioned to form a new higher top of the pattern. We would need substantial weakness from here to consider this a top reversal pattern.” (Read the full story here.)