Analysis Financial News

Varun Beverages Ltd. 0.67 per cent to Rs 605.00 in Wednesday's trade as of 12:53PM (IST). The stock hit a high price of Rs 615.15 and low of Rs 595.00 during the session. The return on equity (ROE) for the stock stood at 29.64 per cent. Traded volume on the counter stood at 12:53PM shares and turnover at Rs 5.09 crore around that time. The stock of Varun Beverages Ltd. quoted a 52-week high price of Rs 682.84 and 52-week low prices of Rs 361.58, respectively.

HDFC Asset Management Company Ltd. 0.08 per cent to Rs 4424.95 at 12:32PM hours (IST) on Wednesday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 4,127 shares with a turnover of Rs 1.81 crore till 12:32PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 42.73, while the price-to-book value ratio stood at 11.32.

Vedanta Ltd. traded 0.12 per cent in Wednesday's session at 12:22PM (IST). The stock opened at Rs 471.00 and has touched an intraday high and low of Rs 474.35 and Rs 468.90, respectively, during the session so far. The stock quoted a 52-week high of Rs 523.60 and a 52-week low of 214.50. About 117,996 shares changed hands on the counter so far.

Elcid Investments has gone down in the annals of Dalal Street as a rare exception, with a mind-boggling 66,92,535% jump in share prices, leaving both old and young investors dumbfounded. The little-known stock, which was traded only once in 2024, saw just 500 shares change hands at Rs 3.53 apiece on June 21. On Tuesday, its share price suddenly jumped to Rs 2,36,250, with a small trading volume of 241 shares.

Adani Power Ltd. traded 0.56 per cent at Rs 595.15 at 10:30AM (IST) on Wednesday, even as BSE benchmark Sensex 244.17 points to 80124.86. The stock had closed at Rs 591.80 in the previous session. The stock quoted a 52-week high price of Rs 896.75 and 52-week low of Rs 345.20, respectively. As per BSE data, total traded volume on the counter till 10:30AM (IST) stood at 64300 shares with a turnover of Rs 3.81 crore.

Cummins India Ltd. 1.29 per cent to Rs 3517.60 at 10:35AM (IST) in Wednesday's trade. The stock hit a high of Rs 3524.95 and low of Rs 3454.20 so far during the session. The stock had closed at Rs 3472.60 in the previous session. The counter had a total traded volume of 10:35AM shares so far with a turnover of Rs 0.97 crore on BSE. The stock traded at a price-to-earnings multiple of 53.27 and a price-to-book ratio of 12.61.

Adani Enterprises shares are in focus on Wednesday after the firm reported a 664% year-on-year (YoY) jump in its consolidated net profit for the September quarter, reaching Rs 1,742 crore, compared to Rs 228 crore reported in the same period last year. The company's revenue from operations stood at Rs 22,608 crore in the reported quarter, which represents a 16% increase compared to Rs 19,546 crore in the corresponding quarter of the previous financial year.

Sensex and Nifty50, opened in the red on Wednesday, dragged down by banking and financial stocks amid persistent foreign selling and weak corporate earnings. The BSE Sensex was trading 331 points, or 0.41%, lower at 80,042. The Nifty50 was down 111 points, or 0.46%, trading at 24,355 around 9:17 am.

Swiggy announced the price band for its upcoming Rs 11,327.43 crore IPO as Rs 371-390 apiece. The issue comprises a fresh issue of shares amounting to Rs 4,499 crore with an offer for sale (OFS) for 17,50,87,963 equity shares. At the upper end of the price band, the OFS component stands worth Rs 6,828.43 crore.

Energy transition, Select Financials and broader domestic consumption themes,” says Rakesh Parekh, MD & Co-head, Portfolio Management Services, JM Financial Ltd. In an interview with ETMarkets, Parekh said: “We are also very positive on the Healthcare & Pharma space, especially high quality CDMO & Speciality API Mfg companies” Edited excerpts:

Cipla's shares will be in focus during Wednesday's trading after the company posted a 15% growth in its consolidated net profit, reaching Rs 1,303 crore for the quarter ended September 2024, compared to Rs 1,131 crore in the year-ago period. The profit exceeded the ET Now poll estimates of Rs 1,218 crore. Revenue from operations rose 6% year-on-year (YoY) to Rs 7,051 crore in the July-September 2024 period, compared to Rs 6,678 crore in the same period last year. The company reported an EBITDA growth of 12% YoY, reaching Rs 1,886 crore in the second quarter.

The Nifty future closed positive with gains of 0.50% at 24,470 levels on Tuesday.

Axis Securities has a buy call on Bank of Baroda with a target price of Rs 310. The current market price of Bank of Baroda is Rs 248.2. Bank of Baroda, incorporated in 1911, is a banking company with a market cap of Rs 1,28,565.24 crore. Bank of Baroda's key products/revenue segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2024.

Stating that financials as a sector and banks specifically offer better risk reward opportunity, Chandraprakash Padiyar, Senior Fund Manager, Tata Asset Management, says given the positive regulatory environment for banks in terms of early warning, asset quality will remain strong over cycle enabling higher growth in credit and ROE, leading to better valuations. «We see ingredients in place for a positive next few years for the market with the largecap segment doing better than midcap and smallcaps,» he says. Edited excerpts from a chat:

trading session. So when Elcid Investments, a little-known sparsely traded micro-cap holding company made this eye-popping surge in Tuesday's trade, Dalal Street participants took notice. The extraordinary surge in the stock was on account of a special call auction for price discovery in investment holding companies, organised by stock exchanges.

Bank shares jumped on Tuesday, emerging as the top gainers in the day's trading, as investors lapped up shares of some larger lenders amid uncertainty over near-term market prospects. The Nifty Bank index advanced 2.1% on Tuesday, while the benchmark Nifty gained 0.5%. Ten of the 12 stocks on the Nifty Bank index gained at close on Tuesday. Federal Bank was the biggest gainer, soaring 8.5% after its second-quarter results exceeded expectations. SBI was up 5% and ICICI Bank gained 3%.

Dalal Street presented a study in sharp contrasts — and lofty records. First, foreign investors pulled Rs 1 lakh crore out of Indian equities in October, beating the record in the Covid-ravaged March of 2020 with consummate ease. Yet, the fall in equity gauges was nowhere as devastating as in that month, with domestic funds more than matching the sales momentum through record purchases. In the bargain, domestic institutional investors (DII) may have, for the first time this millennium, pulled ahead of overseas funds in owning locally listed firms — another record that points to the shifting centre of gravity in the ownership of Indian risk assets. To be sure, detailed ownership data for October-December will be published in January. Yet, by September end itself, the ownership gap between foreign institutional investors (FII) and DIIs had narrowed to a record low of 109 bps, underscoring the growing influence of domestic capital in Indian equities. “There has been a dramatic shift in ownership in Indian capital markets over past few quarters, with local investors taking the lead and FIIs losing influence,” said Pranav Haldea, MD, Prime Database Group.

Sensex and Nifty50 ended higher for the second straight day on Tuesday, as gains in banking and financial stocks helped the indices reverse course in the final hour of trading after having spent the day under pressure due to some tepid earnings reports and persistent foreign selling. The NSE Nifty 50 rose 0.52% to 24,467, while BSE Sensex gained 0.45% to 80,369. Both the indices had dropped about 0.7% each earlier before the U-turn sparked a second straight day of gains.

Insurance Co on Tuesday bought shares of PNB Housing Finance worth Rs 90 crore through an open market transaction. According to the block deal data available on the BSE, HDFC Standard Life Insurance Company Ltd purchased a little over 10 lakh shares or 0.4 per cent stake in PNB Housing Finance. The shares were picked up at an average price of Rs 900 apiece, taking the transaction value to Rs 90 crore.

Rana Sugars Ltd.(up 2.82%), DCM Shriram Industries Ltd.(up 2.74%), Balrampur Chini Mills Ltd.(up 2.35%), Uttam Sugar Mills Ltd.(up 2.31%), Simbhaoli Sugars Ltd.(up 2.18%), Dalmia Bharat Sugar and Industries Ltd.(up 2.05%), Ponni Sugars(Erode)Ltd.(up 1.93%), Dhampur Sugar Mills Ltd.(up 1.72%), Magadh Sugar & Energy Ltd.(up 1.69%) and Rajshree Sugars & Chemicals Ltd.(up 1.66%) stood among the top gainers.

Sandip Sabharwal, asksandipsabharwal.com, says while there is nothing safe in the market, IDFC First Bank stocks can be the relatively safe sparklers. For those willing to take higher risks, Ahluwalia Contracts can be the high-risk rockets while InterGlobe Aviation or IndiGo can be the perfect value bomb. This Dhanteras, which safe sparkler or safe bets should one look at? Sandip Sabharwal: Now, there is nothing safe in the stock market as such. It is all about relative safeness. I think IDFC First Bank is pretty well placed at the current prices. The results which came out over the weekend reflected that there is resilience in the business model. The core business is doing well. When you look at every bank, the key to look at is the asset quality of the bank and the deposit growth quality of the deposit and then the credit growth and the reported profitability. So, in all these parameters, it is doing very well. Its net NPAs are very similar to that of ICICI Bank or HDFC Bank.