Recommendations Financial News

Revenue from operations during the January-March 2024 period declined 2% year-on-year to Rs 37,410 crore. The same stood at Rs 38,152 crore in the corresponding period of last year.

Ventura Securities has initiated coverage on VIP Industries with a Buy rating and has recommended a price target of Rs 741 with a 24-month view. The target price signals an upside potential of nearly 35% from the current market price of Rs 551. “Over FY23-27, we are expecting the company’s revenue/ EBITDA/ net earnings to grow at a CAGR of 14.6%/16.4%/18.5% to Rs 3,593 crore/Rs 581 crore/Rs 300 crore, respectively, while EBITDA and net margins are expected to improve by 96 bps to 16.2% and 105 bps to 8.4%, respectively. Return ratios – RoE and RoIC – are expected to improve by 694 bps to 30.7% and 2647 bps to 58.3% by FY27,” the brokerage report states.

Federal Bank is in an advanced stage of sending the names of potential candidates for the post of managing director and chief executive officer, according to CEO Shyam Srinivasan, whose term ends on 22 September. “There is a bank board established search panel and they have a slew of candidates to choose from," said Srinivasan at a post-results press conference. "It could be internal or external.

Sebi), has announced to grant an exemption (not an extension!) from nominating a nominee to the jointly-held mutual fund folios. This means that investors who hold joint mutual fund accounts do not need to nominate a nominee to prevent their accounts from being frozen after June 30, 2024. The requirement of providing nomination is prescribed in the master circular released on May 19 last year, which states that investors should either nominate a nominee, or opt out of the nomination process.

Titan Company is expected to report revenue of ₹11,250 in Q4FY24, registering a growth of 16% from ₹9,704 in the year-ago period, according to average estimates of five brokerages. Titan Q4 net profit is estimated to rise 8.2% to ₹794 crore from ₹734 crore, year-on-year (YoY). Analysts believe there could be demand moderation in Titan’s jewelry segment in Q4FY24.

IndiaMART InterMESH (Indiamart) surged 10 percent in intra-day deals today (May 2) on the back of robust March quarter (Q4FY24) results. The rise comes even after brokerages cut target price for the stock post its Q4 results. The stock rose as much as 10 percent to its day's high of ₹2,913.

Revenue from operations increased 5% year-on-year (YoY) to Rs 2,815 crore for the reporting period.

Vodafone Idea from 'underperform' to ‘neutral’ as the brokerage finds VIL offers the highest leverage for tariff hike (5% ARPU increase leads to 12% EPS increase). Moreover, the brokerage pointed out that the recent fundraise by the company is expected to enhance its 4G network coverage, which could mitigate market share declines and enhance competitiveness. Also Read: Prabhudas Lilladher advises long-term SIPs in Aditya Birla Group stocks However, despite these positive aspects, the brokerage refrains from recommending VIL as a buy.

Question: As the new financial year has commenced, kindly guide us on the requirement for submission of Forms 15G & 15H by the taxpayers to banks. Who are the eligible taxpayers to submit the said forms? Further, what are the applicable deadlines for submitting these forms?

Sanjiv Bhasin, Director, IIFL Securities, says “among power stocks,, RattanIndia is my top pick of the year. DCB Bank and Dhanlaxmi Bank, are my two favourites and are in our portfolio. Along with that, Bank of Baroda, Can Bank, PNB are also looking very, very strong and if the Bank Nifty has got to lead, then those will participate. Further, I still think UltraTech, Ambuja are two stocks which should be in your portfolio while Concor is an undiscovered dark horse.” How have you looked at the overall auto space? Sanjiv Bhasin: So, before I get that, you have not seen REC, PFC. They have been four baggers from where we have been saying and still the numbers are the best. Power is like you have never seen it, in my 35 years I have never seen the type of return. Before I can go on the autos can I give you one power pick which I think should be the year's pick and for everyone who is in.

Breakout stocks today: The frontline indices of the Indian stock market extended their early morning gains as bulls are betting high after the US Fed chairman downplayed the US Fed rate hike buzz in the US Fed meeting on Wednesday. Buying in mid-cap and small-cap indices was also witnessed during early morning deals on Thursday. However, these gains are limited as frontline indices are still below their resistance level.

₹1,552.55 apiece on the BSE. KVS Manian was recently promoted to the role of Joint MD of Kotak Mahindra Bank and has resigned after 29 years of service. Analysts believe losing a long standing key managerial personal (KMP) is a negative amid many exits in the last one year and on the back of RBI’s recent ban on Kotak Bank.

Stock market today: Following strong global market sentiments after the conclusion of the US Fed meeting on Wednesday, the Indian stock market is expected to react to this overnight trigger. US Fed chairman Jerome Powell's downplaying the US Fed rate hike buzz is expected to offer some relief to the global markets including Asian and Indian stock markets today. During Wednesday's dealing, US dollar rates came under sell-off pressure and the US dollar index slipped below the 106 mark.

Jindal Stainless: On May 1, the company announced a three-pronged investment strategy worth ₹5,400 crore with the aim of achieving global leadership in stainless steel. As part of its expansion strategy, the company entered into a joint venture to develop and operate a stainless-steel melt shop (SMS) in Indonesia with an annual production capacity of 1.2 million tonnes per annum (MTPA). Jindal Stainless plans to invest ₹700 crore in this partnership.

Stock market today: Following strong global market sentiments after the US Fed chair downplayed the rate hike buzz in the US Fed meeting on Wednesday, the Indian stock market is expected to react to this overnight trigger. This US Fed news is expected to offer some relief to the global markets including Asian and the Indian stock markets today. On Wednesday, US dollar rates came under profit-booking pressure and the US dollar index came below the psychological 106 level.

Sensex declined 188.50 points, or 0.25%, to close at 74,482.78, while the Nifty 50 settled 38.55 points, or 0.17%, lower at 22,604.85. “We expect the market to continue its positive momentum supported by healthy Domestic Institutional Investors (DIIs) and retail buying and going Q4 result season," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. The Indian stock market was closed on May 1 on account of Maharashtra Day.

F&O ban list: Two stocks have been banned for trade on Thursday, May 2, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they crossed 95% of the market-wide position limit (MWPL), according to the NSE. However, the stocks will be available for trading in the cash market.

₹2.81 for Q4 which decreased by 78.35% Y-o-Y. Nuvoco Vistas Corporation has delivered -2.07% return in the last 1 week, -0.54% return in the last 6 months and -11.48% YTD return.

₹850cr. It is noteworthy that Tata Chemicals had declared a profit of ₹709cr in the previous fiscal year same period.

₹16.58, marking an 81.79% Y-o-Y increase. As of 02 May, 2024, out of 17 analysts covering the company, 3 analysts rated it as Strong Sell, 1 as Sell, 2 as Hold, 3 as Buy, and 8 as Strong Buy.

₹4.32 for Q4 which increased by 34.07% Y-o-Y. Kfin Technologies has delivered 16.71% return in the last 1 week, 65.99% return in the last 6 months and 55.37% YTD return.