Diwali 2023- Tata Motors, L&T among top 5 Sensex gainers since last festival day
Tata Motors, L&T amongst top 5 performers during Samvat 2079 Tata Motors Ltd, Larsen & Toubro stand amongst top 5 Sensex gainers since last Diwali. The share prices of Tata Motors and Larsen & Toubro have gained 55-61% during samvat 2079 till date (i.e since Diwali last year) The strong pickup in economic activity has been supportive for Tata Motors and Larsen & Toubro. For Tata Motors the pickup and improvement in domestic commercial vehicle demand as well as continued momentum in personal vehicles segment remains a key growth driver.
The Jaguar Land Rover (JLR) sales too have picked pace. The declining input costs too have added to earnings growth and forward earnings upgrades too . Kumar Rakesh at BNP Paribas said that We raise our FY25-26E EBITDA by about 2% to bake in 2Q results and management commentary.
Also read- Diwali 2023: Market loves to celebrate; Nifty fell in only 3 of last 15 Muhurat trading sessions Meanwhile Larsen and Toubro Ltd (L&T) too has remained key beneficiary of rising government capex and some uptick in private Capex. The order book has risen regularly. During H1FY24, L&T had registered an order inflow (OI) of ₹1.5 trillion up 65.1% YoY), taking the order book as of September’23 to an all-time high of ₹4.5 trillion (2.5 times FY23 revenue).
For L&T too the bottoming out of margins can drive further earning upgrades. Analysts at HDFC securities said that given the record-high order book, bottoming out of infra margins, improvement in subsidiary performance; and higher public capex towards a green economy, they maintain positive stance on the stock. Share price of NTPC Ltd with gains of around 42%, UltraTech Cement with gains of more than 35% and IndusInd Bank with gains of almost 29% are
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