Markets witnessed broad-based selling, especially from midcap and a small-cap segment where the small-cap Index plunged by 4% while Sensex suffered losses of 0.8% on the back of unwinding from domestic participants. The selling may be an indication that broader markets may have topped out in the near term and money flow is expected to divert from midcap and small-cap segment to large-cap stocks in Sensex 30. The Sensex on the other hand remains extremely strong above 70,665 with a potential target of 75,600 and we expect to see gains in the coming days. However, weakness in the midcap and small-cap segment is expected to continue.
Results Today – Antony Waste, BHEL, BOSCH, EICHER Motors, GRSE, IRCTC, SIEMENS, ZEEL.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Lemon Tree Hotels – Signs license agreement for 50 rooms hotel in Telangana.
- M&M Fin – Company and IBM collaborated for financial inclusion with the Super App.
- JSW Energy – Company unit gets LoA for 500 MW wind capacity by Solar Energy Corporation.
- Coal India – Q3 above estimates, e-auction volumes up 7.6 pct YoY.
- Sail – EBITDA, margin above estimates, gross margin at 52 pct vs 45.9 pct YoY.
- NMDC, GMR Airports, Union Bank – Included in MSCI India Standard Index.
- BHEL, PNB – Included in MSCI India Standard Index.
- Dilip Buildcon – Sales increased by 24 pct, margin at 13.1 pct vs 6.8 pct YoY.
- Adani Total – Bags order in the Rs. 750-850 mn range from Rajkot Municipal Corp.
- MGL – To acquire a 31 pct stake in 3EV in various tranches for Rs. 960 mn.
- Quess Corp – IT Department reduces original tax demand to Rs. 1.41 bn from Rs. 3 bn.
- BLS International – Margin at 20.2 pct vs 15.1 pct, profit up 90.2 pct YoY.
- Phoenix Mills – EBITDA up 43.5 pct, sales rose by 44.2 pct YoY.
- Kirloskar Oil – EBITDA up by 33.3 pct, margin at 18.5 pct vs 15.8 pct YoY.
- Tilaknagar Ind – EBITDA up 26.6 pct, sales rise by 24.3 pct YoY.
- Sansera Engg – EBITDA rise by 35.5 pct, margin at 16.9 pct vs 15.9 pct YoY.
Negative Read through
- Zee Media – Posted loss of Rs. 359 mn, sales down by 2.3 pct YoY.
- Hindalco – Novelis Q3 adjusted EBITDA up 33 pct, capex 64 pct higher than initial estimates.
- HEG – EBITDA declined by 34.5 pct, margin at 15.4 pct vs 24.9 pct YoY.
- Allcargo Logistics – EBITDA declined by 55.9 pct, margin at 3.5 pct vs 6.1 pct YoY.
- Krsnaa Diagnostics – MD Pallavi Shantilal Bhatevara resign, margins flat YoY.
- GR Infra – EBITDA declined by 65.9 pct, margin at 19.1 pct vs 54.5 pct YoY.
- GSK Pharma – EBITDA declined by 4.6 pct, margin at 27.1 pct vs 28.5 pct YoY.
- Galaxy Surfactants – EBITDA declined by 27 pct, margin at 12 pct vs 14.2 pct YoY.
- Repco Home – Q3 below estimates, disbursements declined by 5 pct QoQ.
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