Markets for the week ended lower by 1.5% on back major selling from HDFC Bank with Sensex forming bearish engulfing pattern on the weekly chart. As prices are still trading above breakout levels of 70,665, we expect markets to be prone to upside bias with resistance seen at 75,000. The crucial aspect for the markets would depend on movement of volatility index. As long as India VIX continues to trade below 15, markets are likely to find a cushion at 1% below the current market price.
Results Today – Axis Bank, Havells, JSW Energy, PIDILITIND,
Sona Coms, Tata Elxsi, United Spirits
Sensex 30 Chart
Stocks to watch
Positive Read through
- ICICI Bank – Healthy deposit growth, NPAS at 9-Qtr low, NII above estimate.
- Τata Motors – To increase PV prices by 0.7 pct from February 1, 2024.
- Cipla – Q3 above estimates, US sales at USD 230 mn vs estimates of USD 218-225 mn.
- Hero Moto – Appoints CG motors as its distributor in Nepal.
- Colgate – Q3 above estimates, toothpaste segment sees double-digit growth.
- Persistent – Q3 CC sales growth above estimates at 3.1 pct, approves stock in 1:2 stock split.
- Coforge – CC Sales growth above estimate at 1.8 pct, guidance maintained.
- Can Fin – NIMs improve sharply QoQ dependency on DSAS reduced.
- Trans & Rect – EBITDA up by 22 pct, margin at 10.4 pct vs 9.5 pct YoY.
- Keystone Realtors – Signs Lol for redevelopment projects worth GDV of Rs. 12.00 bn.
- TCS – Enables Euroclear Finland to integrate the core platform with ECB’s T2S platform.
- Lemon Tree Hotels – Signed a Franchise Agreement for a new property in Anjar, Gujarat.
- Shree Cement – Starts commercial production at Nawalgarh cement plant in Rajasthan.
Negative Read through
- Zee Ent – Sony merger called off, Sony seeks payment of US.
- IDFC First Bank – RWA-to-advances ratio at 9- Qtr high, RoA at 6-Qtr low.
- Oberoi Realty – Pre-sales value lower than estimates, EBITDA down 46 pct YoY.
- Chennai Petro – EBITDA down by 62 pct, margin at 3.9 pct vs 10.8 pct QoQ.
- MRPL – Lowest grms in last 4 quarters, EBITDA down by 37 pct QoQ.
- J&k bank – NIM at 3.83 pct vs 4.07 pct, slippages up by 23.4 pct QoQ.
- Spandana – NIM at 13.3 pct vs 14.1 pct, asset quality deteriorates QoQ.
- Zensar Tech – USD revenue down 3.80 pct, margin at 17.24 pct vs 18.60 pct QoQ.
- Seshasayee Paper – Faces challenges with lower production and sales volumes.
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