Markets ended red on Friday. Nifty ended ~0.7% at 22,419. Indian markets are well supported by Q4FY24 FY24 results. As long as the key support around Nifty 22300 remains undisturbed, the bullish trend is expected to continue. We expect positive momentum to accelerate further, with an immediate target seen towards 23,500 for the Nifty.
The US Future is trading positive after the cash market ended green on Friday due to a tech stock rally. Asian markets are trading in green, while crude prices reverse on supply demand concerns. Brent is near USD 88 per barrel.
Result Today – Ultratech Cements, Trent, KPIT Tech, Tata Chemical
Nifty50 Chart
Stocks to watch
Positive Read through
- ICICI Bank – Q4 above estimates, gross NPA at 1.88 pct vs 2.04 pct QoQ.
- SBI Life – Q4 largely better than estimate, APE growth of 17 pct higher than guidance.
- NMDC – Iron ore fines & calibrated lump ore price hiked by Rs. 200-300/tonne.
- AU SFB – RBI releases criteria for SFB to transition into a Universal Bank.
- RBL Bank – YoY deposit growth highest in 12 quarters at 21.9 pct, Q4 above estimate.
- SBFC Fin – AUM jumped 38 pct. NIM at 9.9 pct Vs 9.5 pct YoY & Vs 9.7 pct QoQ.
- Shriram Fin – AUM growth at 21.1 pct YoY, NIM At 2-Year high of 9.02 pct.
- L&T Fin – Disbursements grew 24.8 pct, AUM Rose by 5.77 pct YoY.
- IREDA – Granted ‘Navratna Status’ from the Department of Public Enterprises.
- Tata Steel: Company has agreed detailed terms with the UK Government on the proposed grant package to support the Pound 1.25 bn investment.
- Ajanta Pharma – To consider buyback of equity shares at its board meet on May 2.
- Force Motors – Sales up 35 pct YoY at Rs. 20.11 bn, profit 4.3 pct YoY at Rs.1.40.3 bn.
- Yes Bank – NII grew 2.3 pct At Rs 21.53 bn, Profit at Rs 4.54 bn Vs Rs. 2.02 bn YoY.
- Ircon Intl – Bags order worth of Rs. 11.98 bn from the East Coast Railways.
- Mahindra Holidays – EBITDA increased by 14 pct, sales grew 12.5 pct YoY.
- Macrotech – NCLT nod for resolution plan of company for V Hotels, to pay Rs. 9 bn.
Negative Read through
- Maruti – Q4 Below Estimates, margin at 12.2 pct Vs 10.5 pct YoY.
- Apollo Hosp – Apollo HealthCo to raise Rs. 24.75 bn from Advent, to merge Keimed.
- HCL Tech – FY25 CC sales growth guidance below estimates at 3-5 pct, Margin Down 210 bps QoQ.
- SBI Cards – Corporates spends declined by 26.7 pct YoY, NIM at 16-quarter low of 10.9 pct.
- IDFC First Bank – Q4 below estimates, FY25 credit cost seen at 1.65 pct Vs 1.3 pct in FY24.
- Indiabulls Real Estate – Q4 bookings down 64 pct, collections decline 51 pct YoY.
- BSE – Regulatory fee likely to increase on SEBI’s order.
- MASTEK – EBITDA declined by 1.7 pct, margin at 16 pct Vs 18 pct YoY.
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