Markets for the week posted gains of around 2% despite weakness in Nifty Bank while large caps like Reliance, TCS, and Infosys significantly contributed to the Sensex upmove. The India VIX cooled from a high of 16 levels post-budget. From Sensex’s perspective, the breakout levels have been corroborated well after Sensex rebounded from the support line. In the next few days, we expect further upside and Sensex may test the upper end of the rising channel placed at 75,600 i.e. approximately 5% higher than current levels. On the downside, crucial support is seen at 70,665.
Results Today – Ashok Leyland, Tata Chemical, Bharti Airtel, Varun Beverages
Sensex 30 Chart
Stocks to watch
Positive Read through
- Wabag – Secured USD 33.5 mn order for an Industrial Water Treatment Plant in Saudi Arabia.
- ZEE Ent – SIAC denies the application for emergency interim relief filed by Sony.
- Tata Power – Solar Systems facilitates customer financing worth Rs 35 bn for solar installations in 4.5 years.
- Eicher Motors – Company forays into the small commercial vehicles segment.
- Ashok Ley/Tata Motors/Bharat Forge – Indian Army to carry out phased induction of EVs in Peace Stations across India.
- Τata Motors – Posted Q3 above estimates, JLR margin at 16.2 pct vs estimates of 15.1 pct.
- Indigo – Reported Q3 above estimates, profits 2x, sales up by 30 pct YoY.
- Cochin Shipyard – Signs Rs. 1.50 bn contract with the Indian Navy.
- Moil – Margin at 29.2 pct vs 18.3 pct, EBITDA increased by 61.4 pct YoY.
- Delhivery – Posts highest quarterly sales & EBITDA ever, sales up by 20 pct YoY.
- Bank Of India – Asset quality improves QoQ, net profit increased by 62.4 pct YoY.
- Titagarh Rail – Sales up 24.6 pct, net profit stands at Rs. 748 mn vs Rs. 326 mn YoY.
- Medplus Health – Margin at 6.4 pct vs 6 pct, sales rise by 21 pct YoY.
- KPI Green – bags order for 15 MW from Aether Ind for executing solar power projects.
- Affle – sales growth at 15.6 pct QOQ, India business sales growth at 1.5 pct YoY.
Negative Read through
- SBI – Q3 below estimates, NIM is at a 6-Qtr low of 3.41 pct, deposit growth weakest in 4 Qtrs.
- EKI Energy – ICRA has downgraded the long-term rating to [ICRA]BB+ from [ICRA]BBB-.
- Auro Pharma – US FDA issues 9 observations for Unit-III of the formulation manufacturing facility of arm Eugia Pharma.
- UPL – Q3 EBITDA declined by 86 pct, sales dropped by 28 pct YoY.
- PAYTM – Major KYC irregularities, and submission of false compliance found, as per report.
- Metropolis – Margin at 22.3 pct Vs 24.7 pct, EBITDA declined by 8.1 pct YoY.
- Mahindra Life – Sales dropped by 56.1 pct, Profit increased by 50.6 pct YoY.
- WPIL – EBITDA falls 20.1 pct, margin at 16.3 pct Vs 19.2 pct YoY.
- EIL – Margin at 5.8 pct Vs 5.9 pct, sales rise by 3 pct YoY.
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