Market activity remained muted with Nifty forming inside bar like candle and is holding firmly above Friday low. The outlook for market remains positive given bullish formation of rising three methods in Bank Nifty Index and we expect Bank Nifty to rise 8-10 pct in the coming weeks. Meanwhile, a sharp surge in India VIX above 15 mark indicates heavy call buying action and we expect Nifty 50 index to jump 4-5 pct in the coming days.
Result Today – Pidilite Ind, SRF, Voltas, Kajaria Ceramics, Navin Fluorine,
Nifty 50 Chart
Stocks to watch
Positive Read through
- BPCL – To consider bonus issue along with earnings on May 9.
- Hindalco – Novelis reports better than estimate earnings, adj EBIDTA/tonne at 7-quarter high.
- Godrej Cons – Domestic organic volume growth above estimates at 7 pct, margin up 230 bps YoY.
- Marico – Expects volume growth to gradually pick up, maintains FY25 CC growth guidance.
- HPCL – To consider bonus issue along with earnings on May 9.
- Oberoi Realty – Signs agreement with Mahada to redevelop a project in Worli, Mumbai.
- Fusion MFI – disbursals up 24 pct, AUM surged by 23 pct, NIM at 11.59 pct vs 10.57 pct (YoY).
- Muthoot MFI – Disbursals jumped 18 pct, AUM rose 32 pct YoY, provisions jump 182 pct YoY.
- Happiest Minds – margin at 19.90 pct vs 19.70 pct, FY24 CC sales growth in-line with guidance.
- Wipro – Company collaborates with Microsoft for Gen AI products.
- Coromandel Int – Announced an increase in its investment in Ecozen, a climate-smart technology solutions provider.
- Olectra Green – Achieved a milestone by surpassing 10,000 units in its e-bus order book.
- Orient Electric – Starts commercial production from greenfield manufacturing plant at Hyderabad, Telangana.
- Campus – India Ratings Upgrades Bank Facilities to ‘IND AA-’/Stable from ‘IND A+’/Positive.
- Mastek – Announced its iConniX portfolio to enable Gen AI-led innovation across industries.
Negative Read through
- Lupin – Sales missed estimates, EBIDTA & margin in-line, US sales at lower end of estimates.
- Guj Gas – volumes below estimates at 9.69 mmscmd, FY24 profit & EBIDTA lowest in last 4 years.
- LTIMindtree – Gets tax demand of Rs. 1.58 bn from Mumbai GST department for FY19.
- Route Mobile – Margin slips 80 bps YoY, FY24 sales growth below company’s guidance.
- Suven Life – Posted loss at Rs. 265 mn vs loss of Rs. 276 mn, sales declined by 8.81 pct YoY.
- Bombay Dyeing – Sales grew 3.2 pct, EBIDTA loss expands QoQ.
- Gujarat Fluoro – Profit at Rs 1 bn, down by 70 pct, Sales stood at Rs 11.33 bn, lower by 23 pct.
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