Markets last week remained range bound with Nifty ending higher by 0.5% while Bank Nifty outperformed with gains of around 3%. With weekly closing above 48000 in Bank Nifty, expect major short covering in coming days with immediate target seen at 51500. The ratio of Bank Nifty to Nifty 50 Index has seen major reversal after months of downtrend. This data indicate that Bank Nifty will amplify outperformance against Nifty 50 in coming days with Bank Nifty expected to generate alpha of 5% over Nifty 50.
Bank Nifty Chart
Stocks to watch
Positive Read through
- Tata steel – India business posts highest quarterly delivery volumes rose 11 pct QoQ.
- Wipro – CEO Thierry Delaporte steps down, appoints Srinivas Pallia as CEO & MD.
- Titan – Q4 jewellery business rose 18 pct, India jewellery business sales up by 19 pct YoY.
- Godrej Cons – Expect Q4 sales growth of mid-single digit & volume growth of high single digit.
- Dr Reddy’s – Signs marketing & distribution agreement with Bayer for 2nd brand of vericiguat in India.
- Adani Wilmar – Overall Q4 sales declined 4 pct, volume up 4 pct YoY, food & FMCG value growth at 18 pct.
- Cholamandalam – Q4 disbursals rose by 17 pct, AUM surges by 35.66 pct YoY.
- Gland pharma – Gets US FDA nod for breast cancer drug Eribulin Mesylate.
- Zee Ent – Initiates process of rationalisation of workforce by 15 pct across company.
- Voda – Board approves Aditya Birla group investment of Rs. 20.75 bn, stake will increase to 19.8 pct.
- Indiabulls Real – To raise up to Rs. 39.11 bn via preferential issue, to acquire 4 projects for Rs. 18.53 bn.
- Voltas – Posted highest-ever AC sale of 2 mn units in FY24.
- Cochin Ship – Signs MSRA with US Navy to repair US Naval Vessels under Military Sealift Command.
- Vedanta – BlackRock, ADIA, domestic funds hike stake in Vedanta.
- Force Motors – March Auto Sales jumped by 34 pct at 3,248 units YoY.
- Kalyan Jew – Posted 34 pct surge in consolidated growth for Q4FY24 and a 31 pct growth in FY24.
Negative Read through
- Nestle – To increase royalty to parent company to 5.25 pct from 4.5 pct currently in next 5 years.
- Aurobindo – US FDA issues inspection 3 observations for arm Eugia Steriles.
- Bandhan Bank – Founder-CEO Chandra Shekhar Ghosh to retire on July 09, 2024.
- Bank of Baroda – Q4 CD ratio at 82.13 pct vs 84.26 pct QoQ, deposits increased by 10.2 pct YoY.
- Strides – US FDA concludes CGMP inspection in Chennai facility with 2 observations.
- PNB – Q4 deposits rose by 7 pct, advances rose 11.45 pct YoY.
- CESC – Company gets GST demand order of Rs 1.08 bn including the tax and penalty.
- United Breweries – Company receives tax demand of over Rs 2.63 bn.
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