BPCL, Vodafone Idea, ITC, SBI, HDFC, HDFC Bank, Zomato, Bajaj Auto stocks in focus on weekly F&O expiry
时间:2024-06-26 06:57:25 阅读(143)
Domestic stock indices snapped their 2-day rally on Wednesday as BSE Sensex and NSE Nifty 50 ended in red. S&P BSE Sensex slumped 709 points, or 1.35 per cent, to end at 51,823 while NSE Nifty 50 closed at 15,413, down 226 points or 1.44 per cent. However, entering the Thursday’s trade, SGX Nifty was suggesting that Dalal Street might see gap-up start. Nifty futures were trading 29 points or 0.2 per cent up at 15,426 on Singaporean Exchange. Asian stock markets were trading mostly higher, while US indices fell inovernight trade on Wall Street.
Analysts say that the market showing immediate reversal of upside bounce is not a good sign for the bulls to sustain the highs. “Now, one may expect Nifty to slide down to the important support area of 15200 levels in the next few sessions. Immediate resistance is placed at 15560,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Vodafone Idea: Vodafone Idea’s (VIL’s) board on Wednesday approved a fund-raise of up to Rs 436.21 crore from Euro Pacific Securities, which is a Vodafone Group entity and promoter of the company, on a preferential basis.
ITC: Diversified conglomerate ITC’s portfolio of non-cigarette FMCG brands represented an annual consumer spend of over Rs 24,000 crore for FY22, registering around 9% year-on-year growth.
SBI, HDFC, HDFC Bank: State Bank of India is cognisant of the competitive impact of the merger of Housing Development Finance Corporation into HDFC Bank and is gearing up to meet the challenge, chairman Dinesh Khara said at the bank’s 67th annual general meeting (AGM).
Zomato: The board of directors of Zomato will meet on June 24 to likely approve the acquisition of e-grocery startup Blinkit (formerly Grofers). While Zomato, in a regulatory filing on Wednesday, did not say whether the upcoming board meet was related to the Blinkit deal, it just said that it is to discuss a potential acquisition.
Bajaj Auto: Bajaj Auto to consider share buyback proposal on June 27. The automobile company informed exchanges that the board of directors will meet on June 27 to further deliberate on the proposal for buyback of shares of the company.
Delhivery: Delhivery: Logistics firm announced its plans to expand its infrastructure in Bhiwandi (Greater Mumbai) and Bengaluru to enhance its processing capacity to cater to demand from the southern and western regions of the country.
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- uidance range. Ebit margins at 18.2% were down 140bps and missed estimates due to higher-than-expected employee costs. Profits at Rs 39.8 bn were up 11% y-o-y and were slightly ahead of estimates due to a $21m gain booked on the buyback of senior notes in Q4.
Services miss estimates; Software better than expected: Services business grew 0.6% q-o-q cc and missed HCLT’s Q3FY23 guidance, mainly due to a 3.8% q-o-q cc decline in the ER&D segment. Growth in the IT&BS segment moderated slightly to 1.6% q-o-qcc but was in line with estimates. BFSI and Life Sciences were the key growth drivers, while communications were the drag among verticals. Growth was led by the Americas region, while Europe and ROW posted declines.
Decline in bookings reflects delays in decision-making: HCLT won 10 large deals in services and three large deals in Software with net-new deal TCV of $2.1bn, down 8% y-o-y. Deal wins were driven by the services portfolio, were centered on cost optimisation and vendor consolidation and came mainly from BFSI, manufacturing and Life Sciences verticals. Management highlighted a ramp-down in discretionary spending in Hitech and communications verticals but pointed to a strong deal pipeline.
FY24 guidance in line with expectations: HCLT has guided for 6-8% y-o-y growth for overall business and 6.5-8.5% y-o-y cc growth in services segment and 18-19% margins in FY24—all in line with our assumptions. We maintain our FY24-25 cc revenue growth and margin estimates and expect HCLT to deliver 6.5% cc revenue growth and 18.4% margins in FY24. However, we lower our earnings forecasts by 2% to factor the higher tax rate indicated by the management.
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Raise PT: HCLT has fared better in Q4, particularly in North America and BFSI, unlike its peers. However, rising demand uncertainty as a US recession nears remains a concern. HCLT’s stock at CMP trades at 17x PE and offers a 5% yield, which in our view should limit downsides and derating. Hence, we raise our target PE to 17x (16x earlier) and raise our PT to Rs 1,125, offering 8% potential upside.
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