Stocks to watch- Zomato, HUDCO, Exide Industries, Lupin, Paytm, Kotak Mahindra Bank, Azad Engineering
时间:2024-09-29 04:39:56 阅读(143)
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 122 points or 0.56% at 21,792, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 213.40 points or 1% to settle at 21,654.75, while the BSE Sensex ended higher by 701.63 points or 0.98% to 72,038.43.
Stocks to Watch on December 28, 2023ZomatoZomato, the food delivery giant, has received a show cause notice from GST authorities amounting to a tax liability of Rs 401.7 crore. The alleged tax is related to delivery charges collected between Oct. 29, 2019, and March 31, 2022. Zomato contends that it is not liable for the tax as the delivery charge is collected on behalf of delivery partners.
Tata Power and Power GridPower Finance Corp (PFC) subsidiary Bikaner III Neemrana II Transmission has been transferred to Tata Power for Rs 18.60 crore, while Neemrana Il Kotputli Transmission goes to Sterlite Grid 32 for Rs 18.59 crore.
HUDCOHousing and Urban Development Corp (HUDCO) has signed an MoU with the Gujarat government for an investment of up to Rs 14,500 crore. The funds will be allocated to finance housing and urban infrastructure projects.
Exide IndustriesExide Industries invests Rs 40 crore in its subsidiary, Exide Energy Solutions, bringing the total investment in the arm to Rs 1,820.01 crore.
Power GridPower Grid Corp acquires Bikaner III Neemrana Transmission in Rajasthan through tariff-based competitive bidding for Rs 18.82 crore.
Affle IndiaAffle India approves a non-binding MoU to invest Rs 37.3 crore for a minority ownership stake in Explurger.
GE PowerGE Power India secures orders worth Rs 10.47 crore from NTPC for generator spares and Rs 9.91 crore from Bokaro Power Supply Co. for spare parts supply.
LupinLupin receives approval from the USFDA for its abbreviated new drug application for Loteprednol Etabonate Ophthalmic Suspension.
Kotak Mahindra BankRBI approves the appointment of CS Rajan as the part-time chairman of Kotak Mahindra Bank for a two-year term, effective Jan. 1, 2024.
PaytmOne 97 Communications reports merchant payments worth Rs 912 crore using Paytm in Q2 FY24.
Canara BankCanara Bank approves the process of listing its mutual fund subsidiary, Canara Robeco Asset Management Company, through an IPO.
KPI Green EnergyKPI Green Energy and its subsidiary commission solar power projects totaling 17.35 MWp.
Azad EngineeringAzad Engineering’s shares debut on the stock exchanges at an issue price of Rs 524 apiece. The Rs 740 crore IPO was oversubscribed 80.65 times on its final day.
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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.
Also read: MSME listing: How to migrate from NSE SME platform to main board? Check revised criteria
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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