Stocks To Watch- Pfizer, Vedanta, PVR Inox, GAIL, Oil India, ONGC, Indian Oil, Bharti Airtel
时间:2024-06-29 02:50:10 阅读(143)
Stocks to watch: The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open on a positive note, as Nifty futures traded 44 points lower at 18,447.50 on the Singaporean exchange. Nifty and Sensex closed Monday’s session higher. Nifty 50 closed at 18,398.85, just shy of the 18,400 level and 60 points down from its intraday high. Sensex closed 317 points higher at 62,346.
“Domestic benchmark indices are marching ahead driven by favourable developments such as declining inflation levels, steady foreign inflows, and in anticipation of robust earnings growth on a QoQ basis next quarter, due to drop in global commodity prices. The domestic CPI inflation came in better than expected at 4.7%, and the WPI inflation decreased by 0.92%, reaffirming RBI’s decision to hold rate hikes,” said Vinod Nair, Head of Research, Geojit Financial Services.
Vedanta on Monday named Holcim AG executive Sonal Shrivastava as its new chief financial officer, effective from 1 June.
Bharti AirtelThe telecom player is set to announce its quarterly results on Tuesday. Experts estimated the firm’s revenue to rise between 1-2% on tepid customer additions and relatively flat ARPU. As a result of the previous quarter’s one-time provisional charge, the net profit for quarter ended March will see a sharp sequential jump.
GAIL, Oil India, ONGCThe government slashed windfall tax on domestically produced crude oil to zero, which will have a beneficial impact on ONGC, Oil India and GAIL.
Indian OilThe oil major will report its fourth quarter earnings later today. Analysts predicted that IOC might see a multifold jump in profit after tax, even though revenue might see a fall.
Coromandel InternationalCoromandel International reported a 15% fall in its quarterly profit on Monday, as soaring costs offset growing demand.
PVR InoxMultiplex player PVR Inox reported a net loss of Rs 333.4 crore in the quarter ended March compared to a net profit of Rs 105 crore in the same quarter last year.
上一篇:Reliance Industries, Wipro, Bharti Airtel, HDFC AMC, Deepak Fertilisers, Zee, other stocks in focus
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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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