Market Morning Notes For 14th May 2024

Markets witnessed wild swings on Monday with Nifty opening lower by 200 points and later stabilising to finally settle with modest gains led by Nifty Bank. Nifty has led to formation of double bottom on short term charts after Nifty 50 held on firmly above 21,777. With India VIX trading above 20, we expect recovery in markets to be swift with near term target for Nifty seen at 23,500. We expect maximum gains to be contributed from Top 9 stocks in Sensex based on market cap as Top 9 stocks in Sensex holds 62 weightage of Sensex 30.

Result Today – Bharti Airtel, Siemens, Kirloskar Brothers, Apollo Tyres.

Nifty 50 Chart

Stocks to watch

Positive Read through

Vedanta – To mull fund raise, interim dividend in May 16 board meet.

Hindalco – Novelis files IPO paper with US SEC for NYSE listing.

Hero Moto – Joins ONDC network to offer 2-W parts, accessories & merchandise.

JSPL – Q4 above estimates, EBIDTA/tonne at Rs. 12,443 vs poll of Rs. 12,128/tonne.

Shriram Fin – To sell its housing fin subsidiary to Warburg Pincus for Rs 46.30 bn.

Maruti – Launches 2 new variants of Fronx at Rs 0.89 mn & Rs. 0.94 mn.

Cochin Shipyard – Bags order in the range of a Rs 5-10 bn for hybrid SOVs.

RVNL – Gets LoA for an order worth Rs. 2.39 bn from Southern Railway.

Zomato – Aim to double quick comm stores in FY25, brokerages remain positive.

Chalet hotels – EBIDTA up 20 pct, Sales rises 24 pct YoY.

Aarti Pharma – Margins at 23 pct vs 16 pct, sales grew 4.3 pct YoY.

RBL Bank – Quant MF gets RBI nod to acquire aggregate holding of up to 9.98 pct.

Coromandel Intl – To acquire an additional 6.99 pct stake in Dhaksha Unmanned Sys for Rs.1.50 bn.

LTImindtree – EU clears Aramco Digital and LTImindtree Joint Venture.

Infosys – Company completes acquisition of leading semiconductor design services provider.

Negative Read through

DLF – Headline numbers higher but Q4 bookings fell YoY and QoQ.

Sanofi – EBIDTA declined by 73 pct, sales tumbled by 74.3 pct YoY.

GE Shipping – Nalanda India seller, Ghisallo master fund buyer in block deals.

BLS E services – Profit fell to Rs 109 mn vs Rs 252 mn, Sales at Rs 740 mn vs Rs 730 mn YoY.

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