May 26, 2024



Market Morning Notes For 16th May

2 min read

Market activity remained listless on Thursday, with broader markets outperforming the key indices while Nifty Bank settled with loses. With Nifty closing in the positive terrain, we expect positive momentum to accelerate towards 22,600 in the next few trading session. At present, Nifty 50 is showing signs of double retracement, which could be an indication of major accumulation for a potential upside towards 23,500.

Result Today – M&M, HAL, Motherson SWI, Crompton Greaves

Nifty 50 Chart

Stocks to watch

Positive Read through

M&M – Mahindra XUV 3X0 sees over 50,000 bookings within 60 minutes.

Adani Ports – Cargo volume targeted to reach 1,000 MT in 2030, ports ROCE to be >20 pct.

IEX – Overall electricity volumes are up by 15.5 pct, EBIDTA increased 12.3 pct YoY.

NCC – EBIDTA up 18 pct, sales increased by 31 pct YoY.

LIC Hsg Fin – Disbursements grew 13.8 pct, AUM rose 4.3 pct YoY.

Dixon Tech – Headline numbers miss estimates but mobile business growth healthy.

Honeywell Auto – EBIDTA & margin above estimates, margin up nearly 200 bps YoY.

Titagarh – EBIDTA jumped 26 pct, margin up 160 bps YoY.

Mankind – Q4 above estimates, margin at 24.2 pct vs 20.3 pct YoY.

CMS Info – EBIDTA up 8.6 pct, sales increased by 25.1 pct YoY.

Eicher Motors – Company’s unit VE Commercial Vehicles enters into JV agreement with I Triangle Info tech.

Oil upstream stocks – Windfall Tax on crude oil cut to Rs. 5,700/t from Rs. 8,400/t.

Infosys – SAPE marsys in pact for customer engagement platform.

TVS Motor – Company introduces operations in Italy.

Easy Trip Planners – company partners with google wallet to elevate travel experience.

Negative Read through

NLC India – Margin at 17 pct vs 33 pct, EBIDTA declines 65 pct YoY.

Berger Paints – EBIDTA tumbled by 4.8 pct, margin at 13.9 pct vs 15.1 pct YoY.

Jindal Stainless – EBIDTA fell 4 pct & EBIDTA/tonne declines 33 pct YoY.

Redington – EBIDTA down 15.5 pct, margin at 2.1 pct vs 2.5 pct YoY.

Moil – EBIDTA down 3.2 pct, margin at 30.8 pct vs 31 pct YoY.

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