Market Morning Notes For 30th May 2024

Nifty ended with nearly 200 points cut and closed below its previous 2 session’s lows. Volatility is expected to persist in the coming days. India VIX continues to remain elevated at 2- year highs as markets await the outcome of the general election. Bank Nifty widely underperformed Nifty in its monthly derivative expiry session yesterday.

Oil prices settled lower Wednesday, as traders looked ahead to fresh petroleum inventory data for signs of a pickup in demand as the U.S. summer season gets underway. Brent oil futures fell by 0.7% to $83.60 a barrel. Gold prices slump amid rising US Treasury yields, boosting demand for the Greenback due to hawkish comments by Fed official.

Result Today – Apollo Hospitals, BDL

Nifty 50 Chart

Stocks to watch

Positive Read through

Tata Steel – Posted Q4 above estimates, India business EBITDA/t 7 pct above estimates, Europe losses narrow.

Hero Moto – Associate company, Hero Fincorp to file for IPO, fresh issue at Rs. 40 bn.

Cummins – Reported Q4 above estimates, margin up 650 bps, profit at multi- quarter high.

GMR Airports – Loss narrows to RS. 1.68 bn, margin at 33.4 pct vs 13.5 pct YoY.

RR Kabel – TPG Asia to sell its entire 5 pct stake via block deals, as per reports.

Lemon Tree – Sales increased by 29.5 pct, EBITDA grew 22.6 pct YoY.

RHI Magnesita – Margin at 12.1 pct vs 15.7 pct QoQ, sales up 8 pct YoY.

Aadhar HSG – AUM jumped 22.6 pct, disbursements rose 19.8 pct YoY.

MM Forgings – ebitda up 11.4%, margin at 19.4% vs 17.8% yoy.

Avantel – Bags Rs. 1,100 mn order from defence minister for SATCOM equipment.

Jupiter Wagon – Gets ARAI nod to start e-LCV production.

HCG – EBITDA inches up by 19.5 pct, Margin at 18.4 pct vs 17.2 pct YoY.

Ahluwalia – EBITDA up 4.4 pct, sales rose 36.5 pct YoY.

Infosys – Launches AI-led innovations for Roland-Garros 2024 in partnership with French Tennis federation.

Prestige – Says GDV of projects expected to launch in the FY25 is Rs. 590 bn.

Negative Read through

Alkem Labs – FY25 sales & margin guidance below estimates.

Sun Pharma – US FDA says company failed to take precautions to minimize risk at Dahej.

Bata – Margin at 22.8 pct vs 23.4 pct, profit declines 3 pct YoY.

IRB Infra – Promoters may sell up to 4 pct via blocks, offer price Rs. 63- 72.70/sh, as per reports.

KFin Tech – Promoter to sell up to 6.8 pct, floor price at 4 pct disc to cmp, as per reports.

SJVN – Margin at 49.6 pct vs 61.3 pct, EBITDA declined by 22.4 pct YoY.

Mishra Dhatu – EBITDA down 20 pct, margin at 19.8 pct vs 29.3 pct YoY.

Edelweiss Fin – RBI imposes business restrictions on ECL Finance & Edelweiss ARC.

Cesc – fire at arms’ Haldia energy unit-1 generator transformer.

GR Infra – EBITDA declined 19 pct, margin came at 21.7 pct against 27.2 pct YoY.

Nocil – EBITDA down by 10.4 pct, sales fell by 9.2 pct YoY.

HOEC – Margin came at 35 pct against 79.5 pct, EBITDA down by 25 pct YoY.

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