Hemang Jani, Equity Strategist & Senior Group VP at MOFSL,expects passenger vehicles and commercial vehicles to continue seeing growth, but there may be suppressed performance in the tractor industry. Kotak Bank has performed well with strong loan growth, NII, and asset quality. UltraTech is best positioned in the cement sector and expected to experience strong volume growth.
India's biggest mortgage financier, Housing Development Finance Corp (HDFC), has chosen Jefferies Financial Group to manage the sale of HDFC Credila Financial Services. HDFC may seek a valuation of up to $1bn for the unit as it aims to meet regulatory demands ahead of its merger with HDFC Bank. The Reserve Bank of India has given the newly-formed entity two years to trim its stake in Credila to 10%, with the sale mandate one of the largest managed by Jefferies in the market, according to unnamed sources.
A total of 19,192 shares changed hands on the counter till 11:17AM (IST).
IDFC First Bank's standalone profit rose 134% YoY to Rs 803 crore in the March quarter, driving the shares up 6%. The bank's net interest income in Q4 2022 totalled Rs 3,596.75 crore. Its gross and net NPAs improved, and provisions for FY23 reduced by 46% YoY to Rs 1,665 crore. The bank's asset quality remains high, and RoA improved from FY22's 0.08% to 1.13% in FY23. However, brokerage Nuvama retained its hold rating on the bank with a target price of Rs 60 as its retail loan portfolio and deposit franchise remain unseasoned and weak, respectively.
Moreover, given the acquisition shall be funded through debt, and forgone other income, the brokerage expects the acquisition to be earnings dilutive and expect earnings to be impacted by -5%/-5% in FY24/FY25.
Experts suggest that Sun Pharmaceuticals stock prices could exceed Rs 1,100 levels in the short term if current momentum continues, following a bounce back after retesting its 200-day moving average on the daily charts. Traders may consider accumulating the stock within the range of Rs 970-990. The pharma stock is trading above its 5, 10, 30, 50, and 200-day moving averages but below 20 and 100-day moving averages on the daily charts
The stock traded at a P/E multiple of 8.36, while the price-to-book value ratio stood at 1.08.
A total of 574,642 shares changed hands on the counter till 11:07AM (IST)
A total of 36,070 shares changed hands on the counter till 11:02AM (IST).