Markets surged around 2 pct on Monday to recoup last week’s losses after Reliance Industries single-handedly contributed to Sensex gains by rallying 7 pct. The breakout in the ratio of Reliance Industries to Nifty 50 acted as a key trigger for momentum buying in Reliance Industries which may accelerate further in the coming days. In Sensex, the immediate upside is seen towards 73400 and with RSI trading at comfortable levels, we expect more follow-up buying to take place at current levels. Based on Ratio Breakout Reliance Industries may be geared for testing 3500.
Results Today – SRF, Cochin Shipyard, Voltas, KPIT Tech, L&T, Bajaj Finserv, M&M Fin
Sensex 30 Chart
Stocks to watch
Positive Read through
- Bajaj Finance – Q3 Above Estimates, NII at Rs. 76.55 bn, calculated NIM at 9.85 pct.
- Petronet LNG – EBITDA increased by 40.4 pct, margin came at 11.6 pct Vs 9.7 pct QoQ.
- Marico – Q3 Largely in-line, expects the margin to expand 250 bps in FY24.
- Pharma – UTI drug Exblifep gets European Medicines Agency nod.
- KEC INTL – Bags new orders worth Rs. 13.04 bn across various businesses.
- Nuvoco – EBITDA rise by 52 pct YoY, volumes Down 10-11 pct YoY/QoQ To 4 mt.
- Muthoot Microfin – AUM up by 5.4 pct, asset quality improves QoQ.
- KRSNAA Diagnostics – To provide MRI & CT Scan services in Maharashtra district hospitals.
- Godfrey Phillips – EBITDA increased by 8.6 pct, sales up by 35.9 pct YoY.
- Restaurant Brands Asia – Loss contract, margin at 11.3 pct against 5.6 pct YoY.
- AB Sun Life – Sales increased by 8.7 pct YoY, profit up by 25.9 pct YoY.
- Nippon Life – Sales increased by 18.7 pct, profit up by 33.4 pct YoY.
- Reliance: Jio added 3.45 mn subscribers during November.
- Sunteck Realty – To develop projects at Nepean Sea Road, Bandra Bandstand.
- Tata Power – The Company’s renewable unit achieves a breakthrough with the commissioning of a 1040 kW Bifacial Solar System in West Bengal.
Negative Read through
- ITC – Cigarette volume flat Vs estimates of 0- 2 pct growth, margin at 36.6 pct Vs 38.4 pct YoY.
- NTPC – EBITDA down 24.9 pct, margin at 25.2 pct Vs 32 pct YoY.
- Piramal Ent – NIM at 4.9 pct Vs 6.5 pct, NII down by 24.3 pct YoY.
- Voda Idea – sales decline 0.4 pct QoQ, debt payable in next 1year declines to Rs. 53.85 bn.
- RR Kabel – Margin at 6.9 pct Vs 8.1 pct, EBITDA declined by 6 pct YoY.
- Mahindra Logistics – EBITDA down by 17.1 pct, margin at 3.7 pct Vs 4.7 pct YoY.
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