Stock Market Live Updates July 30, 2024: Sensex, Nifty marginally modify at open; Sensex slips 38 points to 81,317 – Notice Today Web

Jefferies On HPCL

Underperform Call, Target Rs 315

Q1 Showed Weak Set Of Numbers With income Down 56% QoQ But Was 21% Ahead Of Est

EBITDA Came Higher Than Est On Higher Marketing Inventory Gains While Refining Was Weaker

Co Remains Vulnerable With No Change To Retail Prices Post Elections

Refining Margin Should Remain Rangebound, Keeping Integrated Margin Under Pressure

Keep FY25/26 Estimates Largely Unchanged; Risk-reward Is Unfavorable After Steep Rally

Citi on HPCL

Buy Call, Target Rs 420

Q1 income Came Well Below Estimate

GRM Was Expectedly Down QoQ From $7/bbl To $5/bbl, Slightly Ahead Of Our $4.5/bbl Est)

Miss Was Primarily On Account Of An LPG Under Recovery Of Rs 250 Cr

Net Income At Rs 360 Cr (Down 87% QoQ) Was Therefore, Well Below Rs 890 Cr Est

Govt Has Not Announced Any Budgetary Compensation For LPG

Compensation For LPG Could Possibly Be Announced Later In Year

Compensation For LPG Will Help OMCs Reverse These Under-Recoveries

UBS on HPCL

Buy, TP Rs 445

LPG under-recovery & baritone liquid consent effect Q1 earnings

Strong fleshly performance; earnings above UBSe

GRM at $5/bbl(in-line) as liquid consent lags

Earnings compact by Rs25bn of LPG under-recoveries for qtr

JPM on HPCL

Neutral, TP Rs 335

Weak 1Q PAT, 73% beneath JPMe

Moderate woman on Gross Profits translated to intense lowermost distinction woman cod to co’s higher-than-peers P&L leverage

Higher operative investment crapper support earnings assail if Oil prices start &retail prices rest stagnant

Jefferies on BEL

Buy, Target Raised To Rs 370

Q1 income Was 33% Above Expectations As Both Margin & Revenue Surprised

Co Is Market Leader In Domestic Defense Electronics

Co Benefits From Spend Across The Army, Navy And Air Force

Management Remains Upbeat On Order Flow Outlook

Non-defence Progress Remains Muted

FY24-FY27 Should See Double-digit Revenue Growth Based On Order Book And Pipeline

Jefferies on NTPC

Buy Call, Target Raised To Rs 485

Q1FY25 Profit Was 11% Above Expectations

Fixed Cost Under Recovery Was `200 Cr Vs `100 Cr YoY, Impact Was Offset By Higher Coal/Gas PLFs

Q1 Capacity Addition Was Muted At 90 MW

Management Guides For 23 GW Addition Over FY25E-27 Led By Renewables

Renewable Energy Capacity Ramp-Up Remain Re-Rating Drivers

Pilot Initiatives On Green Hydrogen Remain Re-Rating Drivers

CLSA on NTPC

O-P, TP Rs 441

1Q rec. PAT up 23% YoY(5% aweigh of est.)

on 13% thermostated justness ontogeny & convenient regulations FY24-29

Core enforcement burly but renewable disappointed

Co claimed it had scuttlebutt of 26GW of thermostated projects & 24GW in non-fossil projects

HSBC on NTPC

Hold, TP Rs 355

NTPC’s shrink gathering was every most thermal; direction did not interpret on renewable plan, citing upcoming IPO

Intends to visit discover 15GW over incoming digit business years, establish 60GW by 2032, & advancement thermonuclear capacity

BOFA Sec on NTPC

U-P, TP Rs 271

Earnings in line; power additions counselling upgrade; wager delays

Thermal arrangement counselling maintained: 15.2GW by FY27

Execution a risk, valns flush despite pollyannaish assumptions

MS on ACC

Equal-Weight Call, Target Rs 2,930

Q1 attorney Takeaways Include Volumes (Cement + Clinker) Which Were Up 9% YoY

Q1 Volumes Were Much Higher Than Estimate Of 4% YoY

Realisations Were Weaker, Moderating 3.1% QoQ Vs Forecast Of 1.5% Sequential Moderation

Fuel Costs Did Better Than Expected

Better Fuel Costs Benefits Were Broadly Offset By Higher Raw Materials & ‘Other’ Costs

Jefferies on ACC

Buy Call, Target Rs 3,045

Q1 Earnings Data Showed income In-line

1Q Volumes Grew 9% YoY, Which Were A Beat

Realisation Was Lower 3% QoQ Vs Estimate Of 2-2.5% QoQ Dip

PAT At Rs 360 Cr Vs Est Of `380 Cr Was Lower 22% YoY On Higher Depreciation

Cash Position Dipped Due To Opportunistic Buying Of Input Material (RM, Fuel) & Capex Purposes

Nomura on ACC

Reduce, TP Rs 2200

1Q: Strong vol ontogeny delivers meagerly vex on EBITDA

Vols grew 9% y-y to 10.2MT & vex est. by 5%

Expect higher deal of MSA (master cater agreement) volumes, resulting in much broad vol 

Blended EBITDA/t of Rs 664/t in lin

CLSA on ACC

Hold, TP Rs 2730

1Q Ebitda of Rs6.8bn (-12% YoY) mostly in distinction as higher volumes equilibrize anaemic profitability.

Volumes grew 9% YoY to 10.2mt 

Realisations lapse 3% QoQ – in distinction with estimates

Nomura on Colgate

Sell Call, Target Rs 2,800

Q1 Was All-round Beat; Volume Growth Of 6-7% Vs Est. Of 2%

Strong GPM/OPM Expansion Continues Driving 22% income Growth

Increase FY25/26/27 EPS By 4.0%/2.8%/1.6% To Factor In Q1 Beat

Believe Risk-reward Is Unfavourable Given It Is Entering A Moderate EPS Growth Phase

Jefferies on Colgate

Buy Call, Target Raised To Rs 3,570

Co Delivered An Impressive Growth In Revenues Led By Confluence Of Macro Factors

Co Saw Pick Up In Rural Along With Strong Execution

Higher Than Expected Gross Margins Along With Operating Leverage Benefits Helped

Co Reported Earnings Well Ahead Of Estimates

Beat Q1 Result Drove Us To Upgrade Earning Estimates For 3rd Quarter In A Row

CLSA on Colgate

Upgrade to hold, TP Raised to Rs 3157

1Q income 3% above est & Ebitda 2% above est

Toothpaste intensity ontogeny of broad azygos digits was above judge of c.6%.

Rural grew faster than cityfied for 2nd qtr in a row

HSBC on Colgate

Hold, TP Rs 3000

Stock’s awesome run-up probable a termination of income growth, edge set & uprise of mart defensiveness

Q1 results defence discover by a panoramic margin; high-single-digit vol ontogeny with momentous vex on income & profits

Vals rich; wager ltd upside

BoFA on Colgate

U-P, TP Rs 3175

1Q aweigh of expectations

Margin flight could normalize

Medium-term face possibleness priced in

1Q action was brawny modify terminal year, but then ontogeny rates normalized thereafter