Kalyan Jewellers reported a 21% increase in consolidated net profit for the December quarter of FY24 compared to last year. Revenue grew by 34% to Rs 5,223 crore while EBIDTA increased by 13%. Middle East operations saw a 6% growth in revenue and a PAT of Rs 14 crore. Candere's revenue decreased to Rs 29 crore but incurred a lower loss of Rs 1.6 crore.
Open FlipCoromandel International stock traded flat after weak Q3 results and fresh guidelines from the Department of Fertiliser. The company's share price fell 8% on January 30 and has dropped 15% this year. New guidelines limit maximum profit margins for fertiliser companies, with penalties for unreasonable profits and adjustment against future subsidies.
Open FlipJefferies maintains a Buy rating on L&T with a revised price target of Rs 4,135 per share, citing anticipated growth in core E&C EBITDA and strong order flow. Despite a slight decline in core E&C margin, the management has raised FY24E order flow guidance to over 20% YoY. The report also mentions potential risks such as concerns about capital allocation and government infrastructure spending.
Open FlipCochin Shipyard saw a surge in its shares by 8% on BSE after reporting a net profit of Rs 244.4 crore for the third quarter of FY24, compared to a net loss of Rs 110.4 crore in the same period last year. The company's revenue also increased by 64.7% to Rs 1,056.4 crore. It declared a second interim dividend and its stock has seen significant gains in the past six months.
Open FlipDr Reddy's Laboratories saw a 4% jump in its share price and reached a 52-week high of Rs 6,060 on the NSE following its strong Q3 earnings. Major domestic brokerages like Kotak Institutional Equities, Motilal Oswal and Nuvama maintain a positive outlook on the stock despite highlighting potential challenges. The company reported an 11% YoY increase in net profit and a 7% rise in revenue.
Open FlipHigh frequency trading firms took advantage of volatility in the stock market on January 30, particularly in Dhanlaxmi Bank, Jindal Stainless, and Kirloskar Electric Company. These firms use complex algorithms and speedy computers to rapidly execute trades and have recently been targeting small and illiquid stocks. Retail investors are often drawn to these stocks due to the high trading volumes.
Open FlipShares of ITC have decreased by 6% in January and may remain stagnant until the new government presents its Budget in July. Previous election years have not seen changes in cigarette taxes, but there may be changes to the National Calamity Contingent Duty. The budget is expected to have minimal impact on ITC's earnings and shares, with a target price of Rs 520 in the base case scenario.
Open FlipSEBI is concerned about the potential risks to small and mid-cap stock funds due to high inflows and wants them to conduct stress tests to ensure liquidity in case of large outflows. The market regulator has also discussed the possibility of increasing cash reserves or investing in larger stocks as a defensive measure. India's economic growth has driven up prices of small and mid-cap stocks.
Open FlipThe Indian equities market has experienced high volatility in 2024 after a strong start. Fund managers are reevaluating their portfolios, particularly in an election year. The capital markets, non-ferrous metals, IT services, realty, power, gas, and aerospace & defense sectors have seen the highest growth in MF investments over the past three months, indicating their potential for future growth.
Open FlipBudget 2024 is highly anticipated for its potential impact on personal finance, especially for salaried employees. Expectations include reforms to boost market confidence, such as reduction of Security Transaction Tax (STT) and Long-Term Capital Gains (LTCG) tax. There may also be relief from double taxation on dividends and changes in income tax thresholds and rates.
Open FlipOn this edition of World Street, Elon Musk's position as the world's richest person is challenged as a court voids his $55 billion payday package. The US government takes action against Chinese hackers while Pfizer sees a positive development. Starbucks struggles with sales, leading to job cuts and a decrease in revenue forecasts. HSBC is fined for customer protection failures.
Open FlipEquity indices failed to capitalize on Monday’s gain and shed nearly 1% on Tuesday due to sharp selloff in select heavyweights in final hour. In today's trade, PB Fintech, Sun Pharma, Maruti Suzuki, Ambuja among other stocks will be in focus. PB Fintech reported strong numbers for the quarter ended December, with the company posting a consolidated net profit of Rs 38 cr, against a loss year ago.
Open FlipDTDC, a logistics company, has entered the Malaysian market through its subsidiary and opened an office in Kuala Lumpur. This expands its global footprint and offers trans-shipment services to Southeast Asia and Australia. The company aims to tap into Malaysia's strong economic growth potential and increase bilateral trade between India and Malaysia.
Open FlipIndia's markets regulator SEBI is reviewing the liquidity and risk management strategies of mutual fund schemes investing in small and mid-cap stocks. With heavy inflows and record performance of these stocks, SEBI wants to ensure they can handle sudden market downturns or outflows. Discussions are also being held about having a buffer of large-cap stocks for defensive measures.
Open FlipMarket timing is not a reliable strategy for retail investors. SIPs have shown marginal differences in returns regardless of when they started, proving that long term investing is more important. However, investing in stocks is also a psychological game, and an individual's behavior can greatly impact their returns. The current market is expensive, so it's best to be cautious.
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