From Adani Enterprises to Ambuja Cements- Adani Group’s FY24 net debt at Rs 1.82 lakh crore, ability to service debt improves to 2.19x
The Adani Group, led by Gautam Adani, reported a significant increase in its gross debt, which reached Rs 2.41 lakh crore as of March 31, 2024, up from Rs 2.27 lakh crore in FY23.
However, the group’s net debt saw a slight decline, standing at Rs 1.82 lakh crore in FY24, down from Rs 1.87 lakh crore the previous year. The conglomerate’s net debt to EBITDA ratio, an important measure of its ability to service its debt, also improved, dropping to 2.19x in FY24.
How Much Is The Domestic Lending to Adani Group ?
As of FY24, domestic lenders, including banks and other financial institutions, had collectively lent over Rs 88,100 crore to the Adani Group in long-term and working capital loans.
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Share Market Highlights- Nifty settles above 19700, Sensex over 66100; Pharma, PSU Bank, FMCG stocks shine
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark domestic indices ended Wednesday’s trading session in positive territory. The NSE Nifty 50 gained 0.26% to settle at 19,716.45, while the BSE Sensex added over 170 points to 66,118.69. The border indices settled in green, with gains led by Midcaps and Smallcaps stocks. The Bank Nifty index slipped 0.08% to 44,588.30. The other sectoral indices also settled broadly in the green. Pharma, PSU Bank and FMCG stocks led the gains among the other sectoral indices, while Financial Services stocks witnessed a fall.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Top bets for Jefferies this week- HDFC Life, DMart, Dalmia
This is a start of the new week and earnings season has kickstarted. So what should be your top stock bets? Here is a look at some of the top recommendations from Jefferies-
HDFC Life Insurance
Jefferies sees 28% upside potential in HDFC Life Insurance Company and recommended ‘Buy’ with an upside target of Rs 800 in its report. “Forward-looking trends are more encouraging as wallet share in HDFC Bank has risen to 65% already, sales from agency can improve & other banca partners are growing. This should lift growth in premiums from the 2nd half of FY24 to 17-20% (ex-one time in Mar-23) & can sustain over next 2yrs as well, ” said Jefferries in its report.
The stock price of HDFC Life Insurance Company gained 1.10% in the last five days, fell 4.88% in the last one month, and gained 17.67% in the last six months and 19.80% in the last one year.
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Stocks to watch- TCS, TVS Motor, IDFC First Bank, Biocon
Stocks in Focus: GIFT Nifty traded down 0.53% at 19,665, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the NSE Nifty 50 gained 0.55% to settle at 19,653.50, while the BSE Sensex added as much as 263.06 points to 65,995.63.
“The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India’s 10-year yield inching higher. The market, however, reacted positively, as the status quo on the growth rate and a further drop in oil prices provided near-term support,” said Vinod Nair, Head of Research at Geojit Financial Services.
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TCS
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Valiant Laboratories sees strong debut; lists over 16% premium on bourses; Should you hold or book profit-
Valiant Laboratories shares listed at 15.82% premium over IPO price on bourses. The share debuted at Rs 162.15 on the NSE and at Rs 161 on the BSE, as compared to the issue price of Rs 140. The investors have made a profit of Rs 22.15 per share as the scrip gave nearly 16% return to investors on the listing.
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Should you hold or book profit ?
The IPO was subscribed 29.76 times, indicating a positive response from investors. “Overall, the listing of Valiant Laboratories was positive, with the company receiving a good response from investors. However, investors should carefully consider related risks as well, like the company’s single-product focus, dependence on a limited number of suppliers and customers, and the competitive industry. Thus, investors are advised to book profits and exit their positions, but those who want to hold for the long t…
Stocks to Watch- RIL, Dr Reddy’s Labs, UltraTech Cement, IDFC First Bank
Stocks in Focus: GIFT Nifty traded up 53 points or 0.28% at 19,081, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Friday, the NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80.
“Markets took a breather after three days of successive falls and gained nearly a percent on Friday. After the gap-up start, Nifty gradually inched higher as the session progressed and finally settled at 19,047.25 levels. Mostly sectors contributed to the move wherein realty, energy and financials were among the top performers. The broader indices also participated in the rebound and gained in the range of 1.5%-2%. Nifty has respected the support zone of long term moving average i.e. 200 EMA and witnessed a rebound on expected lines however participants shouldn’t read much into a single-day recovery,” said Ajit Mishra, SVP …
Religare Broking expects market volatility to remain high ; advises ‘Buy on Dips’ strategy
By Ajit Mishra
Markets rebounded after two weeks of profit taking and gained over a percent. The week kicked off on an upbeat note, buoyed by positive cues from the global markets.
However, volatility ensued as the week progressed, with the markets grappling with uncertainties surrounding mixed earnings.
A sharp surge on Thursday further eased concerns but profit taking in the final session capped the momentum. Eventually, both the benchmark indices, Nifty and Sensex, settled at 22,419.90 and 73,730.10 levels respectively.
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