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Research Periodic Report Godrej Properties Upgraded, Aditya Birla Capital Receives Outperform Rating, CAMS Mandated for Digital Insurance, IREDA Reports Strong Loan Growth and more

Godrej Properties Upgraded, Aditya Birla Capital Receives Outperform Rating, CAMS Mandated for Digital Insurance, IREDA Reports Strong Loan Growth and more

Written by - Fisdom Research

April 2, 2024 3 minutes

Indian markets:

  • Domestic equity benchmarks Sensex and Nifty 50 halted their three-day winning streak. The 30-share benchmark, facing profit-taking in certain private bank and auto shares, declined by 110 points, influenced by subdued trends from the US markets and foreign fund outflows.
  • After a weak start, the market recovered but remained in negative territory for most of the session. Final hour buying trimmed most of the losses.
  • Among sectors, realty, metal, oil & gas, media, power and auto were up 1-2 percent, while information technology and telecom indices were down 0.5 percent each.
  • BSE midcap and smallcap indices rose a percent each.

Global Markets:

  • Hong Kong stocks led the gains in Asia-Pacific markets on Tuesday. Xiaomi shares surged, and investors were analyzing economic data from South Korea and Australia.
  • The Hang Seng index rose by 2.18% as traders came back from a long weekend. Xiaomi’s shares shot up by as much as 16% after the company started accepting orders for its newly launched electric vehicle on Thursday.
  • In South Korea, the March inflation rate remained steady at 3.1%, meeting expectations of economists polled by Reuters.
  • Australia saw its factory activity contract at the fastest pace since May 2020, with the purchasing managers’ index dropping to 47.3 in March from 47.8 in February.
  • China’s CSI 300 index fell by 0.42%, ending a three-day winning streak.
  • South Korea’s Kospi closed 0.19% higher at 2,753.16, but the Kosdaq slid 2.29% to 891.59 following the inflation report.
  • In Australia, the S&P/ASX 200 slipped by 0.14% to 7,886, retreating from recent all-time highs.
  • Japan’s Nikkei 225 rebounded to close 0.09% higher at 39,838.91, while the broad-based Topix ended 0.25% down at 2,714.45.
  • European stocks remained flat on Tuesday as major markets resumed trading after the Easter weekend, with investors anticipating the start of a new trading quarter.

Stocks in Spotlight

  • Godrej Properties, Prestige Estates, and other real estate stocks experienced gains following Morgan Stanley’s upward revision of target prices for certain scrips. Morgan Stanley elevated Godrej Properties’ rating from “equal weight” to “overweight” and raised the target price to Rs 2,500 from Rs 2,050, citing strong pre-sales momentum.
  • Aditya Birla Capital’s shares surged by 10.5 percent following brokerage Macquarie’s initiation of coverage on the NBFC with an “outperform” rating and a target price of Rs 230. Macquarie believes ABCL is poised for robust growth in loans and earnings, driven by its lending (NBFC and HFC) and savings (life insurance) businesses.
  • CAMS shares soared over 6 percent after reports surfaced that the company would oversee the issuance of all digital insurance policies. In an exchange filing on April 2, CAMS announced that the Insurance Regulatory and Development Authority of India (IRDAI) mandated electronic issuance of insurance policies from April 1. CAMS Insurance Repository Services Limited, an IRDAI-registered insurance repository, will facilitate the issuance of policies in electronic format.
  • IREDA’s shares surged 5 percent to hit the upper circuit on April 2 following positive quarterly business updates. IREDA reported sanctioning the highest number of loans amounting to Rs 37,354 crore for the financial year ending March 31, 2024, marking a 14.63 percent increase from Rs 32,587 crore the previous year.

News from the IPO world🌐

  • Supermarket chain Patel Retail files DRHP for IPO
  • Bharti Hexacom IPO opens this week.
  • Sebi approves IPOs of Saraswati Saree and Kross Ltd

Daily Leader board:

Sectoral Performance

Top SectorsDay change (%)
NIFTY CONSUMER DURABLES1.9
NIFTY MEDIA1.9
NIFTY METAL1.5
NIFTY OIL & GAS1.3
NIFTY AUTO1.1

Advance Decline Ratio

Advance/DeclinesDay change (%)
Advances2848
Decline1004
Unchanged107

Numbers to track

Indices NameLatest% 1D% YTD
Dow Jones (US)39,567(0.6) %4.9 %
10 Year Gsec India7.10.8 %0.3 %
WTI Crude (USD/bbl)830.0 %18.2 %
Gold (INR/10g)68,6000.5 %5.7 %
USD/INR83.34(0.1) %0.4 %

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