TVS Motor Company has been one of the best-performing two-wheeler stocks in the current financial year (FY24), enriching investors with gains of 24 per cent. Among listed two-wheeler stocks, only Hero MotoCorp has done better in this period. New launches, market share gains, steady margins and expectations that its performance will continue in FY24 are expected to support TVS Motor's stock.
'Our factories are world-class and are becoming increasingly attractive for our global business leaders to use to serve other markets.'
After being underweight on domestic agrochemical companies and preferring global plays, brokerages believe that the former may perform better in the quarters ahead. Domestic crop protection companies have faced multiple headwinds over the past year and a half, given high inventory costs, pricing pressures, lower realisations in the generic segment, increased stocks due to lower infestations, and demand-led hits to volumes. Some of the overhang from previous quarters was reflected in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24) as well, with aggregate revenues and operating profit for the sector down 12 per cent and 27 per cent, respectively.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
'The second generation of migrant labourers is not enthusiastic about continuing in this field.' 'The parents of the next generation do not wish their children to be part of this trade.'
Notwithstanding lower growth rates recorded in the first quarter (Q1) of 2023-24 (FY24), which spanned from April to June, footwear stocks have seen some gains in the past two trading sessions. Bata India saw an increase of approximately 5 per cent, driven by positive expectations surrounding a potential tie-up in the sports/athleisure segment. This development is viewed favourably due to the segment's higher growth rates.
This includes distancing themselves from the new and emerging super-critical technology.
The June quarter numbers of the country's largest listed healthcare services provider, Apollo Hospitals Enterprise (Apollo), were in line with Street estimates on the operational front. Net profit estimates, however, missed expectations due to higher interest and tax outgo. The revenue performance of the core hospital segment was robust, registering a 13 per cent increase over the year-ago quarter.
Riding on strong June-quarter numbers and positive brokerage outlook, the stock of retail major Trent hit a fresh all-time high on Monday (August 14). The stock has gained 14 per cent in five trading sessions. Continuing the trend of strong revenue growth over the last few quarters, the company posted 53.5 per cent year-on-year (Y-o-Y) growth in top line to Rs 2,536 crore in the June quarter (first quarter of financial year 2023-24 or Q1FY24).
Following a strong performance in the 2022-23 January-March quarter, publicly listed paint industry giants displayed a mixed performance in the 2023-24 (FY24) April-June quarter. While Berger Paints India outperformed its peers and reported results in line with expectations, market leader Asian Paints and Kansai Nerolac Paints fell slightly short of expectations.
Larsen & Toubro (L&T) will aim to invest $3-4 billion in green hydrogen projects, along with its joint venture (JV) partners, said a senior executive from the company. These investments are planned over three to five years, depending on cost economics. The engineering conglomerate is also in talks to acquire the Nuclear Power Corporation of India's (NPCIL's) share in one of its forging JV companies for a consideration of Rs. 100-150 crore. "We are considering investments worth $3-$4 billion in the green hydrogen space, in collaboration with partners," said S N Subrahmanyan, chief executive officer and managing director of the company.
The share of slow-moving orders in the overall order book of Larsen & Toubro (L&T) is at a multi-year low. This has led to a renewed focus on fast-moving orders. A mix of factors such as commodity price fluctuations, robust order inflow and strong sectoral demand have put capital goods order book in the fast lane, analysts and company executives said. L&T, with its large presence in the capital goods sector, is often seen as the bellwether for trends in this space.
The stocks of Mumbai-based real estate companies have been hitting lifetime highs on expectations that launches, steady demand, and price increases in the largest real estate market in the country would boost their financials. Macrotech Developers (Lodha) and Oberoi Realty hit their all-time highs last week, while Godrej Properties came close to its 52-week high last month before witnessing a sharp correction.
'Policy-sensitive sectors will wait and watch, but policy-agnostic areas will continue based on normal consumption demand.'
The stock of the country's largest listed oral care company -- Colgate-Palmolive (India) Ltd is up 18 per cent over the past month. The gains were led by better than expected June quarter (Q1) performance of the 2023-24 financial year (FY24) and growth revival expectations of the oral care category. The company's volume growth is pegged at 5-8 per cent in Q1FY24. This is the second consecutive quarter of volume growth.
At the annual general meeting (AGM) of Larsen & Toubro (L&T) on Wednesday, shareholders made the usual request to the top management for bonus shares. But this time, the setting was different. The man at the helm, outgoing group chairman AM Naik, 82, was heard assuring shareholders that he would join the chorus soon. There were laughs and chuckles at Naik's playful remark as he addressed the last AGM, nearly six decades after he joined L&T as a junior engineer and some 25 years at the top.
Reliance Industries (RIL) has reset its battery pack production timeline, shifting it from 2023 earlier to 2024, details shared in the oil-to-telecom conglomerate's latest annual report suggest. In the FY23 annual report released on Sunday, the company has listed the start of battery pack production in 2024. A year ago, at the company's annual general meeting (AGM), Mukesh Ambani, chairman and managing director of RIL, had said, "We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell-to-pack manufacturing facility by 2024."
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL) was down 1.06 per cent in trade on margin pressures in Q1FY24, mixed market share outlook, and earnings impact due to the buyout of Suzuki Motor Gujarat. While MSIL has decided to terminate the contract manufacturing agreement and acquire Suzuki Motor Gujarat, the quantum of payment and mode (cash/equity swap) has not been decided. If the cash option is opted for, there would be a 3.5-4 per cent hit to MSIL's FY25 earnings per share as the deal is expected to be completed by the end of the current financial year.
The weak April-June quarter (first quarter, or Q1) results of the largest listed specialty chemical maker, SRF, and multiple global headwinds for the sector are expected to weigh on the prospects of Indian specialty chemical companies in 2023-24 (FY24). Stocks in the sector (down 7-18 per cent) have underperformed the benchmarks (up over 10 per cent) in the past three months, and given the multiple challenges, the trend is likely to continue. Kotak Institutional Equities expects a very weak quarter (Q1FY24) for the sector due to destocking, demand weakness across certain critical end-use industries, and price erosion amid intense competition from Chinese suppliers.
Reliance Industries (RIL's) annual report released on Sunday highlighted the company's focus on new energy solutions, with chairman and managing director (MD) Mukesh Ambani stating that the age of fossil fuels will not continue much longer. RIL has sought shareholders' approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which "will leverage the prowess of digital and retail businesses", was expected to be listed soon.
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