Market this week 28-10-2023

Market this week 6
Market this week 6

Record-high Maruti Suzuki stock follows excellent Q2 results.

After the largest automaker in India reported the highest-ever quarterly sales volume, net sales, and net profit in the September quarter of the current fiscal year, Maruti Suzuki’s shares reached a new high on October 27.

On the BSE, the stock price ended the day at Rs 10536.50, up 1.09 percent from the previous day, after reaching a record high of Rs 10,846.10 before giving up part of the gains.

Car sales for Maruti were 552,055 during the quarter. It exported 69,324 vehicles and sold 482,731 cars domestically. It sold 517,395 cars in the same period last year, 454,200 of which were sold domestically and 63,195 overseas.

Due to increased sales volume and product mix, the company’s net sales during the quarter was Rs 35,535.1 crore, up from Rs 28,543.5 crore in the same period last year. Gains were boosted by lower costs, softer commodity prices, more non-operating income, and higher net sales.

Phoenix Mills’ stock rises 5% with the opening of a new mall in Bengaluru.

The National Stock Exchange (NSE) saw a 5.1% increase in the price of Phoenix Mills shares at 11:57 am, following the announcement by the real estate company on the opening of a new mall in Bengaluru. The business said in a stock exchange statement on October 27 that Phoenix Mall of Asia, which would be constructed on 12 lakh square feet of land, will have a 250,000 square foot entertainment zone in addition to more than 440 companies.

A staged development of 8 lakh square feet of commercial office space is also planned; work on it is expected to begin later this year. In the city, it is estimated to generate 5,000 jobs. “This development is strategically located amidst growing residential areas, IT Parks and office development sites in a rapidly developing area of the city and it has easy access from the airport and seamless connectivity to other city centres through means like the new metro,” stated Shishir Shrivastava, Managing Director of Phoenix Mill

Gains on the sale of a unit hotel for Kamat Hotels; Q2FY24 results

A day after Kamat Hotels finalized the sale of its Mumbai unit, Hotel IRA by Orchid, to Lateral Hospitality, the hospitality company’s shares were trading about 3 percent higher on October 27 morning. The share was up 1.3% at midday compared to yesterday’s finish of Rs 209.65.

A regulatory filing states that Kamat Hotels has successfully sold its Mumbai property, Hotel IRA by Orchid, to Lateral Hospitality for a sum of Rs 125 crore. The company has saved Rs 125 crore on its debt related to the redemption of non-convertible debentures as a result of this sale. At present, the entire debt amounts to Rs 172.50 crore. In addition, it has leased the same space from Lateral Hospitality in order to run the hotel.

After securing an order for a wind power project, Suzlon Energy shares up 3%.

On October 27, Suzlon Energy’s share price increased by almost 3% intraday after the company received an order for the development of a 50.4 MW wind power project.

The 3 MW product series wind power project is being developed to provide a 50.4 MW for Juniper Green Energy Private Limited.

Suzlon plans to deploy sixteen wind turbine generators (WTGs) with a combined rated capacity of 3.15 MW each, along with a Hybrid Lattice Tubular (HLT) tower.

The project is situated in Gujarat’s Dwarka area and is scheduled for commissioning in 202

This is the repeat order for the company’s largest turbine rated 3.15 MW, S144‐140m from the 3 MW series.

PNB increases by 6% on strong Q2 outcomes. Is it better to buy, sell, or hold the stock?

The state-owned lender Punjab National Bank (PNB) posted solid quarterly results for the July–September quarter, which led to a 6% increase in the bank’s morning trading on October 27.

Brokerages generally took a bullish position on the counter as asset quality kept improving and slippages decreased.
Reduction in slippages is a significant plus
The stock has been rated as “outperform” by global brokerage CLSA, which also increased the target price to Rs 80 per share.

In the first half of FY24, the company generated a return-on-asset (RoA) of 0.4 percent, and we anticipate that they will continue to do so in H2FY24. In a post-result review note, analysts stated, “We upgrade pre-provision operating profit estimate by 4-9 percent for FY24/25.”

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