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Today key levels nifty and Nifty bank

Key levels nifty and Nifty bank

*3QFY24 - Key Results on 16th Jan, 2024 (Tuesday)* 1. HDFC Bank 2. ICICI Lombard 3. L&T Technology Services (LTTS) 4. Federal Bank 5. Jindal Saw 6. ICICI Securities 7. Himadri Speciality 8. Bank of Maharashtra 9. C.E. Info Systems (MapMyIndia) 10. Network 18 11. TV18 Broadcast 12. Newgen Software 13. Hathway Cable 14. Gallantt Ispat 15. Goa Carbon Thanks

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*Avenue Supermarts Ltd 3QFY24 Result – First Cut* *Financial Update:* 📌 Consolidated Sales/EBITDA/PAT grew 17.3%/16.0%/17.1% YoY to Rs 13,572 cr / Rs 1,120 cr / Rs 690 cr respectively. Gross margin and EBITDA margin were flat YoY at 14.9% and 8.3% respectively while on a sequential basis, both reported a growth of 21 and 29 bps respectively. *Key Highlights:* 📌 The company added 5 new stores in 3QFY24. So far, the company has added 17 stores in FY24 and the total store count stands at 341 as of Dec’23. 📌 Contribution from General Merchandise and Apparel stabilised during the quarter. 📌 Non-FMCG segment witnessed lower-than-expected festive season sales. 📌 Within FMCG, agri-staples (excluding edible oil) are witnessing significantly high inflation. 📌 Out of the Rs 4,078 cr QIP done in Feb’20, the company has utilized funds of Rs 3,928 cr as on Dec’23 towards store expansion, increasing supply chain efficiency, working capital requirements repayment of debt, etc. *View & Outlook: The company’s numbers are slightly lower than street’s expectations. Margins are almost flat YoY, however minor improvement can be seen sequentially due to some stabilization in its high margin segment General Merchandise and Apparel. At current price, the stock is trading at FY24E/FY25E PE multiple of 91.5x/71.4x respectively which still looks expensive. Overall, the numbers look muted and hence, we expect the stock to trade in the range of Rs 3,765 to Rs 4,035 in near term.*

*Key Results* *15th Jan24* Angel One FedFina Jio Fin Services Kesoram Nelco PCBL Suraj Estate *16th Jan24* Federal Bank HDFC Bank Goa Carbon Hathway ICICI General Insurance ICiCI Securities Jindal Saw LTTS Bank of Maharashtra Map My India Mufti NW18 TV18 Thanks

*SSL Research* *Wipro Ltd (CMP Rs 465.5 M.Cap Rs 2.4 trillion)- 3QFY24 result – Beat Street expectation- Revenue guidance for 4QFY24 is at -1.5% to +0.5%* *Financial Update* ⏩️The company during the quarter has reported 1.4%/4.4% QoQ/YoY drop in IT revenue to Rs 22,205.1 cr while net profit dropped 11.9% YoY but was up 1.2% QoQ to Rs 2,700.6 cr (in rupee terms). The company has delivered revenue near to the top end of guidance. *The headline numbers are better than street expectation despite seasonally weak quarter.* ⏩️The EBIT margin dropped marginally by 11 bps QoQ 16%. The margin contraction was due to higher wage cost and elevated furlough. LTM attrition rate dropped 130 bps QoQ to 14.2% which is lowest in 10 quarters. ⏩️The company has added 55 clients during 3QFY24 vis-à-vis 49/82 during 2QFY24/3QFY23 respectively. ⏩️The revenue guidance for the 4QFY24 is at -1.5% to +0.5%. ⏩️The deal pipeline is strong with order book of USD 3.8 billion for 3QFY24 including 14 large deals amounting to USD 0.9 billion. *Management commentary post result* ⏩️Despite, seasonally soft quarter, deal booking momentum remained strong. ⏩️The large deals recorded a 20% YTD growth. Further, Wipro starting to see early signs of a return to growth in Consulting, as demonstrated by the double-digit growth in order bookings in Capco business. ⏩️The management is seeing some kinds of green shoots and an early sign of some pick up in discretionary spend. The company is building capability in new technology (AI) to keep it self ahead of curve. It has 2 lakh strong trained manpower. ⏩️The utilization ramp-up to 84% v/s 79.8% during 3QFY23 has also helped in limiting the impact on margin. *Our view: At the current price, the stock is trading at 22.0x/19.4x of its FY24E/FY25E Bloomberg consensus earnings. The overall 3QFY24 numbers are better than street expectation. Strong deal pipeline and early sign of recovery in discretionary spend will drive growth going ahead. The near-term price range would be Rs 550-600.* *Thanks*

*HDFC Life (CMP Rs 637.5 and Mcap: Rs 1.3 trillion) 3QFY24 Result: Inline with estimates* *Financial Update* ▶️ Net premium income has increased by 6% YoY at Rs 15,273.2 cr and first year premium fell by 1.6% YoY to Rs 2680.5 cr. VNB margin was at 26.83% as against 26.84%. PAT has increased by 16% YoY to Rs 367.5 cr. ▶️For 9MFY24, Embedded value rose 20% YoY to Rs 45,173 cr. The return on EV was 16.5% as against 17.5% YoY. The total expense ratio stood at 19.6%, as compared with 19.4% a year earlier. Assets under management increased by 20% YoY to Rs 2.8 tn. ▶️The 13th month persistency ratio fell by 100 basis points on a yearly basis to 86%; while for the 61st month it has improved to 54% from 52% as of 9MFY23. ▶️The solvency ratio fell to 190% from 209% YoY while it stood at 194% as of Sep'30. The company's overall product mix comprises of 32% as unit-linked insurance plans, 28% as non-par savings, 7% as annuities, 6% as protection, and 28% as participating policies. The share of ULIP rose 11%, annuities by 1%, and protection by 2%, while that of par fell 1% and non-par savings declined 11%. *Management commentary post result* ▶️In 9MFY24, the growth for VNB (Value of New Business) registered a moderate growth of 5% however the overall volume growth stood at 9%. The non-par policies below Rs 5 lakh experienced an impressive surge of 17% while the segment above Rs 5 lakh has faced degrowth of 20%. ▶️The company has sustained a VNB margin primarily attributed to the push to the protection initiatives. The company has registered 38% growth in the overall sum assured coupled with 36% surge in retail protection played a pivotal role in managing the VNB margin. This company was able to maintain margins even while strategically shifting from non-par (high-margin products) to ULIP. ▶️ The company is planning to extend bancassurance partnerships with HDFC Bank Ltd. in semi-urban areas. The positive impact stemming from the Exide Life acquisition and the planned opening of 70 branches in Tier-2 and Tier-3 cities. These strategic moves position the company to tap into emerging markets and capitalize on new opportunities in the evolving landscape of the insurance sector. ▶️ The company is onboarding new relationship with Karnataka Bank, Karur Vysya bank and NKGSB cooperative bank as new bancassurance partnership. _*Our view: At CMP 637, the company is trading at 3x P/EV at 9MFY24 EV. The company remained focus on the protection business and is planning on expanding its footprint in Tier-2 and Tier-3 cities capitalising on HDFC Bank and recent tie- ups with other banks.With healthy growth prospects of growth in life insurance industry, investors are recommended to accumulate the stock for medium to long term horizon. Fair value of the business is Rs 700-725*_

Good morning traders ☺️

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*3QFY24 - Key Results on 12th Jan, 2024 (Friday)* 1. Wipro 2. HCL Tech 3. HDFC Life 4. Anand Rathi Wealth 5. Bharat Bijlee 6. Aditya Birla Money 7. Den Networks 8. Hi-Tech Pipes 9. JTL Industries 10. Just Dial 11. Tata Metaliks *3QFY24 - Key Results on 13th Jan, 2024 (Saturday)* 1. Avenue Supermarts 2. Wardwizard Innovations & Mobility Thanks

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I think today market is BULLISH sight ☺️😅

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