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Nifty and Sensex continued their upward trend for the third consecutive day, buoyed by gains in IT, realty, and FMCG stocks. At 9:30 am, Sensex rose by 250.53 points to 80,360.38, while Nifty increased by 81.90 points to 24,303.80, reflecting positive sentiment following the NDA alliance's electoral success in Maharashtra. Analysts anticipate a focus on government spending as geopolitical risks remain a concern.
Maruti Suzuki India Ltd, a subsidiary of Suzuki Motor Corporation, remains the leading automobile manufacturer in India, known for its affordability and extensive service network. With a projected revenue CAGR of 7.2% for FY24-FY27E and an entry into the electric vehicle market by FY25, an ACCUMULATE rating is recommended, targeting a price of Rs 14,250 per share based on a forward P/E of 25x.
JPMorgan anticipates a revival in Engineering Research & Development (ER&D) growth by 2025, driven by a recovery in the automobile sector, despite ongoing challenges in telecom that may limit valuation upside. The firm favors KPIT Tech and Persistent Systems for their strong growth potential, assigning target prices of Rs 1,900 and Rs 6,100, respectively, while also highlighting L&T Technology Services and Cyient as key recovery plays.
KEC International's shares rose 2% to Rs 1,064 after securing new orders worth Rs 1,114 crore in Q2FY25, spanning transmission and distribution, civil, railways, and cable segments. Notable projects include a 400 kV transmission line in Oman and various contracts in India, contributing to a year-to-date order intake of Rs 14,600 crore, a 50% increase from last year. CEO Vimal Kejriwal expressed optimism about the company's strengthened position in the Middle East and diverse project acquisitions.
BHEL and Hitachi Energy India stocks surged after their consortium secured a contract from the Power Grid Corporation of India for establishing over 800 high voltage direct current (HVDC) terminal stations, facilitating renewable power evacuation from Gujarat to Maharashtra. Hitachi Energy is currently experiencing its highest backlog of ₹8,910 crore, ensuring strong revenue visibility for the next 24-26 months. As of 9:15 am, Hitachi Energy shares rose by 8.02% to ₹12,595.45, while BHEL shares increased by 1.23% to ₹244.19.
Sundaram Finance has maintained its market share in the core segment while preparing to expand into used vehicle financing. Despite facing challenges, the company reported strong AUM growth and healthy housing loan performance, with expectations of improved activity from fleet operators driving growth in H2FY25. However, disbursements in Q2FY25 were notably weak amid soft demand.
Sagar Cements reported disappointing Q2 FY25 results, impacted by heavy rains and a slowdown in government project spending. Despite a challenging environment, the company aims for 5-7% volume growth in FY25, with expectations of improved margins as underutilized plants ramp up production. However, cement prices remain weak, and valuations are not considered inexpensive.
Nifty's recent two-day surge raises questions about whether the rally will continue. After a 38-session hiatus, foreign institutional investors have returned as buyers, signaling potential shifts in market dynamics. Investors are keenly watching for further developments.
IndiGo's shares rose over 1% to Rs 4,295 on November 26, following a record market share of 63.3% in October. The airline announced a codeshare partnership with Japan Airlines, effective December 16, allowing JAL to access 18 domestic destinations within IndiGo's network.
Gold prices fell 3.44% to $2,616.80 per ounce as optimism surrounding President-elect Trump's Treasury pick and a potential Israel-Hezbollah ceasefire diminished the metal's safe-haven appeal. The market anticipates a shift in U.S. monetary policy, with a reduced likelihood of a rate cut in December, while a stronger dollar further pressures gold. Analysts predict continued volatility in gold prices amid the transition to the Trump administration and its economic policies.
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Nifty and Sensex rise for third consecutive day on strong IT and realty gains
Tata Steel Limited
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Asian Paints Limited
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IND
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05:11 26.11.2024
Maruti Suzuki India Ltd receives accumulate rating with target price of 14250
05:10 26.11.2024
JPMorgan forecasts ER&D growth revival amid telecom sector challenges
Cyient Limited
L&T Technology Services Limited
KPIT Technologies Limited
Tata Elxsi Limited
Persistent Systems Limited
Tata Technologies Limited
IND
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04:58 26.11.2024
KEC International secures new orders worth Rs 1114 crore boosting growth
04:55 26.11.2024
BHEL and Hitachi Energy shares surge after winning renewable energy project
04:46 26.11.2024
Sundaram Finance reports steady growth amid challenges in core business
04:38 26.11.2024
agar cements faces challenges amid weak demand and operational setbacks
04:34 26.11.2024
Nifty's Two-Day Surge: Will the Rally Continue Amid FII Buying?
04:22 26.11.2024
IndiGo achieves record market share and partners with Japan Airlines
04:00 26.11.2024
gold prices drop sharply as trump treasury pick fuels risk-on sentiment
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03:51 26.11.2024
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