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Where should investors put money in the current market? Experts answer

Bharat Forge is all set to announce its Q1FY25 results on Thursday, August 8. Zee Business analysts expect the company's consolidated net profit for the quarter at Rs 310 crore against Rs 214 crore a year ago which implies a 45 per cent rise year-on-year (YoY). Analysts expect an impact on profits due to an increase in other income and a decrease in the tax rate.

Further, the auto components manufacturer is likely to report a revenue of Rs 4,250 crore against Rs 3,877 crore year-on-year (YoY), up 9.6 per cent.&nbsp;

Bharat Forge's earnings before interest, taxes, depreciation, and amortisation or EBITDA is likely to grow 14.3 per cent. The EBITDA is pegged at Rs 680 crore against Rs 595 crore YoY.

Additionally, the company's margin is expected to be recorded at 16 per cent against 15.3 per cent a year ago.&nbsp;

Furthermore, the company's total volume is expected to grow eight per cent YoY due to better non-auto volumes. Meanwhile, a decline possible of around five per cent in realisation/ton

Additionally, domestic income is expected to increase by 22.5 per cent and export income by five per cent. Also, margins are expected to improve on the back of better operating performance of USA and Europe subsidiaries.

Outlook for the defense and aerospace segments will be on analysts and investors radar.&nbsp;

<h2>How did Bharat Forge perform in Q4?</h2>

Auto components major Bharat Forge Ltd reported a 77.8 per cent rise in consolidated net profit at Rs 227.12 crore in the fourth quarter that ended March 31, 2024, riding on higher sales.

The company had posted a profit of Rs 127.74 crore in the corresponding period of the previous fiscal, Bharat Forge said in a regulatory filing.

The consolidated revenue from operations during the quarter under review stood at Rs 4,164.21 crore as against Rs 3,629.05 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 3,843.55 crore as compared to Rs 3,469.05 crore in the same period a year ago.

<h2>Bharat Forge share price: Past performance&nbsp;</h2>

In a year, Bharat Forge shares have gained over 68 per cent against Nifty50's rise of over 23 per cent.

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The auto components manufacturer is likely to report a revenue of Rs 4,250 crore against Rs 3,877 crore year-on-year (YoY), up 9.6 per cent.&nbsp;


Bharat Forge Q1 result preview: PAT likely to rise 45%, revenue to grow 9.6%

Shares of Marico declined&nbsp;over 4 per cent on Tuesday (August 6) a day after the homegrown FMCG major reported its Q1FY25 numbers.&nbsp;

At around 9:23 a.m., shares of Marico were down 2.87 per cent at&nbsp;Rs 19.3 at Rs 653.1 on BSE. The market capitalisation of the company at around the same time stood at Rs&nbsp;84,552.59 crore.&nbsp;

On Monday, during market hours, Marico— the owner of popular brands like Saffola, Parachute, and Livon— reported an 8.71 per cent rise in consolidated net profit to Rs 474 crore for the first quarter that ended June 30, helped by volume gains and gross margin expansion.

It had posted a net profit of Rs 436 crore a year ago. The company's consolidated revenue from operations rose 6.7 per cent to Rs 2,643 crore during the quarter under review. It was Rs 2,477 crore in the year-ago period.

It has an "underlying volume growth of four per cent in the domestic business and constant currency growth of 10 per cent in the international business", according to an earning statement from Marico.

Marico's gross margin expanded by 230 bps year-on-year, and its advertising and promotion spending increased 13 per cent year-on-year in the June quarter.

On the FMCG industry, Marico said in the June quarter, overall volume trends in India continued to exhibit gradual improvement on a two-year CAGR basis, with the trajectory in rural markets bearing more promise, while urban was stable.

<h2>Management commentary</h2>

Saugata Gupta, MD &amp; CEO, Marico said the new fiscal has started on a promising note for domestic and international businesses, with revenue growth visibly turning a corner.

"We expect to sustain the improving trajectory in the core domestic business on the back of consistent market share and penetration gains coupled with the ongoing initiatives to revive growth in traditional trade and expand direct reach under Project SETU," he said.

Besides, Marico will also maintain a steadfast focus on the profitable scale-up of the Foods and Digital-first brands, Gupta added.

<h2>Should you buy, sell or hold?&nbsp;</h2>

Jefferies has maintained a 'buy' and raised the target to Rs 780 from Rs 650. Similarly, Goldman Sachs continued with a 'buy' call and raised the target to Rs 715 from Rs 660.&nbsp;

Likewise, JP Morgan maintained an overweight rating and raised its target to Rs 715 from Rs 660.&nbsp; Additionally, Morgan Stanley maintained an 'equalweight' rating and raised the target to Rs 596 from Rs 566.&nbsp;

Meanwhile, Citi maintained a 'buy' and raised its target to Rs 765 from Rs 700. Lastly, Macquarie iterated an 'outperform' rating and gave a target of Rs 730.&nbsp;

<h2>Marico share price: Past performance</h2>

Shares of Marico gained over 16 per cent in a year against Nifty50's rise of 22 per cent.&nbsp;

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On Monday, during market hours, Marico— the owner of popular brands like Saffola, Parachute, and Livon— reported an 8.71 per cent rise in consolidated net profit to Rs 474 crore for the first quarter that ended June 30, helped by volume gains and gross margin expansion.


Marico shares slip over 4% after Q1 results; should you buy, sell or hold? 

Shares of Divi's Laboratories slipped over 2 per cent in Monday's (August 5) trade after the pharmaceutical company reported weak Q1FY25 numbers.&nbsp;

At around 9:50 a.m., shares of Divi's Laboratories fell 1.73 per cent or Rs 86.5 at Rs 4,904.75 on NSE. The market capitalisation of the compnay stood at Rs 1,30,205.7 crore at around the same time.&nbsp;&nbsp;

<h2>How did Divi's Labs fare in Q1FY25?&nbsp;</h2>

Pharma giant Divi's Labs on August 3 reported a 21 per cent year-on-year (YoY) rise in consolidated net profit at Rs 430 crore against Rs 356 crore. The profit after tax was estimated at Rs 514 crore.&nbsp;

The revenue for the first quarter stood at Rs 2,118 crore against Rs 1,778 crore a year ago. The revenue was estimated at Rs 2,222 crore. The earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 622 crore against Rs 504 crore YoY, up 23 per cent (Estimation was at Rs 716 crore). The company's margins stood at 29.4 per cent against 28.3 per cent (Estimation was at 32 per cent).

<h2>What should investors do?&nbsp;</h2>

Global brokerage Jefferies has maintained a 'hold' on Divi's Labs and has raised the target to Rs 4,830 from Rs 4,050 apiece.&nbsp; Meanwhile, Goldman Sachs continued with a 'neutral' rating and raised the target to Rs 4,575 from Rs 4,300. As per the brokerage, Rev /EBITDA grew 19 per cent/23 per cent YoY, broadly in line primarily led by the Custom synthesis segment.&nbsp;

The company's EBITDA margin came in at 29.4 per cent mainly on the back of better operating leverage. Additionally, the company reiterated its double-digit growth outlook.&nbsp;

<h2>Divi's Labs share price: Past performance</h2>

Shares of Divi's Labs gained over 25 per cent in a year against Nifty50's rise of 23 per cent.&nbsp;

[[{"fid":"309113","view_mode":"default","type":"media","link_text":null,"attributes":{"height":629,"width":1715,"class":"media-element file-default"}}]]DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.

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At around 9:50 a.m., shares of Divi's Laboratories fell 1.73 per cent or Rs 86.5 at Rs 4,904.75 on NSE. The market capitalisation of the compnay stood at Rs 1,30,205.7 crore at around the same time.


Divi's Laboratories Q1 misses estimate; stock slips; what should investors do?

Foreign portfolio investors (FPI) have injected over Rs 32,364 crore into Indian equities in July. This resurgence can be attributed to a stable political environment, ongoing economic reforms, and appealing market valuations within India.

"FPI investment has been inconsistent recently alternating between buying and selling. This is in sharp contrast to the consistent buying by DIIs. Total FPI buying in equity in July stood at Rs 32,364 crore. In debt, FPIs invested Rs 22,363 crore in July. For CY 2024 total FPI investment in equity stands at Rs 35,565 crore," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Further, Foreign institutional investors (FIIs) sold Rs 12,756.26 crore in the cash segment this week, while their monthly buying activity amounted to around Rs 5,407.83 crore. Domestic institutional investors (DIIs) continued their buying streak, acquiring about Rs 23,486 crore in the cash segment in July, with purchases of Rs 17,226 crore in the cash segment this week alone.

"We have been seeing mixed activity by the FPIs in the recent past, with bouts of buying and selling, a trend which is likely to continue for some more time," said Milind Muchhala, Executive Director, Julius Baer India.

Muchhala added their activity will remain influenced by various factors, including the performance of the global equity markets, the movement of the dollar index, incremental geopolitical events, and opportunities in the Indian markets considering slightly elevated valuation levels.&nbsp;

On a similar line, Dr. V K Vijayakumar said, "Going forward, there are some developments that can impact FPI flows. The sharp drop in job creation in the US and the rising unemployment indicates the rising possibility of a recession in the US, which, so far, the market has ruled out. The possibility of a rate cut by the Fed in September is very high. Consequently, the US 10-year bond yield has fallen sharply to 3.79 per cent."

Further, he believes that FPIs may think of pulling more money out of India since India is the most expensive emerging market now. The developments in the US economy and markets in the coming days will set the trend for FPI in August.

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Foreign institutional investors (FIIs) sold Rs 12,756.26 crore in the cash segment this week, while their monthly buying activity amounted to around Rs 5,407.83 crore.


FPI infuse over Rs 32,350 crore into Indian markets in July

Indian equities slipped in Friday's session as weak global cues weighed on sentiments. Nifty finished over 1 per cent or 293.2 points lower at 24,717.7, while the Sensex retreated by 1.08 per cent or 885.59 at 80,981.95.

Sectorally, it was a sea of red as benchmarks witnessed increasing volatility as economic growth concerns came to the fore in the US after the macro data. Also, heightened geopolitical tensions in the Middle East led to risk-off sentiment.

As per Vinod Nair, Head of Research, Geojit Financial Services, the Indian market is showing signs of fatigue at higher levels, as most positive factors have already been priced in. Subdued Q1FY25 earnings and stretched valuations are not reassuring investors.

Further, Nair believes the chances of further consolidation seem elevated due to premium valuations, weak Q1 results, and ongoing global market consolidation. The RBI policy meeting next week could provide some hints towards an outlook on rates, while expectations are to maintain the status quo as of now.]

Technically, as per Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd., the Nifty index has formed a negative candle, closing the week in the red, indicating a potential further downside move in the coming week after reaching a fresh all-time high. The next support level is at 24,500, and if this level breaks, we could move towards 24,200. On the resistance side, 24,900 is the immediate level to watch, and if the index moves above this, we could see a rise towards 25,200.

"The market structure appears weak, suggesting a "sell on rise" approach for Monday," said Nanda.

On the global front last week, the Federal Reserve decided to keep the Federal Funds rate unchanged aligning with market expectations. The Fed signaled that it may consider a rate cut as early as September if inflation eases, reflecting a cautious but proactive stance on monetary policy.

Further, the Volatility Index (VIX) increased to 18.58 from 16.38, reflecting a rise in market uncertainty and risk aversion.

Triggers that can affect the global markets are:&nbsp;

&gt;&gt; The release of the Bank of Japan's interest rate meeting minutes.

&gt;&gt; The upcoming CPI and PPI data will be critical in assessing the state of the Chinese economy.&nbsp;

&gt;&gt;The US ISM Services PMI.

&gt;&gt; Crude oil prices.

"Market sentiment and economic data releases will play a crucial role in driving future movements in these asset classes," said Alex Volkov, Market Analyst at VT Markets.

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As per Vinod Nair, Head of Research, Geojit Financial Services, the Indian market is showing signs of fatigue at higher levels, as most positive factors have already been priced in. Subdued Q1FY25 earnings and stretched valuations are not reassuring investors.


RBI policy meet, corporate earnings, and other key triggers to drive markets next week 

Global brokerages have revised their stance on Bharat Electronics (BEL) after the PSU defence company posted its Q1 numbers. On Monday BEL, during market hours, reported a 46.1 per cent rise in consolidated net profit at Rs 776.14 crore against Rs 530.84 crore in the corresponding period of the previous year.

The Navratna Defence PSU achieved a turnover of Rs 4105.14 crore, registering a growth of 19.10 per cent during the Q1 of FY 2024-25 against Rs 3446.69 crore a year ago.&nbsp;

The order book position of the company as of July 1, 2024, stood at Rs 76705 crore, as per the filing.&nbsp;

The company's board&nbsp;at their meeting held on May 20, 2024, had recommended a final dividend of 80 per cent which is subject to approval by the shareholders in the ensuing Annual General Meeting.

At around 9:33 a.m., shares of BEL were up 0.39 per cent or Rs 1.25 at Rs 322. 6 apiece on BSE. The market capitalisation of the company stood at Rs&nbsp;2,36,215.5 crore at around the same time.&nbsp;

<h2>What should investors do?&nbsp;</h2>

Jefferies maintained a 'buy' call and raised the target to Rs 370 from Rs 305. As per the brokerage the company has posted stellar Q1 numbers. Further, it believes the Rs 76,700 crore order book provides FY24-27E revenue visibility and maintains a 15 per cent year-on-year (YoY) revenue growth guidance.&nbsp;

Meanwhile, Morgan Stanley continued an 'overweight' rating and gave a target of Rs 300. Additionally, Nomura iterated 'buy' and raised the target to Rs 363 from Rs 350.&nbsp;

Likewise, Macquarie continued with an 'outperform' rating and gave a target of Rs 350.&nbsp;

<h2>BEL share price: Past performance</h2>

In a year, BEL shares have given a multi bagger returns of over 145 per cent against Nifty50's rise of 25 per cent.&nbsp;

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The Navratna Defence PSU achieved a turnover of Rs 4105.14 crore, registering a growth of 19.10 per cent during the Q1 of FY 2024-25 against Rs 3446.69 crore a year ago.&nbsp;


BEL reports good Q1 numbers, PAT rises over 46%; should you buy, sell or hold? 

Tata Motors shares clock a 52-week high on Thursday (July 25) after global brokerage Nomura double upgraded the stock to 'buy'. The brokerage raised the target price from Rs 1,141 to Rs 1,294 apiece.

At the last count, Tata Motors shares were up 3.79 per cent or Rs 38.9 at Rs 1066.55 apiece on BSE. The market capitalisation of the company at around the same time stood at Rs 3,54,386.01 crore.&nbsp;

As per Nomura, Tata Motors' shares are expected to see a rally due to the strong execution of the Jaguar Land Rover (JLR) order book. JLR's order book at the end of March 2024 stood at 1.33 lakh units.&nbsp;

The brokerage expects strong earnings growth on the back of JLR's average selling price (ASP). It also reckons margin to gain.&nbsp;

Further, JLR transitioning from premium to luxury and is ahead of its peers. In Nomura's view, the current strategy is working well.

The brokerage raised JLR's estimated EV/EBITDA to 3.5x from 2.75x. As per them, the demerger will unlock the value of the Commercial Vehicle (CV) business. The brokerage estimates the company's net cash at Rs 5,700 crore by FY26 compared to debt of Rs 16,000 crore in FY24. Moreover, the stock is trading at 5.4x EV/EBITDA FY26.

Vikas Sethi of Sethi Finmart recommended buying Tata Motors futures for a target price of Rs 1,050 with a stop loss of Rs 1,010.

<h2>Tata Motors share price: Past performance&nbsp;</h2>

In a year, shares of Tata Motors rose over 65 per cent against Nifty50's rise of over 23 per cent.

In five years, shares of Tata Motors have given over 621 per cent returns against Nifty50's rise of 115 per cent.

Catch all the <a href="https://www.zeebiz.com/markets/stocks/live-updates-stock-market-today-news-live-open-nse-bank-nifty-bse-indian-index-shares-to-buy-nifty-sensex-rupee-dollar-giftnifty-futures-303301">stock market</a> updates here. For all other news related to business, politics, tech and auto, visit <a href="https://www.zeebiz.com/">Zeebiz.com</a>.

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At the last count, Tata Motors shares were up 3.79 per cent or Rs 38.9 at Rs 1066.55 apiece on BSE. The market capitalisation of the company at around the same time stood at Rs 3,54,386.01 crore.&nbsp;


Tata Motors shares hit 52-week high; here's what driving the rally

Budget expectation: All eyes will be on the Indian Finance Minister Nirmala Sitharaman tomorrow, July 23, as she will present the Union Budget for the fiscal 2024-25. Like every year, this year too there are a lot of hopes around potential reforms to reshape India's income tax landscape.&nbsp;

CA Ruchika Bhagat, MD, Neeraj Bhagat &amp; Co believes that the government will make the new tax regime more appealing to individual taxpayers. CA Bhagat anticipates several key expectations and reforms to be unveiled in this Union Budget.

"The new tax regime introduced in Budget 2020 aimed to simplify tax calculations by reducing exemptions and deductions while offering lower tax rates. Despite these efforts, the uptake has been slower than expected, with many taxpayers still opting for the old regime due to specific benefits like HRA exemptions and higher 80C deductions," said CA Ruchika Bhagat.&nbsp;

On a similar line, Sunil Nyati, Managing Director, Swastika Investmart Ltd. said, "To boost consumption in the economy, some relief is expected for the middle class in terms of income tax."

Experts reckon that the following reforms can make the new tax regime more appealing:&nbsp;

1. Increasing basic exemption limit:&nbsp;

Currently set at Rs 3 lakh, the basic exemption limit under the new tax regime may be raised to Rs 5 lakh. This adjustment would effectively reduce the tax burden on middle-income taxpayers, thereby enhancing disposable income and stimulating economic growth without the complexities of investment-related conditions.

2. Expansion of tax slabs:&nbsp;

Rationalising tax slabs could further boost disposable income and consumption. CA Bhagat believes that revising tax slabs upwards, such as increasing the threshold for the 30 per cent tax rate from Rs 15 lakh to Rs 20 lakh, would benefit a larger segment of taxpayers, encouraging more to opt for the new regime.

3. Increased tax rebates:&nbsp;

In the previous budget, a tax rebate was introduced for taxable incomes up to Rs 7 lakh. There is speculation that this threshold could be raised to Rs 7.5 lakh, providing relief to middle-income earners and potentially boosting spending and investment levels.

4. Enhanced deductions:&nbsp;

Extending benefits under Section 80C to the default tax regime is another anticipated move. This would make the new regime more attractive by allowing taxpayers to avail deductions on investments in schemes like PF, PPF, and others, currently available only under the old regime.

5. Special incentives for investments:&nbsp;

The National Pension System (NPS) may receive special attention, with proposals to extend deductions for individual contributions under the new tax regime. This aligns with the government's push to promote long-term savings and investments among taxpayers.

6. Housing sector stimulus:&nbsp;

To bolster the real estate sector, the budget might include increased deductions on home loan interest or principal repayments under the new tax regime. This move aims to support the government's 'housing for all' initiative and provide relief to taxpayers with housing loans.

7. Long-term capital gains:&nbsp;

There are expectations of raising the exemption limit on long-term capital gains from the current Rs 1 lakh to Rs 2 lakh. This adjustment would incentivise investments in the capital market and boost investor confidence.&nbsp;

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Budget expectation:&nbsp;CA Ruchika Bhagat, MD, Neeraj Bhagat &amp; Co believes that the government will make the new tax regime more appealing to individual taxpayers. CA Bhagat anticipates several key expectations and reforms to be unveiled in this Union Budget.


Budget Expectations: Will the new tax regime be made more attractive?

Budget expectations:The Association of National Exchanges Members of India (ANMI), a body comprising trading members across the country, has put forth some wishes for Indian Finance Minister Nirmala Sitharaman to be fulfilled in the Union Budget 2024.&nbsp;&nbsp;

One of the wishes includes rationalisation for tax exemption in Long Term Capital Gains (LTCG) and Short Term Capital Gains (STCG) U/S 111 A/112&nbsp; etc.&nbsp;

According to stock brokers' association ANMI, currently,&nbsp; the STCG arising on equity shares (listed) that have suffered STT is charged to tax at 15 per cent plus surcharge, without any tax exemptions like in the case of LTCG. Additionally, there is no threshold limit for STCG and every rupee of STCG is charged at 15 per cent. Thus, they wish that STCG be also allowed a tax exemption up to Rs 3 lakh as against NIL at present.

Further, they want the Finance Minister to allow a tax exemption on Long-term capital gains of up to Rs 5 lakh as against&nbsp; Rs 1 lakh at present.&nbsp;

ANMI President Vinod Kumar Goyal had already submitted association's recommendations to the CBDT Chairperson.&nbsp;

<h2>How will allowing tax exemption help?</h2>

As per ANMI, this will improve participation in the market and also encourage investments and any marginal revenue loss will be recouped by increased volume on which STT, etc can be earned.&nbsp;

Another significant wish is to increase the threshold limit of TDS on dividend. At present, the TDS on the dividend is not required to be deducted if the dividend does not exceed Rs 5,000.&nbsp;&nbsp;

However, this is limited to individual recipient shareholders only. For the sake of ease of doing business and reduction in paperwork (TDS certificate I 26A3 IAIS). This be applied to all resident shareholders irrespective of status. This threshold limit of Rs 5,000 was set long back. In the meantime, due to inflation, IT constantly revises upward various thresholds in different sections; this too should be enhanced to Rs.&nbsp; 50,000&nbsp; per company per person.

<h2>How will an increase in the TDS threshold on dividends help?&nbsp;</h2>

As per ANMI, this will save senior citizens and other assessees like government employees from filing claims for a refund of tax in case of non-taxable income, if taxable income does not exceed the basic limit.

Moreover, there will not be any revenue loss because those with taxable income will in any case be filing income tax returns including dividend income in their income and the tax payable will accordingly be adjusted from their advance tax, self-assessment tax, or other TDS.

<h2>Also read: <a href="https://www.zeebiz.com/union-budget/news-union-budget-2024-expectations-section-88e-securities-transaction-tax-stt-and-commodity-transaction-tax-ctt-association-of-national-exchanges-members-of-india-anmi-302501">Reintroduction of rebate for section 88E will result in a larger collection of STT/CTT, says ANMI&nbsp;</a></h2>

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Budget expectations:&nbsp;One of the wishes includes rationalisation for tax exemption in Long Term Capital Gains (LTCG) and Short Term Capital Gains (STCG) U/S 111 A/112&nbsp; etc.


Budget expectations: ANMI asks to rationalise tax exemption in LTCG, STCG; increase TDS threshold on dividend

With the Union Budget 2024 just around the corner, the Association of National Exchanges Members of India (ANMI), a body comprising trading members across the country of stock exchanges, has listed down a wishlist that will be beneficial for the Indian share market participants.&nbsp;

The list includes the reintroduction of rebates under Section 88E for Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) paid.

As per ANMI, India levies Securities Transaction Tax (STT) in the cash market and derivatives segment. However, the same is only levied at the time of transfer of beneficial ownership (delivery-based) and no STT is levied if the trade does not result in delivery.

Additionally, India is the only country levying STT and CTT taxes in the delivery-based as well as derivatives and commodities futures segment, thus, ANMI reckons that a rebate under Section 88E for STT and CTT paid should be reintroduced.&nbsp;

ANMI President Vinod Kumar Goyal had already submitted association's recommendations to the CBDT Chairperson.

<h2>How will the reintroduction of rebate under Section 88E help?</h2>

Firstly, section 88E benefits can be continued as applied to entities having a business income. ANMI explains the benefits of 88E through the following illustrations.&nbsp;

Illustration: A

[[{"fid":"305891","view_mode":"default","type":"media","link_text":null,"attributes":{"height":301,"width":815,"class":"media-element file-default"}}]]

Illustration: B

[[{"fid":"305892","view_mode":"default","type":"media","link_text":null,"attributes":{"height":301,"width":814,"class":"media-element file-default"}}]]

The above illustration proves that sec. 88E benefit results in a reduction of income tax by 11.25 per cent (36.25-25). In such circumstances,&nbsp; ANMI submits that for entities dealing in securities and treating income as business income, STT should be treated as tax paid, not an expense, i.e.,&nbsp; tax rebate u/s 88E to be restored.

Further, ANMI believes that the reintroduction of section 88E will result in increased volumes and therefore a much larger collection of STT/CTT. Thus, revenue loss will be negligible.

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India is the only country levying STT and CTT taxes in the delivery-based as well as derivatives and commodities futures segment, thus, ANMI reckons that a rebate under Section 88E for STT and CTT paid should be reintroduced.&nbsp;


Budget expectations: Reintroduction of rebate for section 88E will result in a larger collection of STT/CTT, says ANMI

Domestic brokerage Nuvama has given a 'buy' call on Sky Gold on the back of the latest acquisitions and the management guidance upgrade of FY27. The brokerage gave a price target of Rs 3,204 apiece which implies a 60 per cent upside from the previous close.&nbsp;

As per Nuvama, Sky Gold's recent acquisition of Sparkling Chains Pvt/Starmangalsutra is beneficial to the company as it will increase the addressable market. Currently, Sky Gold operates in a casting jewellery segment which accounts for 35 per cent of total jewellery sales in India. Meanwhile, Sparking Chains is in the business of manufacturing chains which account for 20 per cent of total jewellery sales and Starmangalsutra manufactures mangalsutras which account for 15 per cent of total jewellery sales in India.&nbsp;

Through these acquisitions, the addressable market for Sky Gold has risen to 70 per cent from 35 per cent.&nbsp;

"The acquisition is done at 7x FY24 P/Ex which is at a discount to Sky Gold’s valuation. There is a minimal increase in the shareholding of promoters. We see this acquisition as positive and new entities to grow at a faster rate from hereon. Shift to organised from the unorganised segment and growth in exports should drive volumes," the report read.

Factoring in the acquisitions, Nuvama has upgraded its estimates and now expects revenue/EBITDA/PAT to grow 53 per cent/56 per cent/67 per cent over FY24–27.&nbsp;

Further, the brokerage believes, the promoters have grown the business over the last two years and are now confident in the scalability of both businesses. Both entities will continue to operate as 100 per cent subsidiaries of Sky Gold.&nbsp;

Noting other benefits, Nuvama said, Sky Gold has also started the processes of recruiting a CFO, product head for the 18 carat jewellery category, and sales head for exports. It plans to increase craftsmen by two times in the standalone entity over the next three years.

In Thursday's trade, shares of Sky Gold hit a lower circuit of 5 per cent at Rs 1,896.55 apiece. In a year the stock has given a muti bagger returns of over 600 per cent against Nifty50's rise of 24 per cent.

Catch all the <a href="https://www.zeebiz.com/markets/stocks/live-updates-share-market-today-live-news-open-nse-bank-nifty-bse-indian-index-stocks-to-buy-nifty-50-sensex-rupee-dollar-giftnifty-futures-302024">stock market updates</a> here. For all other news related to business, politics, tech and auto, visit <a href="https://www.zeebiz.com/">Zeebiz.com</a>.

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As per Nuvama, Sky Gold's recent acquisition of Sparkling Chains Pvt/Starmangalsutra is beneficial to the company as it will increase the addressable market.


Over 600% returns in a year; Nuvama sees 60% more upside in this jewellery stock 

"Our view on Indian markets is positive, however, we are cautious of any developments that may hamper liquidity availability in the markets. Such events are likely to be external in nature from an economic perspective," says Sanjay Bembalkar, Co-Head – Equity at Union Asset Management Company Private in an exclusive interaction with Zee Business' Sirali Gupta.

With a professional career of more than 15 years, Sanjay Bembalkar is the Co-Head of Equity at Union Asset Management Company. Bembalkar is a CFA from CFA Institute, USA, a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI), and an M.Sc. (Accounting and Finance) from the London School of Economics.

Edited excerpts:

Sebi has proposed mandatory disclosure of risk-adjusted returns alongside historical returns. Will this impact investor behaviour and the decision-making of AMCs?

The mutual fund industry along with distributor partners has done a commendable job in making mutual funds mainstream in investment decision-making through transparency. Indian regulators have been proactive and have taken steps like the categorisation of schemes earlier.&nbsp; Investors may be better equipped to make decisions if further data on risk-adjusted returns is available as various schemes may have different risks embedded into them. At present, during our discussions, we understand investors are considering rolling returns analysis, various ratios, and further data on risk-adjusted returns would augment investor’s decision-making from a risk perspective as well.

What are your current views on the Indian stock market, particularly growth potential?

Indian stock markets have delivered above-average and broad-based performance in the past year. We look at Indian markets from a fair value perspective and our internal Union Fair Value Spectrum has now swung towards a modest zone which indicates the expensiveness of the market. For the first time since Nov-2021 now Indian markets are indicating that they are in an expensive zone.

We consider that India is one of the fastest-growing major economies and we are at the start of a capex cycle revival which provides comfort in earnings growth. Equity markets are also experiencing a phenomenal influx of liquidity both from domestic and foreign investors which seems to be providing comfort on the liquidity front.

Our view on Indian markets hence is positive, however, we are cautious of any developments that may hamper liquidity availability in the markets. Such events are likely to be external in nature from an economic perspective. We recommend investors focus on their asset allocation and invest in a staggered manner over the next six months. We believe schemes, where large-cap allocation is heavy, are better placed from a risk-reward perspective.

Do you expect a sectoral churn on Dalal Street anytime around the July Budget?

Post-election outcome, we have seen a fair amount of sector rotation in the markets. In the past two terms of this government, it has focused on the infrastructure side of the economy. Foundations for growth were laid through various actions be it from a regulatory perspective, from an incentives perspective, or an infrastructure development perspective. These actions are having a multiplicative impact on the economy. Due to policy continuity, we are expecting that these reforms will be continued and strengthened over time during this tenure of the government. However, in hindsight, certain parts of the economy viz. rural and urban consumers were not the immediate focus during this time. These sections of the economy need to have decent growth for the overall economy to deliver growth.

This government has also focused on fiscal prudence which has led to a stable currency and predictability of growth momentum. If the government decides to change direction more towards the consumption economy and short-term incentivising for consumers, I am sure, the street would react to these changes in the direction of the economy.

What do you expect from the Union Budget? Any policies that could impact the mutual funds' space?

In the upcoming budget, the government may choose to focus:

&gt;&gt; Past two terms, the government focused on infrastructure creation in roads and railways. Gati Shakti initiatives have another area of waterways to improve the efficiency of transportation in the country.

&gt;&gt; The textile sector is another sector where large contributions can be channelised from an economic perspective and this sector is yearning for reforms and incentives.

&gt;&gt; Electronic goods have started contributing to exports. As a country, India has a long road to go from an electronics manufacturing perspective. Like in the Auto sector, a full supply chain can develop in the country and have a significant positive impact. Reform momentum needs to continue in the Electronics Manufacturing space.

How should one play the rural economy theme in India given the promising above-average monsoon forecasts by the IMD?

In the past year, we have seen stress in rural consumers which is percolating in certain discretionary consumption sectors. We are focusing on certain FMCG and auto companies that may be beneficiary as rural consumer’s economic strength returns. However, the point to be noted is during FY25, the impact of the telecom price hike is expected to be absorbed by these consumers over and above the inflationary impact which has to be accounted for.&nbsp;

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.

With a professional career of more than 15 years, Sanjay Bembalkar is the Co-Head of Equity at Union Asset Management Company.


"Indian markets are indicating that they are in an expensive zone," says Sanjay Bembalkar of Union Asset Management

M&amp;M Financial Services shares declined on Wednesday (July 3) in the morning deals after announcing its June update on Tuesday after market hours.&nbsp;

At around 9:56 a.m., shares of M&amp;M Finance were down 0.89 per cent on BSE at Rs 299.5.

In the regulatory filing, the NBFC expects an overall disbursement of approximately Rs 4,370 crore, which implies a three per cent year-on-year (YoY) growth in June.

As per the company, Q1FY25 disbursement is likely at about Rs 12,730 crore, a five per cent growth YoY.

Further, as per the filing, business assets grew approximately by four per cent at Rs 1,06,200 crore over March 2024 and 22 per cent over June 2023.&nbsp;

Moreover, the Collection Efficiency (CE) was at 95 per cent for June 2024 against 96 per cent a year ago.&nbsp;

For Q1FY25, the CE is estimated at 94 per cent. Meanwhile, the company continued to enjoy a comfortable liquidity position on its balance sheet, with a liquidity chest of over Rs. 8,000 crore.

<h2>What should investors do?&nbsp;</h2>

Morgan Stanley maintained an 'equalweight' rating on the stock and raised the target to Rs 300 from Rs 280. Meanwhile, Jefferies continued with 'hold' and gave a target of Rs 294.

Citi maintained a 'neutral' rating and gave a target of Rs 310. As per the report, June disbursements/business assets growth are broadly in line with estimates.&nbsp;

"We bake-in credit cost of nearly 2.4 per cent for Q1 and estimate RoA of 1.5 per cent net interest margins (NIM) are anticipated to moderate," said Citi.

Similarly, Nomura maintained an 'underperform' rating and gave a target of Rs 240.

<h2>M&amp;M Finance share price: Past performance&nbsp;</h2>

In a year, shares of M&amp;M Finance declined over 12 per cent against Nifty50's rise of over 24 per cent.

In five years, shares of M&amp;M Finance have given over 24 per cent returns against Nifty50's rise of 104 per cent.

Catch all the updates of the <a href="https://www.zeebiz.com/markets/stocks/live-updates-stock-market-today-live-news-open-nse-bank-nifty-bse-indian-index-stocks-to-buy-nifty-50-sensex-rupee-dollar-gift-nifty-futures-299455">July 3 session on Dalal Street</a> here. For all other news related to business, politics, tech and auto, visit <a href="https://www.zeebiz.com/">Zeebiz.com</a>.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.

Morgan Stanley maintained an 'equalweight' rating on the stock and raised the target to Rs 300 from Rs 280. Meanwhile, Jefferies continued with 'hold' and gave a target of Rs 294.


M&M Finance's June disbursement rises 3%; what should investors do?

Shares of Avenue Supermarts, which owns and operates the retail chain D-Mart, on Wednesday (July 3) inched higher. The diversified retail company released its Q1 business update on Tuesday after market hours.&nbsp;

At around 9:54 a.m. shares of Avenue Supermarts were flat with positive bias at Rs 4780.5 apiece.

In the regulatory filing, Avenue Supermarts said its standalone revenue from operations for the quarter ended June 30, 2024 stood at Rs 13,711.87 crore.

Further, its total number of stores as of June 30, 2024, stood at 371, including one store in Rajkot, Gujarat which is temporarily closed to customers.&nbsp;

<h2>What should investors do?&nbsp;</h2>

Morgan Stanley maintained an 'overweight' rating on the stock and gave a target of Rs 5,123 apiece. As per the brokerage, Q1 growth is below expectations, but operational metrics continue to improve.&nbsp;

Similarly, Macquarie iterated an 'outperform' rating on the stock with a target of Rs 5,150.

Meanwhile, Citi maintained 'sell' on Avenue Supermarts as it sees no sign of growth acceleration and will keep an eye on the margin trajectory. Citi has given a target of Rs 3,400. The report said that revenue per sq ft continues to be impacted due to adverse product mix and new store additions in smaller towns. Citi suggests remaining cautious given risks around store additions, earnings, and the P/E multiple.

However, it believes the Q1 of Avenue Supermarts is seasonally the strongest quarter in terms of margin.

<h2>Avenue Supermarts share price: Past performance&nbsp;</h2>

In a year, shares of Avenue Supermarts have given returns of over 23 per cent against Nifty50's rise of over 24 per cent.

In five years, shares of Avenue Supermarts have given over 252 per cent against Nifty50's rise of 104 per cent.

Catch all the updates of the <a href="https://www.zeebiz.com/markets/stocks/live-updates-stock-market-today-live-news-open-nse-bank-nifty-bse-indian-index-stocks-to-buy-nifty-50-sensex-rupee-dollar-gift-nifty-futures-299455">July 3 session on Dalal Street</a> here. For all other news related to business, politics, tech and auto, visit <a href="https://www.zeebiz.com/">Zeebiz.com</a>.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.

In the regulatory filing, Avenue Supermarts said its standalone revenue from operations for the quarter ended June 30, 2024 stood at Rs 13,711.87 crore.


Avenue Supermarts releases Q1 business update; should you buy, sell, or wait?

Cement shares rallied in Thursday's trade after 20 per cent equity or 6.02 crore shares&nbsp;changed hands&nbsp;in India Cements in the pre-opening session and Goldman Sachs revised its stance on major cement stocks. Among the cement stocks, at the last count, individually, shares of India Cements were up over&nbsp;11 per cent, UltraTech Cement was up over 5 per cent, ACC was up over 1 per cent, Shree Cement shares was&nbsp;up over 2 per cent, Ambuja Cements shares were up over 2 per cent and JK Cement was up over 2 per cent.

<h2>Goldman Sachs on cement sector:</h2>

As per the brokerage, general elections and severe summer temperatures impacted construction activity in Q1, and thus, expects volumes to be flat in the April to June quarter.

Further, Q4 exit prices of cement were one to two per cent below the Q4 average which is unlikely to be sustained given monsoon is about to start.&nbsp;

Their channel checks suggest price hikes in June have not been sustained

<h2>What should investors do?&nbsp;</h2>

Goldman Sachs double-downgraded ACC stock to 'sell' and raised the target to Rs 2,500 from Rs 2,135. Conversely, it double-upgraded Shree Cement to 'neutral' and raised its target to Rs 28,500 from Rs 26,250.

Meanwhile, it maintains 'buy' on Ultratech Cement and raised target to Rs 11,650 from Rs 10,700.

Additionally, it continued with a 'neutral' rating on Ambuja Cement and raised the target to Rs 695 from Rs 450.

Lastly, Goldman Sachs maintained a 'neutral' rating on Dalmia Bharat and cut the target to Rs 1,900 from Rs 1,935.

In Wednesday's trade, India Cements, JK Lakshmi Cement, Ambuja Cements and Sanghi Industries soared. The result of the rise can be attributed to Sanghi Industries' offer for sale (OFS) that opened for non-retail investors on the same day.&nbsp;

Sanghi Industries' offer for sale (OFS) opened for non-retail investors will stay open till Thursday. In the OFS, Sanghi Industries' promoter Ambuja Cement and Ravi Sanghi would sell their 3.52 per cent stake.

The floor price has been fixed at Rs 90 per share. As many as 90.92 lakh shares will be sold through the OFS. While Ambuja Cements will sell 60.92 lakh shares, Ravi Sanghi will offload 30 lakh shares (2.36 per cent and 1.16 per cent, respectively 3.52 per cent).

Catch all the updates of the <a href="https://www.zeebiz.com/markets/stocks/live-updates-share-market-live-today-news-nifty-sensex-rupee-dollar-gift-nifty-zee-business-298391">June 27 session on Dalal Street</a> here. For all other news related to business, politics, tech, and auto, visit Zeebiz.com.https://www.zeebiz.com/

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.

As per Golman Sachs, general elections and severe summer temperatures impacted construction activity in Q1, and thus, expects volumes to be flat in the April to June quarter.


Sirali Gupta