MarketBuzz
1287: Marketbuzz Podcast with Hormaz Fatakia: HDFC Bank may determine Nifty moves; Angel One in focus
Good morning and welcome to CMVCTV18's Market Bus podcast time, Hormis Patakia. Friday has finally arrived, but not before it brought some actually lots of cheers and outpouring of love for our Indian cricket team who landed back home with the cup and were greeted with a rousing reception at Marine Drive and the 1K stadium. Well, the bulls wouldn't mind even a fraction of that cheer today as they are fighting to hold on to gains for the week. Now, if it was the HDFC Bank that led the index higher for most parts of the week, it was HDFC Bank that also pulled it down on Thursday as some profit booking crept in at higher levels. What saved the day was ICICI Bank. The nifty low is still up over a percent for the week and if it manages to hold on to those gains, it will be the fifth straight weekly gain. The movement in HDFC Bank will have an impact on the nifty bank as well and that too is up over a percent for the week and if it manages to hold on to those gains, it will be the eighth straight weekly gain for the nifty bank. An HDFC Bank though will remain in focus today as well as it reacts to its quarterly business update which was released on Thursday evening and that business update was absolutely flat on a quarter on quarter basis. Deposits were flat, Casa fell by 5% while advances too were down 1% when compared to the March quarter and there are plenty of such BFSI updates that will keep most of the banking stocks in focus today. Watch out for ESF small finance bank in particular where its gross NPA went up by 39% quarter on quarter while the net NPA went up by 41% gross NPA for the quarters to at 6.6% from 4.7% in March while the net NPA stood at 3.2% from 2.2% in the previous quarter. As I mentioned banking stocks, RBL Bank, UCO Bank, IDBI Bank, Punevala Fincor, PNB, Uji 1 small finance bank all of them came out with their business updates last evening and will react to that today and you can read details about all of these on our website cnbctv18.com. Beyond the banks, the one sector that has been dominating headlines has been shipbuilders and Masgar Doc ended at a 20% circuit on Thursday. Coaching shipyard ended at a 10% circuit of course I am talking of an upper circuit while garden reach gained 9% Masgar Doc also crossed 1 lakh crore in market cap on Thursday now all of the 3 shipbuilders put together have added 1.4 lakh crore in market cap so far in 2024. Coaching shipyard has more than tripled so far on a year to date basis as as garden reach while Masgar Doc shares are up nearly 150% goes without saying their valuations now are well above their historical averages we will talk more about this as the day goes by on cnbctv18 so do stay tuned. Raymond has announced a vertical demerger of its real estate business now upon the completion Raymond and Raymond Realty will operate as separate listed entities the new entity will seek an automatic listing on the exchanges. Raymond's real estate business achieved revenue of around 1600 crore rupees which was of 43% growth in FY24. The existing shareholders of Raymond will get one share of the demer's entity for every one share that they own. Alloys, metals and energy has launched a QIP to raise funds. The floor price of 732 rupees is a 5.5% discount to Thursday's closing price and of course the company at its own discretion may offer a 5% discount on its floor price when it comes to the issue price of the QIP. Plenty of other stocks are in focus as well stocks like Ilcon, RVNL, Mahindra Life Spaces you can read about all of them on our website as well. The Amfi classified stocks will also be in focus. They came out with a revision in terms of market cap and categorization yesterday. Hero Motocop, Zydus Life, JSW Energy, NHPC and BHL have been upgraded from the mid cap category to the large cap category while defense and PSU stocks like Hadoop, Bharat Dynamics have been classified now as a mid cap stock from a small cap stock earlier. We will get you more details on this as well as the day goes by. There are not many global queues today as the US markets were shut on account of a holiday. The Asian markets have also opened higher but they gave up those gains to as the day progress. The Gif Nifty is also indicating a slightly lower start for our own markets as well. But in the UK exit polls are predicting a landslide victory for the opposition Labour Party which means that Prime Minister Rishi Sonak is most likely to be out of office once the results are announced. That's all for today. We wish you a happy trading day and an even better weekend for more on the markets and economy and political coverage of course. Stay tuned to CNBC TV 18 and CNBC TV 18 dot com. [Music]