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After a decent recovery in the past few sessions, the Indian markets were back in the red, led by weak global cues and extension of lockdown till April 30th announced by several states. The Nifty index traded with a negative bias throughout the session and ended lower by 1.3% at 8,994 levels. The broader markets outperformed but still ended with losses of 0.9% and 0.5% respectively. On the sector front, a mixed trend was witnessed wherein Metals, Healthcare and Capital Goods ended with gains, while Banking, Auto, and Consumer Durables ended with losses.
The market has seen a decent run-up recently led by rising hopes of the stimulus package from the government amid positive global cues. And, now the Prime Minister's speech, which is scheduled tomorrow at 10 am, would also be actively tracked for the roadmap to fight the coronavirus and measures to kick start the economic activities. Besides, we shall be seeing the participants reacting to the CPI number in early trade on Wednesday i.e. April 15. Needless to say, volatility will remain high in the coming sessions too and traders have no option but to align their positions accordingly.
Stock In News
* RBI released its minutes wherein all members voted for a rate cut, however, 4 of them voted for a 75bps cut and the rest voted for a 50bps cut.
* IG Petrochemicals announced that its subsidiary IGPL (FZE) has been liquidated with effect from April 12 due to the absence of any operations. Meanwhile, the chemical manufacturing company on March 30 temporarily suspended operations at its plant situated at Taloja due to the lockdown.
* AIA Engineering announced that it has resumed operations at its Ahmedabad and Trichy plants on staggered basis after obtaining necessary permission from the concerned government authorities.
Buy The Ramco Cements Ltd @789 9-12 Months Target 902 CMP 505.20
* The Ramco Cements Ltd (TRCL) reported mixed set of numbers for Q3FY20, wherein revenue growth was tad better while profitability missed our estimates. Its revenue grew by 6%, YoY, led by volume growth of 3.5%. However, the company’s EBITDA and PAT margins declined by167bps and 81bps YoY, due to higher expenditure.
* Ramco cements continue to focus on driving its revenue and margins by improving product mix, increasing utilization levels and expanding capacities. We estimate its Revenue/EBITDA/PAT to grow by 11%/16%/20% CAGR respectively over FY19-22E driven by positive sector outlook, price stabilization per bag, addition in capacity and gain in market share. Hence, we maintain a Buy on the stock with a target price of Rs. 902.
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