Business News

Shares of Oberoi Realty on Thursday jumped 9% to hit a fresh 52-week high of Rs 1,712.30 after the company reported a 65% year-on-year (YoY) jump in its Q4 profit at Rs 788 crore.The total income of the company rose to Rs 1,558.56 crore in the quarter from Rs 995.11 crore in the year-ago period, according to the regulatory filing on Tuesday.The realty player also announced its plans to raise up to Rs 4,000 crore through the issuance of equity shares and non-convertible debentures along with a dividend of Rs 2 per share. May 23 will be the record date for the payment of the said dividend.Here’s how brokerages view the earnings:JefferiesGlobal brokerage firm Jefferies believes there was a strong response to the new launch that drove a pre-sales jump at Rs 4,000 crore and a P&L beat in the quarter. The execution is likely to remain steady as management showed focus on quality delivery. At 15%+ NAV, Jefferies finds the upside to be limited.Jefferies has maintained a ‘hold’ rating on the stock with a target price of Rs 1,341.Motilal OswalMotilal states that Oberois’ completed projects have the potential to cumulatively generate over Rs 1,500 crore of surplus cash annually, which, coupled with the scale-up in rental income, provides enough firepower to capture the business development opportunity. The domestic brokerage retained a ‘neutral’ view on the stock and increased the target to Rs 1,585.Kotak Institutional EquitiesDomestic brokerage Kotak Equities mentions that Oberoi Realty has a large inventory of completed/near-completed assets which will likely yield very healthy cash generation. Oberoi has upcoming launches which marks Oberoi’s maiden venture outside Mumbai.“We believe the CMP adequately reflects the positives, even as the company has lagged the peer set on growth in development business,” stated the KIE report.KIE has maintained a ‘reduce’ call on the stock with a revised target price of Rs 1,375.Also read: Awfis Space Solutions IPO price band fixed at Rs 364-383; offer to open on May 22The company has passed an enabling resolution for issue of non-convertible debentures up to an aggregate amount of Rs. 2000 crore by way of private placement, in one or more offerings.The shares of Oberoi Realty have given 74% returns in the last one year while gaining 28.7% in the last three months.Oberoi Realty is one of India’s leading real estate development companies, which is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Axis Bank has been in a broad range since November 23 and has been fluctuating between Rs 1,021.60 mark on the lower side, and Rs 1,150.95 on the upper side. The stock managed to breach the resistance one to create a new all-time high of Rs 1,182.90 on April 30.In the entire month of May so far, the stock has closed below its resistance level.“AXISBANK showcases promising technical indicators, marked by a bullish candle formation on its daily chart from the support levels of 1106 near to its 20-Day EMA levels currently trading at 1132. The stock has also formed a bullish flag and pole pattern on daily charts indicating strength. The stock faces a minor resistance at 1150 levels. A breakthrough above this barrier could propel it towards the Fib Extension target of 1225, said Deven Mehata, analyst at Choice Broking.110166158(Source: Choice Broking)Highest outstanding OI for the seriesHighest Call OIThe highest call OI for Axis Bank stands at the strike price of Rs 1,150 (2,513), with a -140 change in the OI, followed by Rs 1,180 (2,019).Highest Put OIThe highest put OI for Axis Bank stands at the strike price of Rs 1,100 (2,239), followed by Rs 1,050 (1,689).The stock has maintained its position above key moving averages and an RSI of 58.24 underscores its positive momentum. Investors may consider initiating positions in AXISBANK, leveraging option strategies to capitalize on potential upside movements, Mehata added.Based on the above analysis and observations, Deven Mehata suggests deploying a Bull Call Spread strategy to catch the potential bullish momentum.Bull Call SpreadBull Call Spread strategy is best implemented when the outlook on the stock is not very aggressive. It is a two-leg spread strategy typically involving an ATM and an OTM option. In this strategy there is always a ‘net debit’ for the trader.110166092(Prices as of 15th May)Below is the payoff chart for the above strategy:110166079(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Long-serving Indian football captain and legend Sunil Chhetri on Thursday announced his retirement after the World Cup qualifying match against Kuwait on June 6.India is currently second in Group A of the FIFA World Cup qualifiers with four points, behind leaders Qatar, heading into Chhetri's final international match next month. With three points, Kuwait is ranked fourth.Among active players, presently, Chhetri has the third-highest total of goals scored for his country, behind only the legendary Argentine Lionel Messi in second place and the Portuguese legend Cristiano Ronaldo in first.Chhetri made his announcement through a video that he shared on social media. "The match Against Kuwait is the Last," he said while announcing his decision to retire.— chetrisunil11 (@chetrisunil11) On June 12, 2005, he scored his maiden goal for India and made his debut for his country against Pakistan. Throughout his illustrious and two-decade long career, the 39-year-old striker has won six AIFF Player of the Year awards in addition to the Padma Shri in 2019 and the Arjuna Award in 2011.(More to come)

As many as 94 companies will announce their quarterly results for January-March 2024 with some notable names like M&M, HAL, GAIL, Info Edge, Vodafone Idea and Biocon in the mix.Other companies which will also announce their earnings include Accelerated India, Avalon Technologies, Blue Pearl Texspin, DCX Systems, Eldeco Housing, Elixir Capital, Emkay Global Epuja Spiritech, Grovy India, Hybrid Financial, Infibeam Avenues and others.M&M Q4 expectationsAuto major Mahindra & Mahindra (M&M) is expected to report a net profit between Rs 1,777 crore-2079 crore for the quarter ended March 2024, according to estimates of a couple of brokerages. While Nomura sees a 7% year-on-year jump in profit after tax (PAT), ICICI Securities estimates a 1% YoY increase.The company is expected to report a revenue from operations at Rs 24,051 crore according to average estimates of three brokerages.The average rise in growth is expected at 7%.Among brokerages, Nomura sees revenue at Rs 23,943 crore while ICICI Securities pegs it at Rs 23,815 crore. Nuvama on the other hand sees revenue at Rs 24,397 crore.M&M had reported a standalone PAT of Rs 1,549 crore while revenue of Rs 22,571 crore in the corresponding quarter of the previous financial year.ICICI Securities remains positive on M&M arguing that portfolio transition and stronger profitability could likely help re-rate the stock ahead amid the possibility of FY25 being another soft year for the tractor segment.Vodafone Idea Q4 expectationsVodafone Idea's net loss in the quarter ended March 2024 is expected to widen on a year-on-year basis. The net loss is expected to be in the range between Rs 7,307 crore-7,680 crore.The lower band estimate is given by Nuvama which sees a 14% increase in the net loss of Vi in the January-March quarter, while on the higher end is Motilal Oswal which expects losses to mount to Rs 7,680 crore.The revenue for the said quarter is expected to be around Rs 10,690, according to average estimates of these brokerages. It will be 1.5% uptick over the corresponding quarter of the last financial year.Among them, Nuvama pegs highest revenue at Rs 10,779 crore, which will be a 2.33% YoY gain while the lowest estimate is Rs 10,574 crore from Kotak.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)