Sensex Today | Stock Market Highlights: Sensex, Nifty snap 3-day losing streak; pharma leads gains

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Vikas Khemani, Founder, Carnelian Asset Management and Advisors

“My view on defence does not change, to be honest, because it’s not that stocks have corrected significantly. I think defence stocks have pretty much held on. Of course, there’s a big rearmament cycle, and I think the real thing you have to do is company-specific assessment. And we own some stocks, but we don’t own a lot.”

Sudip Bandopadhyay, Market Expert

“Definitely, I have been liking Vedanta for quite some time. The way aluminium has moved globally, I think Vedanta has been extremely lucky. And the way Vedanta’s aluminium cost structure works, they are benefiting in a big way. So this global aluminium rally has benefited them significantly. Of course, the 60% holding in Hindustan Zinc has helped them a lot, because of the way silver and zinc have moved. So Vedanta, after the correction, definitely merits attention from a medium-term perspective, because value unlocking should start soon. But beyond Vedanta, I do like Hindustan Zinc. The results were very good, and they are already talking about some kind of corporate restructuring, whereby they will probably, like Vedanta, carve out businesses separately and get them listed, which should again lead to value unlocking. Capacity expansion is happening in Hindustan Zinc, and that should be coming on stream by the next fiscal, I understand. So both silver as well as zinc capacity is going up. Performance has been very good, and I think given the way the global metal scenario is, Hindustan Zinc should continue to do well.”

Vikas Khemani, Founder, Carnelian Asset Management and Advisors

“I think, M&A is always sort of a 50-50 game and depends on the history of the management who does it. From the face of it, it looks like quite an interesting deal. I think the price which the company has paid is quite decent, only six times EV to EBITDA. More importantly, I think more than the price, the complementarity it offers to Sun from getting the specialty portfolio, biosimilar portfolio, and the markets where Sun is not present, including China, Korea, and many more. So I think there is a sort of good complementarity. And of course, a lot depends on how one executes and integrates. But given the fact that Sun has a good sort of track record of integrating M&As and delivering, from a long-term perspective, it’s quite decent. Obviously, in any merger and acquisition, there could be integration pain, which one has to see. But no entrepreneur does, no company does M&A of this size keeping a few quarters in mind. They are decadal in nature. They are kept in mind for a very long time. So at times, the prospective investor as well as the entrepreneur can mismatch in the shorter term, but long term, I think it seems to be a good deal.”

Sudip Bandopadhyay, Market Expert

“I think Sun Pharma-Organon deal is a fantastic transaction. I think we should be proud of this. Sun Pharma has completely pivoted in a different direction, and it is, I would say, quite different from other pharma companies. About 51% is branded. Then they have biosimilars, then they have some others. So about 75–80% of the business is on a different trajectory and not dependent on third parties. So I think Sun Pharma has done a commendable job. And the acquisition, I understand based on the commentary and what I’m reading, should become earnings accretive very soon. Also, I think this gives them a good inroad into China, which I think they wanted. The debt is not unmanageable. With the kind of cash flow which they generate, it is very manageable. So on balance, I think it’s a very good acquisition. They have a fantastic track record of acquiring companies, assimilating them, and performing. They have done it with Ranbaxy, they had done it with Taro, and I’m pretty confident they’ll do it with this acquisition as well. So I think it’s a thumbs up. As far as buying the stock is concerned, I think whenever there is a little bit of a pullback in the market, I would prefer to buy then rather than now. But from a long-term perspective, from a portfolio perspective, it is definitely a good stock to hold.”

Dipan Mehta, Director, Elixir Equities

“There is a great value-unlocking opportunity in Vedanta. And I think all concerns around debt at the holding company will get addressed with this. I suspect that the businesses they’re not that keen on, they may even liquidate or try to reduce their debt by selling those businesses. So it’s a very positive step. And the aluminium business, I think, has great growth dynamics, because the volume increase there is among the highest across all the businesses. The oil business will also certainly benefit from significantly higher realisations.”

“So yes, I am very positive on Vedanta, more so than on Hindustan Zinc. Also, as I said, I think the sum of the parts of the five listed companies will certainly be higher than the ₹738 price that we are seeing on the screen.”

Dipan Mehta, Director, Elixir Equities

“I think that silver prices now seem to have flattened out. And from what I can see from Hindustan Zinc’s numbers, a lot of the improvement in profits has come from higher prices of end products, which may be perfectly fine. But, you know, this is a cyclical industry, and such high prices may not be sustainable six months or one year down the line.”

“What I’m a bit disappointed with is the volume growth. So, the volume growth for zinc is not as impressive as one would have thought it would be. They’re working on costs. They’re working on getting higher realisations. But the key thing for sustainable profit growth has to be a very strong roadmap to significantly higher volumes.”

“Within the metals pack, I prefer companies engaged in copper and aluminium, where I think the demand dynamics are far better than zinc, which is more related to the steel business. And of course, I think silver is a big contributor. As I said, I think silver prices are expected to kind of peak out at these levels. Already, we are hearing of a lot of companies trying to look at alternatives to silver in industrial applications.”

“So one needs to be a bit careful. I think it’s a fairly well-known story and well discovered also. So I would say within the metals stack, there may be better stories and better investment ideas than Hindustan Zinc.”

Rupee Ends At 94.19/$ Against Friday’s Close Of 94.25/$

Nifty 50 is trading nearly 200 points up. Here are the Top Gainers:

Vikas Khemani, Carnelian Asset Management & Advisors On CNBC-TV18

Defence Stocks Are Trading At Expensive Valuations

Manufacturing Continues To Be A Decadal Theme

BFSI Could Lead The Recovery Once The Geopolitical Situation Eases Out

Mahindra Holidays Q4

Net Profit down 43.1% at ₹41.55 crore vs ₹73.08 crore (YoY)

Revenue up 5.3% at ₹820.3 crore vs ₹778.8 crore (YoY)

EBITDA down 3% at ₹197 crore vs ₹203 crore (YoY)

Margin at 24% vs 26.2% (YoY)

SBI Card Q4

Net Profit up 14% at ₹609.3 crore vs ₹534.2 crore (YoY)

Revenue up 6% at ₹4,934.5 crore vs ₹4,674 crore (YoY)

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The shares of Kirloskar Pneumatic surged over 9%

Indian credit cards are becoming more commonplace, offering travel and leisure benefits along with UPI via RuPay, cashback, and rewards on bill payments, recharges, and online purchases.

Global markets, according to Ed Yardeni, President of Yardeni Research, are adjusting to a “new certainty” in which geopolitical tensions might continue without causing prolonged sell-offs. Investors seem willing to overlook short-term difficulties because oil prices are comparatively stable and earnings are still good.

The shares of Axis Bank declined by over 3% after the company announced its results over the weekend.

The markets have found some momentum and are back at the highs of the day.

According to persons familiar with the situation, B2C (business-to-consumer) insurer ACKO has designated ICICI Securities, Morgan Stanley, and Kotak Securities as book-running lead managers for its planned initial public offering (IPO).

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Shashank Mehta, Co-Founder and CEO, Whole Truth Foods

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Sandip Kumar Bubna Appointed As Interim Chief Audit Executive For 6 Months

The shares of Tamilnad Mercantile have soared to over 6% after the company announced its results.

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The Nifty index is on the rise again, with these stocks hitting the volume buzzers’ mark.

The shares of LG Electronics have also risen, along with other AC stocks, amid a heatwave alert.