Latest Stock Market News

The CEO of Berkshire Hathaway and current primary shareholder, Warren Buffett is one of the most successful investors of all times. A former student of Benjamin Graham, Buffett is noted as a legendary value investor, though he is also believed to incorporate an emphasis on management quality and company growth prospects.

Morgan Stanley downgraded Avenue Supermarts (D-Mart) to Equal-weight post December quarter results with a target price of Rs 3853.

In Q3, DMart missed estimates by reporting a revenue growth of 25.5%. Its PAT (profit after tax) grew 7% YoY as weak discretionary demand pulled down same store sales growth. Its gross margins declined 60 basis points YoY and 20 basis points QoQ to 14.3%.

The brokerage upgrades FY23 earnings by 3% led by higher NII and lower provisions. Valuation is at 2.6x Sep’24 core ABV. Maintaining multiple at 3.0x, the brokerage raises target price to Rs1,850 from Rs1,800.

The company is in the right place at the right time and with the right products. The trend has just started. I am confident that Atul Auto has made India’s Tesla in three-wheelers, said the investor, who is also a director in the company.

Gold prices hit a 9-month high in the international markets and crossed $1,900 per troy ounce. Silver prices also crossed its major resistance of $24.40 per troy ounce on a weekly closing basis.

The brokerage estimates a ~19% PAT CAGR over FY22-25, with RoA/RoE at 2.0%/17.7% in FY25. Further, it expects the stock to perform gradually as the margin profile revives and the merger-related overhang eases.

“I do not think the commodity increase should be viewed as a market signalling there is going to be great demand. I would just hasten to caution that one should not be looking at increasing equity exposure despite all the positive noise we may see. This is a market which will remain extremely volatile during the course of the year.”

A total of 5,845 shares changed hands on the counter till 10:46AM (IST)

The Nifty Pharma index was trading 0.33 per cent down at 12627.45.