Thank you, readers! That's all from CNBCTV18.com's live market coverage on May 10, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Positive on Asian Paints: Mehraboon J Irani
Market expert Mehraboon J Irani likes Asian Paints but is no rush to recommend the stock afresh. "We need to understand that Asian Paints is possibly a core holding in the portfolios of many investors, the results are excellent, no doubt about it, in this challenging times, especially the volume growth which has exceeded expectations that has been the operative margin also is quite comfortable, the company will take price hikes ahead. The margins which are there for the March quarter, which has been announced right now, will they sustain going ahead is a difficult question right now," he says.
"This is a stock in which I won't possibly put in incremental money at this level considering the fact that the comfort level as far as the overall market is concerned is not very high; there are challenges ahead... But Asian Paints ultimately has a great structural story of market share gains and consolidation, and ultimately, it has the aspiration of becoming a complete home market player. This is a stock investors, if they don't mind a 5-7 percent downside, can continue to hold, but putting in more money in this present environment I will certainly not recommend," he adds.
Closing Bell | Sensex, Nifty50 fail to stay in the green, extend losses to 3rd day
Indian equity benchmarks fail to hold on to the green, extending losses to a third straight session. Losses in oil & gas, metal and IT shares pull the headline indices lower, though gains in select financial and FMCG shares lend some support. (Read more on the closing bell)
Strong buy on Asian Paints, earnings ahead of estimates: Edelweiss Securities' Abneesh Roy
Abneesh Roy of Edelweiss Securities expects the Asian Paints stock to do well in FY23. "Once we have more clarity on commodities, I think in the second half, there is a possibility that Asian Paints could see good margin expansion. But irrespective of that, the pricing power is really good. I would expect the stock to do well from a medium-long term perspective," he says.
Asian Paints posts profit at Rs 874 crore for Q4, misses street estimates
Asian Paints recorded a net profit growth of 0.5 percent at Rs 874 crore for the quarter ended March 2022, missing Street expectations. A CNBC-TV18 poll of analysts had expected the firm to post profit for the quarter at Rs 913 crore.
The paintmaker’s revenue grew to Rs 7,893 crore during the quarter, against the analysts expectations of Rs 7,785 crore.
Its EBITDA came in an at Rs 1,443 crore and EBITDA margin stood at 18.3 percent.
Following the earnings announcemnt, Asian Paints' shares jumped over 4 percent to Rs 3,125.95 on NSE.
India best equity story for next 10 years: Jefferies' Christopher Wood
Christopher Wood, Global Head Of Equity Strategy, Jefferies, said he still believes India is the best equity story on a 10 year view, not just in Asia, but globally. It is a very strong domestic demand story.
"On the manufacturing side, India has never really been an export power. But with what's been going on in China again, clearly, China still a fantastic place to export, very efficient, very good infrastructure, big multinationals don’t want to move out of there but on the other hand, they definitely do want to have a China plus one strategy and events we're seeing right now in China, these extreme lockdowns are going to make them think more about that than it was the case before. And India has one huge advantage over the other Asian nations who are getting investment outside Vietnam, Thailand, Malaysia, because India has this huge domestic market. So one reason all these multinationals in China was obviously efficiency of China. But the other big reason was it gave them access to the domestic market. So if India can come up as a coherent program to attract multinational manufacturing, I believe the access to the domestic market gives it a huge opportunity over the next 10 to 15 years. And so, you now have such a program in India, " he explained.
Nippon India AIF constructive on financial stocks
Varun Goel, Nippon India AIF says his firm continues to be constructive on private sector banks. "The overall financial services space has underperformed the market for almost one and a half years now and looks attractive," he explained.
With the rupee where it is today and scope for further depreciation, IT and pharma names should see earning upgrades during the second half of this year, he said adding that telecom should give the strongest earnings growth considering significant increase in the ARPUs.