Auto Sector

Analysts at IIFL Capital Services attended Indigo’s Analyst meet. Current demand environment is very strong. Indigo is hopeful of growing from ~85mn passengers in FY23 to ~100mn in FY24 (18% growth).

The FY24-25 PAT upgrade (22-23%) can reverse, if commodity spreads collapse (~45-50% share in earnings), and weigh high on stock’s sustainable re-rating.

SKS has a 600 MW thermal power plant in Chhattisgarh.

Analysts at IIFL Capital Services expect a Sales/EBITDA/EPS CAGR of 20%/33%/41% over FY22-25. They have initiated coverage on the stock with an Add rating and target price of Rs 385.

Accenture’s (ACN's) Q2FY23 revenues grew 9% YoY CC — within its guidance range of 6-10% YoY CC. ACN lowered the top end of its FY23 revenue growth guidance to 8-10% CC YoY versus 8-11% CC YoY (inorganic contribution of ~2% versus previously 2.5%).

Vivaldis is in animal healthcare business.

Brent crude futures were up 33 cents, or 0.4%, to $75.32 a barrel.

Along with the latest FOMC statement released on 22nd March 2023, the Fed also released key data projections for the next 3 years and for the long term.

Spot gold was down 0.1% at $1,975.76 per ounce.

It is rather surprising that the highest AUM of nearly Rs5 trillion belongs to the passive category of index ETFs.