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US Stocks started the week on an upbeat note, closing more than 1% higher as investors continued to price in interest rate cuts before the end of the year.

Yesterday rise took the S&P500 above a key technical level, its 50-day moving average. With not much in the way of economic data this week, it will be Fed speak, earnings and technical level setting the tone

Nifty 22442.70
No decisive evidence of an uptrend or downtrend. On the way down 22300 important support zone & on the way up 22545 will be the resistance level in the near term

Keep ITC on radar: India will implement the mandatory norms for the recycling and reuse of recycled content for producers, importers and brand-owners of plastic packaging in a phased manner from FY 2025.

LUX INDUSTRIES street expecting positive outcome from family dispute, Delivery Volumes picking up too.

Hindalco in Focus NOVELIS (Hindalco subs) 4QFY24 Result: In-line; adj. EBITDA of USD540/t driven by higher volumes (5% QoQ) despite weak pricing in 4Q

Key Numbers

  • EBITDA/tn at 7-quarter high at 540$/tn vs guidance of 525$/tn
  • Net Debt lower by $330million on release of working capital & better cash flows

☘️ View: Mgmt. indicated improving demand scenario for Beverage Can volumes; strong demand from Auto and Aerospace segment to continue. Specialty volumes to remain muted in Europe in near term. We expect Novelis to deliver 4-5% volume growth over next two years and EBITDA margins to remain in the range of 525-550/t. HNDL trades at EV of 6.3x/5.7x FY25/FY26E EBITDA respectively.

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