KEY HIGHLIGHTS
FPIs Remain Net Sellers For Third Straight Day
Overseas investors remained net sellers of Indian equities on Wednesday for the third consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,879.2 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained buyers and bought equities worth Rs 1,827.4 crore, the NSE data showed.
Foreign institutions have been net sellers of Rs 22,816 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The benchmark equity indices closed over 1% lower on Wednesday as Reliance Industries Ltd. and bank stocks dragged the most.
The NSE Nifty 50 ended 247.20 points or 1.11%, down at 21,951.15 and the S&P BSE Sensex closed 790.34 points or 1.08%, lower at 72,304.88.
Rupee Weakens Against U.S. Dollar
The local currency weakened 3 paise to close at 82.93 against the U.S. Dollar.
It closed at 82.90 on Tuesday.
Source: Bloomberg
Nifty Logs Biggest Fall In 25 Sessions: Closing Bell
The benchmark 50-stock index logged its biggest in 25 sessions as shares of Reliance Industries and ICICI Bank weighed. The Sensex also logged its biggest fall in 21 sessions.
The Nifty ended at 21,951.15, down 247.20 points or 1.11% while the Sensex closed lower by 790.34 points or 1.08 at 72,304.88.
"The index dropped below the 22,000 mark, indicating a growing weakness," said Rupak De, senior technical analyst at LKP Securities.
Technically, he added, "Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term. Conversely, a sustained trade above 21,950 might spur a recovery in the index towards 22,100."
Shares of Reliance Industries Ltd. dragged the most followed by ICICI Bank Ltd., HDFC Bank Ltd., Power Grid Corp. Of India Ltd., and Maruti Suzuki Ltd.
Meanwhile, those of Infosys Ltd., Tata consultancy /services Ltd., Hindustan Unilever Ltd., and Bharti Airtel minimised some losses.
All sectoral indices ended lower with Nifty Media losing the most. Six sectoral indices ended more than 2% lower.
Broader markets underperformed benchmark indices. The S&P BSE Midcap fell 1.82%, and the S&P BSE Smallcap declined 1.94%. On BSE, all 20 sectors declined, with the S&P BSE Utilities fell over 2% to emerge as the top loser. The S&P BSE TECK index emerged as the top performer.
The market breadth was skewed in favour of sellers. Around 2,955 stocks declined, and 889 stocks advanced, and 77 remained unchanged on BSE.
Delhivery Has 10 Lakh Shares Change Hands
10 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 472.85 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Zee Shares Fall Nearly 6%
Shares of Zee Entertainment Enterprises Ltd fell over 5% to their lowest level in a week after the company's board expanded the role of its newly formed Independent Advisory Committee.
The scrip fell 5.78% to Rs 163.05 apiece, the lowest level since Feb 22. It was trading 5.09% lower at Rs 164.25 apiece, as of 2:48 p.m. This compares to a 0.84% decline in the NSE Nifty 50 Index.
LTIMindtree, IBM In Pact For Quantum Computing Innovation
LTIMindtree will also collaborate with the Indian Institute of Technology Madras, which is also an IBM Quantum Innovation Center, on joint quantum research and workforce development.
Source: Exchange Filing
Tips Industries Approves Buyback Of Up To Rs 37.19 Crore
Approves buyback of up to 5.95 lakh shares at Rs 625/share
Source: Exchange Filing
IL&FS Transportation Networks Sells Entire Stake In Arm Karyavottam Sports
Sells entire stake in arm for enterprise value of Rs 175 crore
Source: Exchange Filing
Nifty Stocks At 52-Week High
SpiceJet Off Lows As It Settles Dispute With Celestial Aviation
Shares of SpiceJet came of their lows after the company announced that it, along with Celestial Aviation, a subsidiary of AerCap has mutually settled their $29.9 million ( Rs 250 Crore) dispute through amicable negotiations, avoiding litigation.
The scrip fell as much as 4.73% to Rs 63.10 apiece, the lowest level since Feb 15. It recouped all losses to trade 0.18% higher at Rs 66.35 apiece, as of 1:56 p.m. This compares to a 0.71% decline in the S&P BSE Sensex Index.
It has risen 78.12% in 12 months. The relative strength index was at 48.36.
One analyst tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 26.0%.
Bajaj Healthcare Shares Soar 16% On Signing API Agreements With UK, EU Customers
Shares of Bajaj Healthcare Ltd. surged over 14% on Wednesday after it entered an agreement for the supply of 15 active pharmaceutical ingredients with U.K. and EU customers.
Under the contract development and manufacturing organisation, the company will undertake the development and supply of these molecules, which will be exclusively manufactured for its clientele, according to an exchange filing.
Bajaj Healthcare's stock rose as much as 16.68% during the day to Rs 374.60 apiece on the NSE. It was trading 16.13% higher at Rs 372.85 per share, compared to a 0.89% decline in the benchmark Nifty 50 at 1:26 p.m.
The share price has risen 5.02% in the last 12 months. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 63.
Crompton Greaves Has 28.1 Lakh Shares Change Hands In Large Trade
About 28.1 lakh shares or 0.4% equity changed hands in a large trade at Rs 291.75 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Nykaa Has 38.9 Lakh Shares Change Hands In Large Trade
About 38.9 lakh shares or 0.1% equity changed hands in a large trade at Rs 154.3 apiece.
Buyers and sellers not known immediately
Source: Bloomberg
Nifty Falls Over 270 Points From Day's High
RIL, ICICI Bank, HDFC Bank top contributors to Nifty's decline
Bajaj Auto, Apollo Hospitals, Power Grid Corp top laggards in Nifty 50
Financials contribute 70 points to Nifty's decline
45 stocks in Nifty decline, 4 advance, 1 unchanged
Cochin Shipyard Jumps Over 5%; PM Inaugurates Hydrogen Fuel Ferry
Cochin Shipyard Ltd jumped over 5% on Wednesday after the Prime Minister Narendra Modi inaugurated its Hydrogen fuel cell ferry on a virtual mode in Thoothukudi.
The hydogen fuel ferry is India's first indigenously developed, the exchange filing said. This is in line with the aim to adopt sustainable source for maritime fuel in the backdrop of India's goal to reach net zero emission by 20270.
Cochin Shipyard is ambitioning to construct India's first fully indigenous hydrogen fuel cell catamaran ferry as a pilot project to demonstrate technological advances in the maritime sector. Fuel cell powered vessel is having zero emission, and energy efficient, subsequently reducing impact of global warming, the company said in the exchange filing.
On NSE, Cochin Shipyard Ltd rose as much as 5.78% to Rs 903.45 apiece, the highest level since Feb 9. It pared gains to trade 1.62 higher at Rs 867.90 apiece, as of 1:20 p.m. This compares to a 0.99% decline in the NSE Nifty 50 Index.
It has risen 1.11% on year-to-basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 56.45.
Two out of five analysts tracking the company have a 'buy' rating on the stock, as many recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 42.8%.
Nifty Below 22,000
Sensex, Nifty Fall As RIL, L&T, Bank Stocks Drag: Midday Market Update
India's benchmark stock indices were trading lower through midday on Wednesday, as losses in shares of Reliance Industries Ltd., Larsen & Toubro Ltd. and HDFC Bank Ltd. exerted pressure.
As of 11:58 a.m., the NSE Nifty 50 was 162.70 points or 0.73% lower at 22,035.65, and the S&P BSE Sensex was 488.79 points or 0.67% down at 72,606.43.
Intraday, the Nifty slumped as much as 0.89% to 22,001, and the Sensex fell 0.83% to 72,487.50.
"For the Nifty, we expect a continued consolidation within the range of 22,000–22,300 levels. A breakout above or below this range is likely to trigger a directional move," Shrey Jain, chief executive officer of SAS Online, said.
Despite this, the index's consistent closure above 22,000 for eight consecutive sessions suggests a prevailing positive trend. Given this range-bound market scenario, it's prudent to adopt a strategy of booking profits on highs and buying on dips, he said.
"On the expiry day, the Bank Nifty remained subdued amid ongoing market volatility, which hindered its ability to maintain levels above the critical resistance range of 47,000–47,200," Jain said.
Shares of Infosys Ltd., Tata Consultancy Services Ltd., HDFC Life Insurance Co., Bharti Airtel Ltd. and Bajaj Finance Ltd. were leading the gains in the Nifty.
Reliance Industries Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., ICICI Bank Ltd. and Maruti Suzuki India Ltd. dragged the index the most.
On NSE, 11 of the 12 sectors declined. The Nifty Media was the worst-performing index.
Broader markets underperformed benchmark indices; the S&P BSE Midcap fell 1.11% and S&P BSE Smallcap declined 1.36%.
Eighteen of the 20 sectors compiled on the BSE fell. S&P BSE Utilities was the worst performer. S&P BSE IT rising the most.
The market breadth was skewed in the favour of sellers as 2,739 stocks declined, 946 advanced and 102 stocks remained unchanged on the BSE.
Bajaj Healthcare Signs CDMO Pact With UK, Europe Customers
Signs CDMO agreement for 15 APIs
Source: Exchange Filing
GAIL Has 10.3 Lakh Shares Change Hands In A Large Trade
10.3 lakh shares changed hands in a large trade
0.02% equity changed hands at Rs 178.55 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Aster DM Unit Buys 20.40 % Stake In Aasraya Healthcare
Unit buys 20.40% stake in Aasraya Healthcare for Rs 10 lakhs
To infuse more capital in Aasraya, raise stake to 51%
Source: Exchange Filing
Four NMDC Workers Killed Due To Landslide At Construction Site On Tuesday
"Though rescue operations were immediately initiated, 4 contractual workmen could not be rescued alive. Two other contractual workmen who sustained injuries during this incident are being treated at the NMDC Hospital and now out of harms way."
Source: Exchange Filing
Ahluwalia Contracts Gets Rs 218 Crore In Settlement From Dispute Against Emaar MGF Construction
Gets Rs 218 cr settlement in dispute against Emaar MGF Construction
Dispute settled over Commonwealth Village Project dispute
Source: Exchange filing
The scrip fell as much as 2.91% to Rs 1,162.60 apiece. It pared losses to trade 1.4% lower at Rs 1,180.55 apiece, as of 12:28 p.m. This compares to a 0.7% decline in the NSE Nifty 50 Index.
Anupam Rasayan Sets Up Wholly-Owned Subsidiary In U.S.
A wholly owned subsidiary of the Company named “Anupam USA, LLC” has been registered in Delaware, United States of America.
Source: Exchange Filing
Cello World Falls Over 3%
Shares of Cello World fell as much as 3.05% during the day to Rs 849.05 apiece on the NSE. It was trading 2.42% lower at Rs 854.60 per share, compared to a 0.86% decline in the benchmark Nifty 50 at 11.47 a.m.
All the six analyst tracking the stock has a 'buy' rating.
Today's fall came after the stock had risen over 5% on Wednesday when Motilal Oswal Financial Services initiated coverage on the stock with a 'buy' rating and a target price of Rs 1,100, implying an upside of 31%
The brokerage firm estimates Cello World to grow faster than the industry. "The company is expected to post a robust revenue/EBITDA/Adj. PAT CAGR of 18%/23%/25% over FY23-FY26", it said.
This will be driven by the expansion of both SKUs and distribution reach, coupled with strong growth in the glassware segment post-commissioning of the new plant in Rajasthan, the note added.
Anuh Pharma Gets European Body Nod For Antimalarial Drug
Gets approval from the European Directorate for the Quality of Medicines & HealthCare for certification of suitability of antimalarial drug Sulfadoxine API
EDQM stands for European Directorate for the Quality of Medicines & HealthCare
Source: Exchange Filing
Motilal Oswal On Automobiles
Top OEM Pick: M&M and Maruti Suzuki
Prefer Endurance Tech and Craftsman Automation among auto components
Positive on PV segment on better earnings growth, led by improved mix
Expects moderate CV growth in near term, then pick up in H2FY25
Interactions With Channel Partners
Tractors expected to have double-digit YoY growth during Feb
Anticipates 8-10% YoY 2W retail growth for Feb'24
Estimates 3-5% YoY PV retail growth driven by SUV order execution
Entry-level car segment shows no signs of improvement, except for CNG variants
CV demand subdued due to slowdown in new orders pre elections
Dispatch estimates for Feb'24: 2Ws/PVs/3Ws to grow 16%/8%/5% YoY, and CVs/tractors to decline by 7%/8% YoY.
Motilal Oswal Maintains 'Neutral' On Vodafone Idea At Target Of Rs 14
Capex directed toward 4G, 5G rollout holds significance
Annual obligations of Rs 43000 cr post end of moratorium in FY26 presents significant risk
Significant amount of cash required to service debt leaves limited upside
Servicing debt without external funding to be challenging on current low Ebitda
Nykaa has 19.7 lakh shares change hands in a large trade
19.7 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 154.55 apiece
Buyers and sellers not known immediately
Source: Bloomberg
RIL Falls Over 1%; Drags Nifty 50 The Most
Wipro Falls Over 1%
Shares of the company fell as much as 1.89% during the day to Rs 521.40 apiece on the NSE. It was trading 1.54% lower at Rs 523.25 apiece, compared to a 0.67% decline in the benchmark Nifty 50 as of 11.10 a.m.
Of the 45 analysts tracking the company, 10 maintain a 'buy', 12 recommend a 'hold,' and 23 suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 11.8%.
Volume Buzzers
Thyrocare Technologies at 20.15 times its 30 day average, up 8%
Rainbow Childrens Medicare at 7 times its 30 day average, up 8%
V- Guard Industries at 6.8 times its 30 day average, up 4.5%
Dreamfolks Services at 5.3 times its 30 day average, up 3%
Mazagon Dock Shipbuilders at 3.8 times its 30 day average, up 3%
Nifty Bank Falls 1%
Shares of State Bank Of India drag the index the most, followed by Axis Bank and HDFC Bank.
Key Indices Fall
Markets At Day's Low
Tanla Platforms Jumps Over 4%
Shares of Tanla Platforms Ltd jumped over 4% on Wednesday to their highest level in one month on extending its partnership with Truecaller to deliver customised solution to businesses in India.
The partnership aims to help businesses to connect with end user and offer customised solution which includes images, videos, and documents, the exchange filing said.
Tanla Platforms' partnership with Truecaller has started back in 2022 to provide messaging experience to businesses, according to the exchange filing.
The scrip rose as much as 4.72% to Rs 1,044.95 apiece, the highest level since Jan 29. It was trading 2.16% higher at Rs 1,019.45 apiece, as of 10:29 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.
It has risen 50.98% in 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 50.82.
Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 28.7%.
RateGain Partners with Flyr
Partnership for providing AI-powered revenue optimisation system solutions.
Source: Exchange filing
BofA Maintains Neutral Rating On Vedanta; Rs 270 Target
Management aiming to unlock value via its proposed demerger
Management aiming group EBITDA of $7.5 bn beyond FY26E
Debt at parent level likely to be pared down by $3 billion in next 3 years
Sees brand fees can be hiked up to 5%, no active consideration
Expects flexibity for each business to create own capital structure post demerger
Citi Maintains 'Sell' on DLF; Raises Target Price
Target price raised to Rs 596 from Rs 511 on expensive valuations
Increased P/BV multiple to 3.5x from 3x due to rerating in the sector
Healthy demand and cash flows in sector
Juniper Hotels Lists At 1.3% Premium To The Issue Price On NSE
Lists at Rs 365 on NSE vs issue price of Rs 360
Lists at Rs 361.20 on BSE vs issue price of Rs 360
Lists at premium of 0.3% to the issue price on BSE
Dreamfolks Services Jumps Over 7% After Motilal Oswal Initiates Coverage With 'Buy'
Shares of Dreamfolks Services Ltd. jumped over 7% after Motilal Oswal Financial Services Ltd. initiated coverage on the stock with a 'buy' rating and a target price of Rs 650.
Nifty Auto Hits Fresh Life High And Falls
Patanjali Foods Falls Over 4%
Patanjali Foods Ltd. dropped over 4% on Wednesday, to their lowest level in three weeks.
Supreme Court has barred Patanjali Ayurved Ltd. from promoting its products with claims of curing diseases until further order on Tuesday.
The apex court observed the entire country has been 'taken for a ride', and sent notices to its MD Acharya Balkrishna asking why contempt proceeding should not be taken against it.
Patanjali Foods has said Supreme Court's observation on its sister company would not affect its business and financial operation in an exchange filing.
"The observations of Hon’ble Supreme Court of India do not relate to Patanjali Foods Ltd which is an independent listed entity and operates in the space of edible oil and food FMCG products only," the company said.
Tata Motors Shares Hit Lifetime High
The scrip rose as much as 1.38% to 976 apiece, the highest level. It pared gains to trade 0.80% higher at Rs 970.40 apiece, as of 09:42 a.m. This compares to a flat in the NSE Nifty 50 Index.
It has risen 131.33% in the last twelve months. Total traded volume so far in the day stood at 0.05 times its 30-day average. The relative strength index was at 53.79.
Out of 34 analysts tracking the company, 26 maintain a 'buy' rating, five recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.4%.
Vi Shares Pare Losses After Falling 5%
Shares of Vodafone Idea Ltd. fell nearly 5% during early trade on Wednesday, even as the cash-strapped telecom company's board approved raising Rs 20,000 crore through equity.
Sensex, Nifty Open Marginally Up As HDFC Bank, Infosys Lead; RIL Weighs: Opening Bell
Benchmark equity indices opened marginally higher today on the back of gains in the shares of HDFC Bank and Infosys.
However, they erased gains soon after opening and traded flat as shares of L&T, Powergrid and Wipro weighed on them.
At pre-open, the S&P BSE Sensex Index was at 73,165.14, up 69.92 points or 0.10% while the NSE Nifty 50 was up 15.74 points or 0.07% at 22,214.10.
Shares of Bharti Airtel Ltd., State Bank Of India, HDFC Bank Ltd., Infosys Ltd., and Tata Motors Ltd. contributed the most to the gains.
Meanwhile, those of Larsen & Toubro Ltd., Power Grid Corp Ltd., Tata Consultancy Services Ltd., Wipro Ltd., and NTPC Ltd., weighed on them.
Most sectoral indices opened higher with Nifty Media and Nifty Metal leading. Nifty Realty, Nifty Pharma, and Nifty FMCG fell.
The broader markets opened higher; the S&P BSE MidCap Index was up 0.03%, whereas S&P BSE SmallCap Index was 0.18% higher.
Thirteen out of 20 sectors compiled by BSE advanced, while seven sectors declined. S&P BSE Telecommunication rose the most.
The market breadth was skewed in the favour of the buyers. About 1,720 stocks rose, 1180 declined, while 110 remained unchanged on the BSE.
Kotak reiterates 'Buy' Rating For Godrej Consumer
Target price set at Rs 1,375
Success of new molecule could drive HSD volume
GCPL Indonesia can deliver 6-6.5%/8-9% volume/value growth at 24-25% margins
Expects muted demand environment in India
Expects GCPL to continue to outperform in FMCG industry
Sensex, Nifty Higher At Pre-Open
At pre-open, the S&P BSE Sensex Index was at 73,165.14, up 69.92 points or 0.10% while the NSE Nifty 50 was up 15.74 points or 0.07% at 22,214.10.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.07%.
Source: Bloomberg
Rupee Flat Against U.S. Dollar
The local currency opened flat at 82.91 against the U.S. Dollar.
Source: Bloomberg
Gensol Engineering Unit Gets ARAI Certification
Unit Gensol Electric Vehicle gets ARAI certification to launch its first EV
Source: Exchange filing
Morgan Stanley Sees Limited Upside For Airtel
Bharti Airtel TP at Rs 1,190 (Base case)
Strong tariff increases in 2024 and de-leveraging priced in.
Vi fundraise to prevent further consolidation in the sector
Higher probability of base case scenario for Bharti
Base case: 4G tariff hikes in 2024 and ARPUs stabilizes at Rs 250 by F2026
Nomura On Vodafone Idea
Rating remains ‘Reduce’, Maintains TP at Rs 6.5
Positive for Vi if it is able to bring external investors.
Significant fundraise material for the company
Funds can be used for upcoming dues, commence 5G rollout
Fundraise would help in moderating subscriber loss and compete effectively
Repair, recovery and rollout of 5G will take time to fructify
Nuvama Downgrades OMCs To 'Reduce'
Nuvama downgrades HPCL/BPCL/IOCL to REDUCE at targets of Rs 450/535/150
Downgrade on unfavorable risk reward
Believe capex to be largely debt funded, impacting RoCEs
Deferment of govt capex infusion to FY25 raises funding uncertainties
Expect global refinery capacity additions to dampen near-term GRMs
Frozen fuel retail prices fundamentally challenge business models
Believe OMC earnings have likely peaked
Nuvama On US Generics Of Pharmaceutical Companies
Benign US generic price erosion led by unabated shortages & approval slowdown
Slowed down in R&D to lend support to prevailing better price environment.
US businesses of Indian cos should stay healthy due to stable pricing
High drug shortages concerning US healthcare
US margins likely to sustain; US generic injectables in sweet spot
Brokerages On Vedanta
Nuvama Raises Vedanta's Target Price; Retains Buy
Nuvama raised target price to Rs 394 from Rs 371
Positive after attending analyst meet with focus on debt peaking out, completion of expansion of aluminium and zinc internationally
Value unlocking happens on back of demerger and listing of all business verticles
Management has guided for $3 billion in debt reduction at VRL by FY27
Monetisation of steel and iron ore assets by Q1FY25E (expect around $ 2 billion)
Focus on growth within divisions; EBITDA to increase at a CAGR of 18% during FY24–26E
Kotak Institutional Rates Sell for Vedanta, Price Target of Rs 255
Believes FY25E EBITDA guidance of $6 billion is too optimistic
Key downside risk remains merger of parent copper business at expensive valuation
Management focused on deleveraging parent entity over next 3 years
Expects aluminum division’s EBITDA to grow 40% over FY2024-26E
Management guided for debt reduction by $3 bn over next three years
Antique Capital Retains Buy on Vedanta
Price target of Rs 318
Benefits of most capex projects to start accruing 2HFY25 onwards
Higher volumes at consensus prices could support yearly Ebitda of $7.5bn in long term
Like the lower cost producer advantage (in HZL, aluminum), strong growth prospects
Backward integration, smelter expansion to support aluminum profitability
Volume expansion across all businesses could drive topline growth
Deleveraging to continue; proposed demerger underway to unlock value
Moody's Says India's Building Material Demand Growth To Outperform China, Australia
Demand growth on population growth, housing demand, urbanization, large infra investments
Indian cement demand to expand at 5% CAGR until 2030
Domestic cement capacity to grow by 1/3 by 2030
China's industry to face prolonged weakness on structural decline in the property sector
Despite residential construction weakness, public infra construction to support Australian demand
Motilal Oswal Initiates Coverage On DreamFolks With 'Buy' And TP Rs 650
Expect benefits from rapid growth in Indian airline industry
Growth driven by competitive fares, rising leisure travel, new airports, and government push
Increasing adoption of bank card boosting the pay-per-use revenue model
Expected strong 20% revenue/28% PAT CAGR over FY24E-26E
Venturing into international markets as a lucrative long-term opportunity
Apple To Cancel Decade-Long Effort To Build Electric Car
To cut some jobs in car project, shift many workers to gen-AI effort
Source: Bloomberg
Global Cues
U.S. Dollar Index at 103.85
U.S. 10-year bond yield at 4.29%
Brent crude down 0.38% at $83.33 per barrel
Nymex crude down 0.38% at $78.57 per barrel
GIFT Nifty was at 22,234, up 0.08% as of 7:27 a.m.
Bitcoin was up 0.16% at $56,824.41
F&O Cues
Nifty February futures up by 0.25% to 22,203.05 at a premium of 4.7 points.
Nifty February futures open interest down by 25.40%.
Nifty Bank February futures down by 0.03% to 46,587.20 at a discount of 0.85 points.
Nifty Bank February futures open interest down by 8.2%.
Nifty Options Feb. 29 Expiry: Maximum call open interest at 23,000 and Maximum put open interest at 21,500.
Bank Nifty Options Feb. 29 Expiry: Maximum call open interest at 47,000 and Maximum put open interest at 45,000.
Securities in ban period: Aditya Birla Fashion, Canara Bank, Indus Tower, SAIL, and Zee Entertainment Enterprise.
Trading Tweaks
Price band revised from 5% to 20%: Signpost India.
Price band revised from 10% to 5%: Ganesh Housing.
Ex/record bonus issue: Fiem Industries.
Moved into short-term ASM framework: Zaggle Prepaid Ocean Services, Yasho Industries.
Moved out short-term ASM framework: SML Isuzu.
Block Deals
ICICI Lombard General Insurance: Bharti Enterprises sold 62.5 lakh shares (1.27%) while ICICI Bank bought 62.5 lakh shares (1.27%) at Rs 1,666.35 apiece.
Bulk deals
CMS Info Systems: Sion Investment Holdings PTE. sold 417.71 lakh shares (26.68%) at Rs 370.38 apiece at Rs 393.93 apiece while, Nomura Funds Ireland Public Coindia Equity Fund bought 43.1 lakh shares (2.75%) at Rs 370.05 apiece, Kotak Mahindra Mutual Fund A/C - Kotak Small Cap Fund bought 36.25 lakh shares (2.31%) at Rs 370.05 apiece, WF Asian Reconnaissance Fund bought 26.25 lakh shares (1.67%) at Rs 370.05 apiece, ICICI Prudential Mutual Fund bought 56.10 lakh shares (3.56%) at Rs 370.05 apiece, Think India Opportunities Master Fund LP bought 13.81 lakh shares (0.88%) at Rs 370.05 apiece, Mathew Cyriac bought 12.82 lakh shares (0.81%) at Rs 370.67 apiece, Sanatan Financial Advisory Services bought 10 lakh shares (0.63%) at Rs 375.5 apiece and among others.
BLS International Services: Columbia Petro Chem bought 21 lakh shares (0.51%) at Rs 373.1 apiece.
Sapphire Foods: WTCNAM Common Trust Funds Trust Emerging Markets Opportunities Portfolio sold 3.25 lakh shares (0.51%) at Rs 1497.08 apiece.
Senco Gold: Saif Partners India IV sold 6 lakh shares (0.77%) at Rs 875.08 apiece.
New Listing
Juniper Hotels: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 360 apiece. The Rs 1,800 crore IPO was subscribed 2.08 times on its third and final day. Bids were led by institutional investors (2.96 times), retail investors (1.28 times), non-institutional investors (0.85 times).
IPO Offering
Bharat Highways: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 98 to Rs 100 per share. The 2,500 crore IPO is a completely fresh issue. The company has raised 826 crore from anchor investors.
Platinum Industries: The public issue was subscribed to 8.06 times on day 1. The bids were led by non-institutional investors (13.60 times), retail investors (10.26 times), and institutional investors (0.07 times).
Exicom Tele-Systems: The public issue was subscribed to 10.02 times on day 1. The bids were led by retail investors (27.17 times), non-institutional investors (19.04 times), and institutional investors (0.73 times).
Stocks to Watch
Vodafone Idea: The board has approved a fundraise plan of Rs 20,000 crore via equity as the debt-laden telecom operator keeps the hunt on for new investors and fund rollout of 5G. The promoters will also participate in the proposed equity raise.
Axis Bank: The Reserve Bank of India has approved the appointment of Munish Sharda as executive director and full-time director of the company.
Zee Entertainment Enterprises: The company has expanded the scope of its recently constituted independent advisory committee to include an investigation to review the allegations levelled by regulators and other parties.
Hindustan Zinc: The company incorporated a new subsidiary to explore, discover, develop and tap critical mineral resources. It will also participate in the auctioning of mining blocks containing critical minerals.
SJVN: The company's unit bagged a 100 MW solar power project at a tariff of Rs 2.64 per unit through competitive tariff bidding conducted by Gujarat Urja Vikas Nigam. The power purchase agreement for the same has been signed with Gujarat Urja Vikas Nigam for 25 years. The cost of Developmnent for this project is Rs 642 crore.
GE T&D India: The company secured orders worth Rs 370 crore from Power Grid Corp. for the supply of 765 kV shunt reactors for various transmission system projects in India.
Indostar Capital Finance: The company will raise over Rs 450 crore through preferential allotment of warrants to Brookfield AMC and Florintree Tecserv. Brookfield to invest Rs 256.6 crore, and Florintree to invest Rs 200 crore in the company.
Mahindra and Mahindra: The company launched Thar Earth Edition starting at Rs 15.4 lakh.
Aether Industries: The company appointed James W. Ringer as Chief Technology Officer.
Titan: The company buys the remaining 0.36% stake in Caratlane for Rs 60.1 crore.
Tata Elxsi: The company and Telefónica collaborate to achieve true cloud-native infrastructure management, revolutionising the telecommunications landscape.
Ircon: The company has appointed Debajyoti Kumar as Executive Director/Technical and Vinod Kumar Gupta as Executive Director/Works of the Company.
Allcargo Logistics: The crisis in Red Sea delayed shipments, leading to January volumes being reduced by 3%, the company said in its monthly business update. A decline in volume was witnessed in Latin America, Europe, and America. Shipment volumes in India witnessed an increase in January.
Persistent Systems: The company has dissolved its step-down subsidiary, Persistent Systems S.R.L., Italy.
Uttam Sugar Mills: The company acquired a majority stake in Uttam Distillers, making it a subsidiary.
Exide Industries: The company invested Rs 24.99 crore in its wholly owned subsidiary, Exide Energy Solutions, on a rights basis. The total investment stands at Rs 1,925 crore.
Cochin Shipyard: The company will inaugurate a hydrogen fuel cell ferry in virtual mode from Thoothukudi.
ONGC: The company will establish ONGC Green as a wholly-owned subsidiary focusing on renewable energy and green hydrogen value chains.
Texmaco Rail and Engineering: The company approved raising funds via the issuance of convertible warrants for up to Rs 150 crore via the issue of convertible warrants by way of preferential issue.
Salasar Techno Engineering: The company bagged an order valued at over Rs 200 crore from Zetwerk Business for the supply of 25,000 MT of solar structures.
Jaiprakash Associates: The company executed a non-binding term sheet for the restructuring of bonds.
Control Print: The company further invested €1 million in unit Control Print B.V.
Tanla Platforms: The company and Truecaller extend an exclusive partnership to deliver customised solutions to enterprises.
GIFT Nifty Trades Above 22,200
Markets in the Asia-Pacific region were mixed after a key U.S. Federal Reserve official said there's no hurry to cut interest rates.
Federal Reserve Governor Michelle Bowman said that it's too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, Bloomberg reported.
Investors in the region will also closely monitor the outcome of the Reserve Bank of New Zealand's policy decision.
Wall Street witnessed another busy session of bond sales as issuers looked to borrow before key U.S. PCE data is due later this week, according to Bloomberg.
Brent crude was trading 0.39% lower at $83.32 a barrel. Gold was up by 0.1% to $2,033.35 an ounce.
The February futures contract of the GIFT Nifty traded up by 18 points, or 0.08%, at 22,235.00.
India's benchmark stock indices closed higher, snapping a two-day decline in a choppy trading session on Tuesday, led by gains in Tata Consultancy Services and Tata Motors.
The NSE Nifty 50 settled 76.30 points, or 0.34%, higher at 22,198.35, and the S&P BSE Sensex gained 305.09 points, or 0.42%, to end at 73,095.22.
Overseas investors remained net sellers of Indian equities on Tuesday for the second consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,509.2 crore; domestic institutional investors remained buyers and bought equities worth Rs 2,861.6 crore, the NSE data showed.
The Indian rupee closed flat at 82.90 against the U.S. dollar.
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