KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.11% on Wednesday.
Source: Bloomberg
Rupee Weakens Against U.S. Dollar
-The local currency weakened by 2 paise to settle at 83.03 against the U.S. Dollar.
-It closed at 83.01 on Tuesday.
Source: Cogencis
Sensex, Nifty End Higher For A Second Day As SBI Leads Recovery: Closing Bell
Benchmark equity indices erased their losses and ended higher in the second consecutive session today on the back of gains in the shares of SBI, which hit their highest ever level.
The Nifty ended at 21,850.05, up 106.80 points or 0.49% and the Sensex gained 277.98 points or 0.39% to close at 71,833.17. Intraday, the Nifty fell 0.98% and the Sensex fell 1.04%.
On daily charts, it has formed long bullish candle, which is largely positive. We are of the view that, the current market texture is non-directional hence level based trading would be the ideal strategy for the day traders, said Shrikant Chouhan, head of equity research at Kotak Securities.
Shares of State Bank of India, Reliance Industries Ltd., Axis Bank Ltd., ITC Ltd., and Bharat Petroleum Corp. Ltd., contributed the most to the gains.
Whereas, those of HDFC Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Sun Pharmaceutical Industries Ltd., and Tech Mahindra Ltd., capped the upside.
Most sectoral indices closed higher except Nifty Pharma and Nifty IT. Nifty PSU Bank and Nifty Oil & Gas jumped over 3%.
Market breadth was skewed in favour of buyers. Around 2,426 stocks rose, 1,425 stocks declined, and 87 remained unchanged on BSE.
On BSE, 17 out of 20 sectors gained, while three fell. The S&P BSE Energy rose the most among sectoral indices, while the S&P BSE IT index fell the most.
Broader markets ended higher on BSE. The S&P BSE Midcap rose 1.39%, and the S&P BSE Smallcap rose 1.24%.
Axis Bank Has 10.1 Lakh Shares Change Hands In A Large Trade
10.1 lakh shares changed hands in a large trade
0.03% equity changed hands at Rs 1,094.65 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Suprajit Engineering Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 724.2 crore vs Rs 690.1 crore, up 4.94%
EBITDA at Rs 87.33 crore vs Rs 78.9 crore, up 10.68%
Margin at 12.05% vs 11.43%
Net profit at Rs 40.25 crore vs Rs 38.04 crore, up 5.8%
Wockhardt Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 701 crore vs Rs 699 crore, up 0.28%
EBITDA at Rs 52 crore vs Rs 59 crore, down 11.86%
Margin at 7.41% vs 8.44%
Net loss of Rs 86 crore vs loss of Rs 102 crore
SBI Hits Lifetime High; Stock Jefferies' Top Pick
On NSE, scrip of State Bank of India rose as much as 4.88% to Rs 748.25 apiece, the highest level since its listing on Mar 1, 1995. It pared gains to trade 4.72% higher at Rs 746.95 apiece, as of 2:41 p.m. This compares to a 0.27% advance in the NSE Nifty 50 Index.
It has risen 38.18% in 12 months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 76.79.
Out of 51 analysts tracking the company, 43 maintain a 'buy' rating, four recommend a 'hold,' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 40.9%.
Jefferies on Indian Equity Strategy
PSU Valuations still at a discount to Nifty PE
Recent outperformance of PSUs backed by EPS upgrades & RoE improvement
Governance improvement to drive longer term rerating
See rerating potential of 25-30% on PE/PB valuations of PSU Banks
NTPC expected EPS growth of 10-12% higher than Power Grid single digit EPS growth
Top Picks: SBI, Coal India, NTPC
CG Power Has 11.3 Lakh Shares Change Hands In Large Trade
11.3 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 425.55 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Natco Pharma Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 758.6 crore vs Rs 492.5 crore, up 54.03%
EBITDA at Rs 268.1 crore vs Rs 105.9 crore, up 153.16%
Margin at 35.34% vs 21.5%
Net profit at Rs 212.7 crore vs Rs 62.3 crore, up 241.41%
Ethos Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 281.2 crore vs Rs 229.7 crore, up 22.42%
EBITDA at Rs 44.53 crore vs Rs 35.9 crore, up 24.03%
Margin at 15.83% vs 15.62%
Net profit at Rs 25.5 crore vs Rs 20.7 crore, up 23.18%
Escorts Kubota Submits Expression Of Interest For Land Acquisition in Rajasthan
Looks to set up a greenfield manufacturing facility in Rajasthan land parcel
Estimated direct and indirect investment in the range of Rs 4,500 crore, to be done over phases
Source: Exchange filing
Ipca Labs Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 2,052.9 crore vs Rs 1,546 crore, up 32.8%
Ebitda at Rs 331.3 crore vs Rs 215.9 crore, up 53.5%
Margin at 16.13% vs 13.96%
Net profit at Rs 179.9 crore vs Rs 107.8 crore, up 66.8%
M&M Q3 FY24 Results Highlights (YoY, Standalone)
Revenue at Rs 25,642.4 crore vs Rs 22112.5 crore, up 15.96%
Ebitda at Rs 3,590.3 crore vs Rs 3,273 crore, up 9.69%
Margin at 14% vs 14.8%
Net profit at Rs 2454 crore vs Rs 1528.1 crore, up 60.59%
Indian Hume Pipe Co Gets Order Worth Rs 495 Crore
Gets order from Tapi Irrigation for EPC of civil, mechanical & electrical works
EPC stands for Engineering, Procurement & Construction
Source: Exchange Filing
JTEKT India Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 552 crore vs Rs 471 crore, up 17.19%
EBITDA at Rs 51 crore vs Rs 38.35 crore, up 32.98%
Margin at 9.23% vs 8.14%
Net profit at Rs 23.75 crore vs Rs 15.29 crore, up 55.33%
PayU Partners With NPCI For Credit Line On UPI For Merchants
PayU will now accept credit lines on UPI
Merchants can now accept digital payments via Credit Line
Source: Company Statement
ED Initiates Action Against Paytm
Agency initiates probe into allegations against Paytm Payments Bank.
Source: NDTV reporter quoting sources
FACT Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 1,097.3 crore vs Rs 1,721.9 crore, down 36.3%
Ebitda at Rs 43 crore vs Rs 250.8 crore, down 82.9%
Margin at 3.91% vs 14.56%
Net profit at Rs 30.3 crore vs Rs 165.8 crore, down 81.7%
Bharti Airtel's Nxtra To Procure 1.4 Lakh MWh Renewable Energy For Data Centres
As per the agreement, AmpIn Energy and Amplus Energy will set up captive solar and wind power plants of 48 MWdc and 24.3 MW, respectively for Nxtra’s data centres in Tamil Nadu, Uttar Pradesh and Odisha.
Source: Exchange Filing
Nuvama Wealth Surges To Life High After Posting Profit In Q3
The scrip rose as much as 14.29% to Rs 3,898.00 apiece, the highest level since its listing on Sep 26, 2023. It trading 10.24% higher at Rs 3,759.65 apiece, as of 1:07 p.m. This compares to a 0.02% decline in the NSE Nifty 50 Index.
It has risen 43.92% in over five months. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 60.31.
One analyst tracking the company, maintain a 'buy' ratin, according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.6%.
NALCO Shares Soar On 83.6% Rise In Q3 Net Profit
Shares of National Aluminium Co. rose on Wednesday after the company's net profit and revenue increased in the third quarter of fiscal 2024.
Net profit of the company jumped 83.6% year-on-year to Rs 470.6 crore in the quarter ended Dec. 31, 2023. This compares to Rs 256.3 crore in the same period last year.
Ganesha Ecosphere Q3 FY24 Results Highlights (YoY, Consolidated)
Revenue at Rs 284.83 crore vs Rs 272.6 crore, up 4.48%
EBITDA at Rs 39.99 crore vs Rs 32.1 crore, up 24.57%
Margin at 14.03% vs 11.77%
Net profit at Rs 12.73 crore vs Rs 21.11 crore, down 39.69%
CG Power Has 12.7 Lakh Shares Change Hands In A Large Trade
12.7 lakh shares or 1% equity changed hands in a large trade
Buyers and sellers not known immediately
Source: Bloomberg
Technocraft Industries Falls Over 7% After Q3 Results
Shares of Technocraft Industries India Ltd fell over 7% to their lowest level in over two months after the company posted nearly 30% decline in its net profit.
The company's net profit slumped 29.45% to Rs 61.57 crore in quarter three of FY24, from Rs 87.28 crore in the corresponding period of the preceding financial year.
On NSE, Technocraft Industries Ltd plunged 7.59% to Rs 2,096.65 apiece, the lowest level since Nov 28. It pared losses to trade 0.22% lower at Rs 2,263.70 apiece, as of 12:111 p.m. This compares to a 0.56% decline in the NSE Nifty 50 Index.
It has risen 132.13% in 12 months. Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 40.45.
Wholesale Prices Rise 0.27% In Jan Vs 0.73% In Dec
Primary articles inflation at 3.84% vs 5.78% in Dec
Fuel and power inflation falls 0.51% in Jan vs 2.41% decline in Dec
Manufactured products inflation falls 1.13% in Jan vs 0.71% decline in Dec
Food inflation at 3.79% in Jan vs 5.39% in Dec
Source: Commerce Ministry
Tata Elxsi Starts Global Design And Engineering Center In Pune
"The new center is specifically tailored to cater to the technology and digital transformation priorities of key automotive OEMs and Tier 1 suppliers."
Source: Exchange Filing
Volume Buzzers At 11:45 A.M.
Ahluwalia Contracts at 6.11 times its 30 day average
Mtar Technologies at 6.07 times its 30 day average
Elgi Equipments at 5.45 times its 30 day average
Relaxo Footwears at 4.45 times its 30 day average
SIAM January domestic auto data
Passenger vehicle sales up 13.6% at 3.9 lakh units
Car sales up 67.5% at 1.27 lakh unit
2-wheeler sales up 23.6% at 14.95 lakh units
Motorcycle sales up 25.1% at 9.7 lakh units
3-wheeler sales 9.5% at 53,537 units
Source: Bloomberg
ONGC Has 25.8 Lakh Shares Change Hands In A Large Trade
25.8 lakh shares changed hands in a large trade
0.02% equity changed hands at Rs 260.9 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Prestige Estates Falls Nearly 9% As Q3 Sales, Profit Falls YoY
Shares of Prestige Project Ltd. fell nearly 9% after the company announced an year-on-year fall in its net profit and revenue for the quarter ended December.
Prestige Estates Q3 FY24 Results (Consolidated, YoY)
Revenue down 22.5% to Rs 1,796 crore (Bloomberg estimate: Rs 2,548 crore).
Ebitda down 4% to Rs 551.5 crore (Bloomberg estimate: Rs 717 crore).
Margin at 30.7% vs 24.7% (Bloomberg estimate: 28%).
Net profit down 2% at Rs 164.7 crore (Bloomberg estimate: Rs 269 crore).
Adani Green Arms Operationalise 551 MW Solar Power Projects
Step-down arms operationalise aggregate 551 MW solar power projects at Khavda, Gujarat
Plans to develop 30 GW clean energy at Khavda, to generate ~81 bn units electricity annually
Source: Exchange Filing
GE Shipping To buy Medium Range Product Tanker
To buy product tanker of around 49,999 deadweight tons
Source: Exchange Filing
JSW Steel Consolidated Crude Steel Production Up 7% YoY In Jan
Consolidated crude steel production in January at 23.62 lakh tonnes up 7% YoY
Source: Exchange Filing
Nifty IT Falls Nearly 2%
Nomura Maintains BUY On Sansera Engineering; Raises Price Target
Price Target of Rs 1,342 (earlier Rs 1,224)
EBITDA ahead of estimates
Orderbook increased to Rs 20.4bn (up ~Rs 1bn QoQ, 58% non-auto and 14% tech agnostic)
2W industry recovery to drive growth
Strong capability in AL forging and order ramp-up are growth tailwinds
Nazara Tech's Arm In Pact To Buy Ninja Global FZCO
Nazara Tech's step-down arm Nodwin Gaming in pact to buy e-sports company Ninja Global FZCO
Source: Exchange Filing
Rashi Peripherals Lists At Rs 339.50 On NSE Vs Issue Price Of Rs 311
Lists at a premium of 9.16% to the issue price on NSE
Lists at Rs 335 on BSE vs issue price of Rs 311
Lists at a premium of 7.72% to the issue price on BSE
Jana Small Finance Bank Lists At 4.35% Discount To The Issue Price On NSE
Lists at Rs 396 on NSE vs issue price of Rs 414
Lists at Rs 396 on BSE vs issue price of Rs 414
Lists at discount of 4.35% to issue price on BSE
Capital Small Finance Bank Lists At Rs 430.25 On NSE Vs Issue Price Of Rs 468
Lists at discount of 8.07% to the issue price on NSE
Lists at Rs 435 on BSE vs issue price of Rs 468
Lists at discount of 7.05% to the issue price on BSE
Eicher Motors Recovers
Shares of Eicher Motors recovered after falling over 3% in the early trade. The stock rose as much as 2% after hitting its lowest level since January 31.
Paytm Slumps Over 9%
Scrip of One97 Communications Ltd fell as much as 9.48% to Rs 344.10 apiece. It was trading 8.30% lower at Rs 348.05 apiece, as of 09:53 a.m. This compares to a 0.64% decline in the NSE Nifty 50 Index.
It has declined 16.83% in 12 months. Total traded volume so far in the day stood at 0.48 times its 30-day average. The relative strength index was at 20.94, which implied the stock is oversold.
Out of 15 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold,' and sixsuggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 100.2%.
NBCC At Upper Circuit As Q3 Net Profit Jumps 58.9% YoY
Shares of NBCC (India) Ltd. jumped to its 5% upper circuit limit after the company reported a 58.9% year-on-year jump in its net profit for the quarter ended December.
NBCC (India) Q3 FY24 (Consolidated, YoY)
Revenue up 12.96% at Rs 2,412.6 crore vs Rs 2,135.8 crore.
Ebitda up 23.22% at Rs 117.32 crore vs Rs 95.21 crore.
Margin expands 40 bps to 4.86% vs 4.45%.
Net profit up 58.9% at Rs 113.6 crore vs Rs 71.49 crore.
The scrip rose as much as 4.98% to Rs 130.60 apiece and was locked in its upper circuit limit as of 10:02 a.m. This compares to a 0.57% decline in the NSE Nifty 50 Index.
It has risen 292.19% in the last twelve months. Total traded volume so far in the day stood at 0.07 times its 30-day average. The relative strength index was at 54.69, indicating that the stock may be oversold.
Out of five analysts tracking the company, two maintain a 'buy' rating and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 22.5%.
HDFC Bank Hits Lowest Level Since July 2022
The scrip fell as much as 2.22% to Rs 1,363.55 apiece, the lowest level since July 22, 2022. It pared losses to trade 1.94% lower at Rs 1,367.55 apiece, as of 09:47 a.m. This compares to a 0.8% decline in the NSE Nifty 50 Index.
It has fallen 14.55% in the last twelve months. Total traded volume so far in the day stood at 0.28 times its 30-day average. The relative strength index was at 24.57, indicating that the stock may be oversold.
Out of 50 analysts tracking the company, 45 maintain a 'buy' rating and five suggest 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 41.9%.
Zee Falls Over 4% After Q3 Results
Zee Entertainment Enterprises tumbled 4% on Wednesday after the company's net profit declined over 52%, and missed analysts expectation.
Zee Entertainment Enterprises Ltd.'s net profit declined 52.42% to Rs 58.5 crore in quarter three of FY24, from Rs 122.96 crore in the corresponding period of last year. Analysts in Bloomberg estimated the Net Profit to be at Rs Rs 90.54 crore.
The scrip fell as much as 4.43% to Rs 180.30 apiece on NSE. It pared losses trade 2.01% lower at Rs 184.85 apiece, as of 09:24 a.m. This compares to a 0.78% decline in the NSE Nifty 50 Index.
It has declined 14.52% in 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 40.71.
Out of 22 analysts tracking the company, three maintain a 'buy' rating, six recommend a 'hold,' and 13 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside 1.9%.
Nifty, Sensex Open Lower On Weak Global Cues: Opening Bell
Benchmark equity indices followed their global peers and opened lower today after a higher than expected US CPI pushed back traders' expectation of rate cuts by the Federal Reserve anytime soon.
The losses were led by the shares of financial services and IT companies. At pre-open, the S&P BSE Sensex Index was down 508.58 points or 0.71% at 71,046.61 while the NSE Nifty 50 was 165.10 points or 0.76% lower at 21,578.15.
The broader positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,450 will be the trend reversal levels, said Vikas Jain, senior research analyst at Reliance Securities.
Shares of HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and Larsen & Toubro Ltd., pulled the 50-stock index lower.
Meanwhile, those of Adani Enterprises Ltd., Reliance Industries Ltd., Bharat Petroleum Corp Ltd., Hindalco Industries Ltd., and Apollo Hospital Enterprises Ltd., capped the downside.
All sectoral indices except Nifty Energy declined. Nifty IT, Nifty Media, and Nifty PSU Bank fell over 1%.
The broader markets were also lower the S&P BSE MidCap Index was down 0.86% and S&P BSE SmallCap Index was 0.43% lower.
Only S&P BSE Telecommunication rose out of the 20 sectors compiled by BSE.
The market breadth was skewed in the favour of the sellers. About 1,172 stocks rose, 1,779 declined, while 91 remained unchanged on the BSE.
Sensex, Nifty Lower At Pre-Open
At pre-open, the S&P BSE Sensex Index was down 508.58 points or 0.71% at 71,046.61 while the NSE Nifty 50 was 165.10 points or 0.76% lower at 21,578.15.
Hero MotoCorp Starts Bookings For Mavrick 440 Motorcycle
MAVRICK 440 PRICE & VARIANTS
Base: Rs 1,99,000/-
Mid: Rs 2,14,000/-
Top: Rs 2,24,000/-
Note: The motorcycle is available in five colourways across variants.
Source: Exchange Filing
Yield On The 10-Year Bond Opens Higher
The yield on the 10-year bond opened 3 bps higher at 7.13%.
It closed at 7.10% on Tuesday
Source: Bloomberg
Rupee Opens Weaker Against U.S. Dollar
The local currency weakened by 10 paise to 83.11 against the U.S. Dollar.
It closed at 83.01 on Tuesday.
Source: Bloomberg
Brokerages on Zee's Q3 Results
Citi maintains sell on Zee with a TP of Rs 175
Reported numbers were in line with expectations
Management reiterates stance on merger termination
Guides for margin of 18-20% by FY26
Key drivers: cost cutting across business verticals
Trim FY24-26E earnings estimates by 3-6%
Elara Capital Retains Sell On Zee, Raise Price Target To Rs 180
Price target of Rs 180 (earlier Rs 170)
Muted ad revenue (down 3.4% YoY) on shift of ad spend toward Cricket World Cup
Raise revenue by 0.2% for FY25E, 1.9% for FY26E
Increase earnings by 2.5% for FY25E, 21.1% for FY26E due to better margin
Potential tie-up/turnaround to scale up digital offering key monitorables for upgrade
Jefferies Initiates Coverage On Adani Enterprises With Buy
Price target of Rs 3,800
Attractive play on capex cycle theme
Riding on strong industry tailwinds
Balance sheet well-placed to take up rise in capex
Regulatory overhang largely behind
Ebitda to double from FY23 to FY26, grow over 3x by FY28
See contribution of new biz scaling from 40% of consol Ebitda (FY23) to ~75% by FY26, 85% by FY28
Key triggers: CoD of NMIAL Airport and GH2 manufacturing units, equity monetization/raise at subs level
Bernstein Maintains Outperform On HDFC Bank
Price target of Rs 2,100
Loan yields are a good 30-50 bps lower than its peers
Combined cost of liabilities grew by over ~170 bps since FY22, ~10-30 bps higher than peers
Investment implications: Long-term thesis remains solid for the bank
Best-in-class deposit gathering, superior underwriting outcomes should make it a long-term winner
Fortis Healthcare Arm To Withdraw DRHP
Arm Agilus Diagnostics to withdraw DRHP due to commercial considerations
Agilus to make necessary withdrawal application with SEBI & may refile for IPO in the future
Source: Exchange filing
Godrej Properties Acquires 12.5-Acre Land Parcel In Hyderabad
Land parcel's estimated revenue potential of Rs 3,500 crore
Source: Exchange filing
Jefferies Maintains Buy On Hindalco
Price target of Rs 610 (vs Rs 725 earlier)
Q3 EBITDA rose 68% YoY, in-line with estimates
Cost escalation deteriorated cash flow outlook and project return ratios
Expect EBITDA/EPS to rise 9-13% CAGR over FY24-26E
Expect net debt to rise at Rs 45500 cr in FY26 with higher capex at Novelis
Retain Buy but prefers Coal India over Hindalco
Brokerages On Eicher Motors' Q3 Results
Citi Research
Rating: Buy; Target Price: Rs 4,700 (vs Rs 4,600)
Response to two new 350 cc+ models seeing traction
Preowned and buyback business aimed at brand value
Estimates trimmed to account for modest volume growth
Emkay
Downgrade to ‘Sell’; TP revised to Rs 3,250 (vs Rs 4,300)
Largely in-line earnings, margins dipped 33 bps QoQ
Competition, lacklustre new launches impacting market share
FY25/26E volumes cut by 5.6%/10.6% on muted volumes outlook
EPS downgrade softer due to higher other income
Nuvama
Retains ‘Buy’, TP cut to Rs 4,400 vs Rs 4,600 earlier
Competition, exports has affected recent performance
FY25E/FY26E EPS cut by 4%/5% on likely low volumes
Expect CAGR of 9% over FY23-26E due to replacement demand
450 cc, 650 cc range can potentially support growth
Nomura
Retains ’Neutral’ rating, TP upped to Rs 3,760 from Rs 3640
Competition can impact more in FY25
Success of new models can drive up avg selling price
Overall retail sales were good at 70,000 levels
Marketing spends were higher by Rs 2,000 crore
Global Cues
U.S. Dollar Index at 104.84
U.S. 10-year bond yield at 4.31%
Brent crude down 0.43% at $82.41 per barrel
Nymex crude up 0.32% at $77.62 per barrel
GIFT Nifty was down 0.05% at 21,639.50 as of 7:26 a.m.
Bitcoin was down 0.24% at $49,442.64
F&O Cues
Nifty February futures up by 0.55% to 21,823.75 at a premium of 80.5 points.
Nifty February futures open interest up by 1.22%.
Nifty Bank February futures up by 1.26% to 45,732.5 at a premium of 230.1 points.
Nifty Bank February futures open interest up by 2.8%.
Nifty Options Feb 15 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,000.
Bank Nifty Options Feb 14 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 45,000.
Securities in ban period: Aditya Birla Fashion, Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Bandhan Bank, Biocon, Delta Corp, India Cements, Indus Tower, National Aluminium, PNB, Sail, Zee Entertainment Enterprise.
Trading Tweaks
Price band revised from 10% to 5%: Dhunseri Ventures, NBCC (India).
Ex/record date dividend: Minda Corp., Procter and Gamble Health, Archean Chemical Industries, Sumitomo Chemical India, Goodluck India, Dhanuka Agritech, Sumitomo Chemical India.
Moved Out of short-term ASM framework: Tide Water Oil Company (India).
Moved Into short-term ASM framework: Orchid Pharma, Parag Milk Foods, Trent.
IPO Offerings
Entero Healthcare Solutions: The public issue was subscribed 1.53 times on day 3. The bids were led by non-institutional investors (0.22 times), retail investors (1.33 times), and institutional investors (2.28 times) and reserved for employees (1.25 times).
Vibhor Steel Tubes: The public issue was subscribed 27.53 times on day 1. The bids were led by non-institutional investors (48.33 times), retail investors (32.514 times), and institutional investors (3.56 times) and reserved for employees (27.45 times).
New Listings
Jana Small Finance Bank: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 414 apiece. The Rs 570 crore IPO was subscribed 18.5 times on its third and final day. Bids were led by institutional investors (38.75 times), non-institutional investors (25.05 times), and retail investors (5.46 times), and employee reserved (1.95 times)
Capital Small Finance Bank: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 468 apiece. The Rs 523.07 crore IPO was subscribed 4.00 times on its third and final day. Bids were led by institutional investors (6.64 times), non-institutional investors (4.05 times), and retail investors (2.49 times).
Rashi Peripherals: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 311 apiece. The Rs 600 crore IPO was subscribed 59.71 times on its third and final day. Bids were led by institutional investors (143.66 times), non-institutional investors (62.75 times), and retail investors ( 10.44 times).
Stocks To Watch
Adani Group Companies: Global rating agency Moody’s has revised the outlook for four Adani Group companies to 'stable' from 'negative' while affirming the ratings of eight companies on Tuesday.
Wipro: The IT major acquired a 60% stake in Aggne Global for $66 million to strengthen its consulting capabilities.
Bharat Electronics: The company received an order worth Rs 2,167 crore from the Indian Navy for the indigenously designed and developed EW suite.
Adani Power: The Competition Commission of India approved a proposal to acquire a 100% stake in Coastal Energen by the company and Dickey Alternative Investment Trust.
Lupin: The company launched Bromfenac Ophthalmic Solution in the U.S., which is a generic of BromSite Ophthalmic Solution.
Vishnu Prakash R Punglia: The company secured a contract worth Rs 73.92 crore from Mumbai Railway Vikas Corp. for the construction of a railway station along with other allied works at Chikhloli between Kalyan-Badlapur stations of Mumbai Division Central Railway.
Infosys: The IT major announced a collaboration with Pacific International Lines for digital transformation in the logistics industry.
Lemon Tree Hotel: The company signed a licence agreement for an upcoming hotel in Noida under the brand ‘Lemon Tree Hotel’.
Sonata Software: The company announced the integration of Amazon Bedrock, bringing artificial intelligence adoption to the forefront of businesses. Amazon Bedrock is a fully managed service from Amazon Web Services.
Arvind Smartspaces: Ankit Jain resigned from the position of CFO.
Railtel: The company received an order worth Rs 140 crore from Prasar Bharati Broadcasting Corp. for the design, development, implementation, operations, and maintenance of the OTT platform.
Wipro: The company’s three step-down units voluntarily de-registered effective Feb. 1.
Earnings In Focus
Mahindra & Mahindra, NMDC, Muthoot Finance Aditya Birla Fashion and Retail, Alembic, Ashapura Minechem, Axiscades Technologies, Confidence Petroleum India, Crompton Greaves Consumer Electricals, Dishman Carbogen Amcis, Ethos, Eureka Forbes, Fineotex Chemical, Ganesha Ecosphere, Gateway Distriparks, Gland Pharma, Glenmark Pharmaceuticals, Orient Green Power, Gujarat State Petronet, Gufic Biosciences, Hinduja Global Solutions, Indiabulls Housing Finance, IPCA Laboratories, Jindal Poly Films, Jtekt India, Jyoti CNC Automation, Kddl, Kirloskar Brothers, KPI Green Energy, Mufin Green Finance, Natco Pharma , National Fertilizers, Narayana Hrudayalaya, Polyplex Corp., PYC India, Rajesh Exports, Sun TV Network, Suprajit Engineering, Wockhardt, and Yatra Online
Earnings Post Market Hours
Prestige Estates Q3 FY24 Results (Consolidated, YoY)
Revenue down 22.5% to Rs 1,796 crore (Bloomberg estimate: Rs 2,548 crore).
Ebitda down 4% to Rs 551.5 crore (Bloomberg estimate: Rs 717 crore).
Margin at 30.7% vs 24.7% (Bloomberg estimate: 28%).
Net profit down 2% at Rs 164.7 crore (Bloomberg estimate: Rs 269 crore).
IRCTC Q3 FY24 (Consolidated, YoY)
Revenue up 21.81% at Rs 1,118.3 crore vs Rs 918.06 crore (Bloomberg estimate: Rs 1,069.78 crore).
Ebitda up 20.92% at Rs 393.97 crore vs Rs 325.8 crore (Bloomberg estimate: Rs 377.03 crore).
Margin narrows 25 bps to 35.22% vs 35.48% (Bloomberg estimate: 35.20%).
Net profit up 17.4% at Rs 299.99 crore vs Rs 255.52 crore (Bloomberg estimate: Rs 302.57 crore).
Eris Life Q3 FY24 (Consolidated, YoY)
Revenue up 14.9% at Rs 486.3 crore vs Rs 423.3 crore (Bloomberg estimate: Rs 493.28 crore).
Ebitda up 27.8% at Rs 175.5 crore vs Rs 137.3 crore (Bloomberg estimate: Rs 174.68 crore).
Margin expands 365 bps to 36.08% vs 32.43% (Bloomberg estimate: 35.40%).
Net profit up 1.3% at Rs 101.5 crore vs Rs 100.2 crore (Bloomberg estimate: Rs 103.03 crore).
Board approved acquisition of 51% stake in pharma company Swiss Parenterals for Rs 637.5 crore.
MTAR Technologies Q3 FY24 (Consolidated, YoY)
Revenue down 26.1% at Rs 118.4 crore vs Rs 160.2 crore (Bloomberg estimate: Rs 148.25 crore).
Ebitda down 47.06% at Rs 23.86 crore vs Rs 45.07 crore.
Margin narrows 798 bps to 20.15% vs 28.13%.
Net profit down 66.87% at Rs 10.4 crore vs Rs 31.4 crore (Bloomberg estimate: Rs 21.05 crore).
RHI Magnesia India Q3 FY24 (Consolidated, YoY)
Revenue up 43.12% at Rs 922.9 crore vs Rs 644.8 crore.
Ebitda up 26.69% at Rs 116.75 crore vs Rs 92.15 crore.
Margin narrows 164 bps to 12.65% vs 14.29%.
Net profit down 32.89% at Rs 39.38 crore vs Rs 58.68 crore.
NBCC (India) Q3 FY24 (Consolidated, YoY)
Revenue up 12.96% at Rs 2,412.6 crore vs Rs 2,135.8 crore.
Ebitda up 23.22% at Rs 117.32 crore vs Rs 95.21 crore.
Margin expands 40 bps to 4.86% vs 4.45%.
Net profit up 58.9% at Rs 113.6 crore vs Rs 71.49 crore.
HLE Glascoat Q3 FY24 (Consolidated, YoY)
Revenue up 11.71% at Rs 239.3 crore vs Rs 214.2 crore.
Ebitda down 4.3% at Rs 24.67 crore vs Rs 25.78 crore.
Margin narrows 172 bps to 10.3% vs 12.03%.
Net profit down 51.34% at Rs 5.97 crore vs Rs 12.27 crore.
Rashtriya Chemicals and Fertilizers Q3 FY24 (Consolidated, YoY)
Revenue down 21.36% at Rs 4,903.52 crore vs Rs 6,235.14 crore.
Ebitda down 80.82% at Rs 84.09 crore vs Rs 438.31 crore.
Margin narrows 531 bps to 1.71% vs 7.02%.
Net profit down 95.42% at Rs 11.22 crore vs Rs 245.2 crore.
Oil India Q3 FY24 (Consolidated, YoY)
Revenue up 3.16% at Rs 9,614.28 crore vs Rs 9,299.03 crore.
Ebitda down 17.57% at Rs 3,443.23 crore vs Rs 4,176.8 crore.
Margin narrows 910 bps to 35.81% vs 44.91%.
Net profit up 3.12% at Rs 2,607.7 crore vs Rs 2,528.6 crore.
Hindustan Copper Q3 FY24 (Consolidated, YoY)
Revenue down 28.32% at Rs 399.3 crore vs Rs 557 crore.
Ebitda down 6.42% at Rs 106.61 crore vs Rs 113.93 crore.
Margin expands 624 bps to 26.69% vs 20.45%.
Net profit down 21.44% at Rs 63 crore vs Rs 80.2 crore.
Innova Captab Q3 FY24 (Consolidated, YoY)
Revenue up 24.98% at Rs 302.48 crore vs Rs 242.01 crore.
Ebitda up 30.34% at Rs 44.59 crore vs Rs 34.21 crore.
Margin expands 60 bps to 14.74% vs 14.13%.
Net profit up 28.34% at Rs 25.13 crore vs Rs 19.58 crore.
Ahluwalia Contracts Q3 FY24 (Consolidated, YoY)
Revenue up 38.1% at Rs 1,026.5 crore vs Rs 743.3 crore (Bloomberg estimate: Rs 904.70 crore).
Ebitda up 56.46% at Rs 111.87 crore vs Rs 71.5 crore (Bloomberg estimate: Rs 97 crore).
Margin expands 127 bps to 10.89% vs 9.61% (Bloomberg estimate: 10.70%).
Net profit up 56.29% at Rs 70.24 crore vs Rs 44.94 crore (Bloomberg estimate: Rs 60.50 crore).
Indiabulls Real Estate Q3 FY24 (Consolidated, YoY)
Revenue down 24.37% at Rs 100.6 crore vs Rs 133 crore.
Ebitda loss at Rs 33.1 crore vs loss of Rs 245.4 crore.
Net loss at Rs 38.5 crore vs loss of Rs 236.8 crore.
Nuvama Wealth Management Q3 FY24 (Consolidated, YoY)
Revenue up 104.78% at Rs 186.5 crore vs Rs 91.07 crore.
Net profit at Rs 30.97 crore vs loss of Rs 5.78 crore.
Sula Vineyards Q3 FY24 (Consolidated, YoY)
Revenue up 4.01% at Rs 203 crore vs Rs 190.61 crore.
Ebitda up 12.2% at Rs 71.81 crore vs Rs 64 crore.
Margin expands 179 bps to 35.37% vs 33.57%.
Net profit up 9.41% at Rs 42.98 crore vs Rs 39.28 crore.
Zee Entertainment Enterprises (Consolidated, QoQ)
Revenue down 16.25% at Rs 2,045.67 crore vs Rs 2,442.47 crore (Bloomberg estimate: Rs 2,087.26 crore).
Ebitda down 38.01% at Rs 209.17 crore vs Rs 337.43 crore (Bloomberg estimate: Rs 208.95 crore).
Margin narrows 359 bps to 10.22% vs 13.81% (Bloomberg estimate: 10%).
Net profit down 52.42% at Rs 58.5 crore vs Rs 122.96 crore (Bloomberg estimate: Rs 90.54 crore).
Board continues to monitor progress on Zee-Sony merger.
Claims against company, termination fee not tenable, it said.
Bengal & Assam Co. Q3 FY24 (India) (Consolidated, YoY)
Total income down 13.62% at Rs 3,795.26 crore vs Rs 4,393.38 crore.
Net profit at Rs 3,062.21 crore vs Rs 437 crore.
Dynamatic Technologies Q3 FY24 (Consolidated, YoY)
Revenue up 10.31% at Rs 345.51 crore vs Rs 313.21 crore.
Ebitda down 3.02% at Rs 40.69 crore vs Rs 41.96 crore.
Margin narrows 161 bps to 11.77% vs 13.39%.
Net profit up 60.11% at Rs 11.24 crore vs Rs 7.02 crore.
Garden Reach Shipbuilders & Engineers Q3 FY24 (Consolidated, YoY)
Revenue up 32.13% at Rs 923.09 crore vs Rs 698.6 crore (Bloomberg estimate: Rs 960.95 crore).
Ebitda up 3.94% at Rs 48.7 crore vs Rs 46.85 crore (Bloomberg estimate: Rs 64.85 crore).
Margin narrows 143 bps to 5.27% vs 6.7% (Bloomberg estimate: 6.70%).
Net profit up 38.06% at Rs 88.25 crore vs Rs 63.92 crore (Bloomberg estimate: Rs 89.10 crore).
Jindal Worldwide Q3 FY24 (Consolidated, YoY)
Revenue up 8.41% at Rs 437.76 crore vs Rs 403.77 crore.
Ebitda up 17.82% at Rs 50.63 crore vs Rs 42.97 crore.
Margin expands 92 bps to 11.56% vs 10.64%.
Net profit up 42.41% at Rs 21.02 crore vs Rs 14.76 crore.
La Opala Q3 FY24 (Consolidated, YoY)
Revenue down 15.22% at Rs 107.14 crore vs Rs 126.37 crore.
Ebitda down 12.14% at Rs 40.63 crore vs Rs 46.24 crore.
Margin expands 133 bps to 37.92% vs 36.59%.
Net profit up 27.45% at Rs 44.15 crore vs Rs 34.64 crore.
Deepak Nitrite Q3 FY24 (Consolidated, YoY)
Revenue up 0.91% at Rs 2,009.23 crore vs Rs 1,991.06 crore (Bloomberg estimate: Rs 1,862.89 crore).
Ebitda down 3.16% at Rs 304.65 crore vs Rs 314.59 crore (Bloomberg estimate: Rs 328.20 crore).
Margin narrows 63 bps to 15.16% vs 15.8% (Bloomberg estimate: 17.60%).
Net profit down 3.34% at Rs 202.05 crore vs Rs 209.05 crore (Bloomberg estimate: Rs 220.04 crore).
SEPC Q3 FY24 (Consolidated, YoY)
Revenue up 14.9% at Rs 140.7 crore vs Rs 122.45 crore.
Ebitda loss of Rs 1.86 crore vs profit of Rs 13.78 crore.
Net profit up 42.15% at Rs 5.53 crore vs Rs 3.89 crore.
Tasty Bite Eatables Q3 FY24 (Consolidated, YoY)
Revenue up 25.82% at Rs 132.37 crore vs Rs 105.2 crore.
Ebitda up 15.8% at Rs 12.75 crore vs Rs 11.01 crore.
Margin narrows 83 bps to 9.63% vs 10.46%.
Net profit up 65.78% at Rs 6.25 crore vs Rs 3.77 crore.
Techno Electric & Engineering Co. Q3 FY24 (Consolidated, YoY)
Revenue up 76.26% at Rs 326.54 crore vs Rs 185.26 crore.
Ebitda up 141.24% at Rs 56.33 crore vs Rs 23.35 crore.
Margin expands 464 bps to 17.25% vs 12.6%.
Net profit up 191.28% at Rs 91.87 crore vs Rs 31.54 crore.
Technocraft Industries Q3 FY24 (Consolidated, YoY)
Revenue up 4.83% at Rs 512.67 crore vs Rs 489.01 crore.
Ebitda down 25.93% at Rs 81.97 crore vs Rs 110.67 crore.
Margin narrows 664 bps to 15.98% vs 22.63%.
Net profit down 29.45% at Rs 61.57 crore vs Rs 87.28 crore.
Nalco Q3 FY24 (Consolidated, YoY)
Revenue up 1.5% at Rs 3,346.9 crore vs Rs 3,297.19 crore.
Ebitda up 66.06% at Rs 773.13 crore vs Rs 465.57 crore.
Margin expands 897 bps to 23.09% vs 14.12%.
Net profit up 83.6% at Rs 470.61 crore vs Rs 256.32 crore.
Tide Water Oil (India) Q3 FY24 (Consolidated, YoY)
Revenue down 0.13% at Rs 496.45 crore vs Rs 497.07 crore.
Ebitda up 23.39% at Rs 41.61 crore vs Rs 33.72 crore.
Margin expands 159 bps to 8.38% vs 6.78%.
Net profit up 29.32% at Rs 33.56 crore vs Rs 25.95 crore.
Sequent Scientific Q3 FY24 (Consolidated, YoY)
Revenue down 12.25% at Rs 329.35 crore vs Rs 375.31 crore.
Ebitda up 115.91% at Rs 22.11 crore vs Rs 10.24 crore.
Margin expands 398 bps to 6.71% vs 2.72%.
Net profit at Rs 10.67 crore vs loss of Rs 9.77 crore.
Nesco Q3 FY24 (Consolidated, YoY)
Revenue up 24.45% at Rs 177.76 crore vs Rs 142.83 crore.
Ebitda up 38.81% at Rs 113.62 crore vs Rs 81.85 crore.
Margin expands 661 bps to 63.91% vs 57.3%.
Net profit up 33.76% at Rs 93.74 crore vs Rs 70.08 crore.
Senco Gold Q3 FY24 (YoY)
Revenue up 22.81% at Rs 1,651.24 crore vs Rs 1,344.47 crore.
Ebitda up 12.23% at Rs 182.79 crore vs Rs 162.87 crore.
Margin narrows 104 bps to 11.06% vs 12.11%.
Net profit up 7.21% at Rs 111.43 crore vs Rs 103.93 crore.
GIFT Nifty Trades Near 21,600
Stock indices in Asia-Pacific region were trading sharply lower, tracking a similar move on the Wall Street, as higher-than-expected U.S. CPI data pushed back traders' expectation of rate cuts by the Federal Reserve anytime soon.
Brent crude was trading 0.36% lower at $82.47 a barrel. Gold was flat at $1,992.55 an ounce.
The February futures contract of the GIFT Nifty index traded flat at 21,639.50 as of 7:26 a.m.
India's benchmark indices ended higher on Tuesday, led by gains in Reliance Industries Ltd. and banking stocks, ahead of the release of U.S. January CPI data.
The NSE Nifty 50 ended 127.20 points, or 0.59%, higher at 21,743.25, and the S&P BSE Sensex gained 482.70 points, or 0.68%, to end at 71,555.19.
Overseas investors remained net buyers of Indian equities for the third consecutive session on Tuesday.
Foreign portfolio investors mopped up stocks worth Rs 376.3 crore, while domestic institutional investors also remained net buyers and purchased equities worth Rs 273.9 crore, the NSE data showed.
The Indian rupee closed flat at Rs 83.01 against the U.S. dollar.
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