KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.10% on Tuesday.
Source: Bloomberg
Rupee Closed Flat Against U.S. Dollar
The local currency closed flat at Rs 83.01 against the U.S.
Source: Bloomberg
Nifty, Sensex End Higher As ICICI Bank, RIL Lead: Market Wrap
India's benchmark indices ended higher on Tuesday as ICICI Bank Ltd., Reliance Industries Ltd., while investors await for the U.S. CPI data for January.
Today, the NSE Nifty 50 ended 127.20 points or 0.59% higher at 21,743.25, and the S&P BSE Sensex ended 482.70 points or 0.68% up at 71,555.19.
Intraday, the NSE Nifty 50 declined 0.34% to 21,543.35, and the S&P BSE Sensex fell 0.21% to 70,924.30.
"We have shared earlier too that from here on, there could be a steady rise in volatility with the general elections approaching closer, and hence, one should reduce leverage and regularly keep booking profits at higher levels. Also, one should be selectively placed in Large-caps and reduce exposure in midcaps and smallcaps where the results are not coming in line with the price moves," Sudeep Shah, DVP and Head of Technical and Derivative Research Desk at SBI Securities.
ICICI Bank Ltd., Reliance Industries Ltd., Axis Bank Ltd., Coal India Ltd., and Kotak Mahindra Bank Ltd added positively to the Nifty 50 index.
Hindalco Industries Ltd., Grasim Industries Ltd., UltraTech Cements Ltd, Mahindra & Mahindra Ltd., and Titan Company Ltd. limited gains in the Nifty 50 index.
On NSE, 11 sectors out of 12 gained while one declined. The Nifty Financial Services index rose the most, while the Nifty Metal index declined the most among sectoral indices.
Broader markets underperformed with the S&P BSE Midcap rising 0.6%, and Smallcap rose 0.18%.
On BSE, seventeen out of 20 sectoral indices advanced, while three fell. The S&P BSE Commodities fell the most among sectoral indices.
Market breadth was skewed in favour of sellers. Around 1,729 stocks fell, 2,127 stocks rose, and 93 remained unchanged on BSE.
NTPC Declares Commercial Operation Some Of Its Ayodhya Solar PV Project
NTPC Ltd declared commercial ops date of 1st part capacity of 14 MW out of 40 MW Ayodhya Solar PV Project with effect from Jan 27.
Source: Exchange Filing
Power Mech Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 21.8% to Rs 1,107.5 crore from Rs 909.1 crore
Ebitda rose 30.40% to Rs 133.9 crore from Rs 102.7 crore
Margin rose 79 bps to 12.08% from 11.29%
Net profit rose 22.7% to Rs 62.1 crore from Rs 50.6 crore
Bombay Bumrah Trading Corp Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 1.32% to Rs 4336.7 crore from Rs 4,280.2 crore
Ebitda fell 0.45% to Rs 799.06 crore from Rs 802.72 crore
Margin fell 32 bps to 18.42% from 18.75%
Net profit rose 18.25% to Rs 731.2 crore from Rs 618.3 crore
BHEL Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 4.56% to Rs 5,503.81 crore from Rs 5,263.38 crore
Ebitda loss at Rs 62.86 crore from profit of Rs 144.26 crore
Net loss at Rs 148.77 crore from profit of Rs 42.28 crore
Odisha Allots Land To Berger Paints For Manufacturing Plant
Odisha allotted 80 acres land to Berger Paints for manufacturing plant.
Source: Exchange Filing
Marksans Pharma Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 22.15% to Rs 586.12 crore from Rs 479.82 crore
Ebitda rose 73.56% to Rs 133.02 crore from Rs 76.64 crore
Margin rose 672 bps to 22.69% from 15.97%
Net profit rose 33.15% to Rs 82.97 crore from Rs 62.31 crore
Info Edge Q3 Results Key Highlights (Consolidated, YoY)
Net profit was at Rs 119.45 crore from Rs 46.4 crore
Revenue rose 6.4% to Rs 627.1 crore from Rs 589.5 crore
Ebitda rose 7.46% to Rs 202.6 crore from Rs 188.5 crore
Margin rose 32 bps to 32.3% from 31.97%
KRBL Q3 Results Key Highlights (Consolidated YoY)
Revenue down 6.5% at Rs 1,437 crore from Rs 1,536 crore
Net Profit down 34.9% at Rs 133.8 crore from Rs 205.5 crore
Ebitda fell 36.2% to Rs 177.85 crore from Rs 278.79 crore
Margin fell 577 bps to 12.37% from 18.15%
Lumax Auto Tech Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 64.53% to Rs 732.5 crore from Rs 445.2 crore
Ebitda rose 124.02% to Rs 105.94 crore from Rs 47.29 crore
Margin rose 384 bps to 14.46% from 10.62%
Net profit rose 71.92% to Rs 47.95 crore from Rs 27.89 crore
PG Electroplast Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 15.78% to Rs 531.9 crore from Rs 459.4 crore
Ebitda rose 13.35% to Rs 42.01 crore from Rs 37.06 crore
Margin fell 16 bps to 7.89% from 8.06%
Net profit rose 40.02% to Rs 19.24 crore from Rs 13.74 crore
ISGEC Heavy Engineering Q3 Results Key Highlights (Consolidated, YoY)
Revenue fell 6.55% to Rs 1,492.52 crore from Rs 1,597.06 crore
Ebitda fell 3.45% to Rs 123.34 crore from Rs 127.75 crore
Margin rose 26 bps to 8.26% from 7.99%
Net profit rose 1.09% to Rs 66.58 crore from Rs 65.86 crore
Arvind Fashions Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 4.9% to Rs 1,125 crore from Rs 1,072.8 crore
Ebitda rose 27.9% to Rs 143.1 crore from Rs 111.9 crore
Margin 228 bps to 12.72% from 10.43%
Net profit rose 192.3% to Rs 64.9 crore from Rs 22.2 crore
Coal India Receives Strike Notice From Subsidiaries
Coal India Ltd received notice for one day all India strike in all subsidiaries on Feb 16.
Source: Exchange Filing
Siemens India Q1 Results Key Highlights (Consolidated, YoY)
Revenue rose 20.2% to Rs 4,825.2 crore from Rs 4,015.1 crore
Ebitda fell 0.5% to Rs 593.04 crore from Rs 595.9 crore
Margin fell 255 bps to 12.29% from 14.84%
Net profit rose 9.3% to Rs 505.7 crore from Rs 462.7 crore
Alert: Q1 refers to October-December period.
European Markets Fall
Inox India Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 19.13% to 290.44 crore from Rs 243.8 crore
Ebitda rose 27.75% to Rs 66.7 crore from Rs 52.21 crore
Margin rose 155 bps to 22.96% from 21.41%
Net profit rose 19.43% to Rs 48.6 crore from Rs 40.69 crore
Hindalco Q3 Results Key Highlights (Consolidated, YoY)
Revenue fell 0.7% to Rs 52,808 crore from Rs 53,151 crore
Ebitda rose 65.3% to Rs 5865 crore from Rs 3548 crore
Margin rose 443 bps to 11.1% from 6.67%
Net profit rose 71.1% to Rs 2,331 crore from Rs 1,362 crore
Medi Assist Healthcare Q3 Results (Consolidated, YoY)
Revenue rose 32.3% to Rs 166 crore from Rs 125.5 crore
Ebitda rose 10.3% to Rs 33.88 crore from Rs 30.73 crore
Margin down 407 bps at 20.4% from 24.48%
Net profit fell 1.4% to Rs 21.2 crore from Rs 21.5 crore
Ingersoll Rand Q3 Results Key Highlights (YoY)
Revenue rose 3.12% to Rs 329.21 crore from Rs 319.22 crore
Ebitda rose 14.23% to Rs 74.8 crore from Rs 65.48 crore
Margin rose 220 bps to 22.72% from 20.51%
Net profit rose 14.84% to Rs 55.08 crore from Rs 47.96 crore
TVS Srichakra Q3 Results Key Highlights (Consolidated, YoY)
Revenue fell 1.7% to Rs 718.9 crore from Rs 731.3 crore
Ebitda rose 14.4% to Rs 68.4 crore from Rs 59.8 crore
Margin rose 133 bps to 9.51% from 8.17%
Net profit rose 23.1% to Rs 24 crore from Rs 19.5 crore
West Coast Paper Mills Q3 Earnings (Consolidated, YoY)
Revenue fell 15.67% to Rs 1,045.1 crore from Rs 1,239.2 crore
Ebitda fell 52.77% to Rs 217.59 crore from Rs 460.71 crore
Margin down 1635 bps to 20.82% from 37.17%
Net profit declined 48.92% to Rs 158.8 crore from Rs 310.9 crore
Mahanagar Telephone Nigam Q3 Results (Consolidated, QoQ)
Revenue down 2.95% to Rs 192 crore from Rs 197.83 crore.
Ebitda loss was at Rs 125.92 crore from Ebitda loss of Rs 132.72 crore.
Net loss was at Rs 839.03 crore from loss of Rs 792.82 crore.
Borosil Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 46% to Rs 302.5 crore vs Rs 207.2 crore.
Ebitda was at Rs 56.7 crore vs Rs 8.86 cr.
Margin at 18.7% vs 4.3%.
Net profit at Rs 37.3 crore vs Rs 15.9 crore.
MCX Trading Resumes
MCX says, "Trading resumed at 1 p.m. The delayed start was attributed to the slow processing and generation of backend files for the members. We apologize for any inconvenience caused."
Source: Company Statement
HPL Electric & Power Gets Smart Meters Order Worth Rs 181 Crore
Gets order worth Rs 181 crore for supply of smart meters.
Source: Exchange Filing
Surya Roshni Gets Orders Worth Rs 214.5 Crore This Week
Gets orders worth Rs 214.5 crore during this week.
Includes order worth Rs 94.75 crore for supply of MS coated pipes.
Source: Exchange Filing
Sensex, Nifty Trade Higher As ICICI Bank, RIL Lead Gains: Midday Market Update
India's benchmark stock indices were trading higher through midday on Tuesday as banking stocks recovered and index heavyweight Reliance Industries Ltd. gained over 1%.
At 11:54 a.m., the NSE Nifty 50 rose 116.55 points or 0.54% to 21,732.60, while the S&P BSE Sensex gained 449.41 points or 0.63% to 71,521.90.
As for Nifty, the short-term trend is negative, indicating a potential "sell on rise" strategy, as long as the index remains below the 21,850 mark. Support is seen at 21,500 on the downside, according to Shrey Jain, founder and chief executive officer of SAS Online.
Shares of Axis Bank Ltd., Coal India Ltd., HDFC Bank Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. were positively contributing to the Nifty.
Whereas, Grasim Industries Ltd., Hindalco Industries Ltd., HCLTechnologies Ltd., Infosys Ltd. and ITC Ltd. were weighing on the index.
Most sectoral indices traded higher, with Nifty Financial Services gaining over 1%. While, Nifty Metal, Nifty Realty, Nifty Media, and Nifty IT fell.
The broader markets were mixed, with the BSE MidCap rising 0.20% and the BSE SmallCap fall 0.43% through midday on Tuesday.
Twelve of the 20 sectors compiled by BSE Ltd. advanced, while eight declined. S&P BSE Commodities fell the most.
Market breadth was skewed in the favour of the sellers. Around 2,145 stocks fell, 1,537 stocks rose, and 127 remained unchanged on BSE.
KIOCL Q3 Results Key Highlights (Standalone, YoY)
Revenue rose 90.9% to Rs 549.5 crore from Rs 287.9 crore
Ebitda was at Rs 36.18 crore from Ebitda loss of Rs 43.6 crore
Margin at 6.58%
Net profit was at Rs 39 crore from loss of Rs 33.9 crore
KIOCL Appoints Saumen Das Gupta As CFO
KIOCL appointed Saumen Das Gupta as CFO effective Feb 13.
Source: Exchange Filing
NCLT Extends GoFirst Insolvency Process Deadline By 60 Days
NCLT extends GoFirst insolvency process deadline by 60 days.
Initial 90-day extension expired on 4 February.
In Nov 2023, NCLT granted the airline a 90-day extension due to a lack of a viable revival plan.
Source: NCLT Proceedings
L&T Tech Services Collaborates With BlackBerry
L&T Technology Services collaborates with BlackBerry for automotive software.
LTTS to leverage BlackBerry QNX to enable software defined vehicles for global OEMs
LTTS and BlackBerry to jointly train engineers on QNX OS and QNX Hypervisor platforms
Source: Press release
Volume Buzzers As Of 11:25 A.M.
Time Technoplast at 5.65x30-day average
Sapphire foods India at 5.13x30-day average
Optiemus Infracom at 4.38x30-day average
Hindalco Industries at 3.91x30-day average
Japan's Nikkei 225 Jumps Nearly 3%
Citi Maintains 'Sell' On Aurobindo Pharma
Citi Research maintained 'Sell' on Aurobindo Pharma with a price target of Rs 940.
Aurobindo Pharma's Q3 results largely in line, driven by gRevlimid, improved COGS and opex, said the brokerage.
Improvement in base-line business contingent on further volume expansion, the brokerage said.
Near term catalysts: Progress on compliance issues at Eugia-III, commercialization of Pen-G in Q1FY25.
US Trastuzumab filing expected in Q4FY24; prices not expected to erode further.
Import alert may derail progress in US generics for value unlocking in Eugia
Tata EV Reduces EV Prices To Rs 1.2 Lakh To Pass On Reduction In Battery Prices
Tata ev reduced EV prices by up to Rs 1.2 lakh passing on reduction in battery prices.
Nexon ev gets price reduction of up to Rs 1.2 lakh.
Tiago ev price reduced up to Rs 70,000.
Source: Press release
CLSA Downgrades Hindalco Industries To 'Underperform'
CLSA Downgrades Hindalco to 'Underperform' with a Price target increased to Rs 635 from Rs 590 earlier
Sees Bay Minette project cost and time overrun as an overhang.
Bay Minette expansion revised to $4.1 billion from initial guidance of $2.5 billion
Project commissioning has pushed back 9-12 months to 2H26
Believes double-digit IRR achievement as a tough task
Believes cost escalation at key projects leaves limited rerating room
Novelis 3Q results were above expectations
BofA Reiterates Underperform on NHPC Ltd.
BofA reiterated 'Underperform' on NHPC Ltd with Price Target of Rs 63.
Third consecutive quarter of topline miss (-28% YoY) on lower generation
Incentives were weaker on lower PAF (72% vs 88% in Dec'22)
Adjusted for Teesta impact, earnings were down 51% YoY
18 GW PSP opportunity; capacity adds to be back ended
L&T Gets Order For Hydrocarbon Business
Larsen & Toubro Ltd received an order in the range of Rs 1,000-Rs 2,500 crore for hydrocarbon business.
Order for hydrocarbon business from Middle-East client for onshore and offshore projects.
Source: Exchange filing
JSW Steel To Form JV With Japan's JFE Steel Corp
JSW Steel will form 50:50 joint venture with Japan's JFE Steel Corp for production of grain oriented electrical steel in India.
The manufacturing base in Bellary, Karnataka, to be set up with planned investment of Rs 5,500 crore.
Facility is expected to start production in FY27.
Source: Exchange filing
Markets Trade Neary Day's High
GSK Pharma Hits One-Month Low As Q3 Net Profit Falls 72.2% YoY
Shares of GlaxoSmithKline Pharmaceuticals Ltd. slumped to hit its lowest level in a month after the company reported a 72.2% YoY decline in its net profit for the quarter ended December.
Macquarie's Ganapathy Says To Wait One More Quarter To Gain Confidence About HDFC Bank's Outlook
Have to wait for another quarter to gain confidence about HDFC Bank's outlook
HDFC Bank's loan growth will be below deposit growth, which will aid the margins
Lack of communication is a major reason why the stock reacted so violently to the Q3 earnings
HDFC Bank somehow managed to protect margins in Q3
Over-guiding and underdelivering was the issue with HDFC Bank
Q3 retail deposits were weak but 9-months numbers were strong
Bank has done a good job in standalone flow in deposit accretion
Core operating profit growth needs to improve for stock to pick pace once more
Increased focus on the corporate loans hurt the operating margins
HDFC Bank is still the best-valued banking stock to own in the Indian markets
Source: Suresh Ganapathy, managing director, head of financial services research at Macquarie said in an interview to NDTV Profit
BofA On India Watch
Jan CPI inflation softened to 5.1% YoY on lower food inflation; core fell further.
Dec IIP growth improved to 3.8% YoY, beating expectations.
Tracking Feb CPI at 5.4% YoY.
Key drivers: manufacturing sector and consumer goods.
GMR Airports Shares Rise After MSCI Upgrades It To Mid Cap In EM Index
Shares of GMR Airports Infrastructure Ltd. rose on Tuesday after MSCI Inc. upgraded it to mid-cap from small-cap in the Emerging Markets Index.
The index provider added five Indian stocks to its Emerging Markets Index in its February review, which will come into effect at market close on Feb. 29. These also include Punjab National Bank, Union Bank of India, Bharat Heavy Electricals Ltd., and NMDC.
RBI's Restriction On Paytm Leads To Worries About Disruption Of Ecosystem, Says Macquarie MD
Problem for Paytm is that the RBI restrictions lead to worries about disruption of ecosystem, Suresh Ganapathy, managing director, head of financial services research at Macquarie said.
Most important business for Paytm continues to be its lending business, Ganapathy said
Lenders reducing their exposure to PPBL will have a corresponding effect on Paytm's revenue, he said.
Paytm can't quantify its losses with regard to customer exodus and losses in lending business.
Any new onboarding of customers from now will require detailed KYC, thanks to the Paytm saga.
With the RBI crackdown, Paytm can no longer be distinguishable from other UPI transaction apps.
The business revenue and how it survives the RBI crackdown will decide any future outlook
Source: Ganapathy said in an interview to NDTV Profit
BofA Reiterates 'Buy' On Coal India
BofA reiterated 'Buy' on Coal India with a price target of Rs 445.
EBITDA beat on lower opex, sais BofA.
Inventories rise on seasonality; thermal generation strong
Evacuation capacity to improve 6x by FY29 (Aug'19 base)
E-auction product mix came in at 8% vs estimate of 13%
IREDA Falls To Lower Circuit
The shares of Indian Renewable Energy Development Agency Ltd. fell to a lower circuit on Tuesday.
The scrip fell as much as 4.98% to 162.15 apiece, to hit a lower circuit. This is the lowest level since Jan. 24. This compares to a 0.24% advance in the NSE Nifty 50 Index as of 10:03 a.m.
It has risen 170.25% in the last 12 months. Total traded volume so far in the day stood at 0.1 times its 30-day average. The relative strength index was at 52.
The one analyst tracking the company maintains a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 50.7%.
Jaiprakash Associates Hits Lower Circuit
The scrip rose fell as much as 4.93% to Rs 24.10 apiece, the lowest level since Feb 8. It pared losses to trade 3.94% lower at Rs 24.35 apiece, as of 10:26 a.m. This compares to a 0.37% advance in the NSE Nifty 50 Index.
It has risen 179.89% in the last twelve months. Total traded volume so far in the day stood at 0.31 times its 30-day average. The relative strength index was at 58.04.
Hindalco Industries Sinks Over 14% As U.S. Subsidiary Raises Project Capital Cost Guidance
Hindalco Industries slumped over 14% to their lowest level in two months on NSE, after its Atlanta-based subsidiary raised capital cost of Bay Minette project to doubles digit, and delayed expected commission by a year.
Noveli has raised the capital cost to $4.1 billion, from earlier estimate of $2.5 billion to build the fully-integrated aluminum rolling and recycling plant in the U.S.
The plant is expected to be commissioned in the second half of calendar year 2026, Hindalco Industries said in an exchange filing.
Suzlon Energy Hits 5% Lower Circuit
RVNL Surges Over 8%
Shares of Rail Vikas Nigam Ltd. jumped over 8% after the company announced that it has emerged as the lowest bidder for an order from Madhya Pradesh Paschim Kshetra Vidyut Vitran Co.
KPI Green Energy Hits 5% Lower Circuit
The shares of KPI Green Energy Ltd. fell to a lower circuit on Tuesday.
The scrip fell as much as 5% to 1,912.05 apiece, to hit a lower circuit. This is the lowest level since Feb. 1. This compares to a 0.02% decline in the NSE Nifty 50 Index as of 9:50 a.m.
It has risen 318.62% in the last 12 months. Total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 57.
Paytm Hits All Time Low After Macquarie Slashes Target Price By 58%
Shares of Paytm hit its all-time low on Tuesday after Macquarie Equity Research slashes One97 Communication Ltd's target price by 58% and downgrades it to underperform.
Macquarie has cut the target price to Rs 275 per share from Rs 650 apiece earlier due to a sharp reduction in revenues across various segments. It has also cut revenues sharply as it reduced both payments and distribution business revenues.
The scrip fell as much as 8.51% to 386.25 apiece, to hit its all time low. It last hit an all time high on Feb. 6. It pared losses to trade 6.05% lower at Rs 396.65 apiece, as of 9:27 a.m. This compares to a 0.10% decline in the NSE Nifty 50 Index.
It has fallen 81.55% in the last 12 months. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 24 indicating it was underbought.
Out of 15 analysts tracking the company, 6 maintain a 'buy' rating, 3 recommend a 'hold,' and 6 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 38.4%.
Nifty, Sensex Open Higher As ICICI Bank, RIL Gain: Opening Bell
Markets opened higher on Tuesday tracking gains in shares of ICICI Bank Ltd., Reliance Industries Ltd, as investors await the release of U.S. CPI data today.
Further, investors assessed the outcome of the MSCI February review, which will take place on Feb 29.
The NSE Nifty 50 opened 0.18% or 39.5 points higher at 21,655.55, and the S&P BSE Sensex opened 0.27% or 194.1 points higher at 71,266.59.
"The Nifty 50 has broken on the downside from its inside range and we expect further profit booking if we sustain below the 50 day average placed at 21,450 levels," said Vikas Jain, senior research analyst at Reliance Securities.
The positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,100 will be next support levels. RSI is being trending lower below the average line and other key technical indicators are also piercing downwards on longer time frame charts, Jain said.
ICICI Bank Ltd., Reliance Industries Ltd., ITC Ltd., Coal India Ltd., and Hero MotoCorp Ltd. added positively to the benchmark index.
Hindalco Industries Ltd., Power Grid Corp of India Ltd., JSW Steel Ltd., and Grasim Industries Ltd., and Bharti Airtel Ltd weighed on the benchmark index.
On NSE, eight sectors out of 12 gained, while four declined. The Nifty PSU Bank rose 0.66% to become the top performer, while the NSE Nifty Metal plunged over 2% to be the top loser sector.
Broader markets were trading in negative. The S&P BSE Midcap fell 0.78%, and the S&P BSE Smallcap declined 1.83%.
On BSE, 19 sectors out of 20 sectors declined, with the S&P BSE Bankex index being the top performer, and S&P BSE Metal index being the top loser.
Market breadth was skewed in favour of sellers. Around 2,222 stocks declined, 776 stocks fell, and 73 remained unchanged on BSE.
Nifty, Sensex Higher In Pre-Open
At pre-open, the NSE Nifty 50 was 48.25 points or 0.22% higher at 21,664, and the S&P BSE Sensex 0.31% or 219.59 points higher at 71,292.08.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.09%.
Source: Bloomberg
Rupee Opens Flat Against Greenback Ahead Of U.S. CPI
The local currency strengthened by 1 paise against the U.S. Dollar to open at 82.99.
It closed at 83.00 on Monday.
Source: Cogencis
Ashok Leyland Invests Rs 536.7 Crore In Optare Plc
Ashok Leyland invested about Rs 536.7 crore in Optare Plc UK via equity in second tranche.
Shareholding in Optare Plc has increased to 92.59% from 92.19%.
Source: Exchange filing
HFCL Gets Order Worth Rs 141 Crore
HFCL Ltd bagged Rs 141-crore-worth purchase order from BSNL for supply of Unlicensed Band Radios
To also offer product and services to BSNL for supporting its 4G network.
Source: Exchange filing
Citi Rates 'Buy' On PI Industries
Citi rated buy on PI Industries Ltd with a Price target of Rs 4,100.
Management expects to achieve FY24 revenue growth guidance of 18-20%.
PI down 10% over 6 month due to product concentration risk.
Generic competition to pyroxasulfone in US is only expected from 2026.
Diversification through recent investments in pharma CDMO space augurs well.
Management targets 20-25% contribution from non-agrochem segment
Most Asian Markets Gain
Global Cues
U.S. Dollar Index at 104.18.
U.S. 10-year bond yield at 4.17%.
Brent crude up 0.06% at $82.05 per barrel.
Nymex crude up 0.12% at $77.01 per barrel.
Bitcoin was up 0.60% at $50,142.30.
Citi Maintains 'Buy' On Hero MotoCorp
Citi Research maintained 'buy' on Hero MotoCorp and raised price target to Rs 5,500 apiece from Rs 3,800 apiece.
Very strong ICE margin but EV-related spends result in a minor miss.
Expect growth to be higher than industry on new models, premiumisation.
Raise volume estimates by 1-4% over FY24-26E on demand revival in the broader industry.
Increase margins estimates on cost reduction initiatives fructifying.
Earnings estimates hiked by 6-19%.
F&O Cues
Nifty February futures down by 0.67% to21,697.85 at a premium of 81.8 points.
Nifty February futures open interest up by 1.43%.
Nifty Bank February futures down by 1.76% to 45,090 at a premium of 207.75 points.
Nifty Bank February futures open interest up by 1.43%.
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 43,000.
Securities in ban period: Aditya Birla Fashion, Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Bandhan Bank, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Tower, PNB, Sail, and Zee Entertainment Enterprise.
Who’s Meeting Whom
Tata Motors: To meet analysts and investors on Feb.19.
Ujjivan Small Finance Bank: To meet analysts and investors on Feb. 15.
Landmarks Cars: To meet analysts and investors on Feb. 15.
Garware Technical Fibres: To meet analysts and investors on Feb. 15.
Narayan Hrudayalaya: To meet analysts and investors on Feb. 16.
KEC International: To meet analysts and investors on Feb. 20 and 22.
eMudhra: To meet analysts and investors on Feb. 29.
Shriram Finance: To meet analysts and investors on Feb. 15.
Mahindra Holidays: To meet analysts and investors on Feb. 26.
Pledge Share Details
Steel Strips Wheels: Promoter Dheeraj Garg released the pledge of 18.86 lakh shares on Feb. 9.
Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge of 65 lakh on Feb. 9.
Insider Trades
Ion Exchange: Promoter Mahabir Prasad Patni sold 20,000 shares between Feb. 6 and 7.
Som Distilleries and Breweries: Promoter group Jagdish Kumar Arora bought 5,000 shares on Feb. 12.
Bulk Deals
Hindustan Foods: Sixth Sense India Opportunities 11 sold 6 lakh shares (0.53%) at Rs 552.9 apiece.
IPO Offerings
Entero Healthcare Solutions: The public issue was subscribed 0.19 times on day 2. The bids were led by non-institutional investors (0.09 times), retail investors (0.88 times), with no bids by institutional investors and reserved for employees (0.77 times).
Vibhor Steel Tubes: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 141 to Rs 151 per share apiece. The 72.17 crore IPO is completely a fresh issue. The company has raised Rs 21.51 crore from anchor investors.
Stocks To Watch
MSCI Index Rejig: Global index aggregator MSCI will announce its February 2024 restructuring on Tuesday. Companies that are included and excluded in the index will be in focus.
One 97 communication: The company is awaiting government approval for investment in its material subsidiary, Paytm Payments Services.
Life Insurance Corp: The company has increased its stake in SBI Cards and Payments Serveices to 5.02% from 4.99%.
Mahindra and Mahindra: The company reported total production at 1.01 lakh units vs 76,421 units, year-on-year. Total sales stood at 72,198 units vs 61,326 units and total exports at 1,746 units vs 3,009 units for the month of January.
RVNL: The company emerged as the lowest bidder from Madhya Pradesh Paschim Kshetra Vidyut Vitran Co. for the supply, installation, testing and commissioning of the new 11 KV line. The size of the order is Rs 106 crore.
V Guard Industries: The company’s unit started commercial production of inverter batteries at the Hyderabad plant. The company had invested Rs 35 crore in the project via internal accruals.
JSW Energy: The company's unit received a Letter of Acceptance for 500 MW wind capacity from Solar Energy Corp.
Earnings In Focus
Siemens, Hindalco Industries, Eicher Motors, Bharat Heavy Electricals, Bosch, Indian Railway Catering and Tourism Corporation, Zee Entertainment Enterprises, Ahluwalia Contracts (India), Arvind Fashions, Bombay Burmah Trading, Bengal & Assam, Borosil, Bosch, Deepak Nitrite, Dynamatic Technologies, Eris Lifesciences, Genus Power Infrastructures, Garden Reach Shipbuilders and Engineers, Gujarat Gas, Hindustan Copper, HLE Glascoat, Indiabulls Real Estate, Innova Captab, Inox India, Isgec Heavy Engineering, ITI, Jindal Worldwide, Kama Holdings, Kaushalya Infrastructure Development, KIOCL, KP Energy, KRBL, La Opala RG , Lumax Auto Technologies, Marksans Pharma, Magellanic Cloud , Medi Assist Healthcare Services, MTAR Technologies, Mahanagar Telephone Nigam, National Aluminium, Info Edge (India), NBCC (India), Nesco, NRB Bearings, Nuvama Wealth Management, Oil India, Prime Focus, PG Electroplast, Pilani Investment and Industries, Power Mech Projects, Prestige Estates Projects, PTC Industries, Rashtriya Chemicals & Fertilizers, RHI Magnesita India, Senco Gold, SEPC, Sequent Scientific, Sindhu Trade Links, Sula Vineyards, Tarsons Products, Tasty Bite Eatables, Techno Electric & Engineering, Tide Water Oil (India), Technocraft Industries (India), TVS Srichakra, and West Coast Paper Mills.
Earnings Post Market Hours
Coal India Q3 FY24 (Consolidated, YoY)
Revenue up 2.79% at Rs 36,154 crore vs Rs 35,169.3 crore (Bloomberg estimate: Rs 35,651.70 crore).
Ebitda up 9.47% at Rs 11,373.12 crore vs Rs 10,388.73 crore (Bloomberg estimate: Rs 9,873.90 crore).
Margin expands 191 basis point to 31.45% vs 29.53% (Bloomberg estimate: 27.70%).
Net profit up 17.8% at Rs 9,093.69 crore vs Rs 7,719.11 crore (Bloomberg estimate: Rs 7,740 crore).
Board declares second interim dividend of Rs 5.25 per share.
GSK Pharma Q3 FY24 (Consolidated, YoY)
Revenue up 0.36% at Rs 805.26 crore vs Rs 802.3 crore (Bloomberg estimate: Rs 970 crore).
Ebitda down 4.66% at Rs 218.06 crore vs Rs 228.7 crore. (Bloomberg estimate: Rs 126.2 crore).
Margin narrows 142 basis point to 27.07% vs 28.5% (Bloomberg estimate: 13%).
Net profit down 72.21% at Rs 45.72 crore vs Rs 164.56 crore (Bloomberg estimate: Rs 78.6 crore).
Steel Authority Of India Q3 FY24 (Consolidated, YoY)
Revenue down 6.77% at Rs 23,348.6 crore vs Rs 25,042.1 crore.
Ebitda up 3.07% at Rs 2,142.5 crore vs Rs 2,078.6 crore.
Margin expands 87 basis point to 9.17% vs 8.3%.
Net profit down 21.99% at Rs 422.92 crore vs Rs 542.18 crore.
Board declares interim dividend of Re 1 per share.
Skipper Q3 FY24 (Consolidated, YoY)
Revenue up 80.17% at Rs 801.6 crore vs Rs 444.9 crore.
Ebitda up 69.86% at Rs 77.1 crore vs Rs 45.39 crore.
Margin narrows 58 basis point to 9.61% vs 10.2%.
Net profit up 115.56% at Rs 20.5 crore vs Rs 9.51 crore.
Kirloskar Oil Engines Q3 FY24 (Consolidated, YoY)
Revenue up 13.9% at Rs 1,390.1 crore vs Rs 1,220.44 crore.
Ebitda up 33.3% at Rs 256.65 crore vs Rs 192.53 crore.
Margin expands 268 basis point to 18.46% vs 15.77%.
Net profit up 1.4% at Rs 89.39 crore vs Rs 88.15 crore.
Dilip Buildcon Q3 FY24 (Consolidated, YoY)
Revenue up 23.87% at Rs 2,876.84 crore vs Rs 2,322.44 crore.
Ebitda up 127.12% at Rs 357.04 crore vs Rs 157.2 crore.
Margin expands 564 basis point to 12.41% vs 6.76%.
Net profit up 2.38% at Rs 112.87 crore vs Rs 110.24 crore.
Ashiana Housing Q3 FY24 (Consolidated, YoY)
Revenue up 44.23% at Rs 184.12 crore vs Rs 127.65 crore.
Ebitda up 305.63% at Rs 32.37 crore vs Rs 7.98 crore.
Margin expands 1,132 basis point to 17.58% vs 6.25%.
Net profit up 207.18% at Rs 27.8 crore vs Rs 9.05 crore.
HEG Q3 FY24 (Consolidated, YoY)
Revenue up 6.05% at Rs 562.4 crore vs Rs 530.27 crore (Bloomberg estimate: Rs 558.8 crore).
Ebitda down 34.42% at Rs 86.64 crore vs Rs 132.12 crore (Bloomberg estimate: Rs 110.4 crore).
Margin narrows 951 basis point to 15.4% vs 24.91% (Bloomberg estimate: 19.70%).
Net profit down 58.28% at Rs 43.67 crore vs Rs 104.69 crore (Bloomberg estimate: Rs 87.5 crore).
JM Financial Q3 FY24 (Consolidated, YoY)
Total income up 33.27% at Rs 1,261 crore vs Rs 946.1 crore.
Net profit up 34.16% at Rs 322.4 crore vs Rs 240.3 crore.
Lakshmi Machine Works Q3 FY24 (Consolidated, YoY)
Revenue down 0.63% at Rs 1,213.97 crore vs Rs 1,221.58 crore (Bloomberg estimate: Rs 1,298.30 crore).
Ebitda down 5.83% at Rs 117.86 crore vs Rs 125.16 crore (Bloomberg estimate: Rs 136.3 crore).
Margin at 9.7% vs 10.24%, narrows 53 basis point (Bloomberg estimate: 10.50%).
Net profit down 12.58% at Rs 98.77 crore vs Rs 112.99 crore (Bloomberg estimate: Rs 110.2 crore).
Bannari Amman Sugars Q3 FY24 (Consolidated, YoY)
Revenue down 17.62% at Rs 768.2 crore vs Rs 932.4 crore.
Ebitda up 22.11% at Rs 119.51 crore vs Rs 97.87 crore.
Margin expands 506 basis point to 15.55% vs 10.49%.
Net profit up 66.63% at Rs 68.07 crore vs Rs 40.85 crore.
Elgi Equipments Q3 FY24 (Consolidated, YoY)
Revenue up 6.39% at Rs 821.83 crore vs Rs 772.4 crore (Bloomberg estimate: Rs 839 crore).
Ebitda up 13.11% at Rs 129.53 crore vs Rs 114.51 crore (Bloomberg estimate: Rs 140 crore).
Margin expands 93 basis point to 15.76% vs 14.82% (Bloomberg estimate: 16.70%).
Net profit up 4.77% at Rs 83.88 crore vs Rs 80.06 crore (Bloomberg estimate: Rs 99.8 crore).
Galaxy Surfactants Q3 FY24 (Consolidated, YoY)
Revenue down 13.33% at Rs 940.49 crore vs Rs 1,085.12 crore (Bloomberg estimate: Rs 970 crore).
Ebitda down 26.98% at Rs 112.49 crore vs Rs 154.06 crore (Bloomberg estimate: Rs 126.2 crore).
Margin narrows 223 basis point to 11.96% vs 14.19% (Bloomberg estimate: 13%).
Net profit down 32.8% at Rs 71.37 crore vs Rs 106.21 crore (Bloomberg estimate: Rs 78.6 crore).
GR Infraprojects Q3 FY24 (Consolidated, YoY)
Revenue down 2.64% at Rs 2,134.01 crore vs Rs 2,191.87 crore.
Ebitda down 14.66% at Rs 507.59 crore vs Rs 594.84 crore.
Margin narrows 335 basis point to 23.78% vs 27.13%.
Net profit down 24.95% at Rs 242.87 crore vs Rs 323.65 crore.
The Phoenix Mills Q3 FY24 (Consolidated, YoY)
Revenue up 44.19% at Rs 986.09 crore vs Rs 683.85 crore (Bloomberg estimate: Rs 936.7 crore).
Ebitda up 43.51% at Rs 551.81 crore vs Rs 384.49 crore (Bloomberg estimate: Rs 533.5 crore).
Margin narrows 26 basis point to 55.95% vs 56.22% (Bloomberg estimate: 57%).
Net profit up 61.96% at Rs 343.99 crore vs Rs 212.39 crore (Bloomberg estimate: Rs 261.8 crore).
CFO Anuraag Srivastava resigns effective March 18.
Optiemus Infracom Q3 FY24 (Consolidated, YoY)
Revenue up 47.45% at Rs 481.7 crore vs Rs 326.68 crore.
Ebitda up 41.54% at Rs 22.86 crore vs Rs 16.15 crore.
Margin narrows 19 basis point to 4.74% vs 4.94%.
Net profit up 42.56% at Rs 17.92 crore vs Rs 12.57 crore.
Time Technoplast Q3 FY24 (Consolidated, YoY)
Revenue up 17.37% at Rs 1,324.65 crore vs Rs 1,128.61 crore.
Ebitda up 26.29% at Rs 190.57 crore vs Rs 150.89 crore.
Margin expands 101 basis point to 14.38% vs 13.36%.
Net profit up 48.66% at Rs 93.11 crore vs Rs 62.63 crore.
Repco Home Finance Q3 FY24 (YoY)
Total income up 18.8% at Rs 393.2 crore vs Rs 330.9 crore.
Net profit up 23.1% at Rs 99.44 crore vs Rs 80.76 crore.
GIFT Nifty Trades Below 21,800
Most stock indices in Asia traded higher as they returned after the Lunar New Year's holiday, but Australia's S&P/ASX 200 was marginally lower. Stocks in China and Hong Kong remained closed.
U.S. indices ended on a mixed note after hitting new highs ahead of data expected to underscore further disinflation, paving the way for the Federal Reserve to start cutting interest rates this year.
Brent crude was trading 0.03% higher at $82.04 a barrel. Gold was flat at $2,020.04 an ounce.
GIFT Nifty was trading 13 points, or 0.14%, lower at 21,729.00 as of 7:23 a.m.
India’s benchmark equity indices ended lower on Monday, weighed by losses in index heavyweights HDFC Bank Ltd., ICICI Bank Ltd., State Bank of India, ITC Ltd., and Reliance Industries Ltd.
The NSE Nifty 50 closed 166.45 points, or 0.76%, lower at 21,616.05, and the S&P BSE Sensex fell 523 points, or 0.73%, to end at 71,072.49.
Global index aggregator MSCI will announce its February 2024 restructuring on Tuesday. Companies that are included and excluded in the index will be in focus.
Overseas investors remained net buyers of Indian equities for the second consecutive session on Monday.
Foreign portfolio investors mopped up stocks worth Rs 126.6 crore, while domestic institutional investors also remained net buyers and purchased equities worth Rs 1,711.7 crore, the NSE data showed.
The Indian rupee strengthened 3 paise to close at Rs 83 against the U.S. dollar.
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