KEY HIGHLIGHTS
FPIs Turn Net Sellers
Nifty Ends Just Shy Of Record High; Sensex Closes Above 72,650: Closing Bell
The benchmark indices ended higher for the fifth straight session, with nifty NSE 50 hitting an all-time high on the intraday charts.
NIfty Pharma and Nifty FMCG sectors gained, while Nifty oil and gas, and NIfty PSU Banks stocks were under pressure on Monday.
The S&P BSE Sensex Index closed up 281.52points, or 0.39%, at 72,708.16, while the NSE Nifty 50 was 81.55 points or 0.37% higher at 22,122.25. Nifty 50 hit rose as much as 0.66% to hit an all time high of 22186.65, while BSE Sensex rose to a high of 0.63% on an intraday basis.
The index failed to sustain above the pivotal high of 21125 and pared 70 points from the day’s high in the final hour, according to Avdhut Bagkar Technical and Derivatives Analyst, StoxBox. "With this, the price action closed on an indecision note on a relatively lower volume."
On the global front, U.S. markets are shut for the Presidents’ Day holiday. Meanwhile, European stocks remained flat as investors awaited fresh catalysts after last week’s push close to a record high.
The broader markets ended higher on BSE. The S&P BSE Midcap gained 0.29%, and the S&P BSE Smallcap rose 0.77%.
On BSE, 17 out of 20 sectors rose, while three declined. The S&P BSE Consumer durables rose the most among sectoral indices. The S&P BSE Metal index fell 0.87% to become the worst performer.
ICICI Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., ITC Ltd., and Grasim Industries Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Larsen and Toubro Ltd., Coal India Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and Wipro Ltd. were negatively contributing to the change.
The market breadth was skewed in the favour of buyers. About 2,264 stocks advanced, 1,601 declined, and 94 remained unchanged on the BSE.
"Traders are advised to hold their long position with a trailing stop loss for the above given targets. On the lower side, Nifty has a strong support at 21,900 levels," Deven Mehta, research analyst at Choice Equity Broking Pvt., said.
Kotak Mahindra Bank Has 12 Lakh Shares Change Hands In Large Trade
Kotak Mahindra Bank had 12 lakh shares changed hands in a large trade.
The lender's 0.1% equity changed hands at Rs 1,730.5 apiece.
Buyers and sellers are not known immediately.
Source: Bloomberg
Titagarh Rail Systems Jumps Over 8% On Order Win
Shares of Titagarh Rail Systems jumped over 8% on Monday after the company bagged an order worth Rs 170 crore from Ministry of Defense.
The order is for manufacture and supply of 250 wagons to the Ministry of Defense.
Scrip of the company rose as much as 8.27% to Rs 1,037.00, their highest level since Feb 7. It was trading 4.20% higher at Rs 998.00 as of 2:17 p.m. This compares to 0.55% advance in the Nifty 50 index.
The scrip has gained 356.35% in 12 months. Total traded volume so far in the day stood at 2.0 times its 30-day average. The relative strength index was at 46.54.
Out of nine analysts tracking the company, eight maintain a 'buy' rating, one recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.0%.
Nifty 50 Rises To Fresh High
Nifty Hits Record, Sensex Beyond 72,700 As ICICI Bank, ITC, Airtel Lead: Midday Market Update
The benchmark equity indices were trading higher through midday on Monday, led by advances in ICICI Bank Ltd. and most of the sectors.
As of 12:09 p.m., the NSE Nifty 50 was 223.60 points, or 0.48%, higher at 46,608.45, and the S&P BSE Sensex was 298.34 points, or 0.41%, up at 72,724.98.
The Nifty hit a record high of 22,157.90. The index jumped 0.57% intraday. The Sensex touched an intraday high of 72,765.87 so far in the day.
"If (the) Nifty closes above 22,125, we can expect (the) market to move higher towards 22,400–22,500 levels," Deven Mehta, research analyst at Choice Equity Broking Pvt., said.
"Traders are advised to hold their long position with a trailing stop loss for the above given targets. On the lower side, Nifty has a strong support at 21,900 levels," Mehata said.
ICICI Bank Ltd., ITC Ltd., Bharti Airtel Ltd., Bajaj Finance Ltd. and State Bank of India led the gains in the Nifty.
Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tata Motors Ltd., Axis Bank Ltd. and HDFC Life Insurance Co. Ltd dragged the most.
Ten sectors out of the 12 sectors on the NSE advanced, with the Nifty Media rising the most.
The broader markets outperformed as the BSE MidCap rose 0.60% and the SmallCap gained 0.86%.
Seventeen out of the 20 sectors on the BSE advanced, with Consumer Durables rising the most and Realty falling the most.
The market breadth was skewed in favour of the buyers as 2,445 stocks rose, 1,368 declined and 157 remained unchanged on the BSE.
Confidence Petroleum In Pact With Norway-Based Company To Strengthen LPG Terminal Infrastructure
Confidence Petroleum signed a pact with Norway-listed BW LPG to strengthen LPG terminal infrastructure, downstream ops across India.
BW LPG invests $30 million in the company via preferential allotment of shares.
Source: Exchange Filing
Sula Vineyards Issues Clarification On Reports Of Verlinvest Asia Selling Stakes
Sula Vineyards Ltd has issued a clarification on report 'Verlinvest Asia to sell entire 8.34% stake in Sula Vineyards'.
It said the company is not aware of decision of Verlinvest Asia to sell its stake.
Alert: Co had 12% equity traded in 2 block deals today.
Source: Exchange filing
Motilal Oswal Financial Services Drops Over 4% On News Of Cyber Attack
Motilal Oswal Financial Services Ltd dropped over 4% on reports the firm has fallen a prey to cyber attack by a ransomware group LockBit.
LockBit has added the brokerage firm to its dark web's leak side, and claimed to have gain access to its confidential data, reported TechCrunch.
CERT-In, India's nodal cyber security, said it is aware of the matter and was already in a process of appropriate action, TechCrunch said.
The scrip fell as much as 4.27% to Rs 1,760.00 apiece, the lowest level since Feb 14. It trading 3.60% lower at Rs 1,772.50 apiece, as of 1:06 p.m. This compares to a 0.52% advance in the NSE Nifty 50 Index.
It has declined 169.24% 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 58.20.
Out of four analysts tracking the company, three maintain a 'buy' rating, one recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.7.%.
IREDA Signs Pact With PNB To Co-Finance Green Energy Projects
Indian Renewable Energy Development Agency Ltd signed a pact with Punjab National Bank to co-finance green energy projects.
Both companies through the joint venture will co-lend, and syndicate diverse spectrum of renewable energy projects.
Source: Exchange Filing
IOL Chemicals & Pharmaceuticals Gets China's Approval For Metformin Hydrochloride
IOL Chemicals & Pharmaceuticals Ltd received approval from China's drug regulator for Metformin Hydrochloride.
China's approval will help the company to export the chemical to Chinese markets.
Source: Exchange filing
Power Grid Approves Total Investment Worth Rs 656 Crore In Different Projects
Power Grid Corp approved investment of Rs 515 crore in ULDC Phase-III.
The company also approved investment of Rs 141 crore in Leh project.
Source: Exchange filing
Most Adani Group Stocks Advanced
NHPC Shares Rise 6% As Company Laid Foundation Stone For Solar Power Plant Project
Shares of NHPC rose nearly 6% on Monday after the company laid the foundation stone for the it 300 megawatt grid-connected solar power plant project In Rajasthan.
With a total investment of over Rs 1,732 crore, the project is being set up under Government of India’s CPSU scheme, phase-II, tranche-III, the company said in an exchange filing. The plant is scheduled to be commissioned by September 2024, it said.
NHPC's stock rose as much as 6.52% during the day to Rs 98.90 apiece on the NSE. It was trading 6.19% higher at Rs 98.6 per share, compared to a 0.31% advance in the benchmark Nifty 50 as of 11:02 a.m.
The share price has risen 152.8% in the last 12 months. The total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 62.8.
Five out of the eight analysts tracking NHPC have a 'buy' rating on the stock and three suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 24.6%.
Nifty 50 Touches Fresh Life High
Sula Vineyard Slips Over 7% Following Large Trades
Shares of Sula Vineyards Ltd. tumbled over 7% on Monday after two large trades.
At least 1 crore shares changed hands in two large trades on Monday. Over 12% of equity changed hands in the range of Rs 577.95–584 apiece, according to Bloomberg. However, the buyers and sellers were not known immediately.
A foreign investment firm, Verlinvest Asia Pte, is set to exit Sula Vineyards Ltd. by offloading its remaining 8.34% stake for Rs 434.89 crore via an open market transaction.
The company will sell 70.42 lakh shares of the winemaker at an offer price range of Rs 570 to Rs 617.5 per share, according to the terms sheet viewed by NDTV Profit.
Shares of the company fell as much as 7.6% during the day to Rs 570.6 apiece on the NSE. It was trading 6.88% lower at Rs 575.05 apiece, compared to a 0.11% advance in the benchmark Nifty 50 as of 09:47 a.m.
It has risen 41.8% in the past 12 months. The total traded volume so far in the day stood at 52 times its 30-day average. The relative strength index was at 42.1.
Four out of the five analysts tracking the stock has a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 11.2%.
Novartis India Surges Over 14-Year High On News Dr. Reddy's Labs Trying To Acquire Stakes
LIC Rises After Announcing Launch Of New Product For Domestic Market
Life Insurance Corp of India Ltd rose as much as 5.02% to Rs 1,092.00 apiece, the highest level since Feb 8. It pared gained to trade 1.62% higher at Rs 1,056 apiece, as of 10:53 a.m. This compares to a 0.2% advance in the NSE Nifty 50 Index.
It has risen 76.56 in 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 63.34.
Out of 19 analysts tracking the company, 12 maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.0.%.
Most Defense Stocks Trade In Positive
Shares of most defence stock rose after Defence Acquisition Council cleared proposals worth Rs 84,560 crore on Friday to boost the capabilities of the armed forces and the Indian Coast Guard.
IdeaForge Technology Ltd. jumped the most over 6%, followed by Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers, Bharat Dynamics, and Cochin Shipyard, which were over 2%. This compares to Nifty 50 which was trading 0.21% higher.
Dr. Reddy's Lab Rises To Fresh Highs
The scrip rose as much as 2.17% to Rs 6,453.19 apiece, the highest/lowest level since May 30, 2003. It was trading 1.63% higher at Rs 6,420.20 apiece, as of 10:34 a.m. This compares to a 0.22% advance in the NSE Nifty 50 Index.
It has risen 43.42% in 12 months. Total traded volume so far in the day stood at 18.9 times its 30-day average. The relative strength index was at 72.80,.
Out of 42 analysts tracking the company, 17 maintain a 'buy' rating, 11 recommend a 'hold,' and 14 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 8.2%.
Paytm Shares Locked In Upper Circuit After RBI Extends Deadline For Restrictions
Shares of Paytm operator One 97 Communication Ltd. were locked in the upper circuit after it was rated 'outperform' by Bernstein and the Reserve Bank of India extended the restriction deadline on Paytm Payments Bank.
The brokerage has a target price of Rs 600 apiece while suggesting that the RBI’s actions will be limited to Payment Bank. RBI actions are not intended to disrupt the UPI and other functions of Paytm, Bernstein said. The brokerage sees RBI's hint at merchants being able to use a Paytm QR code, soundbox or POS terminal as a positive.
Paytm said that it shifted its nodal account to Axis Bank Ltd. With this, the Paytm QR, Soundbox, and Card machines will continue to work even beyond March 15, 2024.
On Friday, the central bank released the Frequently Asked Questions regarding bank accounts with Paytm Payments Bank.
Paytm stock rose as much as 5% during the day to hit the upper circuit of Rs 358.35 apiece on the NSE. This compares to a 0.19% advance in the benchmark Nifty 50 as of 9:25 a.m.
It has fallen 45.87% in the past 12 months. The relative strength index was at 26.
Six out of the 14 analysts tracking have a 'buy' rating on the stock, five recommend a 'hold' and three suggest a 'sell', according to Bloomberg. The average of 12-month analyst price targets implies a potential downside of 45.6%.
Quess Corp Jumps The Most In Nearly Three Years
Quess Corp Ltd.' shares surged over 16% after the company approved spinning off the business services provider's diversified verticals into three independent entities to unlock value.
The company will demerge into Quess Corp Ltd., Digitide Solutions Ltd, and Bluspring Enterprises Ltd., according to an exchange filing.
Once the demerger is effective, all shareholders will receive one additional share for each of the new companies for every share held in Quess Corp. The demerger process expected to take between 12 and 15 months to achieve regulatory clearances, it said.
The company said that this helps the management to focus and develop capital allocation plans relevant to each business, and create value for its shareholders.
Quess Corp stock rose as much as 16.07% during the day to Rs 582 apiece on the NSE, the highest jump since June. 11, 2021. It was trading 13.21% higher at Rs 567.65 apiece, compared to a 19% advance in the benchmark Nifty 50 as of 9:25 a.m.
The total traded volume so far in the day stood at 193 times its 30-day average. The relative strength index was at 73, indicating that stock may be overbought.
Five out of the seven analysts tracking have a 'buy' rating on the stock, one recommend a 'hold' and one suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies an upside potential of 1.4%
Sensex, Nifty Open Higher As RIL,HDFC Bank, ITC Lead Gains: Opening Bell
India's benchmark indices opened higher on Monday, tracking gains in shares of index-heavy Reliance Industries Ltd., HDFC Bank Ltd., and ITC Ltd.
As of 09:21 a.m., the NSE Nifty 50 44.40 points or 0.20% higher at 22,085.10, and S&P BSE Sensex was 73.53 points or 0.10% up at 72,500.17
"Technically, the weekly chart shows that a bullish candle has formed, while the intraday chart indicates a largely positive uptrend continuation," Shrikant Chouhan, head, Equity Research, Kotak Securities.
We assess that the current market structure is bullish. However, the 22,150/72,700 levels may pose a significant resistance level for bulls. If there is a breakout above 22,150/72,700, the market could rise towards 22,300-22,400/73,000-73,200. Alternatively, if Nifty trades below 21,800-21,750/71,700-71,500 then it could retest 21,600-21,500/70,900-70,700 levels.
HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Auto Ltd., State Bank of India, and Reliance Industries Ltd added positively to the benchmark index.
Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., Infosys Ltd., and Wipro Ltd capped gains to the benchmark index.
On NSE, 10 sectors out of 12 sectors gained, while two declined. The Nifty Media rose the most among sectoral indices, while the Nifty IT fell the most among its peers.
Broader markets gained on BSE. The S&P BSE Midcap index rose 0.29%, and the BSE Smallcap index gained 0.74%.
On BSE, 16 sectors out of 20 sectors advanced, and four sectors declined. The S&P BSE Utilites rose the most among its peers, and the S&P BSE Realty fell the most among sectoral indices.
The market breadth was skewed in favour of buyers. Around 2,186 stocks rose, 936 stocks declined, and 134 stocks remained unchanged on BSE.
Sensex, Nifty Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 was 62.75 points or 0.28% higher at 22,103.45, and S&P BSE Sensex was 200.96 points or 0.28% up at 72,627.60.
Money Markets Are Closed For Observance Of Shivaji Maharaj Jayanti
Citi Research On India Equity Strategy
Key OW Sectors: PSU Utilities & Defence, Industrials, Banks/Insurance
Key UW Sectors: Consumer Discretionary, IT Services, Metals
Replaced RIL with BPCL in line with analyst views
Added Makemytrip Ltd, 360One and Concord Biotech in midcap picks, excluded Sobha
Believes BSE-100/NIFTY earnings growth was ahead at 19%/10% YoY
Brokerages On Paytm
Bernstein
Bernstein rated Paytm outperform with a target price of Rs 600.
The brokerage suggested RBI’s actions to be limited to Payment Bank.
Believes RBI actions are not intended at disrupting the UPI and other functions of Paytm.
See RBI's hint at merchants being able to use Paytm QR code/Soundbox or POS terminal as positive.
Cut-off date has been extended gives Paytm longer window.
No exception for bulk transfer of wallets/Fastags to another bank (products to cease)
Citi Research
Citi maintained 'Sell' on Paytm with a target price of Rs 550.
The brokerage expected Paytm to announce more banking relationships.
Paytm to see impact on app traffic and elevated user churn.
Sales fleet to be deployed for customer awareness.
Growth Outlook on products will require revisit after which impact to be assessed.
Co has made progress and if approvals are received regulatory overhang could be lower than before.
Jefferies
Moves to 'not rated' until news flow settles
RBI FAQ effectively winds down wallet business
Clarity on non-PPBL merchants (70-80%) is a positive
Business model moving to a pure payments company
Paytm likely to dip into >$1 bn cash reserves for merchant/customer retention
Asian Markets Trade Mixed
Global Cues
U.S. Dollar Index at 104.21
U.S. 10-year bond yield at 4.28%
Brent crude down 0.72% at $82.87 per barrel
Nymex crude down 0.44% at $78.84 per barrel
GIFT Nifty up 5.5 points or 0.02% at 22,148.00 as of 7:38 a.m.
Bitcoin was up 0.42% at $52,089.09
F&O Cues
Nifty February futures up by 0.38% to 22,097.80 at a premium of 57.1 points.
Nifty February futures open interest up by 1.42%.
Nifty Bank February futures up by 0.18% to 46,503.4 a premium of 118.55 points.
Nifty Bank February futures open interest down by 0.3%.
Nifty Options Feb. 22 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 21,000.
Bank Nifty Options Feb. 21 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 44,000.
Securities in ban period: Aditya Birla Fashion, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Canara Bank, Delta Corp, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Sail, Zee Entertainment Enterprise.
Trading Tweaks
Price band revised from 10% to 20%: Prakash Industries.
Price band revised from 2% to 5%: Kaushalya Infrastructure Development Corp.
Price band revised from 5% to 20%: Om Infra.
Moved into short-term ASM framework: Inox India, Shaily Engineering Plastics.
Moved Out of short-term ASM framework: BF Utilities, EIH, SMC Global Securities.
Who’s Meeting Whom
Sobha: To meet analysts and investors on Feb. 23.
Greaves Cotton: To meet analysts and investors on Feb. 20.
Landmark Cars: To meet analysts and investors on Feb. 21.
PG Electroplast: To meet analysts and investors on Feb. 22.
Kalyan Jewellers: To meet analysts and investors on Feb. 20.
Bajaj Finserv: To meet analysts and investors on Feb. 21.
Grasim Industries: To meet analysts and investors on Feb. 20.
Kamat Hotels: To meet analysts and investors on Feb. 21.
Vijaya Diagnostic Centre: To meet analysts and investors on Feb. 22
Titan Co: To meet analysts and investors on Feb. 20
Kotle-Patil Developers: To meet analysts and investors on Feb. 20
Finotex Chemicals: To meet analysts and investors on Feb. 19
Vedanta: To meet analysts and investors on Feb. 27
Brigade Enterprises: To meet analysts and investors on Feb. 19
Pledge Details
Aurobindo Pharma: Promoter RPR Sons Advisors, P.Suneela Rani (jointly holding) created a pledge of Rs 1.34 crore shares on Feb. 14.
Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 4.5 lakh shares on Feb. 12.
Stove Kraft: Promoter Rajendra Gandhi created a pledge of 2 lakh shares on Feb. 14.
Insider Trades
Advanced Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 72,851 shares between Feb. 14 and 15.
Star Cement: Promoter Suchita Agarwal sold 10,000 shares on Feb. 12.
Bulk Deals
Apollo Micro Systems: Bajaj Finance sold 37.82 lakh shares (1.44%) at Rs 121.48 apiece and Columbia Petro Chem bought 37 lakh shares (1.41%) at Rs 121.5 apiece.
Block Deals
Data Patterns: Florintree Capital Partners LLP sold 59.96 lakh shares (10.71%), while, the Government of Singapore bought 31.47 lakh shares (5.62%), Mirae Asset Mutual Fund bought 10.94 lakh shares (1.93%), Mathew Cyriac bought 6.8 lakh shares (1.21%), Kotak Mahindra Mutual Fund bought 5.46 lakh shares (0.97%) at Rs 1,837 apiece.
Stocks To Watch
One 97 Communication: The Reserve Bank of India has confirmed that the company’s QR, soundbox, and card machine will continue to work as always even beyond March 15. The company has shifted its nodal account to Axis Bank to continue seamless merchant settlements as before.
Life Insurance Corp.: The company announced the launch of a new product, LIC’s Amritbaal, for the domestic market. The company also received an income tax refund worth Rs 21,740 crore for the assessment years 2012–13 to 2019–20.
Tata Power: The company received a letter of intent from REC Power Development and Consultancy to acquire Jalpura Khurja Power Transmission for Rs 838 crore.
Bajaj Auto: The company fixed Feb. 29 as the record date for determining shareholders eligible to participate in share buybacks.
NTPC, Nalco: NTPC has inked an initial agreement with NALCO to supply over 1,200 MW of round-the-clock power for the aluminium maker's operations in Odisha.
PB Fintech: The company’s unit received IRDAI approval for a licence upgrade.
Harsha Engineers: The company signed a Memorandum of Understanding for transferring a 25.9% investment in Sunstream Green Energy One to Sunstream Green Energy for Rs 10 per share.
NHPC: The company laid the foundation stone for the 300 MW grid-connected solar PV project in Rajasthan.
ITI: The company signed a memorandum of understanding with JandK Operations to manufacture and provide BharOS-enabled digital devices and services.
Bajaj Hindustan Sugar: The company agreed to acquire a 15.5% stake in Unique One RNG, for Rs 1.55 crore.
Fineotex Chemicals: The company raised Rs 280 crore from promoters, high net-worth individuals, and foreign institutional investors at a valuation of Rs 346 per share vs. the current market price of Rs 438 apiece.
Titagarh Rail Systems: The company received an order worth approximately Rs 170 crore for the manufacture and supply of 250 specialised wagons from the Ministry of Defence.
Kaynes Technology: The company incorporated a wholly owned subsidiary, Kaynes Mechatronics Pvt.
Paradeep Phosphates: The company announced the shut down of NPK, a plant located in Goa, to carry out the regular annual maintenance activities.
Bharti Airtel: The telecom major received notice of imposing a penalty of Rs 1.31 lakh from the Department of Telecommunications, Maharashtra, for an alleged violation of subscriber verification norms.
Ramkrishna Forgings: The company has made an additional investment by way of a rights issue in the equity share capital of Ramkrishna Aeronautics Pvt., a wholly owned subsidiary company, by subscription of 10 lakh equity shares at a face value of Rs 10 each, aggregating to Rs 1 crore.
Dr. Reddy's Laboratories: The pharma major declined to comment on market speculation that it is in a race to acquire Novartis AG's stake in Novartis India.
Earnings Post Market Hours
Crisil Q3 FY24 (Consolidated, YoY)
Total income up 34.3% at Rs 628.2 crore vs Rs 467.6 crore.
Net profit up 110.4% at Rs 231 crore vs Rs 109.8 crore.
Board recommends final dividend of Rs 28 per share.
Schaeffler India Q3 FY24 (Consolidated, YoY)
Revenue up 4.45% at Rs 1,874.5 crore vs Rs 1,794.6 crore
Ebitda down 6.12% at Rs 324 crore vs Rs 345.2 crore
Margin down 194 bps at 17.28% vs 19.23%.
Net profit down 9.25% at Rs 209.6 crore vs Rs 230.9 crore.
Board recommends dividend at Rs 26 per share.
GIFT Nifty Trades Above 22,100
Markets in the Asia-Pacific region were trading on a mixed note during early trade on Monday, while investors look forward to the reopening of Chinese markets on Monday after a week-long holiday.
The Nikkei 225 was 0.29% lower at 38,376.92, while the KOSPI was 0.94% up at 2,678.83 as of 7:42 a.m.
Wall Street is ending the week on a bit of a sour note, with bonds down and stocks wavering after economic data continued to fuel speculation that the Federal Reserve will be in no rush to cut interest rates, reports Bloomberg.
The S&P 500 index and Nasdaq Composite fell by 0.48% and 0.82%, respectively, as of Friday. The Dow Jones Industrial Average fell by 0.37%.
Brent crude was trading 0.31% lower at $83.23 a barrel. Gold was higher by 0.25% at $2,018.54 an ounce.
The GIFT Nifty was trading 5.5 points or 0.02% higher at 22,148.00 as of 7:38 a.m.
India’s benchmark equity indices gained more than 1% this week, with shares of Mahindra and Mahindra Ltd. and Wipro Ltd. adding around 11%.
The indices closed higher in the fourth consecutive session on Friday, with shares of Larsen and Toubro Ltd., Infosys Ltd. and M&M contributing the most to gains.
The NSE Nifty 50 closed 121.85 points up, or 0.56%, at 22,032.60 and the S&P BSE Sensex gained 365.84 points, or 0.51%, to end at 72,416.22.
Overseas investors in Indian equities turned net buyers on Friday after two consecutive days of selling. Foreign portfolio investors mopped up stocks worth Rs 253.3 crore, while domestic institutional investors bought stocks worth Rs 1,571 crore, the NSE data showed.
The Indian rupee strengthened by 2 paise to close at Rs 83.02 against the U.S. dollar.
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