KEY HIGHLIGHTS
FPIs Snap Three-Day Buying Spree To Turn Net Sellers
Overseas investors turned net sellers of Indian equities on Wednesday after three consecutive sessions of buying.
Foreign portfolio investors offloaded stocks worth Rs 1,691 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the second straight day and mopped up equities worth Rs 327.7 crore, the NSE data showed.
Overseas institutional investors sold $3,096 million, or Rs 25,744 crore, worth of equities in January. This is the highest outflow in one year.
Foreign institutions have been net sellers of Rs 23,173 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 2 bps lower at 7.07 % on Wednesday.
Source: Bloomberg
Rupee Strengthens Against U.S Dollar
The local currency strengthened 9 paise to close at 82.97 against the U.S dollar.
It closed at 83.06 on Tuesday.
Source: Bloomberg
Nifty, Sensex End Volatile Session Mixed As Traders Await MPC Decision: Market Wrap
India's benchmark stock indices ended on a mixed note on Wednesday as traders exercised caution ahead of the Monetary Policy Committee's policy decision, scheduled to be published on Thursday.
The NSE Nifty 50 settled 1.10 points or 0.01% higher at 21,930.50, and S&P BSE Sensex ended 34.09 points or 0.05% lower at 72,152.00.
Losses in shares of index-heavy Infosys Ltd, HDFC Bank Ltd weighed on the indices, while gains in State Bank of India, and Reliance Industries supported the indices.
Intraday, NSE Nifty 50 gained 0.56% to 22,053.30, and the S&P BSE Sensex rose 0.52% to 72,559.21.
"Benchmark indices slipped into the negative zone owing to profit-taking in IT and select financial shares in intra-day trades on Wednesday. Banks and financials topped the gainers list, with Bajaj Finance, Axis Bank, HDFC Life and SBI all rising around 3%," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"Investors will keep an eye on the Reserve Bank of India's Monetary Policy Committee (MPC) decision on interest rates tomorrow. Several developments have unfolded in recent weeks that could shape the verdict," he added.
Despite the Nifty 50 opening on a strong note, with a gap-up of over 100 points, the price action failed to persist over the sentimental threshold of 22000, sparking weakness in the Wednesday’s trade, said Bagkar
"Today, the benchmark indices witnessed range bound activity, the nifty ends 1 points higher while the Sensex was down by 34 points. Among sectors, PSU Bank Index outperformed gained nearly 3.5 percent whereas IT index shed 1.25 percent. Technically, after a gap up opening, market witnessed intraday selling pressure at higher levels. However, the short-term texture of the market is still in to the positive side," said Shrikant Chouhan, head of Equity Research, Kotak Securities
We are of the view that, on intraday and daily charts the market is still holding higher bottom formation, which supports further uptrend from the current levels. For the day traders now, 21850/72000 would act as a key support level. Above the same, the market could rally till 22100-22150/72500-72700. On the flip side below 21850/72000 we could see one quick intraday correction till 21800-21750/71800-71650, he added.
Reliance Industries Ltd, State Bank of India, Axis Bank Ltd, Bajaj Finance Ltd., and Sun Pharmaceutical Industries Ltd added positively to the indices.
Infosys Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., Larsen & Toubro Ltd., and ICICI Bank Ltd weighed on the indices.
On NSE, 10 sectors ended higher, one ended lower, and one remained flat. The Nifty PSU Bank index gained 2.86% to fresh record high, and was the top gainer among sectoral indices. Sharp gains in shares of State Bank of India contributed to the rise in the index.
The Nifty IT index declined the most among sectoral indices.
Broader markets ended higher. The S&P BSE Midcap rose1.48% and the S&P BSE Smallcap rose 0.35%.
On BSE, 16 sectors rose, and four fell. The S&P BSE Realty gained the most, while the S&P BSE IT fell the most.
The market breadth was skewed in favour of buyers. Around 2,261 stocks gained, 1,606 stocks fell, and 92 remained unchanged.
Indian Overseas Bank Has 66 Lakh Shares Change Hands In Large Trade
Indian Overseas Bank had 66 lakh shares changed hands in a large trade.
The lender's 0.03% equity changed hands at Rs 81.05 apiece.
Buyers and sellers are not known immediately.
Source: Bloomberg
Nifty PSU Bank Index Hits Life High
GPT Infraprojects's JV Gets Order Worth Rs 114 Crore From East Central Railway
GPT Infraprojects' JV gets construction order worth Rs 114 crore from East Central Railway.
The contract is in Joint Venture in which the company hold 49% share.
Source: Exchange Filing
NOCIL Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 4.6% at to Rs 340.6 crore from Rs 325.7 crore
EBITDA grew 28% to Rs 48.85 crore from Rs 38.17 crore
Margin rose 262 bps to 14.3% from 11.7%
Net profit rose 61.1% to Rs 30 crore from Rs 18.62 crore
Varroc Engineering Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 9.4% to Rs 1,884.6 crore from Rs 1,722.8 crore
EBITDA rose 28.7% to Rs 173.1 crore from Rs 134.5 crore
Margin grew 137 bps to 9.2% from 7.8%
Net profit came at Rs 383.9 crore from Rs 21.78 crore
Navneet Education Q3 Results Key Highlights (Consolidated, YoY)
Revenue fell 2.65% to Rs 258.76 crore from Rs 265.78 crore
Ebitda came at Rs 204.03 crore from loss of Rs 4.31 crore
Margin at 78.84%
Net loss at Rs 22.49 crore from profit of Rs 35.6 crore
Dreamfolks Q3 Results Key Highlights (Consolidated,QoQ)
Revenue rose 8% to Rs 305.1 crore from Rs 282.5 crore
EBITDA rose 12.9% to Rs 26.4 crore from Rs 23.4 crore
Margin at 8.64% vs 8.26%
Net profit rose 13.2% to Rs 20 crore from Rs 17.7 crore
Safari Industries Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 28.3% to Rs 388.3 crore from Rs 302.7 crore
EBITDA rose 24% to Rs 68.2 crore from Rs 55 crore
Margin down 60 bps to 17.6% from 18.2%
Net profit up 24.5% to Rs 42.9 crore from Rs 34.5 crore
Zomato Has 31.7 Lakh Shares Change Hands In Two Large Trades
31.7 lakh shares changed hands in two large trades
0.04% equity changed hands at price range of Rs 140.2 to Rs 140.15 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Indus Towers Has 3.24 Crore Change Hands In Multiple Large Trades
3.24 crore shares or 1.2% equity changed hands in multiple large trades
Buyers and sellers not known immediately
Source: Bloomberg
Sanghvi Movers Q3 Results Key Highlights (Consolidated, YoY)
Revenue up 34.10% at Rs 173 crore vs Rs 129 crore
Ebitda up 47.7% at Rs 120.74 crore vs Rs 81.8 crore
Margin up 640 basis points at 69.79% vs 63.38%
Net profit up 76.1% at Rs 61.3 crore vs Rs 34.8 crore
Source: Exchange Filing
Most European Markets Gain
Vascon Engineering Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 10.4% to Rs 280.3 crore from Rs 254 crore
Ebitda grew 27.2% to Rs 27 crore from Rs 21.2 crore
Margin grew 127 bps to 9.61% from 8.34%
Net profit rose 14.1% to Rs 18.6 crore from Rs 16.3 crore
Gujarat Fluorochemicals Q3 Results Key Highlights (Consolidated, YoY)
Revenue fell 30.1% to Rs 991.7 crore from Rs 1,417.9 crore
EBITDA declined 60.6% to Rs 206.2 crore from Rs 523.2 crore
Margin fell 1611 bps to 20.8% from 36.9%
Net profit slumped 75.8% to Rs 80.09 crore from Rs 330.5 crore
HBL Power Systems Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 80.2% at Rs 599.3 crore from Rs 332.49 crore
EBITDA was at Rs 113.24 crore from Rs 38.39 crore
Margin rose 734 bps to 18.9% from 11.5%
Net profit rose 232.94% to Rs 79.04 crore from Rs 23.74 crore
Firstsource Solutions Q3 Results Key Highlights (Consolidated QoQ)
Revenue rose 3.7% to Rs 1,596.6 crore from Rs 1,540 crore
EBIT grew 4.5% to Rs 170.8 crore from Rs 163.5 crore
EBIT margin grew 8 bps to 10.7% from 10.6%
Net profit rose 1.7% to Rs 128.7 crore from Rs 126.5 crore
Board approves interim dividend of Rs 3.5 per share
Trent Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 50.5% to Rs 3,466.6 crore from Rs 2,303.4 crore
Ebitda rose 94.5% to Rs 628.5 crore from Rs 323.2 crore
Margin rose 409 bps to 18.13% from 14.03%
Net profit surged 139.41% to Rs 370.6 crore from Rs 154.8 crore
Uno Minda Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 20.8% to Rs 3,522.9 crore from Rs 2,915.5 crore
Ebitda rose 12.2% to Rs 379.6 crore from Rs 338.4 crore
Margin fell 83 bps to 10.8% from 11.6%
Net profit rose 17.9% to Rs 205.1 crore from Rs 174 crore
Yes Bank Soars Over 10%
On NSE, scrip rose as much as 10.43% to Rs 28.05 apiece, the highest level since July, 1, 2020. It trading 9.25% higher at Rs 27.75 apiece, as of 1:19 p.m. This compares to a 0.08% decline in the NSE Nifty 50 Index.
It has risen 64.69% in 12 months. Total traded volume so far in the day stood at 3.7 times its 30-day average. The relative strength index was at 69.42.
Out of 13 analysts tracking the company, four recommend a 'hold,' and nine suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 41.9%.
Nifty, Sensex Erases Gains To Trade Lower As IT Stocks, HDFC Bank, ICICI Bank Drag: Midday Market Update
The benchmark equity indices erased all early gains to trade lower through midday on Wednesday as Infosys Ltd., HDFC Bank Ltd. and ICICI Bank Ltd. dragged.
As of 11:58 a.m., the NSE Nifty 50 was 57.65 points or 0.26% down at 21,871.75, while the S&P BSE Sensex was 239.98 points or 0.33% lower at 71,946.11.
The Nifty hit intraday high of 22,053.30 and the Sensex touched 72,559.21 so far in the day.
"In recent sessions, the Nifty has largely traded sideways, reflecting trader uncertainty about its next move," Shrey Jain, chief executive officer of SAS Online, said.
The Nifty Bank lacks a clear trend, awaiting a breakout to determine its direction. Support is established around 45,500, with immediate resistance at 46,000, according to Jain.
A break above 46,000 could signal a move towards 46,500, with significant open positions in the 46,000, potentially leading to short covering and upside momentum, Jain said.
Infosys, HDFC Bank, ICICI Bank, Tata Consultancy Services Ltd. and Power Grid Corp. weighed on the indices.
State Bank of India, Axis Bank Ltd., Reliance Industries Ltd., Bajaj Finance Ltd. and HDFC Life Insurance Co. limited the losses.
Six out of the 12 sectors on the NSE were trading in the red, with the Nifty IT being the top loser. The Nifty Oil & Gas and Metal surged to a lifetime high.
The broader markets outperformed the benchmark indices as the BSE Midcap rose 0.20% and the Smallcap gained 0.37%.
Fourteen out of the 20 sectors on the BSE gained, while Information Technology fell the most.
The market breadth was skewed in favour of the buyers as 2,101 stocks rose, 1,625 fell and 142 remained unchanged on the BSE.
Nestle India Q3 Results Key Highlights (Consolidated, YoY)
Revenue rose 8.1% to Rs 4,600.4 crore from Rs 4256.79 crore
Ebitda rose 12.5% to Rs 1,095.1 crore from Rs 973.01 crore
Margin rose 95 bps to 23.8% from 22.85%
Net profit rose 4.4% to Rs 655.6 crore from Rs 628.1 crore
Most Adani Stocks Advance
Adani Group stocks added as much as Rs 85,599.50 crore in investor wealth, taking their total market capitalisation to Rs 16.38 lakh crore, intraday.
At 12:15 pm, the shares added Rs 45,491 crore in market value taking the capitalisation to Rs 15.98 lakh crore.
Brigade Enterprises Hits Life High On Rise In Its Revenue
Brigade Enterprises Ltd. shares on Wednesday touched life high after it reported a jump in revenue in the third quarter. In addition, the company's board also approved raising Rs 1,500 crore through bonds and equity.
The company also announced that the residential segment will witness launches of about 10.8 million sq ft, with an estimated gross development value of around Rs 10,000 crore in the next four quarters.
The scrip rose as much as 4.31% to hit fresh life high of 1,108 apiece. It recently hit life high on Feb. 6. It pared gains to trade 2.52% higher at Rs 1,089 apiece, as of 10:46 a.m. This compares to a 0.20% advance in the NSE Nifty 50 Index.
It has risen 121.77% in the last 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 73 indicating it was overbought.
Intellect Design Arena's Bank Unit Partners Up With Turkish Bank For IT Solution
Intellect Global Consumer Banking has partnered with Turkey's VakifBank for IT solutions.
Intellect Global Consumer Banking is banking arm of Intellect Design Arena.
Source: Exchange Filing
RBI To Conduct Overnight VRR On Wednesday
RBI to conduct overnight variable rate reverse repo auction on Feb 7.
The Notified amount for auction is Rs 50,000 crore.
The Date of reversal for auction is set as Feb 8.
Source: RBI
SRF Has 10 Lakh Shares Change Hands In Large Trade
SRF Ltd had 10 lakh shares changed hands in a large trade.
The company's 0.3% equity changed hands at Rs 2,272.8 apiece.
Buyers and sellers are not known immediately.
Source: Bloomberg
Nifty Metal Hits Life High
Nifty Energy Jumps To Life High
Nykaa Has 23.4 Lakh Shares Change Hands In Large Trade
FSN E-Commerce Ventures Ltd had 23.4 lakh shares changed hands in a large trade.
The company's 0.1% equity changed hands at Rs 161 apiece.
Buyers and sellers are not known immediately.
Source: Bloomberg
Maharashtra GST Department Inspects Greaves Cotton's Office
Maharashtra GST Department initiates inspection at Greaves Cotton Ltd.'s office.
The company is co-operating with officials, providing necessary information and support.
Source: Exchange Filing
TRF Hits 20% After It Calls Off Merger With Tata Steel
Scrip of TRF Ltd hit 20% upper circuit after the company said to the exchanges its board has approved to cancel the merger with Tata Steel Ltd as its business has improved since the merger talks took place.
The company's business has improved over the last few quarters due to help from the Tata Steel Ltd in terms of orders, capital infusions, and its own efforts, TRF said in the exchange filing.
TRF entered into merger agreement with Tata Steel in September, 2022.
Tata Steel Ltd.'s board has also accepted the withdrawal of the merger. Now, matter is filed to National Company Law Tribunal's Kolkata bench, according to the exchange filing.
Tata Steel Amalgamates Five Business With Self
Tata Steel successfully amalgamated five businesses with self.
Amalgamation is value-accretive, will also drive synergies.
Amalgamated cos include Tata Steel Mining, Tata Steel Long Products & Tinplate Co among others.
Source: Exchange filing
Markets Near Day's Low
L&T Bags Order Worth Rs 2,500-5,000 Crore For Power Transmission
Larsen & Toubro Ltd received orders worth Rs 2,500-5,000 crore for power transmission & distribution business.
The order is for power transmission and distribution business in India and Middle East.
Source: Exchange Filing
Adani Green Hits Over One Year High On Wednesday
Scrips of Adani Green Energy Ltd rose as much as 15.59% to 1,990 apiece, the highest level since Dec. 30, 2022. It pared gains to trade 12.18% higher at Rs 1,931.30 apiece, as of 10:17 a.m. This compares to a 0.37% advance in the NSE Nifty 50 Index.
It has risen 126.91% in the last 12 months. Total traded volume so far in the day stood at 7.7 times its 30-day average. The relative strength index was at 77 indicating it was overbought.
The one analyst tracking the company recommends a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 74.5%.
Nykaa Pares Gains After Surging Over 5%
Online beauty and fashion retailer Nykaa’s third-quarter revenue met analysts' estimates, while profit doubled sequentially but fell short of expectations.
Consolidated net profit of parent company FSN E-Commerce Ventures Ltd. increased 123% to Rs 17.4 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 32.55-crore consensus estimate of analysts tracked by Bloomberg.
Shares of FSN E-Commerce Ventures Ltd. rose as much as 5.95%, to the highest level since Jan. 9, before paring gains to trade 1.25% higher at 9:59 a.m. This compares to a 0.33% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 4.5 times its 30-day average.
Of the 24 analysts tracking the company, 14 maintain a 'buy', five recommends a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 9.7%
J.B. Chemical & Pharma Rises Over 12% To Life High Post Q3 Results
Scrip of J.B. Chemicals & Pharmaceuticals Ltd surged over 12% to their highest level since listing after the company reported its quarter three net profit rose in line with analysts expectation.
V-Mart Retail Jumps 14% After Q3 Net Profit Surges Beating Estimates
Shares of V-Mart Retail Ltd. jumped 14% to record high on Wednesday after its third-quarter profit beat analysts' estimates.
The retail consumer service company's net profit rose 41.36% year-on-year to Rs 28.23 crore in the quarter ended December, according to an exchange filing. A Bloomberg poll of analysts' estimates pegged the net profit at Rs 16.46 crore.
One 97 Communications Hits 10% Upper Circuit
Shares of One97 Communications Ltd. hit an upper circuit of 10% on Wednesday after being locked in the lower circuit for three consecutive sessions, as buyers finally returned following the stock's worst rout since listing.
The stock has fallen around 42% from Feb. 1, after the Reserve Bank of India found major supervisory concerns and persistent non-compliance from the company's payment banks and restricted Paytm Payments Bank from undertaking any fresh deposit or credit transactions from Feb. 29.
Shares of One97 Communications Ltd. rose as much as 10.11%, the highest jump since Aug. 8, 2023. It was trading 8.64% higher as of 10:23 a.m. This compares to a 0.33% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 28, indicating that the stock may be oversold.
Of the 15 analysts tracking the company, six maintain a 'buy' rating, four recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 48.5%.
Cholamandalam Investment Has 10.1 Lakh Shares Change Hands In Large Trade
Cholamandalam Investment and Finance Company had 10.1 lakh shares changed hands in a large trade.
The company's 0.1% equity changed hands at Rs 1,154.8 apiece.
Source: Bloomberg
Paytm Has 18.3 Lakh Shares Change Hands In Large Trade
One 97 Communication Ltd had 18.3 lakh shares changed hands in a large trade.
The company's 0.3% equity changed hands at Rs 405.15 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Nifty, Sensex Opens Higher As RIL, HDFC Bank, Axis Bank Gain: Opening Bell
India's benchmark stock indices opened higher on Wednesday on support from gains in shares of index-heavy Reliance Industries Ltd., HDFC Bank Ltd.
As of 09:19 a.m., the NSE Nifty 50 was 100.05 points or 0.46% higher at 22,029.45, and BSE Sensex was 283.37 points or 0.39% higher at 72,469.46.
"The benchmark indices witnessed a sharp surge on Tuesday, with Nifty closing 167 points higher, while Sensex was up by 454 points. Among the sectors, the IT index performed the best, gaining nearly 3%. Despite the strong rally in the market, profit-booking was observed in banking stocks intraday. Technically, after the initial intraday correction, Nifty found support near 21700/71600 and bounced back sharply. From the lowest point of the day, the market climbed more than 210 points. On the daily chart, the index has formed a bullish candle, supporting the uptrend from the current levels. Our view is that as long as the index is trading above 21700/71600, the positive momentum is likely to continue. Above this, the index may rise to 22050-22100/73200-73400. The actual trend will emerge if the index crosses 22200/73500 levels. In that case, it will go to 22400-22500 levels. Alternatively, below 21700/71600, traders may prefer to exit long trading positions," said Shrikant Chouhan, head, equity research, at Kotak Securities
State Bank of India, Reliance Industries Ltd., Axis Bank Ltd., HDFC Bank Ltd., and Kotak Mahindra Bank Ltd. added positively to the index.
Infosys Ltd., HCL Technologies Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and Power Grid Corp Of India Ltd., capped gains to the index.
On NSE, 11 sectors out of 12 gained, while one fell. The Nifty Realty index gained 2.89% to become the top performer among sectoral indices.
Broader markets were also trading higher. The S&P BSE Midcap rose 0.77%, and the Smallcap gained 1.09%.
On BSE, 18 sectors out of 20 rose, and two declined. The S&P BSE Consumer Durables rose the most among sectoral indices.
The market breadth was skewed in favour of buyers. Around 2,331 stocks rose, 718 stocks declined, and 79 remained unchanged on BSE.
Godawari Power Receives Environment Clearance For Its Iron Ore Pelletisation Plant Expansion
Godawari Power And Ispat Ltd has received an environment clearance for expansion of iron ore pelletisation plant to 4.7 MTPA from 2.7 MTPA.
The clearance is for expansion of capacity at Raipur plant in Chhattisgarh.
Source: Exchange filing
Nifty, Sensex Higher In Pre-Open
At pre-open, the NSE Nifty 50 was 115.65 points or 0.53% higher at 22,045.05, and the S&P BSE Sensex was 354.97 points or 0.50% higher at 72,548.50.
Rupee Strengthens Against U.S Dollar
The local currency strengthened 2 paise to open at Rs 83.04 against the U.S dollar.
It closed at 83.06 on Tuesday.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.08%.
Source: Bloomberg
ANMI Approves To Send Recommendation On Extending Trade Hours
Association of National Exchanges Members of India's board approved to send recommendation on extending trade timings for Index products.
Sources: People In The Know To NDTV Profit
HDFC Bank Completes Issuance Of Senior Unsecured Bonds
HDFC Bank Ltd completed issue of $750 million senior unsecured bonds under dual tranche via GIFT City unit.
Source: Exchange filing
Canara Bank To Consider Stock Split
Canara Bank's board to consider stock split on Feb 26
Source: Exchange filing
Global Cues
U.S. Dollar Index at 104.10
U.S. 10-year bond yield at 4.08%
Brent crude up 0.31% at $78.83 per barrel
Nymex crude up 0.37% at $73.58 per barrel
GIFT Nifty up 5.5 points or 0.02% at 22,117.50 as of 8:07 a.m
Bitcoin was down 0.15% at $43,100.48
Brokerages On Nykaa
Elara Capital Reduces Nykaa's Target Price
Elara Capital rated Nykaa as accumulate and reduced target price to Rs 185 apiece from Rs 200 apiece.
Fashion segment posts positive surprise, said Elara Capital.
The brokerage said consolidated losses for Fashion and others business have pared down marginally.
It expects Nykaa's revenue from BPC segment may see a CAGR of 22.0% inFY24E-26E.
BPC is already trading at premium valuations, said the brokerage.
Elara Capital expects online fashion business to turn Ebitda positive in FY26.
HSBC Retains 'Buy' On Nykaa
HSBC maintained 'buy' rating for Nykaa and reduced target price to Rs 240 apiece from Rs 250 apiece.
Nykaa's Ebitda margin is a tad lower than expected.
HSBC Global Research said Nykaa with its scale is formidable in BPC and fashion is on superior track now.
It expects the BPC ecommerce market to grow at a 20-30% CAGR.
The brokerage said it sees Nykaa's revenue to nearly double every 2-3 years over next five years.
Nykaa has a distinctive fashion strategy, the brokerage said.
F&O Cues
Nifty February futures up by 0.91% to 21,979.55 at a premium of 50.55 points.
Nifty February futures open interest up by 2.16%.
Nifty Bank February futures down by 0.02% to 45,971 at a premium of 280.2 points.
Nifty Bank February futures open interest up by 7.9%.
Nifty Options Feb. 8 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 21,000.
Bank Nifty Options Feb. 7 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 44,000.
Securities in the ban period: Ashok Leyland, Hindustan Copper, India Cements, Indus Tower, National Aluminium, UPL, Zee Entertainment Enterprise.
Insider Trades
Steel Strips Wheels: Promoter Sunena Garg sold 14.63 lakh shares on Feb. 5.
Paisalo Digital: Promoter group Equilibrated Venture Cflow bought 18.06 lakh shares on Feb. 6.
Who’s Meeting Whom
Indoco Remedies: To meet analysts and investors on Feb.19.
Bikaji Foods: To meet analysts and investors on Feb. 14.
Fusion Micro Finance: To meet analysts and investors on Feb. 7.
RBL Bank: To meet analysts and investors on Feb. 7.
Flair Writing: To meet analysts and investors on Feb. 13.
Computer Age Management Services: To meet analysts and investors on Feb. 15, 21.
Accelya Solutions: To meet analysts and investors on Feb. 9 and 12.
Happy Forgings: To meet analysts and investors on Feb. 12.
Adani Wilmar: To meet analysts and investors on Feb. 12 and 13.
Bulk Deals
Krishna Institute of Medical Sciences: India Advantage Fund sold 10.7 lakh shares (1.33%), while SBI Life Insurance bought 11.49 lakh shares (1.43%) at Rs 2085 apiece.
Global Surfaces: Vikasa India EIF I Fund - Incube Global Opportunities sold 2.2 lakh shares (0.51%) at Rs 300.21 apiece.
HFCL: MN Ventures sold 75 lakh shares (0.52%) at Rs 98.01 apiece.
Tourism Finance Corp: Shruti Mohta sold 10.66 lakh shares (1.18%) at Rs 220.39 apiece.
IPO Offerings
Rashi Peripherals: The information and communications technology products distributor will offer its shares for bidding on Wednesday. The price band is set from Rs 295 to Rs 311 per share. The Rs 600 crore IPO comprises only a fresh issue. The company has raised Rs 180 crore from anchor investors.
Jana Small Finance Bank: The small finance bank will offer its shares for bidding on Wednesday. The price band is set for Rs 393 to Rs 414 per share. The 570 crore IPO includes both a fresh issue of Rs 462 crore and an offer for sale of 108 crore. The company has raised Rs 166.95 crore from anchor investors.
Capital Small Finance Bank: The small finance bank will offer its shares for bidding on Wednesday. The price band is set for Rs 445 to Rs 468 per share apiece. The 523.07 crore IPO includes both a fresh issue of Rs 450.00 crore and an offer for sale of 73.07 crore. The company has raised Rs 157 crore from anchor investors.
Apeejay Surrendra Park Hotels: The public issue was subscribed to 5.82 times on day 2. The bids were led by retail investors (13.14 times), non-institutional investors (10.35 times) and institutional investors (1.26 times) and reserved for employees (2.09 times).
Stocks To Watch
UPL: Moody’s Investors Service downgraded the company's senior unsecured rating to 'Ba1' from 'Baa3' on deterioration in the agrochemical industry fundamentals.
JB Chemicals & Pharmaceuticals: The company appointed Narayan Saraf as chief financial officer effective Feb. 23.
Biocon: The company received US FDA tentative approval for Dasatinib tablets, which are used in the treatment of the Philadelphia chromosome.
Lupin: The company received US FDA approval from ANDA for bromfenac ophthalmic solution, which is a generic of bromsite.
Power Finance Corp.: The company incorporated Bhadla-III and Bikaner-III transmission as a wholly owned subsidiary for the development of transmission system strengthening for interconnections of the Bhadla III and Bikaner-II complexes.
Yasho Industries: The company begins a trial run at the Bharuch unit for manufacturing industrial chemicals.
Karnataka Bank: The company received an RBI nod for exercising the call option on bonds.
Mahindra Lifespace Developers: The company received an Irdai nod for a Rs 1,612 crore capital infusion by Axis Bank, subject to CCI approval.
Mahindra Life: The company received a Rs 2.3 crore penalty for non-adherence to forest norms.
Earnings In Focus
Aarti Pharmalabs, AIA Engineering, Apollo Tyres, Ashoka Buildcon, Aditya Vision, Borosil Renewables, Cummins India, Dreamfolks Services, Electronics Mart India, EPL, FDC, Gujarat Fluorochemicals, Fortis Healthcare, First Source Solution, General Insurance Corporation of India, Guajarat Industries Power, GMR Power and Urban Infra, Gujarat Narmada Valley Fertilizers & Chemicals, HBL Power Systems, Hemisphere Properties India, HMT, India Pesticides, Jamna Auto Industries, JK Paper, Kalpataru Projects International, Lupin, Manappuram Finance, Navneet Education, Nestle India, Nocil, PDS, Piccadily Agro Industries, Power Grid Corporation of India, Protean eGov Technologies, Religare Enterprises, Safari Industries (India), Sanghvi Movers, Shivalik Bimetal Controls, Shalby, Sobha, Solar Industries India, Star Cement, Tata Consumer Products, Trent, UNO Minda, and Varroc Engineering.
Earnings Post Market Hours
Britannia Industries Q3 FY24 (Consolidated, YoY)
Revenue up 1.4% to Rs 4,256.3 crore vs Rs 4196.8 crore (Bloomberg estimate Rs 4,296.2 crore)
Ebitda up 0.4% to Rs 821.09 crore vs Rs 817.58 crore (Bloomberg estimate Rs 813.1 crore).
Margin at 19.3% vs 19.5% (Bloomberg estimate 18.9%).
Net profit down 40.4% to Rs 555.6 crore vs Rs 932.4 crore (Bloomberg estimate Rs 552.8 crore).
Navin Fluorine Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 10.96% at Rs 501.82 crore vs Rs 563.58 crore (Bloomberg estimate: Rs 522.42 crore).
Ebitda down 51.37% at Rs 75.67 crore vs Rs 155.58 crore (Bloomberg estimate: Rs 121.98 crore).
Margin down 1,252 bps at 15.07% vs 27.6% (Bloomberg estimate: 23.30%).
Net profit down 26.78% at Rs 78.02 crore vs Rs 106.56 crore (Bloomberg estimate: Rs 63.88 crore).
Eveready Industries Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 7.7% at Rs 304.91 crore vs Rs 330.43 crore.
Ebitda up 3% at Rs 24.7 crore vs Rs 24 crore.
Margin up 84 bps at 8.09% vs 7.25%.
Net profit up 54.6% at Rs 8.41 crore vs Rs 5.44 crore.
FSN E-Commerce Ventures Q3 Earnings FY24 (Consolidated, QoQ)
Revenue up 18.7% at Rs 1,789 crore vs Rs 1,507 crore (Bloomberg estimate: Rs 1,790.10 crore).
Ebitda up 22.5% at Rs 98.7 crore vs Rs 80.6 crore (Bloomberg estimate: Rs 115.9 crore).
Margin up 16 bps at 5.5% vs 5.53% (Bloomberg estimate: 6.5%).
Net profit at Rs 17.4 crore vs Rs 7.8 crore (Bloomberg estimate: Rs 32.55 crore).
Approves further investment of up to Rs 150 crore in Nykaa Fashion via rights issue.
V-Mart Retail Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 14.43% at Rs 889.05 crore vs Rs 776.88 crore (Bloomberg estimate: Rs 888.94 crore).
Ebitda up 15.44% at Rs 119.69 crore vs Rs 103.68 crore (Bloomberg estimate: Rs 106.04 crore).
Margin up 11 bps at 13.46% vs 13.34% (Bloomberg estimate: 11.90%).
Net profit up 41.36% at Rs 28.23 crore vs Rs 19.97 crore (Bloomberg estimate: Rs 16.46 crore).
Godawari Power and Ispat Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 10.54% at Rs 1,308.92 crore vs Rs 1,462.99 crore.
Ebitda up 80.36% at Rs 330.91 crore vs Rs 183.47 crore.
Margin up 1,274 bps at 25.28% vs 12.54%.
Net profit up 79.05% at Rs 229.16 crore vs Rs 127.98 crore.
JB Chemicals Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 6.53% at Rs 844.51 crore vs Rs 792.71 crore (Bloomberg estimate: Rs 860.43 crore).
Ebitda up 27.66% at Rs 223.12 crore vs Rs 174.77 crore (Bloomberg estimate: Rs 213.40 crore).
Margin up 437 bps at 26.42% vs 22.04% (Bloomberg estimate: 24.80%).
Net profit up 25.89% at Rs 133.57 crore vs Rs 106.1 crore (Bloomberg estimate: Rs 133.70 crore).
Appointed Narayan Saraf as chief financial officer, effective Feb. 23.
Board declares interim dividend of Rs 5.5 per share.
NLC India Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 13.99% at Rs 3,164.4 crore vs Rs 3,679.01 crore.
Ebitda down 33.47% at Rs 904.7 crore vs Rs 1,359.71 crore.
Margin down 836 bps at 28.58% vs 36.95%.
Net profit at Rs 254.1 crore vs loss of Rs 396.4 crore.
Zaggle Prepaid Q3 Earnings FY24 (Consolidated, QoQ)
Revenue up 8.28% at Rs 199.51 crore vs Rs 184.24 crore.
EBIT up 47.22% at Rs 18.58 crore vs Rs 12.62 crore.
Margin up 246 bps at 9.31% vs 6.84%.
Net profit up 100.52% at Rs 15.22 crore vs Rs 7.59 crore.
P&G Health Q3 FY24 (Standalone, YoY)
Revenue flat at Rs 310 crore.
Ebitda down 6.6% at Rs 101.71 crore vs Rs 108.86 crore.
Margin down 230 bps at 32.8% vs 35.1%.
Net profit down 6.1% at Rs 72.1 crore vs Rs 76.8 crore.
Brigade Enterprise Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 43.08% at Rs 1,173.77 crore vs Rs 820.31 crore (Bloomberg estimate: Rs 1,053.15 crore).
Ebitda up 26.02% at Rs 262.04 crore vs Rs 207.92 crore (Bloomberg estimate: Rs 295.96 crore).
Margin down 302 bps at 22.32% vs 25.34% (Bloomberg estimate: 28.10%).
Net profit up 30.71% at Rs 55.79 crore vs Rs 42.68 crore (Bloomberg estimate: Rs 118.08 crore).
Approved raising Rs 1,500 crore via bonds and equity.
Berger Paints Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 6.98% at Rs 2,881.83 crore vs Rs 2,693.59 crore.
Ebitda up 37.29% at Rs 480.04 crore vs Rs 349.65 crore.
Margin up 367 bps at 16.65% vs 12.98%.
Net profit up 49.2% at Rs 300.16 crore vs Rs 201.17 crore.
AGI Greenpac Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 9.68% at Rs 622.26 crore vs Rs 567.3 crore.
Ebitda up 37.09% at Rs 150.19 crore vs Rs 109.55 crore.
Margin up 482 bps at 24.13% vs 19.31%.
Net profit up 26.09% at Rs 67.12 crore vs Rs 53.23 crore.
Anant Raj Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 47.59% at Rs 392.27 crore vs Rs 265.78 crore.
Ebitda up 70.67% at Rs 90.08 crore vs Rs 52.78 crore.
Margin up 310 bps at 22.96% vs 19.85%.
Net profit up 58.17% at Rs 71.43 crore vs Rs 45.16 crore.
Blue Jet Healtcare Q3 Earnings FY24 (YoY)
Revenue down 1.31% at Rs 166.76 crore vs Rs 168.96 crore.
Ebitda up 5.48% at Rs 54.59 crore vs Rs 51.75 crore.
Margin up 210 bps at 32.73% vs 30.62%.
Net profit down 14.44% at Rs 32.11 crore vs Rs 37.53 crore.
Prataap Snacks Q3 Earnings FY24 (YoY)
Revenue down 4.26% at Rs 408.31 crore vs Rs 426.45 crore.
Ebitda up 48.56% at Rs 34.75 crore vs Rs 23.39 crore.
Margin up 302 bps at 8.51% vs 5.48%.
Net profit up 105.52% at Rs 10.79 crore vs Rs 5.25 crore.
Max Financial Services Q3 Earnings FY24 (Consolidated, YoY)
Total income at Rs 12,359.19 crore vs Rs 8,898.35 crore, up 38.89%.
Net profit at Rs 171.21 crore vs Rs 269.35 crore, down 36.43%.
Max Life Insurance gets IRDAI nod to raise capital worth Rs 1,612 crore.
Redington Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 8.44% at Rs 23,504.97 crore vs Rs 21,674.31 crore (Bloomberg estimate: Rs 24,979.65 crore).
Ebitda down 11.03% at Rs 517.3 crore vs Rs 581.42 crore (Bloomberg estimate: Rs 548.78 crore).
Margin down 48 bps at 2.2% vs 2.68% (Bloomberg estimate: 2.20%).
Net profit down 11.42% at Rs 347.88 crore vs Rs 392.75 crore (Bloomberg estimate: Rs 323.8 crore).
Cigniti Technologies Q3 Earnings FY24 (Consolidated, QoQ)
Revenue at Rs 468.02 crore vs Rs 451.83 crore, up 3.58%.
EBIT at Rs 56.73 crore vs Rs 57.24 crore, down 0.9%.
Margin at 12.12% vs 12.66%, down 54 bps.
Net profit at Rs 48.04 crore vs Rs 45.86 crore, up 4.75%.
EID Parry Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 21.63% at Rs 7,770.14 crore vs Rs 9,913.9 crore.
Ebitda down 53.83% at Rs 420.98 crore vs Rs 911.67 crore.
Margin down 377 bps at 5.41% vs 9.19%.
Net profit down 55.04% at Rs 216.52 crore vs Rs 481.6 crore.
Endurance Technology Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 22.23% at Rs 2,561.1 crore vs Rs 2,095.2 crore (Bloomberg estimate: Rs 2,625.48 crore).
Ebitda up 24.85% at Rs 298.99 crore vs Rs 239.47 crore (Bloomberg estimate: Rs 336.69 crore).
Margin up 24 bps at 11.67% vs 11.42% (Bloomberg estimate: 12.8%).
Net profit up 40.7% at Rs 152.28 crore vs Rs 108.23 crore (Bloomberg estimate: Rs 165.69 crore).
EIH Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 26.4% at Rs 741.26 crore vs Rs 586.41 crore.
Ebitda up 55.2% at Rs 324.39 crore vs Rs 209.01 crore.
Margin up 811 bps at 43.76% vs 35.64%.
Net profit up 52.19% at Rs 229.94 crore vs Rs 151.08 crore.
Nazara Technologies Q3 Earnings FY24 (Consolidated, QoQ)
Revenue up 7.79% at Rs 320.4 crore vs Rs 297.24 crore.
EBIT up 82.15% at Rs 21.13 crore vs Rs 11.6 crore.
Margin up 269 bps at 6.59% vs 3.9%.
Net profit up 22.08% at Rs 29.52 crore vs Rs 24.18 crore.
Dollar Industries Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 15.54% at Rs 329.69 crore vs Rs 285.34 crore.
Ebitda up 65.89% at Rs 32.2 crore vs Rs 19.41 crore.
Margin up 296 bps at 9.76% vs 6.8%.
Net profit up 102.74% at Rs 17.72 crore vs Rs 8.74 crore.
Gujarat State Fertilizers & Chemicals Q3 FY24 (Consolidated, YoY)
Revenue down 42.29% at Rs 2,007.75 crore vs Rs 3,478.99 crore (Bloomberg estimate: Rs 2,363.2 crore).
Ebitda down 68.9% at Rs 107.61 crore vs Rs 345.76 crore (Bloomberg estimate: Rs 219.80 crore).
Margin at 5.35% vs 9.93% (Bloomberg estimate: 9.3%).
Net profit down 71.21% at Rs 117.99 crore vs Rs 409.93 crore (Bloomberg estimate: Rs 141.7 crore).
Hawkins Cookers Q3 FY24 (Consolidated, YoY)
Revenue up 6.46% at Rs 272.4 crore vs Rs 255.87 crore.
Ebitda up 6.62% at Rs 26.87 crore vs Rs 25.2 crore.
Margin at 9.86% vs 9.84%.
Net profit up 8.95% at Rs 19.71 crore vs Rs 18.09 crore.
IOL Chemicals and Pharma Q3 FY24 (Consolidated, YoY)
Revenue down 0.6% at Rs 520.39 crore vs Rs 523.48 crore (Bloomberg estimate: Rs 635.5 crore).
Ebitda up 3.91% at Rs 44.35 crore vs Rs 42.68 crore (Bloomberg estimate: Rs 85.8 crore).
Margin at 8.52% vs 8.15% (Bloomberg estimate: 13.5%).
Net profit down 2.94% at Rs 23.08 crore vs Rs 23.78 crore (Bloomberg estimate: Rs 56 crore).
Radico Khaitan Q3 FY24 (Consolidated, YoY)
Revenue up 34.1% at Rs 1,160.92 crore vs Rs 792.16 crore.
Ebitda up 47.45% at Rs 142.81 crore vs Rs 96.85 crore.
Margin at 12.3% vs 12.22%.
Net profit up 22.73% at Rs 75.15 crore vs Rs 61.23 crore.
Tata Teleservices Q3 FY24 (Consolidated, YoY)
Revenue up 3.21% at Rs 296.03 crore vs Rs 286.8 crore.
Ebitda loss at Rs 274.43 crore vs loss of Rs 277.72 crore.
Net loss at Rs 307.72 crore vs loss of Rs 309.81 crore.
Lemon Tree Hotels Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 23.6% at Rs 288.69 crore vs Rs 233.55 crore (Bloomberg estimate: Rs 282.23 crore).
Ebitda up 10.49% at Rs 139.74 crore vs Rs 126.47 crore (Bloomberg estimate: Rs 139.24 crore).
Margin down 574 bps at 48.4% vs 54.15% (Bloomberg estimate: 49.30%).
Net profit down 9.87% at Rs 43.79 crore vs Rs 48.59 crore (Bloomberg estimate: Rs 45.13 crore).
Timken India Q3 Earnings (FY24)
Revenue up 0.45% at Rs 612.21 crore vs Rs 609.44 crore (Bloomberg estimate: Rs 642.5 crore).
Ebitda down 1.18% at Rs 102.48 crore vs Rs 103.7 crore (Bloomberg estimate: Rs 122.93 crore).
Margin down 27 bps at 16.73% vs 17.01% (Bloomberg estimate: 19.10%).
Net profit down 4.29% at Rs 67.53 crore vs Rs 70.56 crore (Bloomberg estimate: Rs 94.03 crore).
Vakrangee Q3 Earnings FY24 (Consolidated, QoQ)
Revenue up 0.03% at Rs 51.56 crore vs Rs 51.54 crore.
EBIT up 17.34% at Rs 2.3 crore vs Rs 1.96 crore.
Margin up 65 bps at 4.46% vs 3.8%.
Net profit up 853.84% at Rs 1.24 crore vs Rs 0.13 crore.
GIFT Nifty Trades Above 22,100
Most markets in the Asia-Pacific region were trading higher during early Wednesday, taking cues from overnight gains on Wall Street.
The S&P ASX 200 was trading 0.73% higher at 7,636.80, and the KOSPI was 1.77% up at 2,621.85 as of 7:21 a.m. Bucking the trend, markets in Japan were trading in the negative. The Nikkei 225 was 0.14% lower at 36,111.65.
The U.S. bond market bounced back after a two-day rout, with investors awaiting a slew of Federal Reserve speakers for clues on whether the latest economic reports will impact their rate outlook, according to Bloomberg.
Both the S&P 500 index and Nasdaq 100 rose by 0.23% each on Tuesday. The Dow Jones Industrial Average rose by 0.37%.
Brent crude was trading 0.77% higher at $78.59 a barrel. Gold was lower by 0.07% at $2,034.77 an ounce.
The GIFT Nifty was trading 5.5 points, or 0.02%, higher at 22,117.50 as of 8:07 a.m.
Indian benchmark equity indices ended higher on Tuesday, with shares of information technology companies contributing the most to gains. The NSE Nifty 50 closed 157.7 points, or 0.72%, higher at 21,929.4, while the S&P BSE Sensex rose 454.67 points, or 0.63%, to end at 72,186.09.
Overseas investors remained net buyers of Indian equities for the third consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 92.5 crore, while domestic institutional investors turned net sellers and offloaded equities worth Rs 1,096.3 crore, the NSE data showed.
The Indian rupee closed flat at Rs 83.05 against the U.S. dollar.
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