KEY HIGHLIGHTS
FPIs Remain Net Sellers For The Fourth Straight Day
Overseas investors remained net sellers of Indian equities for the fourth consecutive day on Friday.
Foreign portfolio investors offloaded stocks worth Rs 340.05 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors stayed net buyers and mopped up equities worth Rs 2,911.19 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 3,864 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The S&P BSE Sensex surged 847.27 points, or 1.18%, to close at 72,568.45, while the NSE Nifty 50 gained 260.80 points, or 1.20%, to end at 21,908.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed 2 bps higher at 7.18% on Friday.
Source: Bloomberg
Rupee Strengthens To Over Three-Month High Against U.S. Dollar
-The local currency strengthened 11 paise to close at 82.92 against the U.S dollar on Friday.
-It closed at 83.03 Thursday.
Source: Bloomberg
Nifty, Sensex Record Highest Close As Infosys, TCS, RIL Lead: Closing Bell
A sharp rise in information technology stocks, following the Q3 results of heavyweights Infosys and TCS, led the benchmarks to close at their new highs on Friday.
The Nifty 50 closed at 21,908 points, up by 260.80 points or 1.20% after hitting an intraday high of 21,928 points. Sensex rose 847.27 points or 1.18% to end at 72,568.45 points after hitting an intraday high of 72,720.96 points.
"We are of the view that, as long as the index is trading above 21750/72100 breakout texture is likely to continue," said Amol Athawale, Vice President of Technical Research at Kotak Securities. "Above the same, market could move up till 22100-22200/73000-73300. On the flip side, below 21750/72100 traders may prefer to exit out from the trading long positions. Below which, the index could retest the level of 21650-21575/70800-70600."
Shares of Infosys Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and HCL Technologies Ltd. contributed the most to the gains.
Meanwhile, those of Bajaj Finserv Ltd., Cipla Ltd., Asian Paints Ltd., and Mahindra & Mahindra Ltd., capped the upside
This week, Nifty IT and Nifty Realty ended over 4% higher and Nifty FMCG fell over 2%.
Broader markets underperformed. The S&P BSE Smallcap gained 0.36%, while the S&P BSE Midcap index rose 0.41%. On BSE, 16 sectors out of 20, advanced, while four declined. The S&P BSE Information Technology rose the most by over 5%.
The market breadth was skewed in favour of the buyers. About 2,111 stocks rose, 1,742 declined, and 89 remained unchanged on the BSE
Zomato Has 30.1 Lakh Shares Change Hands In A Large Trade
- 30.1 lakh shares changed hands in a large trade
- 0.03% equity changed hands at Rs 140.8 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
Bharat Bijlee Q3 Results Key Highlights (YoY)
Revenue at Rs 423.74 crore, up 9.2%
Ebitda at Rs 38.98 crore, up 19.49%
Ebitda margin at 9.19% vs 8.4%
Net profit at Rs 29.69 crore, up 28.58%
Source: Exchange Filing
HDFC Life Erases Losses After Q3 Results
HDFC Life Insurance Co - Q3 FY24
- Consolidated total income at Rs 26,735.1 crore, up 35.58% YoY
- Consolidated net profit at Rs 367.5 crore, up 16.33% YoY
- Bloomberg estimated consolidated net profit of Rs 378 crore
- Net premium income at Rs 15,273.3 crore, up 6% YoY
- Solvency ratio at 190% vs 209% QoQ
- VNB at Rs 856 crore, down 2% YoY
- VNB margin 26.83% vs 26.84% YoY
- Apr-Dec AUM at Rs 2.8 lakh crore, up 22% YoY
Nifty Crosses 21,900 For The First Time
A Day Of Records
Nifty 50, Sensex, Nifty Smallcap 250 & Oil & Gas hit life high
Rupee, hits 3-month high
Nifty IT gains 5.1% in intraday trade, most since Oct 8, 2020
Infosys clocks highest single day gains in 42 months
Cyient In Pact With Japan's SkyDrive For Product Development
Karur Vysya Has 17.6 Lakh Shares Change Hands In A Large Trade
- 17.6 lakh shares changed hands in a large trade
- 0.2% equity changed hands at Rs 167.45 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
Kolte-Patil Developers Q3 Business Update
Sales volume at 0.98 million sq ft, down 13% YoY
Sales value at Rs 746 crore, up 4% YoY
Collections at Rs 493 crore, up 13% YoY
Source: Exchange Filing
Rupee Rises To Over Three-Month High Against U.S. Dollar
-The local currency strengthened by 14 paise to 82.86 against the U.S dollar, highest level since Sep 22, 2023.
-It closed at 83.03 on Thursday.
Source: Bloomberg
Sensex Hits New Record
Alkem Labs Appoints Nitin Agrawal as CFO w.e.f. Feb 1
Veranda Learning Unit To Acquire Tapasya Educational Institutions
To acquire Tapasya Educational Institutions in three tranches
Unit to pay Rs 120 crore in first tranche of payments, and at least Rs 242 crore for remaining acquisition
Source: Exchange filing
JTL INDUSTRIES Q3 FY24 (Y-o-Y)
Revenue up 65.27% at Rs 567.4 crore
Ebitda up 46.55% at Rs 42.5 crore
Margin at at 7.49% vs 8.44%,
Net profit up 47.31% at Rs 30.2 crore
Source: Exchange Filing
GHCL Signs MoUs Worth Rs 3,450 Crore
Signs MoU for investments in Gujarat
Source: Exchange Filing
Godrej Consumer Q3 Business Update
Argentine Peso devaluation hit recorded in Q3
Negative mid-single digit hit on group sales
Minimal impact of devaluation on profitability
Source: Exchange Filing
Birlasoft Hits Record High
Scrips of Birlasoft Ltd rose as much as 5.74% to Rs 789.90 apiece, the highest level since its listing on Nov 24,1999 . It was trading 5.22% higher at Rs 786.00 as of 1:03 p.m. This compares to 0.95% advance on NSE Nifty 50 index.
It has risen in 171.40. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 72.27.
Out of 14 analysts tracking the company, 10 maintain a 'buy' rating, three recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.4%.
Most Realty Stocks Advance
DB Realty Locked In Upper Circuit
DB Realty shares were locked in an upper circuit on Friday after a large trade wherein 1.2% equity changed hands.
The scrip rose as much as 9.98% to 222.65 apiece, the highest level since Nov. 21, 2023. It was locked in upper circuit, as of 11:22 a.m. This compares to a 0.86% advance in the NSE Nifty 50 Index.
It has risen 149.47% in the last 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 69.
Sanghi Industries Locked In Upper Circuit
The shares of Sanghi Industries Ltd. rose on Friday to be locked in upper circuit after independent directors found the revised offer by Ambuja Cements Ltd. to be fair and reasonable.
Independent Directors found the acquisition offer of up to Rs 818.74 crore by Ambuja Cements in accordance with the regulation and on basis of that it is fair and reasonable, the company said in a statement. The recommendation was approved by the members on Jan. 9, 2023.
The scrip rose as much as 9.97% to 142.90 apiece, the highest level since Jan. 8, 2018. It was locked in upper circuit, as of 10:55 a.m. This compares to a 0.83% advance in the NSE Nifty 50 Index.
It has risen 93.37% in the last 12 months. Total traded volume so far in the day stood at 7 times its 30-day average. The relative strength index was at 71 indicating that it was overbought.
The two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside/upside of 91.2%.
Nifty 50 Hits New Record High
Hindustan Zinc Gets GST Worth Rs 12.72 Crore
Gets GST order from Udaipur GST authority
Source: Exchange Filing
Nifty IT Hits Highest Level Since April 2022, All Stocks Up
The Nifty IT index rose to its highest level since April 5, 2022 with all its constituents rising. The sentiment was driven by shares of Infosys and Tata Consultancy Services, which rose as their Q3 earnings were in line with expectations.
IRFC Has 12.6 Lakh Shares Change Hands In A Large Trade
- 12.6 lakh shares changed hands in a large trade
- 0.01% equity changed hands at Rs 111 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
HDFC AMC Falls After Hitting Multi-Year High
Scrips of HDFC Asset Management Company Ltd rose as much as 1.66% to Rs 3,560.00 apiece, the highest level since Nov 29, 2019. It erased all gains, and was trading 1.69% lower at Rs 3,442.45 apiece, as of 10:05 a.m. This compares to a 0.59% advance in the NSE Nifty 50 Index.
It has risen 59.99% in 12 months. Total traded volume so far in the day stood at 6.4 times its 30-day average. The relative strength index was at 72.93, which implied the stock is overbought.
Out of 23 analysts tracking the company, 10 maintain a 'buy' rating, 11 recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.0%.
5Paisa Capital Falls Over 8%
The shares of 5paisa Capital fell over 8% on Friday. The fall in share comes despite a positive earnings in the third quarter.
5paisa Capital. Q3 FY24 Results: (Standalone, year-on-year)
Net profit at Rs 15.08 crore vs Rs 11.12 crore, up 35.61%
Total income at Rs 100.3 crore vs Rs 83.7 crore, up 19.83%
The scrip fell as much as 8.42% to 632 apiece, the lowest level since Jan. 3. It pared losses to trade 7.04% lower at Rs 641.50 apiece, as of 10:03 a.m. This compares to a 0.63% advance in the NSE Nifty 50 Index.
It has risen 98.42% in the last 12 months. Total traded volume so far in the day stood at 3.5 times its 30-day average. The relative strength index was at 59.
Tata Steel Has 26 Lakh Shares Change Hands In Large Trade
- 26 lakh shares changed hands in a large trade
- 0.02% equity changed hands at Rs 135.25 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
Vedanta Has 10 Lakh Shares Change Hands In Large Trade
- 10 lakh shares changed hands in a large trade
- 0.03% equity changed hands at Rs 272.6 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
TCS Shares Surge Over 3% After Q3 Results
Shares of the company rose as much as 3.24% to Rs 3,860 apiece, the most since Dec 15, 2023. It was trading 2.97% higher at Rs 3,846.35 apiece, compared to a 0.44% advance in the benchmark NSE Nifty 50 as of 9.17 a.m.
Of the 24 analysts tracking the company, 12 maintain a 'buy', 12 recommend a 'hold', and nine suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a upside of 5%
Infosys Jumps Over 6% After Q3 Results
Shares of the company rose as much as 6.28% to Rs 1,583.00 apiece, the highest level since Dec 20. It was trading 5.85% higher at Rs 1,581.55 apiece, as of 09:33 a.m. This compares to a 0.38% advance in the NSE Nifty 50 Index.
It has risen 6.34% in 12 months. Total traded volume so far in the day stood at 5.6 times its 30-day average. The relative strength index was at 60.00.
Out of 45 analysts tracking the company, 25 maintain a 'buy' rating, 12 recommend a 'hold,' and eight suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.7%.
Nomura on India Autos
- Maintains 'Buy' on Tata Motors at raised target of Rs 953
- Maintains 'Buy' on Bajaj Auto at raised target of Rs 8,897
- Downgrades Bharat Forge to 'Neutral' at Rs 1,239 target
- Downgrades Samvardhana Motherson to "Neutral" to Rs 107 target
Polycab Rises Nearly 5%
The shares of Polycab India Ltd. rose on Friday after the company denied receiving communication from the Income Tax department regarding the outcome of the search. The shares were locked in a lower circuit of 20% on Thursday.
The scrip rose as much as 4.66% to 4,059 apiece, the highest level since Jan. 11. It pared gains to trade 3.15% higher at Rs 4000.75 apiece, as of 9:39 a.m. This compares to a 0.44% advance in the NSE Nifty 50 Index.
It has risen 49.45% in the last 12 months. Total traded volume so far in the day stood at 24 times its 30-day average. The relative strength index was at 20 indicating that it was underbought.
Out of 31 analysts tracking the company, 19 maintain a 'buy' rating, 6 recommend a 'hold,' and 6 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 49.9%.
Sensex, Nifty Open Higher As IT, FMCG Stocks Rise: Opening Bell
Benchmark indices extended their gains in the fourth consecutive session and opened higher due to gains in information technology and FMCG companies.
At pre-open, the S&P BSE Sensex Index was up 426.89 points, or 0.60%, at 72,148.07 while the NSE Nifty 50 was 126.3 points or 0.58% higher at 21,773.55.
"The index has indicated a rising channel pattern on the daily chart with support now maintained near 21500 level and upside potential of 21100 levels visible once a decisive breach above 21800 zone is confirmed," said Prabhudas Lilladher in a report. "The support for the day is seen at 21500 while the resistance is seen at 21800 levels."
Shares of Infosys Ltd., Tata Consultancy Services Ltd., HDFC Bank Ltd., ICICI Bank Ltd., and HCL Technologies Ltd. contributed the most to the gains.
Meanwhile, those of Reliance Industries Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., Asian Paints Ltd., and Nestle India Ltd., capped the upside.
Most sectoral indices advanced led by Nifty IT, which gained nearly 3%. Nifty Energy traded flat, while Nifty Auto and Nifty FMCG fell.
The broader markets underperformed; the S&P BSE MidCap Index was up 0.07%, whereas S&P BSE SmallCap Index was 0.40% higher.
Ten out of 20 sectors compiled by BSE declined, while Ten sectors advanced. S&P BSE Information Technology rose the most.
The market breadth was skewed in the favour of the buyers. About 1,984 stocks rose, 894 declined, while 98 remained unchanged on the BSE.
S&P Downgrades Vedanta Resources To 'Selective Default'
Lowers long-term issuer credit rating on Vedanta
Source: Bloomberg
Sensex, Nifty Higher At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 426.89 points, or 0.60%, at 72,148.07 while the NSE Nifty 50 was 126.3 points or 0.58% higher at 21,773.55.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.16%.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
-The local currency weakened by 5 paise to 83.08 against the U.S. dollar.
-It closed at 83.03 on Thursday.
Source: Bloomberg
Brokerages on TCS
CITI Research
Maintain Sell rating for TCS with revised target price of Rs 3,515
Sees TCS reporting good Q3 on back of sharp India growth
Believes 25% EBIT margins were ahead despite higher equipment and software expenses
Headcount decline of around 2% YoY does not provide visibility into FY25
Difficult to interpret deal TCV on back of lack of accurate data
Motilal Oswal
BUY; Target Price: Rs 4,250
Q3 revenue and margin beat estimates, TCV moderates QoQ; EBIT ahead of estimates
Deal wins in line with estimates
Co expects improvement in client sentiment after positive commentary by the US Fed
TCS is well positioned to withstand the weakening macro environment
Target price implies 25 times FY26E EPS
Jefferies
Hold; Target Price: Rs 4,000
Q3 numbers broadly in line
Demand commentary remains uninspiring, recovery not in sight
Entire growth in Q3 attributable to India
EBIT margins improved: aided by productivity, realisations, subcontracting costs
Brokerages on Infosys
Motilal Oswal
BUY; Target Price: Rs 1,750
Q3 revenue better than expected, EBIT margin marginally ahead of expectations
Large deal TCV momentum in tact, strong traction in large deal pipeline
Lower than expected wage hike & workforce reduction aided profit
Margin should bottom in FY24
Target Price based on 22x FY26E EPS
DAM Capital
Upgrade to buy with price target of Rs 1,750
Revenue falls 1% QoQ CC (-1% YoY CC) slightly below est. of 0.5% QoQ CC decline
Weakness led by higher furloughs, billing impact from ransomware attack on a subsidiary
Q3 marks 3rd consecutive quarter of guidance cut
Believe strong ramp up deals will start from FY25 with strong H1
Increase in utilization should further support margins in FY25
Raise EPS estimates for FY25/26 by 2%/3% on strong deal wins outlook
Expect 15% EPS CAGR FY24-26
Relatively strong growth in FY25 could be led by FY22/23 project closures, deal wins ramp up
Jefferies
Buy; Target Price: Rs 1,740
Growth and margins beat estimates, PAT in line
Net new order book impressive with growth guidance narrowed
Headcount decline suggests demand unlikely to recover
Margins healthy, FY24 guidance achievable
Global Cues
U.S. Dollar Index at 102.20
U.S. 10-year bond yield at 3.98%
Brent crude up 2.30% at $79.19 per barrel
Nymex crude up 2.49% at $73.81 per barrel
GIFT Nifty was up 0.06% at 21,720.50 as of 8:11 a.m.
Bitcoin was up 0.03% at $46,177.51
F&O Cues
Nifty January futures down by 0.14% to 21,678.45 at a premium of 31.20 points.
Nifty January futures open interest up by 2%.
Nifty Bank January futures down by 0.07% to 47,573.7 at a premium of 135.35 points.
Nifty Bank January futures open interest up by 4.1%.
Nifty Options Jan 18 Expiry: Maximum Call open interest at 21,700 and Maximum Put open interest at 21,000.
Bank Nifty Options Jan 17 Expiry: Maximum Call Open Interest at 47,500 and Maximum Put open interest at 45,000.
Trading Tweaks
Price band revised from 20% to 10%: Kamdhenu, Network18 Media and Investments, TARC.
Price band revised from 10% to 5%: AGS Transact Technologies.
Price band revised from 5% to 20%: Sundaram Clayton.
Ex/record bonus issue: Newgen Software Technologies.
Ex/record rights issue: Skipper.
Moved into short-term ASM framework: AstraZeneca Pharma, Century Textiles and Industries, Chaman Metallics, Dish TV India, Network18 Media and Investments, Olectra Greentech.
Pledge Share Details
Emami: Promoter Suraj Finvest created a pledge for 7.5 lakh shares on Jan. 9. and revoked a pledge for 3.5 lakh shares on Jan. 5. Promoter Diwakar Finvest revoked a pledge for 4.45 lakh shares on Jan. 5 and revoked a pledge for 3.5 lakh shares on Jan. 9.
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge for 17.92 lakh shares on Jan. 10.
IPO Offerings
Jyoti CNC Automation: The public issue was subscribed 38.53 times on day 3. The bids were led by institutional investors (44.13 times), non-institutional investors (36.48 times),retail investors (26.17 times) and reserved for employees (12.47 times).
Bulk Deals
Samhi Hotels: Abu Dhabi Investment Authority bought 50 lakh shares (2.29%) while Sarvara Investment Fund sold 50 lakh shares (2.29%) at Rs 185 apiece.
Bharat Wire Ropes: Destinations Int EQ Fund A Series of Brinker Capital Destinations Trust bought 4.15 lakh shares (0.61%) and NHIT Global Emerging Markets Equity Trust bought 3.7 lakh shares (0.54%) at Rs 382.95 apiece.
Polycab India: Small Cap World Fund Inc sold 8.51 lakh shares (0.56%) at Rs 3,955.87 apiece.
Stocks To Watch: TCS, Infosys, Polycab, UltraTech Cement In Focus
Polycab India: The company denied receiving communication from the Income Tax Department regarding the outcome of the search, a day after authorities alleged detection of unaccounted cash sales of Rs 1,000 crore and non-genuine expenses.
Infosys: The company will acquire semiconductor design services provider InSemi for Rs 280 crore.
Tata Power: The company’s unit, Tata Power Renewable Energy, signed a memorandum of understanding with the Gujarat government to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat.
UltraTech Cement: The company acquired a 26% stake in Amplus Ages for Rs 49 crore to meet green energy needs and optimise energy costs.
HG Infra Engineering: The company won the bid for a Rs 716 crore construction order from the Central Railway. The order involves the construction of a new 49.45-kilometre broad-gauge railway line between Dhule (Borvihir) and Nardana in Maharashtra.
Life Insurance Corp.: The insurer received two tax demand orders worth Rs 3,529 crore from Mumbai tax authorities.
Mahindra and Mahindra: The company will invest Rs 630 crore in Mahindra Electric Automobile by subscribing to a rights issue.
Vedanta: Billionaire Anil Agarwal tried to assuage concerns over the company's debt burden by posting a message on social media that the company has a comfortable financial situation and has never defaulted on payments.
Container Corp.: The company reported total volumes at 11.5 lakh TEU, up 6% YoY, export-import volumes at 9.02 lakh TEU, up 8.3% YoY and domestic volumes at 2.48 lakh TEU, down 1.25% YoY.
Bajel Projects: The company received a letter of intent for the supply of plant and installation services for transmission lines from Tata Power for Rs 487.64 crore.
Capacite Infraprojects: The company raised Rs 200 crore via QIP, allocating 79.47 lakh shares to investors at Rs 251.65 apiece, a discount of 5% to the floor price.
Bank of Baroda: The Reserve Bank of India waived off a penalty worth Rs 5 crore.
Ugro Capital: The company reported assets under management at over Rs 8,300 crore, up 60% YoY, and gross loan origination at Rs 2,810 crore, up 50% YoY.
Strides Pharma Science: The company’s unit agreed to sell a 100% stake in Eris Pharma for €200,000.
Heranba Industries: The company’s unit has acquired a 2.33% stake in Mikusu India. The total holding remains at 33.83%.
HDFC Bank: The company’s shareholders approved the reappointment of Sashidhar Jagdishan as managing director and chief executive officer.
TARC: The company launched a 1.7 million sq ft luxury residential project 'TARC KAILASA' with a gross development value of Rs 4,000 crore.
GHCL Textiles: The company signed a memorandum of understanding with the Tamil Nadu government to invest Rs 535 crore.
Quess Corp.: The company signed a memorandum of understanding with the Department of Gujarat Technical University to contribute to the forecast, development, and identification of programmes to meet the skill requirements of the state.
Sansera Engineering: The company completed the transactions on strategic investments in MMRFIC Technology.
KPI Green Energy: The company’s unit received an order for a 2 MW solar power plant from Sanwariya Processors for executing a solar power project. The projects are scheduled to be completed in the financial year 2024–25.
Shalby: The company’s division, Shalby Academy, signed a memorandum of understanding with Kaushalya, The Skill University of the Gujarat Government, at Vibrant Gujarat Global Summit 2024.
Tata Metaliks and Tata Steel: The National Company Law Tribunal, Mumbai, sanctioned the merger of Tata Metaliks with Tata Steel.
ICICI Lombard General Insurance: The company invested Rs 151 crore in Kotak Mahindra Bank.
Bhansali Engineering Polymers: The company received environmental clearance from the Rajasthan government for the expansion of ABS resin up to Rs 2 lakh TPA and saleable SAN resin up to 25,000 TPA at the company’s Sirohi plant. The company now has all the environmental approvals in place to achieve an overall 2,25,000 TPA capacity.
Paras Defence and Space Technologies: The company incorporated a new company named 'Mechtech Thermal'.
Droneacharya Aerial Innovations: The company was awarded a tender worth Rs 11.8 lakh by the Indian Defence System.
PCBL: The company incorporated a wholly owned subsidiary company, namely, Advaya Chemical Industries, with an initial paid-up share capital of Rs. 5 crore.
Karnataka Bank: The private lender opened its 915th branch with a Mini e-Lobby at Ayodhya.
Earnings Post Market Hours
Tata Consultancy Services Q3FY24 (Consolidated QoQ)
Revenue up 1.49% at Rs 60,583 crore. (Bloomberg estimate: Rs 60,108.6 crore)
EBIT up 4.6% at Rs 15,155 crore (Bloomberg estimate: Rs 14,786.4 crore)
EBIT margin at 25.01% vs 24.26% (Bloomberg estimate: 24.60%)
Net profit down 2.5% at Rs 11,097 crore. (Bloomberg estimate: Rs 11,498 crore)
Infosys Q3FY24 (Consolidated QoQ)
Revenue down 0.45% at Rs 38,821 crore. (Bloomberg estimate: Rs 38,695.2 crore)
EBIT down 4.6% at Rs 7,961 crore. (Bloomberg estimate: Rs 7,932.4 crore)
EBIT margin at 20.5% vs 21.21% (Bloomberg estimate: 20.5%)
Net profit down 1.645 at Rs 6,113 crore. (Bloomberg estimate: Rs 6,161.6 crore)
5paisa Capital (Standalone YoY)
Total incomeup 19.83% at Rs 100.3 crore.
Net profit up 35.61% at Rs 15.08 crore.
Earnings In Focus
HCL Technologies, Wipro, HDFC Life Insurance, Anand Rathi Wealth, Just Dial, JTL Industries, Tata Metaliks, Den Networks, Bharat Bijlee.
GIFT Nifty Trades Above 21,700
Asia-Pacific markets traded mixed ahead of China's trade data. Equities in Japan continued their rally and traded over 1% higher after crossing the 35,000 mark for the first time since 1990 on Thursday. Hong Kong's Hang Seng also traded higher.
South Korea's Kospi and Australia's S&P/ASX 200 fell.
The U.S. CPI rose 3.4% year-on-year in December, higher than the Bloomberg estimate of a 3.2% increase for the month. The print is also higher than the 3.2% CPI reported in November.
The higher U.S. CPI print raised doubts among investors about the Federal Reserve cutting rates anytime soon.
Wall Street saw a volatile session, with stocks down and bonds whipsawing after hotter-than-anticipated inflation data tempered bets on a Federal Reserve rate cut in March, according to Bloomberg.
Brent crude was trading up 2.30% at $79.19 per barrel. Gold was higher by 0.25% at $2,033.96 an ounce.
The January futures contract of the GIFT Nifty index traded 0.06% higher at 21,720.50 as of 8:11 a.m.
India’s benchmark stock indices ended higher on Thursday after a rangebound session, ahead of the release of crucial U.S. CPI data, which will provide fresh cues about the Federal Reserve's monetary policy. The NSE Nifty 50 ended 0.13%, or 28.50 points, higher at 21,647.20, while the S&P BSE Sensex closed 0.089%, or 63.47 points, up at 71,721.18.
Overseas investors remained net sellers of Indian equities for the third consecutive session on Thursday. Foreign portfolio investors offloaded stocks worth Rs 865 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 1,607.1 crore, the NSE data showed.
The Indian rupee closed at Rs 83.03 against the U.S. dollar on Thursday.
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