KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends lower
The yield on the 10-year bond closed 2 bps lower at 7.09% on Monday.
Source: Bloomberg
Rupee Strengthens Against U.S Dollar
-The local currency strengthened 3 paise to close at 83 against the U.S dollar.
-It closed at 83.03 on Friday
Source: Bloomberg
Nifty, Sensex End Lower As HDFC Bank, ICICI Bank Drag: Closing Bell
Benchmark equity indices pared some of the day's losses and ended lower today as losses in banks offset the gains in IT stocks.
The Nifty 50 lost 166.45 points or 0.76% to close at 21,616.05 points and Sensex closed 522.95 points or 0.73% lower at 71,072.55. Intraday, the Nifty fell as much as 0.95% and Sensex fell 0.94%.
Benchmark indices opened on a cautious note and moved into the red led by selling in heavyweight banks, metals, and mining companies, said Avdhut Bagkar, technical and derivatives analyst at StoxBox. "The 50 index continued to trend with a negative bias as it marked the third consecutive lower low," he said.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., State Bank Of India and Reliance Industries Ltd. dragged the Nifty.
While, those of Infosys Ltd., HCLTechnologies Ltd., Dr Reddy's Laboratories Ltd., Apollo Hospitals Enterprise Ltd., and Wipro Ltd., capped the downside.
All sectoral indices fell except Nifty IT and Nifty Pharma. Nifty Media and Nifty PSU Bank lost more than 4%.
On BSE, 18 sectors settled lower, while two ended higher. The S&P BSE Telecommunication declined the most among sectors, and the S&P BSE IT index rose the most. Broader markets ended sharply lower. The S&P BSE Midcap index settled 2.62% lower, and the S&P BSE Smallcap settled 3.16% down.
Market breadth was skewed in favour of sellers. Around 2,993 stocks declined, 998 stocks advanced, and 88 remained unchanged on BSE.
Bharat Forge Falls Nearly 14%
The scrip fell as much as 13.93% to Rs 1,131.00 apiece, the lowest level since Dec 1, 2023. It trading 12.02% lower at Rs 1,156.15 apiece, as of 2:47 p.m. This compares to a 0.63% decline in the NSE Nifty 50 Index.
It has risen 31.01% in 12 months. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 39.11.
Out of 29 analysts tracking the company, 18 maintain a 'buy' rating, three recommend a 'hold,' and eight suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.8%.
Edelweiss Financial Services Q3 Earnings FY24 (Consolidated, YoY)
Total income up 12.7% at Rs 2,414.6 crore vs Rs 2,141.6 crore
Net profit up 25.3% at Rs 152.3 crore vs Rs 121.5 crore
Aurobindo Pharma Gets U.S. FDA Approval For Deflazacort Tablets
Deflazacort tablets are a generic of EMFLAZA tablets
Source: Exchange Filing
Paisalo In Pact With Bank Of India
In pact to provide services of business correspondent
Source: Exchange Filing
Ami Organics Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 166.44 crore vs Rs 152.35 crore, up 9.24%
Ebitda at Rs 26.51 crore vs Rs 30.79 crore, down 13.91%
Margin at 15.92% vs 20.21%
Net profit at Rs 17.81 crore vs Rs 22.28 crore, down 20.06%
NHPC Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 2,055.5 crore vs Rs 2582.76 crore, down 20.42%
EBITDA down 57.3% at Rs 720.92 crore vs Rs 1690.17 crore
Margin at 35.07% vs 65.44%
Net profit at Rs 628.4 crore vs Rs 775.99 crore, down 19.01%
I-T Department Conducts Search At Kuantum Papers Plant
I-T department conducted search at co's Hoshiarpur plant, Chandigarh office from Feb 8-10
Source: Exchange Filing
Zydus Life Approves Buyback Of 59.7 Lakh Shares
Board approves buyback of not exceeding 59.7 lakh shares or 0.59% equity
Buyback price to be at `1,005/share, total amount not exceeding Rs 600 crore
Source: Exchange Filing
Surya Roshni Gets Order For Supply Of MS Coated Pipes
Gets order worth Rs 119.7 crore for supply of MS coated pipes
Order to be executed in 12 weeks
Source: Exchange Filing
Force Motors Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 1,691.69 crore vs Rs 1,303.9 crore, up 29.74%
Ebitda at Rs 224.49 crore vs Rs 65.15 crore, up 244.57%
Margin at 13.27% vs 4.99%
Net profit at Rs 85.44 crore vs loss of Rs 15.57 crore
Wardwizard Innovations I-T Department Search Concludes
I-T department concludes search operations at corporate office, manufacturing unit of co
Source: Exchange Filing
HAL Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 6,061.3 crore vs Rs 5,665.5 crore, up 6.98%
Ebitda at Rs 1435.36 crore vs Rs 985.42 crore, up 45.65%
Margin at 23.68% vs 17.39%
Net profit at Rs 1,261.5 crore vs Rs 1,155.2 crore, up 9.2%
Nirlon Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 152.1 crore vs Rs 143.7 crore, up 5.84%
EBITDA at Rs 119.8 crore vs Rs 117.9 crore, up 1.61%
Margin at 78.76% vs 82.04%
Net profit at Rs 52.1 crore vs Rs 53.5 crore, down 2.61%
Patel Engineering Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 1061 crore vs Rs 954.6 crore, up 11.14%
Ebitda at Rs 142.1 crore vs Rs 140.1 crore, up 1.42%
Margin at 13.39% vs 14.67%
Net profit at Rs 68.83 crore vs Rs 17.22 crore, up 299.7%
Nifty Bank Falls 2%
All constituents of the Nifty Bank index fell with Bandhan Bank falling by nearly 8%.
Crompton Greaves Has 12.4 Lakh Shares Change Hands
12.4 lakh shares changed hands in a large trade
0.2% equity changed hands at Rs 284.45 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Bajel Projects Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 270.4 crore vs Rs 161.1 crore, up 67.84%
Ebitda at Rs 4.42 crore vs ebitda loss of Rs 18.8 crore
Margin at 1.63%
Net profit at Rs 3.4 crore vs loss of Rs 1.4 crore
Va Tech Wabag Inaugurates 178.3 MLD Water Treatment Plant
Inaugurates 178.3 MLD water treatment plant in Coimbatore, Tamil Nadu
Source: Exchange Filing
Cera Sanitaryware Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 438.9 crore vs Rs 457.8 crore, down 4.13%
Ebitda at Rs 61.42 crore vs Rs 75.05 crore, down 18.16%
Margin at 13.99% vs 16.39%
Net profit at Rs 51.52 crore vs Rs 56.89 crore, down 9.43%
The Anup Engineering Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 128.4 crore vs Rs 114.4 crore, up 12.23%
Ebitda at Rs 30.03 crore vs Rs 22.61 crore, up 32.81%
Margin at 23.38% vs 19.76%
Net profit at Rs 20.2 crore vs Rs 13.9 crore, up 45.32%
MCX Sheds Over 9%
Multi Commodity Exchange of India Ltd. shares fell the most in seven months after the company reported a loss in the third quarter, missing analysts' estimates.
The scrip rose fell as much as 9.53 to Rs 4,627.55 apiece, the most since June 30, 2023. It is trading 9.32% lower at Rs 3,473 apiece, as of 12:31 p.m. This compares to a 0.52% decline in the NSE Nifty 50 Index.
It has risen 145.53% in the last twelve months. Total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 51.95.
Out of 10 analysts tracking the company, five maintain a 'buy' rating, two recommend 'hold', and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 14.1%.
SpiceJet Falls Nearly 5%
SpiceJet Ltd. fell as much as 4.66% to 65 apiece, the lowest level since Feb. 2. It pared losses to trade 4.49% lower at Rs 65.12 apiece, as of 12:07 p.m. This compares to a 0.68% decline in the BSE Sensex Index.
It has risen 85.79% 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 49. above 70 overbought or below 30 is underbought
Out of four analysts tracking the company, one maintains a 'buy' rating and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 25.7%.
BofA On Powergrid
Reiterates ‘Underperform’, target price at Rs 217
Earnings beat on the higher other income
Management increased capex guidance to Rs 20,000 cr/year for next few years vs Rs 10,000 cr for FY24
Capex guidance increased on the back of new electricity plan
Regular transmission projects likely to be executed in 30 months
/some large projects and HVDCs may take 4-5 years leading to back-ended growth in capitalisation
Despite optimistic assumptions, we continue to see downside risk to CMP
BofA On Hero MotoCorp
Reiterates ‘Buy’, target price at Rs 5,400
Good Q3 & aggressive growth strategy reaffirmed
Decent Q3 on an offensive strategy, all eyes on delivery
Remain positive on 2-Wheeler demand
Co called out huge scale up potential in EV volumes
Tata Power Falls 6%
On NSE, Tata Power Co. Ltd. fell as much as 6.67% to Rs 365.95 apiece, the lowest level since Jan 29. It trading 5.79% lower at Rs 369.40 apiece, as of 11:36 a.m. This compares to a 0.34% decline in the NSE Nifty 50 Index.
It has risen 81.56% in 12 months. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 51.46.
Out of 21 analysts tracking the company, 11 maintain a 'buy' rating, two recommend a 'hold,' and eight suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.1%.
BofA On Divi's Labs
Reiterates ‘Underperform’, target price at Rs 3,652
Q3 earnings in-line with ours, but below street estimates
Muted margin with consensus downgrade continues
Weak quarter weighted down by Generic API segment, with 26.4% margins
See more pain in Generic API segment in the near term
Growth drivers to be backend weighted
Citi Maintains SELL On CAMS At Rs 2300 Target
Raise FY2025-26 core PBT by 4-5%
Cut non-MF revenue forecast by 4-6% over FY2025-26
Expect CAMS’s steady-state core PBT CAGR at low to mid-teens over longer time horizons
Strong deal wins across segments, but revenue potential and wallet size remain key monitorable
Anupam Rasayan Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 24.6% at Rs 295.5 crore vs Rs 392.1 crore
EBITDA down 28.82% at Rs 79 crore vs Rs 111 crore
Margin down 158 bps at 26.73% vs 28.31%
Net profit down 52.2% at Rs 26 crore vs Rs 54.4 crore
The scrip fell as much as 8.94% to Rs 840.00 apiece, the lowest level since Oct 26, 2023. It trading 7.20% lower at Rs 856.10 apiece, as of 11:48 a.m. This compares to a 0.44% decline in the NSE Nifty 50 Index.
It has risen 38.24% in 12 months. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 29.91, which implied the stock is slightly oversold.
Out of 11 analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.2%.
Paytm Clarifies On Independent Director's Resignation
Issues clarification on report of PPBL independent director quitting after RBI crackdown
PPBL independent director, Manju Agarwal, resigned from Board due to personal commitments
Source: Exchange filing
Motilal Oswal Maintains BUY On LIC; Raises Target To Rs 1,270
Raises VNB estimate to factor rise in VNB margins in Q3
New product launches support growth in the non-par segment
Levers in place to maintain industry position
Expect 6% APE CAGR over FY23-26, enabling 12% VNB CAGR
Expect FY26 operating RoEV at 10.7% on lower margin profile than private peers
Amber Enterprises Falls After Q3 Results
The shares of Amber Enterprises India Ltd. fell on Monday after it reported net loss in the third quarter.
Amber Enterprises on Friday reported a net loss of Rs 51.6 lakh with a revenue drop of 4% in the quarter ending December.
The scrip fell as much as 11.81% to 3,666.50 apiece, the lowest level since Jan. 24. It pared losses to trade 10.57% lower at Rs 3,718.10 apiece, as of 9:55 a.m. This compares to a 0.24% decline in the NSE Nifty 50 Index.
It has risen 96.25% in the last 12 months. Total traded volume so far in the day stood at 8.5 times its 30-day average. The relative strength index was at 42.
Out of 25 analysts tracking the company, 17 maintain a 'buy' rating, seven recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 7.4%.
ITDC Locked In Lower Circuit
Shares of India Tourism Development Corp. were locked in a lower circuit on Monday after the company reported poor earnings in the third quarter.
The company reported a drop of 20.79% and 14.2% in net profit and revenue respectively in the quarter that ended on Dec. 31, 2023.
The scrip fell as much as 10% to 698.55 apiece, the lowest level since Feb 1. The shares were locked in a lower circuit as of 10:21 a.m. This compares to a 0.50% decline in the NSE Nifty 50 Index.
It has risen 104.58% in the last 12 months. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 55.
Yatharth Hospital Soars To Life High Following Rise In Q3 Net Profit YoY
Yatharth Hospital & Trauma Care Services surged to its highest level since listing on NSE after the company posted over 38% year-on-year rise in its net profit in quarter three.
The newly listed company reported Rs 29.48 crore in October-December of FY24, compared to Rs 21.25 crore net profit in the corresponding period in FY23.
Scrip of Yatharth Hospital and Traumacare Services Ltd rose as much as 4.35% to Rs 459.40 apiece, the highest level since its listing on Aug 7, 2023. It pared gains to trade 1.75% at 447.95, as of 10:26 a.m. This compares to a 0.62% decline in the NSE Nifty 50 Index.
It has risen 34.36% in six months. Total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 79.41, which implied the stock is overbought.
Two analysts tracking the company, maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.1%.
Volume Buzzers At 10:20 A.M.
Hindustan Foods at 8.48 times its 30 day average
Star Cement at 6.62 times its 30 day average
Fineotex Chemical at 4.13 times its 30 day average
Indigo Paints at 2.45 times its 30 day average
Zydus Lifesciences at 2.41 times its 30 day average
Mamaearth Jumps Over 9%
The shares of Honasa Consumer Ltd. which owns FMCG brands including Mamaearth and The Derma Co rose on Monday after it reported strong third quarter results.
The company on Friday reported a 264.78% jump in consolidated net profit at Rs 25.9 crore and the revenue also rose 27.76% in the quarter ending in December.
The scrip rose as much as 9.69% to 474.90 apiece, the highest level since Jan 31. It pared gains to trade 3.81% higher at Rs 449.45 apiece, as of 9:34 a.m. This compares to a 0.12% advance in the NSE Nifty 50 Index.
It has risen 33.33% in the last 12 months. Total traded volume so far in the day stood at 25 times its 30-day average. The relative strength index was at 49.
Out of three analysts tracking the company, two maintain a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.2%.
PB Fintech Jumps Over 3%
Jefferies has initiated on PB Fintech Ltd., the parent company of Policybazaar and Paisabazaar, with a 'buy' rating, citing digital brokers gaining from rising insurance penetration and customer shift to online channels.
Shares of PB Fintech rose as much as 3.58% to Rs 967. It is trading 2.58% higher at Rs 957.65 at 9.42 a.m. This compares to a 0.15% decline in the NSE Nifty 50.
Of the 18 analysts tracking the company, 12 maintain a 'buy', three recommends a 'hold,' and three suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 2%
SJVN Shares Fall After Q3 Results
Shares of SJVN Ltd slumped nearly 13% on NSE to their lowest level in two weeks after the company's net profit fell sharply, and missed analysts' expectation.
SJVN's net profit declined 51.64% to Rs 138.97 crore in quarter three of FY24, from Rs 287.42 crore in the corresponding period of the previous financial year. The net profit is also down from Rs Rs 282.30 crore estimated by analysts in a Bloomberg's survey.
Hero MotoCorp Falls Over 4% After Q3 Results
The scrip fell as much as 4.05% to Rs 4,710.15 apiece, the lowest level since February 5. It pared gains to trade 2.48% lower at Rs 4,785.85 apiece, as of 09:46 a.m. This compares to a 0.18% decline in the NSE Nifty 50 Index.
It has risen 98.13% in the last twelve. Total traded volume so far in the day stood at 0.57 times its 30-day average. The relative strength index was at 72.31, indicating that the stock may be overbought.
Minda Corp Gets Order From Japanese customer
Gets order for manufacturing smart key systems
Source: Exchange filing
Nifty, Sensex Open Higher As IT Stocks Lead: Opening Bell
Benchmark equity indices extended Friday's gains and opened higher today on the back of gains in the shares of information technology stocks.
At pre-open, the S&P BSE Sensex Index was up 126.82 points, or 0.18%, at 71,722.31 while the NSE Nifty 50 was 18.30 points or 0.08% higher at 21,800.80.
The sustenance below 21,700 would push the (Nifty 50) index lower to 21,400 levels and will confirm a double top is in place near 22,100 levels, said Vikas Jain, senior research analyst at Reliance Securities.
Shares of Infosys Ltd., HDFC Bank Ltd., HCLTechnologies Ltd., Tata Consultancy Services Ltd., and Dr Reddy's Laboratories Ltd. contributed the most to the gains.
Meanwhile, those of Reliance Industries Ltd., State Bank Of India Ltd., Hero MotoCorp Ltd., ICICI Bank Ltd., and Kotak Mahindra Bank Ltd., capped the upside.
More sectoral indices were trading lower with Nifty Energy leading the losses followed by Nifty Oil and Gas. Nifty IT rose 0.9%.
The broader markets outperformed, the S&P BSE MidCap Index was up 0.27%, whereas S&P BSE SmallCap Index was 0.13% higher.
Thirteen out of 20 sectors compiled by BSE advanced, while seven sectors declined. S&P BSE Healthcare rose the most.
The market breadth was skewed in the favour of the buyers. About 1,762 stocks rose, 1,344 declined, while 107 remained unchanged on the BSE.
Gensol Engineering Consortium With Matrix Gas Wins PLI Bid
Wins PLI Bid for manufacturing hydrogen electrolyser
Project awarded under SIGHT program, to have a manufacturing capacity of 63 MW per year
Source: Exchange filing
Nifty, Sensex Higher At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 126.82 points, or 0.18%, at 71,722.31 while the NSE Nifty 50 was 18.30 points or 0.08% higher at 21,800.80.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.10%.
Source: Bloomberg
Rupee Flat Against U.S Dollar
The local currency opened flat at Rs 83.02 against the U.S dollar.
Source: Bloomberg
Citi Maintains Sell On United Breweries
Raises target price to Rs. 1600 from Ra. 1500 earlier
Cuts FY24E earnings estimates by 8%
Lower-than-expected pace of recovery
Sees risks to growth from the upcoming elections and increased taxes
Profitability could also be volatile
Nuvama Retains Reduce On Divi's Lab; Increases Price Target
Price target of Rs 3200 (Earlier Rs 3,070)
Revenue disappoints; no meaningful margin recovery
Pressure in generics & higher opex led to EBITDA margin miss
Generics pricing pressure & logistics disruption to weigh on profits
Kakinada expansion to fuel future growth, but uncertainty around it
Jefferies Initiates Buy on PB Fintech
Price target of Rs 1,150, implying 23% upside
Expect 30% CAGR in premiums over FY25-27E
Expect revenue moderation to 22% CAGR over FY24-27E post RBI measures
Expect 5x jump in EBITDA over FY23-27E
Key risks: Regulations and strong competition emerging from Jio
Morgan Stanley On Asia EM Equity Strategy
India our top emerging market pick
India Japan amongst top Asia/EM Equities pick
Expect structural outperformance of India
Outperformance on nominal GDP, capex/digitalisation agenda
Expect financials and Indutries to recover in 2024
Premium valuations warranted by superior fundamentals
Expect India to be key driver for global growth in 2020s
Brokerages On Tata Power
CLSA Maintains 'Sell' On Tata Power
Price target of Rs 249
US$5.6bn growth premium already baked in
Believes stock has run ahead of its fundamentals on retail frenzy of power stocks
Odisha Discoms and pump storage remain key positives.
Weak coal prices is key risk to its EPS
Citi Maintains 'Sell' On Tata Power
Price target increased to Rs295 from Rs 253
3QFY24 results were in line
Quarter saw project wins in transmission and renewables
Solar EPC business gained traction with decline in module prices.
Renewables generation capacity stood at 4261MW
Believes valuations to be expensive
Global Cues
U.S. Dollar Index at 103.98
U.S. 10-year bond yield at 4.18%
Brent crude down 0.5% at $81.76 per barrel
Nymex crude down 0.6% at $76.37 per barrel
GIFT Nifty was up 0.1% at 21,945.5 as of 07:25 a.m.
Bitcoin was up 0.7% at $ 48,474.82
Brokerages On Hero MotoCorp
Nomura Maintains Neutral Rating on Hero Motocorp
Price target increased to Rs 5,305 apiece
Revenue and Ebitda came in line with estimates
Believes Xtreme 125 R to address key gap in 125cc segment
Sees EVs and Harley as key monitorables for further re-rating
Increase wholesale volume estimates by 3%/7% for FY25/26E
Increase EPS estimates by 9%/16% for FY25/26E
Jefferies Maintains Buy on MotoCorp
Price target increased to Rs 5,650 apiece from Rs 5,325 apiece.
PAT and Ebitda growth 5-7% above expectations
Believes 2W industry poised for strong cyclical recovery
2W wholesale market share slipped to 30% in 9MFY24 vs 36% avg in FY18-22
Expect 2W industry volumes to grow at 15% CAGR over FY24-26E
Expect success in premium bikes and EVs to enhance growth outlook
Nuvama maintains ‘BUY’; TP Increased To Rs 5,600 From 5,000
Ebitda & PAT surge in line with estimates
Expect better volume / margin assumptions, increase FY24E/25E EPS by 12%/14%
Geared up to benefit from 2W industry upcycle and new products
EVs that can potentially add sales of 30,000–40,000 units/month
Forecast revenue/earnings CAGR of 10%/23% over FY23–26E with healthy FCF generation
F&O Cues
Nifty February futures up by 0.16% to 21,842.6 at a premium of 60.1 points.
Nifty February futures open interest down by 5%.
Nifty Bank February futures up by 1.66% to 45,899.5 at a premium of 265 points.
Nifty Bank February futures open interest down by 5.9%.
Nifty Options Feb. 15 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,000.
Bank Nifty Options Feb. 14 Expiry: Maximum Call Open Interest at 46,000 and Maximum Put open interest at 43,000.
Securities in ban period: Ashok Leyland, Auropharma, Balrampur Chini Mills, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Tower, PNB, SAIL, UPL, Zee Entertainment Enterprise.
Trading Tweaks
Price band revised from 10% to 20%: Bombay Dyeing and Mfg.
Price band revised from 20% to 10%: Automotive Stampings and Assemblies, Balaji Telefilms, Visaka Industries.
Ex/record date dividend: Engineers India, Thangamayil Jewellery, Carborundum Universal.
Moved into short-term ASM framework: Automotive Stampings and Assemblies, Gensol Engineering, Ramky Infrastructure, Triveni Turbine, Yes Bank.
Moved Out of short-term ASM framework: Indian Metals & Ferro Alloys, Jyoti CNC Automation, Paisalo Digital, Vakrangee.
IPO Offerings
Entero Healthcare Solutions: The public issue was subscribed 0.10 times on day 1. The bids were led by non-institutional investors (0.04 times), retail investors (0.45 times), with no bids from institutional investors.
Rashi Peripherals: The public issue was subscribed 59.71 times on day 3. The bids were led by non-institutional investors (62.75 times), retail investors (10.44 times), and institutional investors (143.66 times).
Jana Small Finance Bank: The public issue was subscribed 18.5 times on day 3. The bids were led by non-institutional investors (25.05 times), retail investors (5.46 times), and institutional investors (38.75 times) and reserved for employees (1.95 times)
Capital Small Finance Bank: The public issue was subscribed four times on day 3. The bids were led by non-institutional investors (4.05 times), retail investors (2.49 times), and institutional investors (6.64 times)
New Listings
Apeejay Surrendra Park Hotels: The company's shares will debut on the stock exchanges on Monday at an issue price of Rs 155 apiece. The Rs 920 crore IPO was subscribed 59.66 times on its third and final day. Bids were led by institutional investors (75.14 times), non-institutional investors (52.41 times), and retail investors (30.35 times).
Earnings In Focus
Allcargo Logistics, Ami Organics, The Anup Engineering, Ashiana Housing, Bajel projects, Bannari Amman Sugars, BASF India, Bharat Forge, Cera Sanitaryware, Chemplast Sanmar, Coal India, Dilip Buildcon, Edelweiss financial Services, Elgi Equipments, EMS, Force Motors, Galaxy Surfactants, Glaxosmithkline Pharmaceuticals, Gujarat Pipavav Port, G R Infraprojects, HAL, HEG, Hindware Home Innovation, JM Financial, Kirloskar Oil Engines, Lakshmi Machine Works, Mazagon Dock Shipbuilders, Samvardhan Motherson International, NHPC, Nirlon, Nucleus Software Exports, Optiemus Infracom, Orissa Minerals Development Company, Patel Engineering, Pearl Global Industries, The Phoenix Mills, Repco Home Finance, Sail, Sansera Engineering, Seamec, Skipper, Savita technologies, Tarc, TCI Express, and Time Technoplast.
Earnings Post Market Hours
Hero MotoCorp Q3 FY24 (Standalone, YoY)
Revenue up 21.07% at Rs 9,723.7 crore vs Rs 8,030.98 crore (Bloomberg estimate: Rs 9,665.3 crore).
Ebitda up 47.37% at Rs 1,362.03 crore vs Rs 924.18 crore (Bloomberg estimate: Rs 1,345 crore).
Margin expands 249 bps to 14% vs 11.5% (Bloomberg estimate: 13.9%).
Net profit up 50.94% at Rs 1,073.4 crore vs Rs 711.1 crore (Bloomberg estimate: Rs 1,042.1 crore).
Board declares interim dividend of Rs 75 per share and special dividend of Rs 25 per share.
Approved the investment of up to Rs 600 crore over two years for setting up Global Parts Center 2.0 in Andhra Pradesh.
Tata Power Q3 FY24 (Consolidated, YoY)
Revenue up 3.69% at Rs 14,651 crore vs Rs 14,129.12 crore (Bloomberg estimate: Rs 15,636.04 crore).
Ebitda up 3.53% at Rs 2,417.42 crore vs Rs 2,334.78 crore (Bloomberg estimate: Rs 2,867.48 crore).
Margin at 16.5% vs 16.52%, narrows 2 bps (Bloomberg estimate: 18.30%).
Net profit up 2.27% at Rs 1,076.12 crore vs Rs 1,052.14 crore (Bloomberg estimate: Profit of Rs 895.20 crore).
Bandhan Bank Q3 FY24 (YoY)
Net profit up 152.13% at Rs 732.7 crore vs Rs 290.6 crore (Bloomberg estimate: Rs 838.26 crore).
NII up 21% Rs 2,525.4 crore vs Rs 2,080.4 crore.
Gross NPA at 7.02% vs 7.32% (QoQ).
Net NPA at 2.21% vs 2.32% (QoQ).
SJVN Q3 FY24 (Consolidated, YoY)
Revenue down 1.58% at Rs 543.31 crore vs Rs 551.99 crore (Bloomberg estimate: Rs 551.17 crore).
Ebitda down 3.17% at Rs 368.47 crore vs Rs 380.56 crore (Bloomberg estimate: Rs 412.60 crore).
Margin narrows 112 bps to 67.81% vs 68.94% (Bloomberg estimate: 74.90%).
Net profit down 51.64% at Rs 138.97 crore vs Rs 287.42 crore (Bloomberg estimate: Rs 282.30 crore).
Board approves interim dividend of Rs 1.15 per share.
Honasa Consumer Q3 FY24 (Consolidated, YoY)
Revenue up 27.76% at Rs 488.2 crore vs Rs 382.1 crore.
Ebitda up 191.52% at Rs 34.4 crore vs Rs 11.8 crore.
Margin expands 395 bps to 7.04% vs 3.08%.
Net profit up 264.78% at Rs 25.9 crore vs Rs 7.1 crore.
Dish TV India Q3 FY24 (Consolidated, YoY)
Revenue down 14.82% at Rs 470.3 crore vs Rs 552.1 crore.
Ebitda down 31% at Rs 180.5 crore vs Rs 261.6 crore.
Margin at 38.37% vs 47.38%, narrows 900 bps.
Net loss at Rs 2.83 crore vs loss of Rs 2.85 crore.
PI Industries Q3 FY24 (Consolidated, YoY)
Revenue up 17.62% at Rs 1,897.5 crore vs Rs 1,613.2 crore.
Ebitda up 33.36% at Rs 553.6 crore vs Rs 415.1 crore.
Margin expands 344 bps to 29.17% vs 25.73%.
Net profit up 27.51% at Rs 448.6 crore vs Rs 351.8 crore.
Board approves interim dividend of Rs 6 per share.
Campus Activewear Q3 FY24 (Consolidated, YoY)
Revenue up 1.37% at Rs 472.01 crore vs Rs 465.62 crore (Bloomberg estimate: Rs 498.13 crore).
Ebitda down 38.74% at Rs 56.31 crore vs Rs 91.92 crore (Bloomberg estimate: Rs 103.73 crore).
Margin narrows 781 bps to 11.92% vs 19.74% (Bloomberg estimate: 20.80%).
Net profit down 48.44% at Rs 24.9 crore vs Rs 48.3 crore (Bloomberg estimate: Rs 57.77 crore).
Inox Wind Q3 FY24 (Consolidated, YoY)
Revenue up 122.66% at Rs 503.45 crore vs Rs 226.1 crore (Bloomberg estimate: Rs 510.10 crore).
Ebitda at Rs 92.77 crore vs loss of Rs 184.16 crore (Bloomberg estimate: Rs 72.60 crore).
Margin at 18.42% (Bloomberg estimate: 14.20%).
Net profit at Rs 1.81 crore vs loss of Rs 287.86 crore.
IRFC Q3 FY24 (Consolidated, YoY)
Total income up 8.4% at Rs 6,745.3 crore vs Rs 6,222 crore.
Net profit down 1.8% at Rs 1,604.2 crore vs Rs 1,633.5 crore.
Inox Wind Energy Q3 FY24 (Consolidated, YoY)
Revenue up 121.98% at Rs 504.22 crore vs Rs 227.14 crore.
Ebitda at Rs 112.82 crore vs loss of Rs 184.57 crore.
Margin at 22.37%.
Net loss at Rs 6.52 crore vs loss of Rs 287.97 crore.
Vishnu Prakash R Punglia Q3 FY24 (Consolidated, YoY)
Revenue down 13.82% at Rs 242.05 crore vs Rs 280.84 crore.
Ebitda down 14.35% at Rs 33.97 crore vs Rs 39.66 crore.
Margin narrows 8 bps to 14.03% vs 14.12%.
Net profit down 23.44% at Rs 17.37 crore vs Rs 22.69 crore.
Kennametal India Q3 FY24 (Standalone, YoY)
Revenue down 1.46% at Rs 270.8 crore vs Rs 274.8 crore.
Ebitda up 13.26% at Rs 42.7 crore vs Rs 37.7 crore.
Margin expands 204 bps to 15.76% vs 13.71%.
Net profit up 13.69% at Rs 24.9 crore vs Rs 21.9 crore.
Jupiter Lifeline Hospitals Q3 FY24 (Consolidated, YoY)
Revenue up 19.36% at Rs 272.61 crore vs Rs 228.39 crore.
Ebitda up 36.8% at Rs 61.85 crore vs Rs 45.21 crore.
Margin expands 289 bps to 22.68% vs 19.79%.
Net profit at Rs 43.67 crore vs loss of Rs 0.38 crore.
Doms Industries Q3 FY24 (Consolidated, YoY)
Revenue up 22.34% at Rs 371.61 crore vs Rs 303.73 crore.
Ebitda up 42.78% at Rs 69.35 crore vs Rs 48.57 crore.
Margin expands 267 bps to 18.66% vs 15.99%.
Net profit up 43.4% at Rs 38.82 crore vs Rs 27.07 crore.
India Tourism Development Corp. Q3 FY24 (Consolidated, YoY)
Revenue up 14.3% at Rs 134.93 crore vs Rs 118.04 crore.
Ebitda down 3.25% at Rs 22.63 crore vs Rs 23.39 crore.
Margin contracts 304 bps to 16.77% vs 19.81%.
Net profit down 20.79% at Rs 17.9 crore vs Rs 22.6 crore.
Mishra Dhatu Nigam Q3 FY24 (Consolidated, YoY)
Revenue up 8.84% at Rs 251.97 crore vs Rs 231.49 crore.
Ebitda down 45.34% at Rs 35.89 crore vs Rs 65.66 crore.
Margin contracts 1,412 bps at 14.24% vs 28.36%.
Net profit down 67.57% at Rs 12.48 crore vs Rs 38.49 crore.
Godrej Industries Q3 FY24 (Consolidated, YoY)
Revenue down 6.58% at Rs 3,590.08 crore vs Rs 3,842.55 crore.
Ebitda down 25.16% at Rs 279.31 crore vs Rs 373.17 crore.
Margin at 7.78% vs 9.71%, narrows 193 bps.
Net profit down 56.87% at Rs 164.58 crore vs Rs 381.66 crore.
Happy Forgings FY24 (YoY)
Revenue up 16.22% at Rs 341.99 crore vs Rs 294.26 crore.
Ebitda up 29.98% at Rs 95.16 crore Rs 73.21 crore.
Margin expands 294 bps at 27.82% vs 24.87%.
Net profit up 39.19% at Rs 57.89 crore vs Rs 41.59 crore.
Reliance Infrastructure Q3 FY24 (Consolidated, YoY)
Revenue up 13.29% at Rs 4,657.33 crore vs Rs 4,110.96 crore.
Ebitda up 84.98% at Rs 544.78 crore vs Rs 294.5 crore.
Margin expands 453 bps to 11.69% vs 7.16%.
Net loss at Rs 421.17 crore vs loss of Rs 267.46 crore.
The New India Assurance Co. (Consolidated, YoY)
Total income up 8.95% at Rs 10,676.12 crore vs Rs 9,798.24 crore.
Net profit down 4.3% at Rs 713 crore vs Rs 745.06 crore.
Shree Renuka Sugars Q3 FY24 (Consolidated, YoY)
Revenue up 18.12% at Rs 3,014 crore vs Rs 2,551.6 crore.
Ebitda down 7.39% at Rs 191.8 crore vs Rs 207.1 crore.
Margin narrows 175 bps to 6.36% vs 8.11%.
Net loss at Rs 171.7 crore vs profit of Rs 14.2 crore.
IFCI Q3 FY24 (Standalone, YoY)
Total income up 37.37% at Rs 215.7 crore vs Rs 157.02 crore.
Net loss at Rs 10.06 crore vs profit of Rs 67.42 crore.
Landmark Cars Q3 FY24 (Consolidated, YoY)
Revenue up 9.48% at Rs 959.24 crore vs Rs 876.13 crore.
Ebitda up 0.49% at Rs 65.24 crore vs Rs 64.92 crore.
Margin narrows 60 bps to 6.8% vs 7.4%.
Net profit down 28.45% at Rs 184.81 crore vs Rs 258.31 crore.
Cello World Q3 FY24 (Consolidated, QoQ)
Revenue up 7.79% at Rs 527.05 crore vs Rs 488.96 crore.
Ebitda up 9.8% at Rs 132.11 crore vs Rs 120.31 crore.
Margin expands 46 bps to 25.06% vs 24.6%.
Net profit up 4.71% at Rs 90.66 crore vs Rs 86.58 crore.
Shipping Corp. of India Q3 FY24 (Consolidated, YoY)
Revenue down 10.4% at Rs 1,340.68 crore vs Rs 1,496.23 crore.
Ebitda down 11.14% at Rs 416.92 crore vs Rs 469.17 crore.
Margin narrows 25 bps to 31.09% vs 31.35%.
Net profit down 49.61% at Rs 134.35 crore vs Rs 266.63 crore.
Stocks To Watch
One 97 Communication: The company formed a group advisory committee to work with the company's board to strengthen compliance and regulatory matters.
Vedanta: The company completed repayments to its bondholders on Feb. 7 in line with the consents it received earlier in the year, in which maturities of $3.2 billion in bonds were successfully extended to 2029.
Adani Power: The company has clarified that it has submitted a resolution plan for the acquisition of Lanco Amarkantak Power but has still not received any communication from the Resolution Professional.
Power Grid Corp.: The company acquired Bidar Transmission (a power transmission company) for Rs 18.88 crore.
Navin Fluorine: Life Insurance of India increased its stake in the company to 7.07% from 5.03% earlier.
Jindal Stainless: The stainless-steel manufacturer signed a contract with the micro, small and medium enterprises technology centre, Visakhapatnam, for manufacturing value-added products for the missile and satellite launch vehicle segments.
Quess Corp.: The company incorporated two wholly-owned subsidiaries—Digitide Solutions and Bluspring Enterprises.
PG Electroplast: The company's wholly owned arm, PG Technoplast, has signed a pact to acquire a 100% stake in Next Generation Manufacturers.
Easy Trip Planners: The board approved a proposal for a five-star hotel in Ayodhya with an investment of up to Rs 100 crore.
ONGC: The company will transfer the Golfinho-Atum assets of ONGC Videsh Rovuma Ltd. and Beas Rovuma Energy Mozambique Ltd. to Moz AssetCo in lieu of proportionate equity. The estimated value of Golfinho-Atum assets is $1.28 billion.
IRCTC: The company has incorporated a wholly owned subsidiary, IRCTC Payments, to handle the payment aggregator business.
Zee Media Corp.: The company has clarified that guest experts of Zee Business fined by SEBI are "external and independent", with whom the company has no relation beyond TV appearances. SEBI has not passed any order against the company, the clarification read.
Mahindra & Mahindra: The company received a GST penalty of Rs 20.42 lakh in relation to the audit conducted for FY19.
GIFT Nifty Trades Above 21,900
Indices in Australia were trading lower on Monday as investors looked forward to the release of U.S. inflation data for the month of January.
However, those in China, Hong Kong, Taiwan, South Korea, and Vietnam were closed for the observance of the Lunar New Year. Bourses in Japan will also remain closed on Monday.
A renewed rally in big tech sent the U.S. stock market towards a milestone amid hopes the Federal Reserve will soon be able to cut rates, bolstering the outlook for corporate profits, Bloomberg reported.
Brent crude was trading 0.46% lower at $81.81 a barrel. Gold was lower by 0.04% at $2,023.39 an ounce.
The February futures contract of the GIFT Nifty traded higher by 0.1% at 21,945.5 as of 7:25 a.m.
India's benchmark stock indices ended Friday's choppy trading session higher as ICICI Bank Ltd. and State Bank of India gained. However, the indices declined on a weekly basis.
The NSE Nifty 50 ended 64.55 points, or 0.30%, higher at 21,782.50, and the S&P BSE Sensex gained 169.98 points, or 0.24%, to close at 71,598.41.
Overseas investors in Indian equities turned net buyers on Friday after two consecutive days of selling.
Foreign portfolio investors mopped up stocks worth Rs 141.95 crore, while domestic institutional investors stayed net sellers for the second straight day and offloaded stocks worth Rs 421.87 crore, the NSE data showed.
The Indian rupee weakened 7 paise to close at Rs 83.03 against the U.S. dollar.
Also Read: Inflation, Industrial Production Data, Global Trends To Drive Market Trends This Week: Analysts
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