KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.18% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
-The local currency strengthened 8 paise to close at 83.04 against the U.S dollar on Wednesday.
-It closed at 83.12 on Tuesday.
Source: Bloomberg
Nifty, Sensex Extend Gains To Day Two: Closing Bell
Benchmark indices extended their gains from Tuesday and ended higher after a volatile session as Reliance Industries rose to hit its lifetime high level.
The Nifty 50 closed higher by 73.85 points or 0.34% at 21,618.70 while the Sensex closed 0.38% or 271.50 points higher at 71,657.71.
"The Nifty index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance," said Kunal Shah, senior technical & derivative analyst at LKP Securities.
"If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000. For those looking to buy Nifty, the recommended range is between 21,550-21,600. Set a stop loss at 21,480 and aim for a target of 21,750," he added.
On Bank Nifty Shah said that the index experienced a volatile trading session on the day of weekly expiry, but the bulls successfully defended the crucial support level of 47000.
" Despite this, the overall market sentiment remains in "sell on rise" mode. The immediate hurdle for the index is at 47500, where the highest open interest is concentrated on the call side. To initiate a short-covering move and potentially target the 48000 mark, the index needs to convincingly surpass the level of 47500 on a closing basis."
Shares of Reliance Industries Ltd. contributed the most to the gains followed by those of ICICI Bank Ltd., HDFC Bank Ltd., HCL Technologies Ltd., and Adani Enterprises Ltd.
Meanwhile, those of Infosys Ltd., NTPC Ltd., Axis Bank Ltd., Oil and Natural Gas Corp. Ltd., and Power Grid Corp. of India limited the upside.
Most sectoral indices ended higher with Nifty Media gaining the most or 3.5%. Nifty FMCG, Nifty PSU Bank, and Nifty Realty were the only indices that fell.
Broader markets also rose in line with the benchmark indices. The S&P BSE Smallcap gained 0.33%, while the S&P BSE Midcap index rose 0.24%. On BSE, 14 sectors out of 20, advanced, while six declined.
The S&P BSE Services rose 1.40% to become the top gainer among sectoral indices, while S&P BSE Oil and Gas fell 0.47%, emerging as the top loser.
The market breadth was skewed in favour of the buyers. About 2092 stocks rose, 1742 declined, and 101 remained unchanged on the BSE.
RIL Hits Lifetime High
Rupee Rises Past 83 Against The U.S. Dollar
-The local currency strengthened by 12 paise against the U.S dollar to 82.99, highest in three weeks.
-It closed at 83.12 on Tuesday.
Source: Bloomberg
IRFC Has 11.7 Lakh Shares Change Hands In A Large Trade
- 11.7 lakh shares changed hands in a large trade
- 0.01% equity changed hands at Rs 103.1 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
European Indices Decline
Tanla Platforms Hits Five-Month High
Shares of Tanla Platforms Ltd surged 10% to a five-month high as the company said to the exchanges it has inked first commercial deal with an Indian bank for its anti-phishing platform.
Tanla Platforms Ltd's shares rose as much as 10.29% to Rs 1,198 apiece, the highest level since Aug 10, 2023. It was trading 9.17% higher at Rs 1,186.05 apiece, as of 02:26 p.m. This compares to a 0.09% decline in the NSE Nifty 50 Index.
It has risen 63.31% in 12 months. Total traded volume so far in the day stood at tim3.6 times its 30-day average. The relative strength index was at 72.91.
Three analysts tracking the company, maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.2%.
RVNL Has 11.2 Lakh Shares Change Hands In A Large Trade, Shares Up Over 7%
- 11.2 lakh shares changed hands in a large trade
- 0.1% equity changed hands at Rs 190.4 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
Zee Shares Snap Three-Day Losing Streak
Shares of Zee Entertainment Enterprises Ltd. rose today after ending lower in the last three sessions.
The scrip rose as much as 4.49% to Rs 267.80 piece. It pared gains to trade 2.28% higher at Rs 262.15 apiece, as of 2:00 p.m. This compares to a 0.13% decline in the NSE Nifty 50 Index.
It has risen 13.24% in the last twelve months. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 44.56.
Out of 23 analysts tracking the company, 17 maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.5%.
NBCC's Construction Project Cost Increases
- Haryana Govt approves increase in cost of construction project assigned to co by Rs 134 crore
- Total cost of project to construct Phase-III of BPS Government Medical College now at Rs 419 crore
Source: Exchange Filing
Lupin Introduces Varenicline Tablets In The U.S.
Alert: Varenicline tablets are a generic of Chantix tablets
Source: Exchange Filing
GHCL Textile Signs MoU With Tamil Nadu Govt, Shares Up 12%
The shares of GHCL Textiles Ltd rose on Wednesday after it signed a memorandum of understanding with the Nodal Agency of government of Tamil Nadu.
The scrip rose as much as 12.80% to 82.85 apiece, the highest level since Oct. 20, 2023. It pared gains to trade 10.96% higher at Rs 81.50 apiece, as of 1:18 p.m. This compares to a 0.18% decline in the NSE Nifty 50 Index.
It has risen 19.15% in the last 12 months. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 75 indicating it was overbought.
Source: Exchange Filing
Sensex, Nifty Trade Little Changed Amid Volatility: Midday Market Update
India's benchmark stock indices were little changed through midday on Wednesday as ICICI Bank Ltd. and HCL Technologies Ltd. led the gains, while NTPC Ltd. and Axis Bank Ltd. weighed.
As of 11:55 a.m., the S&P BSE Sensex rose 0.03%, or 21.58 points, to 71,404.79, while the NSE Nifty 50 lost 0.02%, or 4.25 points, to trade at 21,540.60. The Sensex rose to an intraday high of 71,498.83, and the Nifty 50 touched 21,573.90.
"Nifty 50 witnessed profit booking from the resistance of 21,700 levels, and sustenance below 21,500 would put pressure to test the lower breakout down range. On the higher side, the resistance would continue near 21,700 levels, while the weekly pivot support is placed at 21,350, where we could expect some pullback. RSI is oversold on hourly charts, and other key technical indicators are in the lower range, so we expect some pullback," said Vikas Jain, senior research analyst at Reliance Securities.
"Today, domestic stock indices opened flat, mirroring the subdued trends observed in global markets. As for the current expiry, it is expected that Bank Nifty will trade within the range of 47,000–47,500, with substantial open interest at both the put and call strikes. The day holds significant importance for Bank Nifty, with 46,900 serving as a crucial support level; a breach below this mark could lead to a substantial downside risk," said Shrey Jain, founder and chief executive officer of SAS Online.
ICICI Bank Ltd, HCL Technologies Ltd, Reliance Industries Ltd, Tata Consultancy Services Ltd, and HDFC Bank Ltd were contributing to the Nifty 50.
NTPC Ltd, Axis Bank Ltd, ITC Ltd, Oil and Natural Gas Corp Ltd, and Infosys Ltd exerted pressure on index.
On NSE, seven out of 12 sector, fell with the Nifty Realty declining 1.02% to become the top loser. Five sectors gained on NSE, among which Nifty Media surged 3.98%, tracking sharp gains in stocks of TV18 Broadcast, and Network18.
The broader markets traded on a mixed note with the S&P BSE Smallcap gaining 0.13%, while the S&P BSE Midcap declining 0.19% through midday trade on Wednesday.
On BSE, 11 out of 20 sectors declined, while nine advanced. S&P BSE Oil and Gas declined by 1.13% to emerge as the top loser, whereas S&P BSE Services sector gained 0.86% and was the top gainer.
The market breadth was skewed in favour of buyers. On BSE, 1,972 stocks rose, 1,707 stocks declined, and 146 remained unchanged.
Aurionpro Board Approves Fundraise Of Up To Rs 650 Crore
NHPC Has 31.2 Lakh Shares Change Hands In Large Trade
- 31.2 lakh shares changed hands in a large trade
- 0.03% equity changed hands at Rs 69.2 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
Manappuram Finance Shares Fall As SEBI Puts Arm's IPO In Abeyance
Shares of Manappuram Finance Ltd. fell more than 7% after SEBI website showed that it has kept the company's arm Asirvad Micro Finance Ltd's IPO in abeyance.
The scrip fell as much as 7.48% to Rs 163.35 apiece, the lowest level since Dec 20. It pared gains to trade 4.42%lower at Rs 168.75 apiece, as of 12:00 noon. This compares to a 0.05% decline in the NSE Nifty 50 Index.
It has risen 39.36% in the last twelve months. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 49.36.
Out of 20 analysts tracking the company, 17 maintain a 'buy' rating, one recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 11.7%.
Volume Buzzers at 11:45 a.m.
Tv18 Broadcast at 7.77 times its 30 day average
Network18 at 6.33 times its 30 day average
Avanti Feeds at 6.27 times its 30 day average
GE T&D India at 4.89 times its 30 day average
NCC at 4.81 times its 30 day average
Arvind Shares Jump Nearly 10%
Scrips of Arvind Ltd rose as much as 9.70% to Rs 289.55 apiece, the highest level since its listing on Feb 8, 1995. It trading 7.58% higher at Rs 283.95 apiece, as of 11:05 a.m. This compares to a 0.08% decline in the NSE Nifty 50 Index.
It has risen 224% in 12 months. Total traded volume so far in the day stood at 1.0 times its 30-day average. The relative strength index was at 72.26, which implied the stock is overbought.
Six analysts tracking the company maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target implies an upside of 18.4%.
Sony Group Continues Talks On Zee Merger Deal
Sony says talks on Zee deal will continue until Jan 20
Source: Nikkei
Gautam Adani At Vibrant Gujarat Global Summit 2024
Adani Group will invest over 2 lakh crores in Gujarat over next five years
"We are constructing the world’s largest green energy park. It will have a 30 GW of renewable energy capacity," he said.
100,000 direct and indirect jobs expected
Adani Enterprises Arm Launches First Unmanned Aerial Vehicle
- Arm Adani Defence and Aerospace launches first unmanned aerial vehicle 'Drishti 10'
- Drishti 10 to be inducted by Indian Navy
Source: Press Release
Welspun Living Shares Jump
Scrips of Welspun Living Ltd rose as much as 6.48% to Rs 158.65 apiece, the highest level since Dec 20, 2023. It was trading 4.77% higher at Rs 156.10 apiece, as of 10:12 a.m. This compares to a 0.09% decline in the NSE Nifty 50 Index.
It has risen 112.93% in 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 58.90.
Out of eight analysts tracking the company, six maintain a 'buy' rating, and two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.3%.
Network18 Has 10.1 Lakh Shares Change Hands
- 10.1 lakh shares changed hands in a large trade
- 0.1% equity changed hands at Rs 116.6 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
SBI Plans Up To Rs 5,000 Crore AT1 Bond Sale Next Week: Bloomberg
TV18 Broadcast Has 26.5 Lakh Shares Change Hands
- 26.5 lakh shares changed hands in a large trade
- 0.2% equity changed hands at Rs 62.35 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
NHPC Has 15.6 Lakh Shares Change Hands In Large Trade
- 15.6 lakh shares changed hands in a large trade
- 0.02% equity changed hands at Rs 69.5 apiece
- Buyers and sellers not known immediately
Source: Bloomberg
Purvankara Shares Jump After Q3 Business Update
The stock hit its highest level since 2007 after the company gave a positive operational update for Q3 in financial year 2024.
The scrip rose as much as 10.55% to 244.10 apiece, the highest level since Dec. 13, 2007. It pared gains to trade 7.20% higher at Rs 236.70 apiece, as of 10:23 a.m. This compares to a 0.01% decline in the NSE Nifty 50 Index.
It has risen 164.32% 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 that it was overbought.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 169.4%.
Network18 Shares Jump Nearly 13%
The stock jumped nearly 13% to hit its highest level since April 2022.
GSK Pharma Hits Life High
The stock rose more than 8% to hit a lifetime high of Rs 2,259.
Purvankara Q3 Business Update
- Sales value at Rs 1,241 crore, up 56% YoY
- Customer collections at Rs 941 crore, up 52% YoY
Source: Exchange Filing
BofA on Life Insurance-India
Sees SBIL outperforming HDFCL, LIC and IPRU on a total APE 5 year CAGR basis
APE growth driven by 11% growth in retail
LIC outperforms peers with APE growth of 23% in Dec'23
Remains positive on sector with 4 Buys (SBIL, HDFCL, IPRU and LIC)
Cochin Shipyard Hits Life High On Stock Split Date
Shares of Cochin Shipyard Ltd jumped 8%, and touched a life-time high on Wednesday, on the date of stock-split. The stock split ratio is 1:2.
The scrip rose as much as 8.04% to Rs 722.80 apiece, the highest level since its listing on Aug 10, 2017. It pared gains to trade 5.68% higher at Rs 707.00 apiece, as of 09:59 a.m. This compares to a 0.12% decline in the NSE Nifty 50 Index.
It has risen 187.13% in the last 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 64.1.
Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 67.6%.
BofA Upgrades Indus Towers To 'Buy'
Indus Towers Ltd. to see risk-reward getting favorable, despite faces issues such as increasing receivables, lowering Ebitda, and a dividend cut. Despite these issues, there is an anticipation that improvements will occur, according to BofA Securities. From that low base, the research firm expects things to improve for the company.
Scrips of Indus Towers rose as much as 4.27% to Rs 221 apiece. t was trading 1.77% higher at Rs 215.70 apiece, as of 10:37 a.m. This compares to a 0.01% advance in the NSE Nifty 50 Index.
It has risen 17.74% in 12 months. Total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 65.12
Out of 23 analysts tracking the company, ten maintain a 'buy' rating, seven recommend a 'hold,' and six suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.4%.
Wardwizard Innovations Unveils Concepts Of E-Scooter, Golf Cart, E-Loader
- Unveils 6 concept models of EV at Vibrant Gujarat Global Summit
Source: Exchange Filing
Delta Corp Shares Fall After Weak Third Quarter Results
The shares of Delta Corp Ltd fell as much as 5% on Wednesday after the company saw a decline in consolidated net profit and income from operations for the quarter ended December 2023.
The company along with its Q3 earnings also said that the holding company along with its subsidiaries had received show cause notices from the Directorate General of GST Intelligence, Hyderabad for alleged short payment of goods and services tax in September amounting to Rs 16,822.98 crore.
In October, another subsidiary also received show cause notice from the Director General of GST Intelligence, Kolkata for a payment of Rs 6,384.32 crore. Delta Corp said that these demands by the authorities is "arbitrary in nature and contrary to provisions of law" and the company will challenge the said demands.
The scrip fell as much as 5.01% to 143.10 apiece, the lowest level since Dec. 29. It pared losses to trade 2.66% lower at Rs 146.65 apiece, as of 9:44 a.m. This compares to a 0.03% decline in the NSE Nifty 50 Index.
It has fallen 29.68% in the last 12 months. Total traded volume so far in the day stood at 3 times its 30-day average. The relative strength index was at 60.52. above 70 overbought or below 30 is underbought
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside of 29.6%.
Bank of India Has 16.2 Lakh Shares Changed Hands
- 16.2 lakh shares or 0.02% equity changed hands in a pre-market large trade
- Buyers and sellers not known immediately
Source: Bloomberg
Bharat Electronics Has 10.5 Lakh Shares Change Hands
- 10.5 lakh shares or 0.01% equity changed hands in a large trade
- Buyers and sellers not known immediately
Source: Bloomberg
Sensex, Nifty Open Flat: Opening Bell
Benchmark indices were largely flat at open on Wednesday as financial services stocks dragged while IT stocks led the gains ahead of quarterly results on Infosys and Tata Consultancy Services.
At pre-open, the S&P BSE Sensex Index was down 14.04 points, or 0.02%, at 71,372.17 while the NSE Nifty 50 was 15.55 points or 0.07% lower at 21,529.30.
All in all, the index is anticipated to attract bullish strength provided the support zone of 21500-21450 remains intact on a closing basis, according to Avdhut Bagkar, technical and derivatives analyst at StoxBox.
For the traders now, 21725/72000 would be a key resistance level to watch out for and 21490 as the support, said Shrikant Chouhan, head of equity research at Kotak Securities.
He also said, below 21490/71300, the weak sentiment is likely to continue. Below the same, the market could retest the level of 21400/71000. "Further downside may also continue which could drag the index to 21350/70850. On the flip side, rejection to fall below 21490 could be positive and may lift the index back to 21600 or 21700 levels."
Shares of Reliance Industries Ltd., HCL Technologies Ltd., ITC Ltd., Tata Consultancy Services Ltd., and Hindustan Unilever Ltd. contributed the most to the gains.
Meanwhile, those of HDFC Bank Ltd., Axis Bank Ltd., Oil and Natural Gas Corp Ltd., NTPC Ltd., and ICICI Bank Ltd., pulled the index lower.
Only four sectoral indices rose with Nifty Media and Nifty Pharma gaining the most. Nifty Oil & Gas and Nifty Realty lost the most.
The broader markets also fell. BSE MidCap fell 0.47%, while the BSE SmallCap was 0.11% lower. Fourteen out of the 20 sectors compiled by the BSE declined, while six advanced.
The market breadth was skewed in the favour of buyers. As many as 1,584 stocks advanced, 1,421 declined and 92 remained unchanged on the BSE.
Bank of Baroda Has 16.2 Lakh Shares Change Hands
- 16.2 lakh shares or 0.03% equity changed hands in a pre-market large trade
- Buyers and sellers not known immediately
Source: Bloomberg
Sensex, Nifty Flat At Pre-Open
At pre-open, the S&P BSE Sensex Index was down 14.04 points, or 0.02%, at 71,372.17 while the NSE Nifty 50 was 15.55 points or 0.07% lower at 21,529.30.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.18% on Wednesday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
-The local currency weakened 3 paise to open at 83.15 against the U.S dollar on Wednesday.
-It closed at 83.12 on Tuesday.
Source: Bloomberg
ONGC Videsh Incorporates OVL Overseas IFSC In GIFT City
Unit OVL Overseas IFSC will function as Global Treasury Centre
Source: Exchange Filing
Paytm To Invest Rs 100 Crore In GIFT City
Plans to offer AI-driven cross border remittance, set up development centre for innovation
Source: Exchange Filing
HSBC On UPL
- Maintain buy rating with price target of Rs 730
- Set to acquire part of Mancozeb portfolio of global Ag major Corteva, per media reports
- To strengthen market positioning in key markets, especially LatAm
- Estimate the acquired portfolio to be <2% of UPL’s overall revenues
- Deal subject to customary approvals, expected to close in Q1FY25
- India companies a major exporter of Mancozeb with 60-65% global share
- Estimate >40% of Mancozeb demand in LatAm
- Acquisition to reduce competitive intensity in a tough market supporting profitability
- Mancozeb not approved for usage in EU
- Issues around EU non-approval of S-Metolachlor herbicide likely overdone
- Global sales of SMetolachlor could be c3% of revenue
- Majority of sales are in the Americas, thus minimising any impact
HSBC On Indian IT Services
- ER&D names shrugged off headwinds, grew at brisk pace in 2023
- Revenue for ER&D companies grew faster than IT services in 2023
- Global R&D spend in 2024 set to decelerate, but opportunities abound
- Companies with favorable vertical exposure to maintain growth pace
- Higher-for-longer growth rates to command premium multiples
Stocks
- Raise target multiple for KPIT, Cyient (buy), LTTS (hold) by 15%
- Raise target multiple estimate for Persistent (hold) by c30%
- LTTS: Hold with price target of Rs 4,905 (earlier Rs 4,175)
- Persistent: Hold with price target of Rs 6,950 (earlier Rs 5,355)
- Cyient: Buy with price target of Rs 2,570 (earlier Rs 2,294)
- KPIT: Buy with price target of Rs 1,930 (earlier Rs 1,655)
Asian Markets Trade Lower
Global Cues
U.S. Dollar Index at 102.52
U.S. 10-year bond yield at 4.01%
Brent crude up 0.41% at $77.91 per barrel
Nymex crude up 0.44% at $72.56 per barrel
GIFT Nifty traded 0.14% lower at 21,573 as of 8:20 a.m.
Bitcoin was up 1.07 at $41,079.43
Trading Tweaks
Ex/record Right Issue: Grasim Industries.
Ex/record stock split: Cochin Shipyard.
Ex/record AGM: Spicejet.
Moved into a short-term ASM framework: 5paisa Capital, Amines and Plasticizers, Sigachi Industries, Sula Vineyards, Syncom Formulations, Transindia Real Estate, and Trident.
Moved out of a short-term ASM framework: Adani Energy Solution, Adani Green Energy, Alok Industries, and TVS Holdings.
F&O Cues
Nifty January futures up by 0.23% to 21,616.85 at a premium of 72 points.
Nifty January futures open interest down by 0.4%.
Nifty Bank January futures down by 0.44% to 47,391.50 at a premium of 148.85 points.
Nifty Bank January futures open interest down by 4.25%.
Nifty Options Jan. 11 Expiry: Maximum Call open interest at 21,700 and Maximum Put open interest at 21,000.
Bank Nifty Options Jan 10 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 46,000.
Securities in the ban period: Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizer, Delta Corp, Escorts Kubota, Gujarat Narmada Valley Fertilizer and Chemicals, Hindustan Copper, Indian Energy Exchange, India Cements, National Aluminium, Piramal Enterprise, SAIL.
Pledge Share Details
Nalwa Sons and Investments: Promoter Jindal Power revoked a pledge for 1.2 lakh shares and Promoter OPJ Trading revoked a pledge for 5.71 lakh shares on Jan. 5.
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge for 27.35 lakh shares on Jan. 5 and 8.
Emami: Promoter Suraj Finvest revoked a pledge for 2.5 lakh shares on July 17.
JSW Holdings: Promoter OPJ Trading revoked a pledge for 5.37 lakh shares and promoter Jindal Power revoked a pledge for 4.41 lakh shares Jan. 5.
Block Deals
Yasho Industries: Neuberger Berman BD LLC bought 95,000 shares (0.83%) and Nishigandha Polymers P sold 95,000 shares (0.83%) at Rs 1,625 apiece.
Bulk Deals
Tracxn Technologies: Seabright II sold 7.56 lakh shares (0.73%) at Rs 111.1 apiece.
Zee Entertainment: Societe Generale sold 83.45 lakh shares (0.86%) at Rs 259.1 apiece.
Earnings Post Market Hours
Delta Corp: Q3FY24 (Consolidated YoY)
Revenue down 15.3% at Rs 231.7 crore.
Ebitda down 45.6% at Rs 55.7 crore.
Margin at 24.03% vs 37.41%
Net profit down 59.3% at Rs 34.5 crore.
IPO Offerings
Jyoti CNC Automation: The public issue was subscribed 2.52 times on day 1. The bids were led by, retail investors (8.28 times), portion reserved for employees (3.69 times), non-institutional investors (3.63 times), and institutional investors (0.02 times).
Stocks To Watch: M&M, Delta Corp., Polycab, PFC, Lupin In Focus
Mahindra and Mahindra: The company will collaborate with a US-based automobile technology company, Mobileye, for software solutions and to explore building a full-stack autonomous driving system.
Power Finance Corp.: The company received a no-objection letter from the Reserve Bank of India for setting up a finance company in the International Financial Services Centre situated in GIFT City, Gujarat.
Polycab India: The company denied media reports of tax evasion and said that it has not received any communication from the income-tax department regarding the outcome of the search.
Lupin: The pharma major received approval from the US FDA for the launch of Bromfenac Ophthalmic Solution, 0.07% in the United States.
Shyam Metalics and Energy: The company raised Rs 1,385 crore through qualified institutional placement at Rs 576 per share, which indicated a discount of 9.70% to the current market price.
Steel Strips Wheels: The National Company Law Tribunal approved the acquisition of the AMW Autocomponent. The company has also invested Rs 138.15 crore into AMW Autocomponent through a mix of equity for Rs 5 crore and an inter-corporate loan of Rs 133.15 crore.
IRCTC: The Railway Ministry nominated Sanjay Kumar Jain as the chief managing director of the company.
Life Insurance Corp.: The company has increased its stake to 5% from 4.8% in Navin Fluorine.
KIOCL: The company’s operations at the Mangalore pellet plant were suspended due to the non-availability of iron-ore fines.
Karnataka Bank: The private lender partnered with Digivriddhi to offer a host of financial services catering to the needs of dairy farmers and milk societies.
GIFT Nifty Trades Below 21,600
Most markets in the Asia-Pacific region declined, whereas Japan's extended 34-year gains in early Wednesday.
Market participants are now awaiting the release of a slew of economic data from China and the U.S. China will be releasing its inflation and trade data later this week. Meanwhile, the U.S. CPI is scheduled for release on Thursday.
U.S. stocks fluctuated after a tech-led bounce as 10-year Treasury yields remained above 4% while oil climbed, Bloomberg reported. Brent crude was trading up 0.41% at $77.91 per barrel. Gold was trading flat at $2,031.43 an ounce.
The January futures contract of the GIFT Nifty traded 0.14% lower at 21,573 as of 8:20 a.m.
India's benchmark stock indices closed marginally higher on Tuesday amid losses in the financial services sector.
The S&P BSE Sensex ended 31 points, or 0.04%, higher at 71,386.21 and the NSE Nifty 50 gained 32 points, or 0.15%, to end at 21,544.85.
Overseas investors turned net sellers of Indian equities on Tuesday after being buyers for three consecutive sessions. Foreign portfolio investors offloaded stocks worth Rs 990.9 crore, while domestic institutional investors mopped up equities worth Rs 104.2 crore, according to provisional data from the NSE.
The Indian rupee strengthened 2 paise to close at Rs 83.12 against the U.S. dollar.
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