Markets in Asia-Pacific region rose in early trade on Thursday as overnight recovery on Wall Street boosted sentiment.
The Nikkei 225 was trading 386.30 points or 1.02% higher at 38,089.62, while the KOSPI was trading 10.00 points or 0.38% up at 2,630.42 as of 6:29 a.m.
Meanwhile, latest preliminary data from Japan's Cabinet Office showed on Thursday, country's GPD has contracted to 0.4% on year in last quarter of 2023, reported Nikkei Asia. This is the second contraction, technically indicating the economy has fell in to an recession.
U.S. Stocks rose on Wednesday as robust earnings of big technology firms helped eased worries about persistent price pressure, Bloomberg reported.
The S&P 500 Index and Nasdaq Composite rose by 0.96% and 1.01%, respectively, as of Wednesday. The Dow Jones Industrial Average rose by 0.40%.
Wall Street traders reeling from an unexpected pickup in U.S. inflation sent bonds higher on Wednesday, reported Bloomberg.
Brent crude was trading 1.41% lower at $81.60 a barrel. Gold was higher by 0.10% at $1,994.39 an ounce.
India's benchmark equity indices erased their earlier losses to close higher for the second consecutive day on Wednesday, on the back of gains in SBI.
The Nifty ended 106.80 points, or 0.49%, higher at 21,850.05, and the Sensex gained 277.98 points, or 0.39%, to close at 71,833.17. Intraday, the Nifty fell 0.98% and the Sensex fell 1.04%.
Overseas investors in Indian equities turned net sellers on Wednesday after three consecutive days of buying.
Foreign portfolio investors offloaded stocks worth Rs 3,929.6 crore, domestic institutional investors remained net buyers and mopped up equities worth Rs 2,897.9 crore, the NSE data showed.
The Indian rupee weakened by 2 paise to close at 83.03 against the U.S. dollar on Wednesday.
Earnings Post Market Hours
Gland Pharma Q3 FY24 (Consolidated, YoY)
Revenue up 64.68% at Rs 1,545.2 crore vs Rs 938.3 crore (Bloomberg estimate: Rs 1,482.20 crore).
Ebitda up 23.06% at Rs 356.4 crore vs Rs 289.6 crore (Bloomberg estimate: Rs 379.30 crore).
Margin narrows 779 bps to 23.06% vs 30.86% (Bloomberg estimate: 25.60%).
Net profit down 17.24% at Rs 191.9 crore vs Rs 231.9 crore (Bloomberg estimate: Rs 261.07 crore).
NMDC Q3 FY24 (Consolidated, YoY)
Revenue up 45.42% at Rs 5,409.9 crore vs Rs 3,719.99 crore (Bloomberg estimate: Rs 5,361.43 crore)
Ebitda up 75.97% at Rs 2,007.17 crore vs Rs 1,140.62 crore (Bloomberg estimate: Rs 1,933.13 crore).
Margin expands 643 bps to 37.1% vs 30.66% (Bloomberg estimate: 36.10%).
Net profit up 62.67% at Rs 1,483.93 crore vs Rs 912.23 crore (Bloomberg estimate: Rs 1,558.97 crore).
Board declares first interim dividend of Rs 5.75 per share.
Glenmark Pharma Q3 FY24 (Consolidated, YoY)
Revenue down 19.15% at Rs 2,506.7 crore vs Rs 3,100.2 crore (Bloomberg estimate: Rs 3,463.84 crore).
Ebitda loss at Rs 208.7 crore vs profit of Rs 474 crore (Bloomberg estimate: Rs 577.93 crore).
Net loss at Rs 330.8 crore vs profit of Rs 290.8 crore (Bloomberg estimate: Rs 247.58 crore).
Exceptional gain of Rs 76.7 crore.
Yatra Online Q3 FY24 (Consolidated, YoY)
Revenue up 23.06% at Rs 110.34 crore vs Rs 89.66 crore.
Ebitda up 49.79% at Rs 3.61 crore vs Rs 2.41 crore.
Margin expands 58 bps to 3.27% vs 2.68%.
Net profit at Rs 1.06 crore vs loss of Rs 5.61 crore.
Gateway Distriparks Q3 FY24 (Consolidated, YoY)
Revenue up 15.21% at Rs 392.94 crore vs Rs 341.06 crore (Bloomberg estimate: Rs 388.67 crore).
Ebitda up 7.56% at Rs 97.77 crore vs Rs 90.89 crore (Bloomberg estimate: Rs 101.50 crore).
Margin narrows 176 bps to 24.88% vs 26.64% (Bloomberg estimate: 26.10%).
Net profit up 16.68% at Rs 64.54 crore vs Rs 55.31 crore (Bloomberg estimate: Rs 65.43 crore).
Muthoot Finance Q3 FY24 (Consolidated, YoY)
Total income up 19.06% at Rs 3,175.7 crore vs Rs 2,667.1 crore.
Net profit up 13.92% at Rs 1,027.3 crore vs Rs 901.7 crore.
Indiabulls Housing Finance Q3 FY24 (YoY)
Total income down 5.47% at Rs 2,211.7 crore vs Rs 2,339.62 crore.
Net profit up 4% at Rs 302.61 crore vs Rs 290.97 crore.
Sun TV Network Q3 FY24 (Consolidated, YoY)
Revenue up 4.08% at Rs 923.15 crore vs Rs 886.88 crore (Bloomberg estimate: Rs 927.37 crore).
Ebitda up 0.85% at Rs 589.32 crore vs Rs 584.32 crore (Bloomberg estimate: Rs 587.70 crore).
Margin narrows 204 bps to 63.83% vs 65.88% (Bloomberg estimate: 63.40%).
Net profit up 6.81% at Rs 454.09 crore vs Rs 425.1 crore (Bloomberg estimate: Rs 450.50 crore).
Board declares interim dividend of Rs 2.5 per share.
Crompton Greaves Q3 FY24 (Consolidated, YoY)
Revenue up 11.63% at Rs 1,692.69 crore vs Rs 1,516.21 crore (Bloomberg estimate: Rs 1,699.57 crore).
Ebitda down 1.69% at Rs 149.8 crore vs Rs 152.39 crore (Bloomberg estimate: Rs 172.25 crore).
Margin narrows 120 bps to 8.84% vs 10.05% (Bloomberg estimate: 10.10%).
Net profit down 3.1% at Rs 85.45 crore vs Rs 88.19 crore (Bloomberg estimate: Rs 101.75 crore).
Gujarat State Petronet Q3 FY24 (Consolidated, QoQ)
Revenue up 3.02% at Rs 4,389.05 crore vs Rs 4,265.15 crore.
Ebitda down 13.86% at Rs 787 crore vs Rs 913.66 crore.
Margin narrows 349 bps to 17.93% vs 21.42%.
Net profit down 15.95% at Rs 496.19 crore vs Rs 590.4 crore.
National Fertilizers Q3 FY24 (Consolidated, YoY)
Revenue down 25.2% at Rs 7,580.9 crore vs Rs 10,134.35 crore.
Ebitda down 67.11% at Rs 315.12 crore vs Rs 957.86 crore.
Margin narrows 529 bps to 4.15% vs 9.45%.
Net profit down 72.76% at Rs 150.9 crore vs Rs 554.03 crore.
Hinduja Global Solutions Q3 FY24 (Consolidated, YoY)
Revenue up 7.55% at Rs 1,203.66 crore vs Rs 1,119.12 crore.
Ebitda up 40.18% at Rs 115.33 crore vs Rs 82.26 crore.
Margin expands 223 bps to 9.58% vs 7.35%.
Net profit down 84.15% at Rs 8.18 crore vs Rs 51.61 crore.
Gufic Biosciences Q3 FY24 (Consolidated, QoQ)
Revenue down 6.1% at Rs 201.8 crore vs Rs 214.9 crore.
Ebitda down 7.38% at Rs 36.48 crore vs Rs 39.39 crore.
Margin narrows 25 bps to 18.07% vs 18.32%.
Net profit down 4.09% at Rs 22.26 crore vs Rs 23.21 crore.
Axiscades Technologies Q3 FY24 (Consolidated, QoQ)
Revenue down 8.02% at Rs 232.21 crore vs Rs 252.45 crore.
EBIT down 23.55% at Rs 21.48 crore vs Rs 28.1 crore.
Margin narrows 188 bps to 9.25% vs 11.13%.
Net profit down 32.49% at Rs 7.54 crore vs Rs 11.17 crore.
Jindal Poly Films Q3 FY24 (Consolidated, YoY)
Revenue up 10.95% at Rs 983.8 crore vs Rs 886.7 crore.
Ebitda loss of Rs 32.45 crore vs Ebitda loss of Rs 81.31 crore.
Net loss at Rs 19.43 crore vs loss of Rs 96.66 crore.
NMDC Steel Q3 FY24 (QoQ)
Revenue up 233.74% at Rs 925.85 crore vs Rs 277.41 crore.
Ebitda loss at Rs 409.09 crore vs loss of Rs 72.24 crore.
Net loss at Rs 568.39 crore vs loss of Rs 131.1 crore.
Fineotex Chemical Q3 FY24 (Consolidated, YoY)
Revenue up 26.76% at Rs 138.45 crore vs Rs 109.22 crore.
Ebitda up 41.43% at Rs 40.35 crore vs Rs 28.53 crore.
Margin expands 302 bps to 29.14% vs 26.12%.
Net profit up 46.5% at Rs 32.92 crore vs Rs 22.47 crore.
Polyplex Corp. Q3 FY24 (Consolidated, YoY)
Revenue down 19.74% at Rs 1,495.57 crore vs Rs 1,863.34 crore.
Ebitda down 52.19% at Rs 49.52 crore vs Rs 103.59 crore.
Margin narrows 224 bps to 3.31% vs 5.55%.
Net profit down 79.7% at Rs 17.07 crore vs Rs 84.1 crore.
Dishman Carbogen Q3 FY24 (Consolidated, YoY)
Revenue up 1.76% at Rs 651.09 crore vs Rs 639.79 crore.
Ebitda down 63.89% at Rs 41.11 crore vs Rs 113.87 crore.
Margin narrows 1,148 bps to 6.31% vs 17.79%.
Net loss of Rs 59.63 crore vs profit of Rs 46.96 crore.
Narayana Hrudayalaya Q3 FY24 (Consolidated, YoY)
Revenue up 6.68% at Rs 1,203.6 crore vs Rs 1,128.2 crore (Bloomberg estimate: Rs 1,262.38 crore).
Ebitda up 9.6% at Rs 278.91 crore vs Rs 254.46 crore (Bloomberg estimate: Rs 288.28 crore).
Margin expands 61 bps to 23.17% vs 22.55% (Bloomberg estimate: 22.80%).
Net profit up 22.22% at Rs 188.1 crore vs Rs 153.9 crore (Bloomberg estimate: Rs 198.82 crore).
PTC India Q3 FY24 (Consolidated, YoY)
Revenue up 10.6% at Rs 3,471.65 crore vs Rs 3,138.85 crore.
Ebitda down 10.19% at Rs 279.15 crore vs Rs 310.83 crore.
Margin narrows 186 bps to 8.04% vs 9.9%.
Net profit down 7.12% at Rs 97.04 crore vs Rs 104.48 crore.
KDDL Q3 FY24 (Consolidated, YoY)
Revenue up 19% at Rs 372.2 crore vs Rs 312.8 crore.
Ebitda up 17.6% at Rs 65.74 crore vs Rs 55.91 crore.
Margin at 17.7% vs 17.9%.
Net profit up 20.2% at Rs 37.1 crore vs Rs 30.87 crore.
Rajesh Exports Q3 FY24 (Consolidated, YoY)
Revenue down 30.7% at Rs 65,476.8 crore vs Rs 94,474.3 crore.
Ebitda down 97.37% at Rs 11.83 crore vs Rs 449.55 crore.
Margin narrows 45 bps to 0.01% vs 0.47%.
Net profit down 97.05% at Rs 12.43 crore vs Rs 421.56 crore.
Aditya Birla Fashion and Retail Q3 FY24 (Consolidated, YoY)
Revenue up 16.1% at Rs 4,166.71 crore vs Rs 3,588.8 crore (Bloomberg estimate: Rs 4028.95 crore).
Ebitda up 18.9% at Rs 840.95 crore vs Rs 707.27 crore (Bloomberg estimate: Rs 517.77 crore).
Margin expands 47 bps to 20.18% vs 19.7% (Bloomberg estimate: 12.90%).
Net loss at Rs 107.6 crore vs profit of Rs 11.21 crore (Bloomberg estimate: Loss of Rs 35.60 crore).
Stocks To Watch
One 97 Communication: The company clarified that it has been receiving notices from authorities including the Enforcement Directorate and that the Paytm Payments Bank does not undertake outward foreign remittances.
Hindustan Unilever: The company plans to partner with the Andhra Pradesh government to produce palm oil in the state.
Utkarsh Small Finance Bank: The board will evaluate a proposal for a reverse merger with its holding company, Utkarsh CoreInvest.
Container Corp of India: The company signed a Memorandum of Understanding with the container company of Bangladesh to extend the existing agreement for running container trains between India and Bangladesh.
State Bank of India: The public sector bank will keep MCLR-based lending rates unchanged for February.
West Coast Paper: The company achieved the milestone by doubling capacity for optical fiber cable production.
VIP Industries: The company appointed Manish Desai as the chief financial officer and key managerial personnel with effect from Feb. 14, 2024.
Indian Railway Catering and Tourism Corp: The Ministry of Railways approved the appointment of Sanjay Kumar Jain as chairman and managing director on an immediate absorption basis with effect from Feb. 14.
Avenue Supermarts: The company has invested Rs 100 crore in its arm, Avenue E-Commerce, by subscribing to shares on a preferential basis.
Adani Enterprise: The company's unit, Mumbai Travel Retail, has completed the incorporation process of a wholly owned subsidiary, Ospree International FZCO, in the UAE.
IPO Offerings
Vibhor Steel Tubes: The public issue was subscribed 101.42 times on day 2. The bids were led by non-institutional investors (252.2 times), retail investors (90.28 times), and institutional investors (8.52 times), and reserved for employees (78.93 times).
Block Deals
Jindal Stainless: ELM Park Fund sold 29 lakh shares (0.35%), while JSL Overseas Holding bought 29 lakh shares (0.35%) at Rs 575.35 apiece.
Bharat Petroleum Corp: BPCL ESPS Trust sold 68.36 lakh shares (0.24%), Motilal Oswal Mutual Fund bought 13 lakh shares (0.05%), and Plutus Wealth Management LLP bought 7.01 lakh shares (0.03%) at Rs 584 apiece.
Bulk Deals
Global Health: Dunearn Investments Mauritius Pte sold 30 lakh shares (1.11%) at Rs 1,315.2 apiece, while RJ Corp bought 28.82 lakh shares (1.07%) at Rs 1,315 apiece.
KP Energy: Multiplier Share and Stock Advisors bought 1.83 lakh shares (0.82%) at Rs 382.25 apiece.
Insider Trades
Westlife Foodworld: Promoter group Horizon Impex bought 2,618 shares on Feb. 12.
Hi-Tech Pipes: Promoter Parveen Bansal sold 6 lakh shares and Ajay Kumar and Sons sold 4.94 lakh shares on Feb. 13.
Who’s Meeting Whom
Speciality Restaurants: To meet analysts and investors on Feb. 23.
Jindal Stainless: To meet analysts and investors on Feb. 20, and 21.
Shriram Finance: To meet analysts and investors on Feb. 19.
Motherson Sumi Wiring India: To meet analysts and investors on Feb. 20.
Kolte Patil: To meet analysts and investors on Feb 15.
Trading Tweaks
Price band revised from 10% to 5%: Genus Power, One 97 Communication, Visaka Industries.
Price band revised from 20% to 10%: Jubilant Industries.
Ex/record date dividend: CCL Products, KPI Green Energy, UNO Minda, Power Grid Corp, Nestle India, andq Man Infraconstruction.
F&O Cues
Nifty February futures up by 0.46% to 21,925 at a premium of 84.95 points.
Nifty February futures open interest up by 1.6%.
Nifty Bank February futures up by 0.96% to 46,170 at a premium of 261.7 points.
Nifty Bank February futures open interest down by 4.8%.
Nifty Options Feb 15 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,000.
Bank Nifty Options Feb 21 Expiry: Maximum Call Open Interest at 46,000 and Maximum Put open interest at 45,000.
Securities in ban period: Aditya Birla Fashion, Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Bandhan Bank, Biocon, Delta Corp, Indus Tower, National Aluminium, PNB, Sail, Zee Entertainment Enterprise.
Money Market Update
The Indian rupee weakened by 2 paise to close at 83.03 against the U.S. dollar on Wednesday.
Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Ltd., an Adani Group company.
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