Asia markets declined, following a drop in the U.S. benchmarks after comments by two Federal Reserve officials that they were considering 50 basis-point interest rate hikes to battle persistently high inflation.
The S&P 500 Index lost 1.4% and the Nasdaq 100 sank 1.9%, while the yield on the benchmark 10-year Treasury surged to the highest level this year.
Meanwhile, the yield on 10-year Treasuries advanced to 3.87%. Crude prices were trading around $85-mark, while Bitcoin was trading below 24,000-level.
At 6:01 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.38% at 17,999.5.
India's benchmark stock indices ended firm for the third day in a row on Thursday, led by gains in I.T., metal and realty stocks.
Rupee snapped its three-day decline against the U.S. dollar on account of a broadly weaker greenback and stronger domestic equities.
Overseas investors in Indian equities remained net buyers for the fifth day in a row on Thursday. Foreign portfolio investors mopped up equities worth Rs 1,570.62 crore, while the domestic institutional investors remained net buyers for the fourth day in a row and bought stocks worth Rs 1,577.27 crore. They previously snapped a 13-day buying streak on Feb. 9.
Stocks To Watch
Vedanta: The company was selected as the preferred bidder for receiving composite licence for Kelwardabri block in Chhattisgarh, which has reserves of nickel, chromium and associated platinum group elements.
REC: Fitch Ratings has assigned ‘BBB-’ rating to proposed senior unsecured notes of the company, which will be issued from its existing $7 billion global medium-term note programme.
RailTel Corporation of India: The company received a work order worth Rs 27.07 crore from Bangalore Metro Rail Corporation for supply, installation testing and commissioning of the IT network infrastructure, and a comprehensive annual maintenance contract of Rs 6.22 crore per year for 5 years, extendable to 10 years.
Vodafone Idea/Bharti Airtel/Reliance Industries: Vodafone Idea lost 2.47 million subscribers in December last year, while Bharti Airtel and Reliance Jio Infocomm added 1.53 million and 1.7 million subscribers during the month, respectively, as per data released by telecom regulator TRAI.
Angel One: Narayan Gangadhar resigned from the position of CEO of the company, effective close of business hours on May 16, 2023, due to personal reasons. The day-to-day affairs of the company will be under chairman and managing director Dinesh Thakkar for now.
Engineers India: The company signed an memorandum of agreement with Oil India to carry out technological studies and feasibility reports for the upstream, midstream and the downstream value chain.
UltraTech Cement: The company commissioned 1.30 mtpa brownfield cement capacity in Hirmi, Chhattisgarh and 2.80 mtpa greenfield grinding capacity in Cuttack, Odisha, taking its total cement manufacturing capacity in India to 126.95 mtpa.
Satin Creditcare Network: The board approved raising Rs 99 crore terms and conditions for issuing secured, rated, unlisted, redeemable, non-convertible debentures of face value Rs 1 lakh each.
Hindustan Aeronautics/Bharat Forge: Hindustan Aeronautics, Saarloha Advanced Materials and Bharat Forge signed an MOU for collaboration in development and production of aerospace grade steel alloys.
Power Grid Corporation of India: POWERGRID Bhuj Transmission, a wholly owned subsidiary of the company, commissioned the transmission system for providing connectivity to renewable energy projects at Bhuj-II in Gujarat.
NLC India: The company, through its joint venture company Neyveli Uttar Pradesh Power, is setting up a 1,980-MW coal-based thermal power project at Ghatampur in Kanpur district of Uttar Pradesh. It has also planned to setup another coal-based pit head thermal power project of 2,400 MW at Talabira, in Jharsuguda district of Odisha. Both projects have their entire power capacity tied up.
Earnings Fineprint
Schaeffler India Q3 FY23 (YoY)
Revenue up 17.8% at Rs 1794.65 crore
Ebitda up 20.2% at Rs 345.22 crore (Bloomberg estimate: Rs 378.1 crore)
Ebitda margin at 19.2% vs 18.9%
Net profit up 21.2% at Rs 230.98 crore (Bloomberg estimate: Rs 195.8 crore)
The company announced a dividend of Rs 24 per share.
Q3 Earnings Results Today
Crisil
Offerings
Macfos: The maiden share sale of the SME e-commerce company will open on Feb. 17 and continue till Feb. 21. The price band for the offering has been fixed at Rs 92-102 per share. It is an entirely offer for sale issue, with all the proceeds going to shareholders offloading their stake during the IPO.
Bulk Deals
InterGlobe Aviation: Shobha Gangwal sold 1.56 crore shares (4.04%) at Rs 1,885.72 apiece.
Patel Engineering: Bank of Baroda sold 32.19 lakh shares (0.41%) at Rs 0.47 apiece.
Who’s Meeting Whom
Sagar Cements: To meet investors and analysts on Feb. 17.
Sanofi India: To meet investors and analysts on Feb. 24.
Radico Khaitan: To meet investors and analysts on Feb. 17.
Hindalco Industries: To meet investors and analysts on Feb. 17.
Ramco Cements: To meet investors and analysts on Feb. 23.
Laxmi Organic Industries: To meet investors and analysts on Feb. 21.
Thyrocare Technologies: To meet investors and analysts on Feb. 17 and 20.
Trading Tweaks
Ex-Date Interim Dividend: Alkem Laboratories, Aurobindo Pharma, Balkrishna Industries, Mrs Bectors Food Specialities, BLS International Services, Cantabil Retail India, Coromandel International, DCW, Hero MotoCorp, Firstsource Solutions, IOL Chemicals Pharmaceuticals, IRCON International, JB Chemicals Pharmaceuticals, JK Paper, Kirloskar Ferrous Industries, Minda Corporation, NHPC, Nirlon, Page Industries, RITES, Safari Industries (India), SJVN, Sundaram Finance
Record Date Interim Dividend: Aurobindo Pharma, Mrs Bectors Food Specialities, BLS International Services, Cantabil Retail India, Coromandel International, DCW, Hero MotoCorp, Firstsource Solutions, IOL Chemicals Pharmaceuticals, IRCON International, JK Paper, Kirloskar Ferrous Industries, Minda Corporation, NHPC, Nirlon, Page Industries, RITES, Safari Industries (India), SJVN, Sundaram Finance
Ex-Date Right Issue of Equity Shares: Capri Global Capital
Record Date Right Issue of Equity Shares: Capri Global Capital
Ex-Date Amalgamation: Inox Leisure
Record-Date Amalgamation: Inox Leisure
Ex-Date Special Dividend: Alkem Laboratories
Move Out Of Short-Term ASM Framework: Abans Holdings
Insider Trades
Chambal Fertilisers & Chemicals: Promoter group Uttam Commercial sold 1.66 lakh shares on Feb. 14.
Bajaj Holdings & Investment: Promoter group Bajaj Sevashram bought 4,573 shares between Feb 13-14.
Steel Strips Wheels: Promoter RK Garg bought 12,500 shares on Feb. 15.
Navin Fluorine International: Promoter and director Vishad P Mafatlal sold 2.90 lakh shares on Feb. 13.
Coforge: Promoter Hulst BV sold 60 lakh shares on Feb. 13.
Meghmani Finechem: Promoter Maulik Jayantibhai Patel bought 1,600 shares Feb. 15.
KCP: Promoter Dr. VL Indira Dutt bought 16,000 shares on Feb. 15.
Money Market Update
Rupee closed 0.10% higher against the U.S. dollar at 82.72 on Thursday, compared to Wednesday’s close of 82.80.
F&O Cues
Nifty February futures ended at 18,057 a premium of 22.20 points.
Nifty February futures fell 3.25% and 6,191 shares in Open Interest.
Nifty Bank February futures ended at 41,690, a discount of 101.30 points.
Nifty Bank February futures rose 3.50% and 3,156 shares in Open Interest.
Securities added to the ban period: Ambuja Cements, Indiabulls Housing Finance, Bharat Heavy Electricals, Punjab National Bank
Securities removed from the ban period: Nil
Also Read: FPIs Stay Net Buyers For Fifth Straight Day
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