Markets in Japan and Australia rose in early trade on Friday, taking cues from overnight gains from Wall Street, as investors await the U.S. Non-Farm Payroll data due to be published later today.
The Nikkei 225 was trading 201.85 points or 0.56% higher at 36,213.31, and the S&P ASX 200 was 82.00 points or 1.08% at 7,670.20 as of 6:38 a.m.
U.S. stocks pared an advance led by big tech as bonds gained, with traders weighing mixed economic data ahead of Friday’s jobs report.
The S&P 500 Index and Nasdaq 100 rose by 1.25% and 1.21%, respectively, on Thursday. The Dow Jones Industrial Average rose by 0.97%.
Brent crude was trading 2.30% lower at $78.70 a barrel. Gold was higher by 0.04% at $2,055.84 an ounce.
Indian benchmark stock indices ended the volatile trading session lower on Thursday, led by losses in Larsen & Toubro, Bharti Airtel, and Bajaj Finance.
The NSE Nifty 50 settled 28.25 points, or 0.13%, lower at 21,697.45, and the S&P BSE Sensex fell 106.81 points, or 0.15%, to end at 71,645.30. The Nifty fell to an intraday low of 21,658.75, and the Sensex touched a low of 71,574.89.
On the day of the Interim Budget 2024, surprisingly, the benchmark indices saw range-bound activity, with the Nifty closing 28 points lower while the Sensex was down 107 points, according to Shrikant S. Chouhan, head of equity research at Kotak Securities.
Overseas investors turned net sellers of Indian equities on Thursday after a day. Foreign portfolio investors offloaded stocks worth Rs 1,879.6 crore; domestic institutional investors remained net buyers and mopped up equities worth Rs 872.5 crore, the NSE data showed.
The Indian currency strengthened 6 paise to close at Rs 82.98 against the U.S. dollar.
Also Read: Budget 2024: FM Proposes Three Railway Corridors, Upgrading 40,000 Bogies To Vande Bharat Standards
Earnings Post Market Hours
Rites Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 0.81% at Rs 682.89 crore vs Rs 677.34 crore (Bloomberg estimate Rs 701.7 crore).
Ebitda down 12.52% at Rs 168.91 crore vs Rs 193.1 crore (Bloomberg estimate Rs 164.1 crore).
Margin down 377 bps at 24.73% vs 28.5% (Bloomberg estimate 23.4%).
Net profit down 12.5% at Rs 128.78 crore vs Rs 147.18 crore (Bloomberg estimate Rs 129.2 crore).
Company declares dividend of Rs 4.75 per share.
Mphasis Q3 Earnings FY24 (Consolidated, QoQ)
Revenue up 1.9% at Rs 3,337.9 crore vs Rs 3,276.5 crore (Bloomberg estimate Rs 3,429.3 crore).
Ebit down 1.9% at Rs 497.1 crore vs Rs 506.7 crore (Bloomberg estimate Rs 512.1 crore).
Margin down 57 bps at 14.89% vs 15.46% (Bloomberg estimate 14.8%).
Net profit down 4.7% at Rs 373.6 crore vs Rs 391.9 crore (Bloomberg estimate Rs 392.3 crore).
GMM PFaudler Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 8% at Rs 856 crore vs Rs 792.3 crore (Bloomberg estimate Rs 917.4 crore).
EBITDA down 3.8% at Rs 113.9 crore vs Rs 118.4 crore (Bloomberg estimate Rs 138.6 crore).
Margin down 163 bps at 13.3% vs 14.9% (Bloomberg estimate 15.10%).
Net profit up 64.8% at Rs 30.76 crore vs Rs 18.67 crore (Bloomberg estimate Rs 69.5 crore).
Godrej Agrovet Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 1% at Rs 2,345.21 crore vs Rs 2,323.5 crore (Bloomberg estimate Rs 2,459.7 crore).
EBITDA up 14.2% at Rs 159.1 crore vs Rs 139.3 crore (Bloomberg estimate Rs 167.3 crore).
Margin up 78 bps at 6.8% vs 6% (Bloomberg estimate 6.8%).
Net profit down 27.6% at Rs 82.96 crore vs Rs 114.6 crore (Bloomberg estimate Rs 79.5 crore).
Indian Hotels Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 16.5% at Rs 1,963.8 crore vs Rs 1,685.8 crore (Bloomberg estimate Rs 1,914.7 crore).
EBITDA up 22.6% at Rs 732.38 crore vs Rs 597.21 crore (Bloomberg estimate Rs 690.4 crore).
Margin up 186 bps at 37.3% vs 35.4% (Bloomberg estimate 36.1%).
Net profit up 18.2% at Rs 476.9 crore vs Rs 403.6 crore (Bloomberg estimate Rs 437.2 crore).
AAVAS Financiers Q3 Earnings FY24 (Consolidated, YoY)
Total income up 23.6% at Rs 509.2 crore vs Rs 412 crore.
Net profit up 8.7% at Rs 116.6 crore vs Rs 107.3 crore.
City Union Bank Q3 Earnings FY24 (Consolidated, YoY)
NII down 7% at Rs 513 crore vs Rs 555.7 crore.
Net profit up 16.2% at Rs 253 crore vs Rs 217.8 crore (Bloomberg estimate Rs 252.5 crore).
Gross NPA at 4.47% vs 4.66% QoQ.
Net NPA at 2.19 vs 2.34 QoQ.
Eclerx Services Q3 Earnings (Consolidated, QOQ)
Revenue up 4.3% at Rs 752.8 crore vs Rs 721.8 crore (Bloomberg estimate Rs 750.7 crore).
EBIT down 0.5% at Rs 173.7 crore vs Rs 174.5 crore (Bloomberg estimate Rs 186.3 crore).
Margin down 109 bps at 23.1% vs 24.2% (Bloomberg estimate 24.8%).
Net profit up 2.2% at Rs 139 crore vs Rs 136 crore (Bloomberg estimate Rs 141.5 crore).
Thyrocare Technologies Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 5.2% at Rs 134.74 crore vs Rs 128 crore (Bloomberg estimate Rs 146.6 crore).
EBITDA up 13.4% at Rs 31.59 crore vs Rs 27.86 crore (Bloomberg estimate Rs 38.3 crore).
Margin up 168 bps at 23.4% vs 21.8% (Bloomberg estimate 26.10%).
Net profit up 0.3% at Rs 14.74 crore vs Rs 14.7 crore (Bloomberg estimate Rs 23.2 crore).
Somany Ceramics Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 1.7% at Rs 612.1 crore vs Rs 622.4 crore (Bloomberg estimate Rs 672.6 crore).
EBITDA up 45.5% at Rs 59.03 crore vs Rs 40.57 crore (Bloomberg estimate Rs 66.2 crore).
Margin up 312 bps at 9.6% vs 6.5% (Bloomberg estimate 9.8%).
Net profit at Rs 23.4 crore vs Rs 11.47 crore (Bloomberg estimate Rs 31.4 crore).
Pricol Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 20.8% at Rs 572.6 crore vs Rs 474.1 crore.
EBITDA up 33% at Rs 67.81 crore vs Rs 50.98 crore.
Margin up 108 bps at 11.8% vs 10.8%.
Net profit up 27.1% at Rs 34.02 crore vs Rs 26.76 crore.
Abbott India Q3 Earnings FY24 (Consolidated YoY)
Revenue up 8.7% at Rs 1,437.1 crore vs Rs 1,322.2 crore (Bloomberg estimate Rs 1,480 crore).
Ebitda up 24.1% at Rs 387.6 crore vs Rs 312.2 crore (Bloomberg estimate Rs 368.7 crore).
Margin up 335 bps at 26.96% vs 23.61% (Bloomberg estimate 24.9%).
Net profit up 26% at Rs 311 crore vs Rs 246.8 crore (Bloomberg estimate Rs 289.7 crore).
Bayer Crop science Q3 Earnings FY24 YoY
Revenue down 8% at Rs 954.9 crore vs Rs 1,037.9 crore (Bloomberg estimate Rs 1,119.2 crore).
Ebitda up 49.8% at Rs 127.9 crore vs Rs 85.4 crore (Bloomberg estimate Rs 113.8 crore).
Margin up 516 bps at 13.39% vs 8.22% (Bloomberg estimate 10.20%).
Net profit down 30.8% at Rs 93.1 crore vs Rs 134.5 crore (Bloomberg estimate 77.7 crore).
HFCL Earnings Q3 FY24 (Consolidated, YoY)
Revenue down 4.9% at Rs 1,032.3 crore vs Rs 1,085.8 crore.
EBITDA down 30.9% at Rs 116.7 crore vs Rs 169 crore.
Margin down 425 bps at 11.3% vs 15.6%.
Net profit down 18.9% at Rs 82.43 crore vs Rs 101.6 crore.
Minda Corp Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 9.1% at Rs 1,165.8 crore vs Rs 1,068.3 crore (Bloomberg estimate Rs 1,210 crore).
Ebitda up 13.8% at Rs 129.9 crore vs Rs 114.1 crore.
Margin up 45 bps at 11.13% vs 10.68%.
Net profit up 0.4% at Rs 52.5 crore vs Rs 52.3 crore.
Jupiter Wagons Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 39% at Rs 895.8 crore vs Rs 644.4 crore.
Ebitda up 55.2% at Rs 124.4 crore vs Rs 80.1 crore.
Margin up 144 bps at 13.88% vs 12.43%.
Net profit up 82.7% at Rs 81.5 crore vs Rs 44.6 crore.
Texmaco Rail Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 43.5% at Rs 896.44 crore vs Rs 624.88 crore.
Ebitda up 47.4% at Rs 82.5 crore vs Rs 56 crore.
Margin up 24 bps at 9.2% vs 8.95%.
Net profit at Rs 25.8 crore vs Rs 9 crore.
Bata India Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 0.4% at Rs 903.5 crore vs Rs 900.2 crore (Bloomberg estimate Rs 955.6 crore).
Ebitda down 11.5% at Rs 182.5 crore vs Rs 206.2 crore (Bloomberg estimate Rs 245.4 crore).
Margin down 270 bps at 20.19% vs 22.9% (Bloomberg estimate 25.7%).
Net profit down 30.1% at Rs 58 crore vs Rs 83 crore (Bloomberg estimate Rs 110.3 crore).
Castrol India Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 7.5% at Rs 1,264 crore vs Rs 1,176 crore (Bloomberg estimate Rs 1,259.2 crore).
Ebitda up 47.1% at Rs 329 crore vs Rs 223.6 crore (Bloomberg estimate Rs 296.5 crore).
Margin up 701 bps at 26.02% vs 19.01% (Bloomberg estimate 23.5%).
Net profit up 25.9% at Rs 241.9 crore vs Rs 192.1 crore (Bloomberg estimate 213.6 crore).
Recommends final dividend of Rs 4.5 per share.
Earnings In Focus
Aegis Logistics, Alkyl Amines Chemicals, Bank of India, Bikaji Foods International, Century Plyboards, Century Textiles & Industries, Dalmia Bharat Sugar and Industries, Delhivery, Devyani International, Dhanuka Agritech, Divgi Torqtransfer Systems, Engineers India, Fine Organic Industries, Gujarat Ambuja Exports, Goodyear India, Greenlam Industries, H.G. Infra Engineering, India Glycols, InterGlobe Aviation, Isgec Heavy Engineering, Jubilant Pharmova, Kirloskar Ferrous Industries, Kaveri Seed Company, LIC Housing Finance, Mahindra Life space Developers, Med plus Health Services, Metropolis Healthcare, Mahindra Holidays and Resorts India, Moil, Nava, Quess Corp, Rate Gain Travel Technologies, Satin Creditcare Network, Sudarshan Chemical Industries, Sundram Fasteners, Transport Corporation of India, TCNS Clothing, Titagarh Rail Systems, Torrent Pharmaceuticals, Ujjivan Financial Services, UPL, and Whirlpool of India.
Stocks To Watch
FSN E-Commerce Ventures: The company will invest $2.5 million into Nysaa Beauty LLC for operational support.
TVS Motor: The company reported January sales at 3.39 lakh units, up 23% year-on-year, and motorcycle sales at 1.55 lakh units, up 29% year-on-year. The company's EV sales stood at 16,276 units, up 34% YoY and total exports at 69,343 units, up 22% year-on-year.
Hero MotoCorp: The company reported total sales at 4.33 lakh units, up 22% year-on-year, and exports at 12,664 units, up 75% year-on-year for January. The company's motorcycle sales stood at 4.02 lakh units, up 21% YoY.
NMDC: The company reported sales at 4.56 MT up 19% year-on-year and production at 4.54 MT up 8.1% year-on-year for January.
Prime Focus: The company approved raising up to Rs 4,000 crore through a rights issue at the issue price of Rs 90 per share.
HMA Agro Industries: Wajid Ahmed resigned from the post of managing director with immediate effect.
Mahanagar Gas: The company acquired a 100% stake in Unison Enviro for Rs 562 crore.
Dixon Technologies: Nirupam Sahay resigned from the position of president and chief operating officer with immediate effect.
Also Read: Nykaa Shares Fall 5% After Large Trade
IPO Offerings
BLS E-Services: The public issue was subscribed to 162.47 times on day 3. The bids were led by non-institutional investors (300.14 times), retail investors (237 times), and institutional investors (123.3 times).
Block Deals
PB Fintech: Claymore Investments (Mauritius) sold 2.44 crore shares (5.42%) at Rs 992.8 apiece. New World Fund bought 1.24 crore shares (2.75%), Capital Group New World Fund bought 1.23 lakh shares (0.02%), American Funds Insurance Series New World Fund bought 8.81 lakh shares (0.19%), Capital Group Global Equity Fund (Canada) bought 25.31 lakh shares (0.56%), New World Fund Inc bought 20.96 lakh shares (0.46%), Small cap World Fund bought 63.67 lakh shares (1.41%) at Rs 992.8 apiece.
Bulk Deals
Indus Tower: Silver View Portfolio Investments sold 13.08 crore shares (4.85%) at Rs 210.21 apiece, Canada Pension Plan Investment Board sold 5.76 crore shares (2.13%) at Rs 212.15 apiece and Patronus Trade tech LLP bought 1.49 crore shares (0.55%) at Rs 212.24 apiece.
SML Isuzu: Anandam Enterprises bought 0.94 lakh shares (0.64%) at Rs 1528.11 apiece, SPV Traders bought 0.97 lakh shares (0.67%) at Rs 1498.8 apiece.
Tourism Finance Corp: Garg Brothers sold 5.5 lakh shares (0.6%) at Rs 190.57 apiece.
Pledge Share Details
Paisalo Digital: Promoter Equilibrated Venture CFLOW revoked a pledge of 16 lakh shares on Jan 31.
Who’s Meeting Whom
Star Cement: To meet analysts and investors on Feb. 8.
Jindal Saw: To meet analysts and investors on Feb. 6.
Five-Star Business Finance: To meet analysts and investors on Feb. 2.
Exide Industries: To meet analysts and investors on Feb. 7 and 9.
Accelya Solutions: To meet analysts and investors on Feb. 5.
Trading Tweaks
Price band revised from 20% to 10%: Bombay Dyeing and MFG, Happy Forgings, Housing and Urban Development, India Tourism Development Corp, Jyoti CNC Automation.
Price band revised from 10% to 5%: KPI Green Energy, Salasar Techno Engineering, Urja Global.
Ex/record date dividend: Kewal Kiran Clothing, Share India Securities, Indian Energy Exchange, Control Print, Zensar Technologies, Oberoi Realty, Balkrishna Industries, Mangalore Refinery and Petrochemicals.
Ex/record date bonus: Sandhur Manganese and Iron Ores.
Moved into short-term ASM framework: Dolat Algotech, Indian Metals & Ferro Alloys, Jyoti CNC Automation, Paisalo Digital, Vakrangee.
Moved out of short-term ASM framework: 5Paisa Capital.
F&O Cues
Nifty January futures down by 0.31% to 21,751.45 at a premium of 54 points.
Nifty January futures open interest up by 0.85%.
Nifty Bank January futures up by 0.3% to 46,437.15 at a premium of 248.5 points.
Nifty Bank January futures open interest down by 1.8%.
Nifty Options Feb. 8 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,700.
Bank Nifty Options Feb 7 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 46,000.
Securities in ban period: Indian Cement, Indus Power, Steel Authority of India, Zee Entertainment Enterprise.
Money Market Update
The Indian currency strengthened 6 paise to close at Rs 82.98 against the U.S. dollar.
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