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MRF reassures all its stakeholders, that it follows high standards of governance in its business practices.
MRF plans to pursue the matter before appropriate appellate forum, based on advice from legal counsel.
CCI has imposed a penalty of Rs 622.09 crore on MRF.
Source: Exchange Filing
BharatPe's Ashneer Grover Says A Set Of Investors Have Gotten Spooked For Unwarranted Reasons
The broader indices outperformed their larger peers with S&P BSE MidCap shedding 0.90% and S&P BSE SmallCap falling 0.4%. Barring S&P BSE Auto and S&P BSE Consumer Durables, all the other 17 sectoral indices compiled by BSE Ltd. declined, with S&P BSE Information Technology losing over 2%.
The market breadth was skewed in the favour of neither bulls nor bears. About 1,712 stocks advanced, 1,641 declined and 85 remained unchanged.
The founders will continue to be on the Board.
RS Agarwal will be the Chairman Emeritus while RS Goenka will be the Non-Executive Chairman, effective April 1.
RS Goenka’s eldest son Mohan Goenka has been appointed the Vice Chairman and RS Agarwal’s younger son Harsha V Agarwal has been designated as Vice Chairman and Managing Director.
Sushil Kumar Goenka has also desired to step down from his current position as the managing director as part of the transition process. He will continue to act as whole time director.
Source: Press release
Dr. Reddy's Laboratories entered into a definitive agreefment to acquire Nimbus Health GmbH. Nimbus Health is a privately owned, licensed pharmaceutical wholesaler from Germany focussing on medical cannabis in Germany.
Dr. Reddy's will acquire Nimbus Health for an upfront payment plus performance and milestone-based earn-outs over the next four years.
Source: Exchange filing
The board of DJ Mediaprint & Logistics Ltd. has approved 1: 1 bonus share issue, giving investors one fully paid up new equity share as bonus for every one fully paid up equity shares held.
The stock has fallen by its daily limit everyday since Jan. 27, 2022.
Shares of GAIL (India) Ltd. gained 1.5% after the company's net profit rose 121% to Rs 3,287.9 crore. That compares with the estimate of analysts tracked by Bloomberg at Rs 2,718.1 crore.
Key Highlights (Standalone, YoY)
Revenues up 66.7% at Rs 25769.75 cr vs Rs 15454.29 cr (Est Rs 25211.6 cr)
EBITDA up 120.3% at Rs Rs 4228.13 cr vs Rs 1919.52 cr (Est Rs 3805.9 cr)
EBITDA margins at 16.4% vs 12.4% (Est 15.1%)
Shares of Adani Transmission Ltd. traded in the red after the company's profit for the quarter ended December fell 32% year-on-year to Rs 267 crore.
Key Q3 Highlights (Consolidated, YoY)
Revenue up 14% at Rs 2,613.3 crore.
Ebitda up 6.4% to Rs 1,330 crore.
Margins at 14.4% Vs 11.1% (Bloomberg estimate: 17.4%)
Shares of Mahindra & Mahindra Financial Services Ltd. were lower after Edelweiss Capital cut the recommendation on the stock to 'hold' from 'buy'.
The new price target is Rs 182, which implies a 14% increase from last price. The company had reported earnings and sales that beat estimates for the December quarter on Feb. 2.
Shares of Titan Ltd. edged higher after the Tata Group subsidiary recorded a 91% year-on-year rise in profit to Rs 1,004 crore in the quarter ended December. That compares with Bloomberg estimate of Rs 871.2 crore.
Key Q3 Highlights (Consolidated, YoY)
Revenue up 32% at Rs 10,037 crore Vs Rs 7,619 crore (Bloomberg estimate: Rs 7426.5 crore)
EBITDA up 70% to Rs 1,442 crore Vs Rs 848 crore (Bloomberg estimate: Rs 1,294.7 crore)
Margins at 14.4% Vs 11.1% (Bloomberg estimate: 17.4%)
Source: Exchange filing
Shares of IRB Infrastructure Developers Ltd. were up for the seventh day, gaining 31% during the streak.
Both Ujjivan Small Financial Bank Ltd. and DCB Bank Ltd. recorded their longest win streak in 14 months. They have gained 5.4% and 6% during the run.
Shares of GMR Infrastructure Ltd. gained for the fifth straight day, extending the longest winning streak since April 17, 2020.
GMT Infra has gained 11% during the streak, compared to S&P BSE Sensex's 3% rise.
Shares of Strides Pharma, too, rose for the fifth day, beating S&P BSE Sensex's gains by nearly 7%. It has extended its longest winning streak since Dec. 29, 2020.
Cognizant Reports Highest Quarterly Revenue, Attrition Falls
Supreme Court Agrees To Hear Future Retail Petition Against NPA Deadline
The broader indices outperformed their larger peers with S&P BSE MidCap shedding 0.46% and S&P BSE SmallCap remaining little changed. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology, Oil & Gas, Realty indices shedding over 1%. On the flipside the S&P BSE Auto index rose over 1%.
The market breadth was skewed in the favour of bulls. About 1,772 stocks advanced, 1,500 declined and 95 remained unchanged.
Jubilant Foodworks raised to 'buy' at Elara Securities; price target set at Rs 4,110.
Source: Bloomberg
Indian bonds trade slightly higher as investors buy into the recent sharp rise in yields, spurred by the government’s record market borrowing plan for the next fiscal year. The rupee is little changed
10-year yields down 1bp to 6.87%; rose ~20bps in last two sessions.
Yield on 6.1% 2031 bond also down 1bp to 6.91%.
USD/INR steady at 74.8225.
Source: Bloomberg
Sun Pharmaceutical Industries raised to 'buy' at KR Choksey; price target set at Rs 1,074.
Source: Bloomberg
Infosys approves issue of 2.31 million stock incentive units to certain eligible employees of the company and its subsidiaries.
Grant is effective Feb. 1, 2022.
Exercise price will be equal to the par value of shares.
Source: Exchange Filing
Ceat denies all allegations of anti-competitive practices and said it’s studying CCI’s order for appropriate legal recourse.
Apollo Tyres said it does not agree with the findings of the Commission and will take necessary steps under the law to appeal against the order after a more detailed examination of the full order.
Ceat was fined Rs 252.1 crore, while Apollo was fined Rs 425.5 crore.
Source: Exchange filings
Maturities across the India sovereign yield curve were little changed in Thursday morning trading.
The 5-year yield fell 1.3bps to 6.066%.
The 10-year yield fell 1.4bps to 6.867%.
The 14-year yield fell 1.2bps to 7.304%.
The 5-year-10-year yield spread was 80.1bps, vs previous close 80.1bps.
Source: Bloomberg
Toyota Motor India has halted bookings for Hilux citing inability to meet demand due to supply issues.
Source: Bloomberg
Services PMI Falls To Six-Month Low In January
Navin Fluorine cut to 'sell' from 'reduce' at Kotak Securities; price target set at Rs 3,750.
Indoco Remedies raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 464.
Source: Bloomberg
Apple had its strongest quarter for iPhone sales in India.
Sales rose 34%YoY to 2.3 million units in the quarter-ended December.
Source: Bloomberg
Billionaire Agarwal Weighs Vedanta Merger With India Unit
Shares Of Apollo Tyres To MRF Fall As CCI Levies Rs 1,800-Crore Fine For Cartelisation
The S&P BSE MidCap index almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty with gains of nearly 0.25%. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology shedding 0.75%.
The market breadth was skewed in the favour of bulls. About 1,556 stocks advanced, 994 declined and 104 remained unchanged.
HDFC raised to 'buy' from 'hold' at Antique Stock Broking; price target set at Rs 3,165.
Cholamandalam Investment & Finance Co raised to 'buy' from 'hold' at Antique Stock Broking; price target set at Rs 730.
Jubilant Food raised to 'buy' from 'hold' at Antique Stock Broking; price target set at Rs 3,840.
Source: Bloomberg
Jubilant Foodworks raised to 'buy' at IDBI Capital Market; price target set at Rs 4,036.
VIP Industries cut to 'hold' from 'buy' at IDBI Capital Market; price target set at Rs 670.
Source: Bloomberg
Shares of tyre manufacturers in India may move after the country’s antitrust regulator imposed penalties totaling about 18 billion rupees ($239m) on five companies, including top players MRF and Apollo Tyres, over alleged cartelization in a decade-old case.
In Focus: Apollo Tyres, MRF, Ceat, JK Tyre and Birla Tyres, which have been fined
Also In Focus: Goodyear India, Balkrishna Industries
Source: Bloomberg
VIP Industries cut to 'add' at Spark Capital Advisors; price target set at Rs 710.
M&M Financial Services cut to 'reduce' from 'add' at Spark Capital Advisors; price target set at Rs 156.
Source: Bloomberg
Bloomberg Exclusive
Indian billionaire Anil Agarwal is considering a potential merger of his commodity empire's indebted holding company with Vedanta.
Anil Agarwal has help preliminary discussions with prospective advisers about the combining Vedanta Resources Ltd. with Vedanta.
Deliberations are at an early stage, thereis no certainty that Agarwal will decide to pursue a transaction.
Source: People familiar with the matter
ITC
Titan Company
Adani Transmission
Gail (India)
Adani Power
Cadila Healthcare
Godrej Properties
Lupin
Coromandel International
Pfizer
PI Industries
Emami
3M India
Aavas Financiers
Aditya Birla Capital
Barbeque-Nation Hospitality
EIH
Dishman Carbogen Amcis
Torrent Power
GMM Pfaudler
Grindwell Norton
Hindustan Construction Co.
HG Infra Engineering
IG Petrochemicals
India Pesticides
JK Tyre & Industries
Jubilant Industries
Kalyan Jewellers India
Sumitomo Chemical India
Sundram Fasteners
Kennametal India
Kirloskar Industries
Lux Industries
Mahindra Holidays & Resorts India
Nahar Spinning Mills
Nesco
Prince Pipes and Fittings
Radico Khaitan
Rolex Rings
SIS
Thomas Cook (India)
Varun Beverages
Westlife Development
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