Stock Market Today: Nifty Closes Below 22,000; Sensex Adds Over 400 Points

The yield on the 10-year bond closed flat at 7.06% on Friday.

Source: Bloomberg

-The local currency strengthened 5 paise to close at Rs 82.93 against the U.S dollar.

-It closed at 82.98 on Thursday

Source: Bloomberg

Benchmark indices ended the Budget week higher after falling for two straight weeks with shares of Reliance industries and IT companies leading the gains.

During Friday's session, the Nifty 50 hit 22,000 for the first time since Jan 16 and the Sensex gained as much as 2.02%.

However, the Nifty failed to hold the crucial 22,000 while the Sensex fell after nearing its lifetime high as shares of Axis Bank and HDFC Bank weighed on them.

The Nifty closed 156.35 points or 0.72% higher at 21,853.80 while the Sensex closed 440.34 points or 0.6% higher at 72,085.63.

"Nifty surpassed the 22,000 mark during the first half of the Friday session but subsequently formed a double top on the hourly chart," said Rupak De, Senior Technical Analyst, LKP Securities. "Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified around 22,125. "

Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond, he added.

Shares of Reliance Industries Ltd., Infosys Ltd., Tata Consultancy Services Ltd., NTPC Ltd., and Power Grid Corp. Of India Ltd. contributed the most to the gains.

Meanwhile, those of HDFC Bank Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., ITC Ltd., and Hindustan Unilever Ltd. capped the upside.

The Nifty 50 ended 2.35% higher this week.

This week, only Nifty FMCG and Nifty Media fell. Nifty PSU Bank gained the most followed by Nifty Oil & Gas.

The broader markets rose in line with the benchmark indices. The S&P BSE Midcap gained 0.80%, and the S&P BSE Smallcap rose 0.49%.

On BSE, 16 out of 20 sectoral indices rose, while four declined. The S&P BSE Oil and Gas surged over 4% to become the best performing sector.

The market breadth was skewed in favour of the buyers. About 2,040 stocks rose, 1,805 declined, and 98 remained unchanged on the BSE.

• Revenue up 17.9% at Rs 940.1 crore vs Rs 797.7 crore

• EBITDA up 42.8% at Rs 542.4 crore vs Rs 313.9 crore

• Margin at 57.7% vs 39.4%

• Net profit at Rs 253.6 crore vs Rs 116.4 crore

• Revenue up 3% at Rs 867.6 crore vs Rs 842.2 crore

• EBITDA up 42.8% at Rs 50.05 crore vs Rs 49.74 crore

• Margin at 5.8% vs 5.9%

• Net profit at Rs 63.35 crore vs Rs 16.12 crore

• Revenue at Rs 937.4 crore vs Rs 883.7 crore, up 6.1%

• Ebitda at Rs 106 crore vs Rs 128.6 crore, down 17.6%

• Margin at 11.3% vs 14.55%, down 324 bps

• Net profit at Rs 62.66 crore vs Rs 82.35 crore, down 23.9%

• 13.3 lakh shares changed hands in a large trade

• 0.01% equity changed hands at Rs 164.6 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Revenue up 22.9% at Rs 624.2 crore vs Rs 507.7 crore

• EBITDA up 42.8% at Rs 74.97 crore vs Rs 55.08 crore

• Margin up 116 bps at 12% vs 10.8%

• Net profit up 15% at Rs 45.99 crore vs Rs 39.99 crore

• 10.2 lakh shares changed hands in a large trade

• 0.01% equity changed hands at Rs 49.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Net profit down 86% at Rs 3.05 crore vs Rs 21.7 crore YoY

• Gross NPA at 4.81% vs 5.36% QoQ

• Net NPA at 1.27% vs 1.29% QoQ

• NII down 10% at Rs 114 crore vs Rs 126.9 crore YoY

• Cargo volume up 21% YoY at 35.1 MMT

• Gangavaram Port recorded highest-ever monthly cargo volume at 4 MMT

• Dry bulk volumes up 46% YoY, Container volumes up 13% YoY

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

• Revenue at Rs 1548.2 crore vs Rs 1600.5 crore, down 3.27%

• Ebitda at Rs 232.03 crore vs Rs 241.25 crore, down 3.83%

• Margin at 14.98% vs 15.07%

• Net profit at Rs 105.3 crore vs Rs 129.7 crore, down 18.81%

• Revenue at Rs 1,367.25 crore vs Rs 1,403 crore, down 2.6%

• Ebitda at Rs 201.3 crore vs Rs 196.3 crore, up 2.5%

• Margin at 14.72% vs 13.98%, up 73 bps

• Net profit at Rs 129.4 crore vs Rs 118.1 crore, up 9.6%

• Revenue at Rs 2732 crore vs Rs 2491 crore, up 9.7%

• Ebitda at Rs 869 crore vs Rs 724 crore, up 20.1%

• Margin at 31.8% vs 29.06%, up 274 bps

• Net profit at Rs 443 crore vs Rs 292 crore, up 51.7%

• Revenue up 5.7% at Rs 929.94 crore vs Rs 880 crore

• EBITDA up 42.8% at Rs 410.2 crore vs Rs 399.4 crore

• Margin down 127 bps at 44.1% vs 45.4%

• Net profit up 28.2% at Rs 465 crore vs Rs 362.8 crore

• Revenue up 5.41% at Rs 634.8 crore vs Rs 602.2 crore

• Ebitda up 15.66% at Rs 105.05 crore vs Rs 90.82 crore

• Margin at 16.54% vs 15.08%

• Net profit at Rs 10.53 crore vs loss of Rs 13.71 crore

• Revenue up 17.9% at Rs 1535.7 crore vs Rs 1302.5 crore

• Ebitda up 42.58% at Rs 62.78 crore vs Rs 44.02 crore

• Margin at 4.08% vs 3.37%

• Net profit up 11.98% at Rs 29.9 crore vs Rs 26.7 crore

• Revenue at Rs 322.1 crore vs Rs 388.4 crore, down 17.1%

• Ebitda at Rs 59.7 crore vs Rs 69.6 crore, down 14.3%

• Margin at 18.52% vs 17.91%

• Net profit at Rs 33.4 crore vs Rs 45.7crore, down 26.9%

• Revenue at Rs 142.6 crore vs Rs 144 crore, down 1%

• Ebitda at Rs 9.4 crore vs Rs 13.8 crore, down 32.1%

• Margin at 6.58% vs 9.59%, down 301 bps

• Net profit at Rs 11.1 crore vs Rs 38.2 crore, down 70.9%

Indian stock indices extended gains to trade higher through midday on Friday, with the NSE Nifty 50 hitting an all-time high led by gains in the oil & gas sector, including index heavyweight Reliance Industries Ltd.

As of 11:53 a.m., the NSE Nifty 50 rose 377.90 points, or 1.74%, to 22,075.35, while the S&P BSE Sensex gained 1,232.20 points, or 1.72%, to 72,877.50.

The Nifty 50 hit a fresh lifetime high of 22,126.80, and the Sensex touched 73,089.40 so far in the day.

"The undertone remains bullish with the downside protected at 21,630, which is 21-day monthly average support," Aditya Gaggar, director of Progressive Share Brokers Pvt., said.

"As long as Bank Nifty is trading above 45,600, it can go to 46,300 and 46,900 levels," Shrikant Chouhan, head of equity research at Kotak Securities Ltd., said. "Below 45,600, it would gradually fall towards 45,200/45,000 levels."

RIL, Infosys Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd. and HDFC Bank Ltd. contributed positively to the Nifty 50.

Eicher Motors Ltd., HDFC Life Insurance Co., Britannia Industries Ltd., Apollo Hospitals Enterprises Ltd. and UPL Ltd. capped the gains.

All 12 sectors advanced on the NSE, with the Nifty Oil & Gas being the top performer.

The broader markets advanced in line with the benchmark indices as the BSE Midcap rose 1.27% and the Smallcap gained 1.16%.

On the BSE, all the 20 sectors were trading in the green, with Oil & Gas rising the most.

The market breadth was skewed in favour of the buyers as 2,404 stocks gained, 1,285 fell and 123 remained unchanged on the BSE.

• 13 lakh shares changed hands in a large trade

• 0.2% equity changed hands at Rs 304.95 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• 12.2 lakh shares changed hands in a large trade

• 0.04% equity changed hands at Rs 173.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Project delayed due to lack of infrastructure

Source: Exchange Filing

• Revenue down 10.2% to Rs1,873.4 crore from Rs 2,086.7 crore

• Ebitda fell 42.8% to Rs 211.8 crore from Rs 216.1 crore

• Margin rose 95 bps to 11.3% from 10.4%

• Net profit rose 6.6% to Rs 152.2 crore from Rs 142.8 crore

• 16.1 lakh shares changed hands in a large trade

• 0.01% equity changed hands at Rs 56.2 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

The stock added over Rs 52,000 crore in investor wealth today and contributed 60 points to Nifty 50's gain.

• Nifty Hits Fresh Record High at 22126.4

• Takes 13 Sessions To Advance From Previous Record High

• Reliance Adds 65 Points To Nifty's Rally

• IT Stocks Add 97 Points To Nifty's Gain

• 11 lakh shares or 0.1% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

The last time Nifty 50 had crossed 22,000 was on Jan 16.

Shares of Indian Hotels Co. climbed to a record high on Friday as the company's net profit for the third quarter of fiscal 2024 beat estimates.

The company's net profit grew 18.2% year-on-year to Rs 476.9 crore in the quarter ended December, compared to the Rs 437.2-crore Bloomberg estimate.

Shares of Castrol India hit their multi-year high today after the company reported its earnings for the quarter ended December.

The scrip rose as much as 9.21% to Rs 207 piece, the highest level since April 19, 2018. It pared gains to trade 9.18% higher at Rs 206.95 apiece, as of 11:00 a.m. This compares to a 1.12% decline in the NSE Nifty 50 Index.

It has risen 74.86% in the last twelve months. Total traded volume so far in the day stood at 4.7 times its 30-day average. The relative strength index was at 69.63.

Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%.

Abbott India Ltd's shares surged over 9% to their highest level since its listing on Friday after the company posted better than expected net profit in October and December period.

Abbot India posted Rs 311 crore net profit in quarter three, which is above than Bloomberg's projection of Rs 289.7 crore.

On NSE, Abbott India Ltd rose as much as 9.24% to Rs 28,280.20 apiece, the highest level since its listing on Feb 22, 1966. It was trading 8.03% higher at Rs 27,965.10 apiece, as of 10:28 a.m. This compares to a 1.1% advance in the NSE Nifty 50 Index.

It has risen 36.88% in 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 77.35, which implied the stock is overbought.

Out of nine analysts tracking the company, six maintain a 'buy' rating, one recommends a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.9%.

• 36 lakh shares changed hands in two large trades

• 0.8% equity changed hands at Rs 985 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Kavinder Singh resigns as MD and CEO effective May 16

• Appoints Manoj Bhat as MD and CEO effective May 17

• Appoints Vimal Agarwal as CFO effective May 1

Source: Exchange Filing

Shares of Adani Ports and Special Economic Zone Ltd. hit a record high after third-quarter profit surged.

India's largest private port operator's net profit rose 65.22% year-on-year to Rs 2,208.21 crore in the quarter ended December, according to an exchange filing. That compares with Bloomberg poll of analysts' estimate of Rs 2,193.6 crore.

India's largest private port operator's consolidated revenue rose 44.6% to Rs 6,920.1 crore, exceeding estimates of 6,892.7 crore.

Shares of Adani Ports jumped as much as 5.63% the most since Jan. The scrip is trading 4.89% higher at Rs 1,278.50, compared 1.08% advance in Nifty 50.

The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 72, indicating the stock may be overbought.

Of the 21 analysts tracking the company, 19 maintain a 'buy' rating and two recommend a 'hold,' according to Bloomberg data. The average of 12-month analyst price targets implies an upside of 1.2%.

• Nomura Maintains REDUCE rating

• Q3 ebitda missed brokerage estimates by 5%

• Moderate FY24 EBITDA estimate by 6% on higher raw material cost/t

• Q3 volume growth in line with industry, 6% above estimates

• Expect 5% YoY volume growth in Q4

• Expect Ebitda improvement by FY26 on realizations, lower operating costs

• Q3 ebitda beat brokerage estimates by 14%

• Expect Q4 unitary cement EBITDA to more than Rs 1300/t

• Expects next phase of expansion to be brownfield

• Moderate FY24 volume estimates by 2% to 35.5MT vs 36.2MT

• Raise Fy24 EBITDA estimate by 9% to Rs 4300 crore

CFO Manoj Bhat resigns effective May 16 and Manoj Bhat to transition to new role within group

Source: Exchange Filing

Adani Enterprises and Adani Ports and Special Economic Zone had announced their December quarter results on Thursday.

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

Scrips of NBCC Ltd rose as much as 18.46% to Rs 167.80 apiece, the highest level since its listing on Apr 12, 2021. It was trading 17.12% higher at Rs 165.90 apiece, as of 10:01 a.m. This compares to a 1.07% advance in the NSE Nifty 50 Index.

It has 379.28% in 12 months. Total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 91.31, which implied the stock is overbought.

Out of five analysts tracking the company, two maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 50.7%.

Shares of Hero MotoCorp Ltd. jumped to its lifetime high today after the company announced that its total sales rose 22% to 4.34 lakh units in January as dispatches in domestic market remained strong amid a gradual recovery in demand.

The scrip fell as much as 2.90% to Rs 4,719.90 apiece, its lifetime high. It pared gains to trade 2.35% higher at Rs 4,694.70 apiece, as of 09:51 a.m. This compares to a 1.11% advance in the NSE Nifty 50 Index.

It has risen 76.87% in the last twelve months. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 81.69, indicating that the stock may be overbought.

Out of 45 analysts tracking the company, 29 maintain a 'buy' rating, nine recommend a 'hold,' and eight suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 15.2%.

- 43.6 lakh shares or 0.04% equity changed hands in two large trades

- Buyers and sellers not known immediately

Source: Bloomberg

• 15.5 lakh shares or 0.01% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

• 12.3 lakh shares or 0.1% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

• 11 lakh shares or 0.01% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

• 46.9 lakh shares or 0.02% equity changed hands in multiple large trades

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of One97 Communications Ltd. hit a lower circuit of 20% for the second straight day on Friday after being locked in the lower circuit throughout the session.

The stock of fintech company wiped out Rs 7,732 crore in market capitalisation. The Shares have tumbled 36% In two Session. Paytm Shares Fall To Their Lowest Level Since Dec. 23, 2022.

Paytm's stock was locked in 20% to Rs 487.20 apiece, the lowest level since Dec 23, on Thursday. The scrip has fallen 7.19 % in the last twelve months.

The total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 21, indicating the stock may be oversold.

Of the 15 analysts tracking the company, six maintain a 'buy' rating, five recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies an upside of 59.5%.

Benchmark equity indices opened higher today and jumped over 1% soon after the open on the back of gains in the shares of HDFC Bank, ICICI Bank, and Reliance Industries.

At pre-open the Nifty 50 gained by 115.30 points or 0.53% to 21,812.75 and the Sensex was up by 332.27 points or 0.46% at 71,977.56.

"Nifty has once again failed to cross the resistance of 21,850 levels and ends flat to negative for the day in an inside range of the previous candle," said Vikas Jain, Senior Research Analyst at Reliance Securities.

"On the higher side sustenance and crossover of 21,850 will build positive momentum while on the downside 21,400 would act as support levels. f RSI is witnessing and trending above the average line and we expect the momentum to continue over the next few days," he added.

Shares of ICICI Bank Ltd., Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., and Tata Consultancy Services Ltd., contributed the most to the gains.

Meanwhile, those of Larsen & Toubro Ltd., Eicher Motors Ltd., Maruti Suzuki Ltd., HDFC Life Insurance Co. Ltd., and Power Grid Corp. Ltd. capped the upside.

All sectoral indices gained with most of them gaining more than 1%.

The broader markets underperformed as the BSE MidCap rose 0.63%, while the BSE SmallCap was 0.82% higher. All 20 sectors compiled by the BSE advanced.

The market breadth was skewed in the favour of buyers. As many as 2,205 stocks advanced, 725 declined and 88 remained unchanged on the BSE.

• 11.7 lakh shares or 0.2% equity changed hands in a pre-market large trade

• Buyers and sellers not known immediately

Source: Bloomberg

Appoints Avinash Bapat as CFO effective May 1

Source: Exchange Filing

The Nifty 50 gained by 115.30 points or 0.53% to 21,812.75 and the Sensex was up by 332.27 points or 0.46% at 71,977.56.

• The local currency strengthened 8 paise to open at Rs 82.90 against the U.S dollar.

• It closed at 82.98 on Thursday

Source: Bloomberg

The yield on the 10-year bond opened flat at 7.04%.

Source: Bloomberg

• SEBI asked CRISIL Ratings to take corrective steps

Alert: SEBI conducted inspection of CRISIL Ratings in October

Source: Cogencis

• Q3 Ebitda missed brokerage estimates by 8% on lower margins

• Weak Dec demand on higher gold prices, wallet shift away from jewellery

• Cuts Fy24/25 revenue estimates by 1%

• Q4 average all India cement prices for Jan 2024 down 4% QoQ

• Dealers' skeptical of price hikes announcement made for Feb

• Mixed cement demand volume trends continue in Jan 2024

• Expect softening of costs to partly offset price impact on Q4 margins

Jefferies Maintains BUY; Target Price at Rs 1,207.60

• Q3 EBITDA 6% above expectations on margins surprise

• Company could beat FY25 500 mnt volume guidance if current traction continues

• Expects company to have 30%+ market share by Fy25

• Raises Fy24-26 volume/ebitda estimate by 2%/3-4%

Citi Maintains BUY

• Price Target of Rs 1368

• Q3 results show strong traction in logistics business with 12% market share in container train operations

• Basis strong 9M performance, increased FY24 cargo guidance to 400mnt from 370-390mnt

• Raised EBITDA guidance to Rs 150bn (from Rs 145-150bn)

• Expects 20-25% growth in rail volumes

• Raise target to Rs 930 (earlier Rs 730)

• ARPOB improvement seen across hospitals led by mix

• 73% occupancies with 3Q being seasonally weak quarter

• Expects Lucknow hospital transaction to complete in Q4

• Onco, Renal, Neuro continue to drive ARPOB

• Price Target of Rs 1,350 (earlier Rs 1,300)

• Q3 revenue in line with expectations and profitability slightly ahead

• Expect to outperform its HPC peers via strategic initiatives on category development and business simplification

• Through launch of RNF-based incense sticks, aims to gain share in the Rs 12 billion incense sticks market

• U.S. Dollar Index at 103.04

• U.S. 10-year bond yield at 3.88%

• Brent crude up 0.79% at $79.32 per barrel

• Nymex crude up 0.68% at $74.32 per barrel

• GIFT Nifty flat at 21,906 as of 8:17 a.m.

• Bitcoin was up 0.07% at $43,117.1

• 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.

• 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.

• 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).

• 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.

• 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.

• FSN E-Commerce Ventures: The company will invest $2.5 million into Nysaa Beauty LLC for operational support.

• TVS Motor: The company's January sales rose 23% year-on-year to 3.39 lakh units, and motorcycle sales were up 29% YoY at 1.55 lakh units. 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.

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.

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.

Asian stock indices trade higher, taking cues from overnight gains from Wall Street, as investors await the U.S. non-farm payroll data due later today.

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.

Brent crude was trading up 0.79% at $79.32 per barrel. Gold was flat at $2,054.28 an ounce.

The February futures contract of the GIFT Nifty was flat at 21,906 as of 8:17 a.m.

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.

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.