Stock Market Today: Nifty, Sensex Rise For Third Session As HDFC Bank, M&M Lead Gains

The yield on the 10-year bond closed 2 bps lower at 7.09 % on Thursday.

Source: Bloomberg

• The local currency closed flat at Rs 83.04 against the U.S.

Source: Bloomberg

India's benchmark indices extended gains to third session as index-heavy HDFC Bank Ltd. rose, and Mahindra & Mahindra touched a life-time high on Thursday.

Gains in PSU Bank stocks, energy stocks also supported the benchmark indices to recoup intraday losses.

The NSE Nifty 50 settled 70.70 points or 0.32% higher at 21,910.75, and the S&P BSE Sensex ended 227.55 points or 0.32% 72,050.38. The Sensex index also reclaimed the 72,000 level since Feb 7.

Intraday, the Nifty 50 fell 0.21% to 21,794.80, and the S&P BSE Sensex fell 0.25% to 71,644.44.

"Nifty exhibited volatility throughout the day but eventually closed above the resistance level of 21,850. According to the daily chart, Nifty has experienced a consolidation breakout, indicating a positive shift in sentiment. Additionally, the index has closed above the 20DMA for the third consecutive session, and the RSI shows a bullish crossover. In the short term, there is a possibility of the index moving towards 22200. On the downside, support is situated at 21,750," Rupak De, senior technical analyst at LKP Securities.

"The Bank Nifty bulls maintained their strong dominance as the index closed above the 46,000 mark. The immediate resistance for the index is situated at the 46,600-46,800 zone, and a successful breach above this level could pave the way for further upside towards the 48000 mark. The lower-end support has shifted to the 45,800 mark, serving as a crucial cushion for the bulls in the current scenario," Kunal Shah, senior technical and derivative analyst at LKP Securities.

HDFC Bank Ltd., Mahindra and Mahindra Ltd., State Bank of India, NTPC Ltd., and Power Grid Corp of India added to gains in the benchmark index.

Reliance Industries Ltd., Axis Bank Ltd., ITC Ltd., ICICI Bank Ltd., and Hindustand Unilever Ltd capped gains in the index.

On NSE, nine sectors gained, while three sectors declined. The Nifty PSU Bank index rose over 3% and hit a life-time high, and was the top performing sectors. The Nifty Energy and Nifty Oil & Gas indices also touched a record high since their incorporation.

The Nifty FMCG index was the top loser among sectoral indices.

Broader markets outperformed. The S&P BSE Midcap rose 0.93%, and the S&P BSE Smallcap rose 1.24%.

On BSE, 18 out of 20 sectors gained, while three fell. The S&P BSE Energy rose the most among sectoral indices, while the S&P BSE Energy index rose the most.

Market breadth was skewed in favour of buyers. Around 2,353 stocks rose, 1,505 stocks declined, and 80 remained unchanged on BSE.

• Signs MoU with Haryana Power Purchase Centre for power purchase.

• Haryana Power Purchase Centre to purchase power from co's unit.

Source: Exchange Filing

• Revenue fell 8.79% to Rs 416.32 crore from Rs 457.34 crore

• Ebitda fell 29.39% to Rs 45.92 crore from Rs 65.04 crore

• Margin fell 319 bps to 11.02% from 14.22%

• Net profit rose 4.32% to Rs 45.87 crore from Rs 43.97 crore

The scrip fell as much as 4.38% to Rs 267.40. It pared gains to trade 3.68% higher at Rs 269.35 apiece, as of 2:38 p.m. This compares to a 0.25% advance in the NSE Nifty 50 Index.

• An Incident occurred at Western Assam mine on Feb 14 during bleeding of hydrotest water through second bleed line.

• One person died after 2nd valve fitted in the part of artery connection got dislodged.

• Internal enquiry is being conducted for looking into the incident.

Source: Exchange filing

India's benchmark equity indices traded little changed through midday in a volatile session on Thursday.

At 11:39 a.m., the NSE Nifty 50 rose 22.05 points or 0.10% to 21,862.10 and the S&P BSE Sensex gained 23.59 points or 0.03% to 71,846.42.

Similar to the previous sessions, the trading on Dalal Street is also expected to witness persistent volatility, influenced by mixed signals from global markets, according to Shrey Jain, chief executive officer of SAS Online.

Shares of Infosys Ltd., Mahindra & Mahindra Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd. and HCL Technologies Ltd. led the gains.

Axis Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd. and Kotak Mahindra Bank Ltd. weighed on the Nifty 50.

Sectoral indices on the NSE were mixed, with the Nifty Oil & Gas gaining over 3%.

The broader markets outperformed the larger peers, with the BSE MidCap gaining 0.76% and the SmallCap rising 1.22% through midday on Thursday.

Sixteen out of the 20 sectors compiled by the BSE Ltd. advanced.

The market breadth was skewed in the favour of buyers as 2,393 stocks gained, 1,271 fell and 119 remained unchanged on the BSE.

• Indian Overseas Bank had 10.3 lakh shares changed hands in a large trade.

• The lender had 0.01% equity changed hands at Rs 68.9 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Sterlite Tech partners with BAPS temple in Abu Dhabi for providing end-to-end premise connectivity.

Source: Exchange Filing

Mahindra and Mahindra Ltd. shares hit lifetime high of Rs 1,777.75 on Thursday following brokerages' positive commentary on the company's results for the quarter ended December.

• MIC Electronics developed 42V/3A EV battery charger for e-cycles, two-wheelers.

• EV battery chargers to be launched shortly, commercial ops to begin in March.

Source: Exchange Filing

• ABB India introduced a new compact drive ACH180 for heating, ventilation, air conditioning systems.

Source: Exchange Filing

• Lupin Introduced Ganirelix Acetate injection in the U.S.

• The pharma company received the approval for 250 mcg/0.5 mL, Single-Dose Prefilled Syringe from the U.S. Food and Drug Adminstration.

Source: Exchange Filing

• India banks' lending growth may involve an expensive push for deposits.

• Credit demand is strong, economic backdrop is highly conducive to growth.

• Expect system-level credit growth to moderate to 14% in FY25, margins also set to fall.

• Asset quality is improving, buoyed by a confluence of supportive structural and cyclical factors.

• If credit and deposit growth rates remain steady, bank margins might squeeze to 2.9% from 3%.

• HDFC Bank will launch two new products for home loan business.

• Home Refurbishment loans will be launched in mid-March.

• Home Saver product will be launched in April 2024.

Source: Media Roundtable

• Happiest Minds Technologies has partnered with Soroco for AI solutions.

• Happiest Minds will collaborate with the Boston-head-quartered company to bring intelligence to automation discovery with process and task mining.

Source: Exchange Filing

• Star Health gets GST cum penalty demand worth Rs 179 cr from Chennai tax authorities.

Source: Exchange filing

• Surya Roshni Ltd received an order worth RFs 94.75 crore order for supply of MS coated pipes to West Bengal.

Source: Exchange Filing

Shares of Fineotex Chemical jumped to its lifetime high after the company detailed its earnings for the quarter ended December. The company reported a 46.5% jump in its net profit on a 26.76% increase in its revenue.

The scrip rose as much as 8.21% to Rs 429 apiece, its highest level. This compares to a 0.02% advance in the NSE Nifty 50 Index.

It has risen 64% in the last twelve months. Total traded volume so far in the day stood at 7.1 times its 30-day average. The relative strength index was at 79, indicating that the stock may be overbought.

The shares of Oil India Ltd. has gained 18.42% in the last three days with the shares hitting a fresh life high on Thursday.

The shares of Oil India continued their upward trend on Thursday with 12.04% jump and it hit a fresh life high of Rs 558.80. The shares fell over 9% on Monday but it gained over 6% on Wednesday and over 12% on Thursday.

The company on Tuesday announced its third quarter earnings with a 3.12% jump in its consolidated net profit on higher sales. The revenue also saw a jump of 3.16% at Rs 9,614.28 crore.

The scrip rose as much as 12.04% to hit fresh life high of 558.80. It recently hit life high on Feb. 9. It pared gains to trade 11.33% higher at Rs 555.25 apiece, as of 10:43 a.m. This compares to a 0.16% advance in the NSE Nifty 50 Index.

It has risen 18.42% in the last three days. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 76 indicating it was overbought.

Out of 18 analysts tracking the company, 15 maintain a 'buy' rating and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 139.9%.

• AIA Engineering Ltd's unit Vega ME buys 13% additional stake in VEGA MPS, Australia for AUD 39,99,375.

• Unit's total stake in VEGA MPS now stands at 43%.

Source: Exchange Filing

• Gujarat Ambuja Exports commissioned 100 TDP Sorbitol unit at Hubli plant.

• Company's cumulative sorbitol capacity stands at 500 TPD across 4 locations.

Source: Exchange filing

NMDC Ltd. shares surged over 7% on Thursday after company's third quarter jumped over 60%, missing estimates.

The company's consolidated net profit jumped 62.67% to 1,483.93 crore in the quarter ended December, according to an exchange filing. This compare to Rs 1,558.97 crore estimate tracked by Bloomberg.

Shares of the company rose as much as 7.15% the most since Sept. 4, 2023. It is trading 5.84% higher at Rs 249.30. This compares to a 0.13% decline in the NSE Nifty 50 Index.

It has fallen 110.74% in the past 12 months. Total traded volume so far in the day stood at 8.3 times its 30-day average. The relative strength index was at 67.59 indicating it was underbought.

Out of 22 analysts tracking the company, 17 maintain a 'buy' rating, two recommend a 'hold,' and three suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 25.4%.

The NSE Nifty 50 index rose 1.48% or 580.10 points higher to 39,833.60, marking the highest level since the index was incorporated on Jan 1, 2001.

The NSE Nifty PSU Bank Index rose to 1.80% or 124.65 points higher at 7,058.80 on Thursday, highest level since its incorporation on Jan 1, 2004.

• Visa suspends transactions of business payment solution providers in commercial and business payments.

• Receives communication from Reserve Bank of India.

• Communication for information on role of BPSPs in commercial and business payments.

• Communication included direction to hold all BPSP transactions in abeyance.

Source: Company statement

Shares of Rajesh Exports Ltd. plunged nearly 11% to over eight-year low on Thursday after its profit in quarter three of ongoing financial year almost eroded following revenue decline.

Rajesh Exports reported Rs 12.43 crore net profit, down 97.05% in October-December of FY24 from Rs 421.56 cro re in the previous period

Shares of Mahindra & Mahindra Ltd. jumped today following brokerages' positive commentary on the company's results for the quarter ended December.

The shares of Glenmark Pharmaceuticals Ltd. rose nearly 7% on Thursday.

The scrip rose as much as 6.69% to 850.50 apiece, the highest level since Feb. 8. It pared gains to trade 0.60% higher at Rs 802 apiece, as of 9:54 a.m. This compares to a 0.10% decline in the NSE Nifty 50 Index.

It has risen 86.66% in the last 12 months. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 34. above 70 overbought or below 30 is underbought

Out of 15 analysts tracking the company, four maintain a 'buy' rating, eight recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 90%

India's benchmark stock indices extended gains at open from yesterday after index-heavy HDFC Bank Ltd., Mahindra & Mahindra Ltd, Infosys Ltd rose.

The NSE Nifty 50 was 64.45 points or 0.30% higher at 21,904.50, and the S&P BSE Sensex was 175.14 points or 0.24% higher at 71,997.97.

The Sensex reclaimed 72,000 mark for the first time since Feb 8.

"We expect a extended up move to 22,100 levels near to the all time high and on the downside 21,450 will be the trend reversal levels. RSI is piercing upwards crossing its average line and other key technical indicators are poised for an up move," said Vikas Jain, senior research analyst at Reliance Securities.

Infosys Ltd., Mahindra & Mahindra Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., and HCL Technologies Ltd., added to the index.

Axis Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., and Kotak Mahindra Bank Ltd limited gains to the index.

On NSE, nine sectors out of 12 rose, while three declined. The Nifty Auto sector was the top performer, while the Nifty Metal was the worst performer among sectoral indices.

Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 1.00%, and the S&P Smallcap rose 1.16%.

On BSE, all sectors advanced except one out of 20. The S&P BSE Utilities rose the most among peers, while the S&P BSE BANKEX fell the most.

Market breadth was skewed in favour of buyers. Around 2,241 stocks advanced, 637 stocks declined, and 66 stocks remained unchanged.

At pre-open, the NSE Nifty 50 66.50 or 0.3% higher at 21,906.55, and the S&P BSE Sensex 238.64 points or 0.33% higher at 72,061.47.

• Piramal Enterprises' unit Piramal Alternatives gets administrative warning from SEBI for delayed filing of quarterly activity report.

Source: Exchange filing

• The yield on the 10-year bond opened flat at 7.10%.

Source: Bloomberg

• The local currency strengthened by 3 paise to open at 83 against the U.S. Dollar.

• It closed at 83.03 on Wednesday.

Source: Bloomberg

• Asian Paints bought 51% stake in Harind Chemicals for Rs 14.3 crore.

• To acquire second tranche of 19% and third tranche of 20% in a staggered manner.

Source: Exchange filing

• Jefferies maintained ‘Buy’ on Bharti Airtel.

• Top three company’s growth steady in Q3 at 2% QoQ, 9% YoY.

• Revenue growth for sector to be in high single digit.

• Need tariff hike for improvement in further revenue growth.

• Net subscriber additions in Jio and Bharti remain steady.

• ViL witnessed higher subscriber erosion.

• Nuvama maintained 'Buy' on Bharat Heavy Electrical Ltd's, and raised Price Target to Rs 265 from earlier Rs 225.

• Muted Q3FY24 led by a hit on GMs; pipeline looks stronger

• Other opex fell to 1.7% of revenues on progress in projects and possible provision reversals

• Best placed to ride thermal power wave over next 12–24 months

• Revise OI assumptions to ~6.6GW/year (4.5GW earlier) in YTDFY24

• Jefferies maintained hold on Mahindra and Mahindra Ltd with a Target Price of Rs 1,615 from earlier 1,580.

• Mahindra and Mahidnra Ltd's Q3 Ebitda was 4% above estimates.

• Expecting tractor volumes to decline 10% YOY in Q4FY24

• Auto order book down but new bookings are holding up

• Like M&M's strong tractor and improved auto franchise

• Stock looks fairly priced at 17x FY25E (long term average at 14x)

• Bernstein rated Mahindra & Mahindra Ltd with an outperform with a target price Rs 1,880.

• Auto segment is now relevant enough to help deliver growth.

• Tractors will remain weak in Q4 - down 10% as per management.

• Margins continue to improve sequentially due to improved mix.

• Expect flattish margins for SUVs next year; room for improvement in tractors as growth returns

• Bofa securities reiterated 'Underperform' on Zee Entertainment Enterprises with a Price target of Rs 140

• Chalking out renewed growth & margin; but execution is a key

• Q3FY24 revenue inline with muted expectations; Ebitda/PAT saw beat

• Management guides 8-10% revenue CAGR

• Expects margin recovery from H2FY25 onwards

• Margin target 18-20% by FY26

• U.S. Dollar Index at 104.69

• U.S. 10-year bond yield at 4.23%

• Brent crude down 0.44% at $81.24 per barrel

• Nymex crude down 0.47% at $76.28 per barrel

• Bitcoin up 0.38% at 51,967.92

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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).

• 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 fibre 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.

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).

Markets in the Asia-Pacific region rose in early trade on Thursday as an overnight recovery on Wall Street boosted sentiment. The Nikkei 225 was trading 0.77% higher at 37,994.84, while the KOSPI was trading flat at 2,620.46.

Latest preliminary data from Japan's Cabinet Office showed on Thursday that the country's GPD contracted 0.4% on year in the last quarter of 2023, after recording a revised 3.3% contraction in the preceding quarter, reported Nikkei Asia.

This is the second contraction, technically indicating the economy has fallen into a recession, which poured water on hope for an end to negative interest rates in Japan.

U.S. stocks rose on Wednesday as the robust earnings of big technology firms helped ease 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, according to 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.

GIFT Nifty trades 10.5 points, or 0.05%, down at 21,982.50 as of 07:35 a.m.

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.

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.