Budget Day 2024: All You Need To Know Going Into Trade On Feb. 1
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Markets in Japan and Australia declined in early trade on Wednesday following overnight losses in tech stocks on Wall Street as the Federal Reserve Chair Jerome Powell said the central bank is unlikely to start cutting interest rates in March.
The Nikkei 225 was trading 327.55 point or 0.90% lower at 35,959.16, and the S&P ASX 200 was 97.10 points or 1.26% down at 7,583.60 as of 06:42 a.m.
The Federal Market Open Committee has kept its benchmark rate steady at 5.25-5.50% after its two day policy meeting in line with market expectation, reported Bloomberg.
However Powell's comment suggested the policy makers in the world's largest economy is in no hurry to ease monetary condition anytime soon.
The S&P 500 index and Nasdaq 100 fell by 1.61% and 1.94%, respectively, as on Wednesday. The Dow Jones Industrial Average fell by 0.82%.
Brent crude was trading 1.40% lower at $81.71 a barrel. Gold was higher by 0.13% at $2,042.17 an ounce.
Indian benchmark equity indices ended higher a day before the budget, led by gains in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd.
Investors also await the outcome of the U.S. Federal Reserve's meeting, due later on Wednesday.
The NSE Nifty 50 closed 186 points, or 0.86%, higher at 21,708.10, while the S&P BSE Sensex gained 544.86 points, or 0.77%, to end at 71,752.11.
Overseas investors became net buyers of Indian equities after a day on Wednesday.
Foreign portfolio investors mopped up stocks worth Rs 1,660.7 crore, while domestic institutional investors remained net buyers and bought equities worth Rs 2,542.9 crore, the NSE data showed.
The Indian rupee strengthened by 7 paise to close at Rs 83.04 against the U.S. dollar.
Earnings Post Market Hours
Shree Cement Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 21.5% at Rs 5,223.2 crore vs Rs 4,299.3 crore (Bloomberg estimate: Rs 4,988 crore).
Ebitda up 73.9% at Rs 1,263.9 crore vs Rs 726.7 crore (Bloomberg estimate: Rs 1,090.4 crore).
Margin up 729 bps at 24.2% vs 16.9% (Bloomberg estimate: 21.9%).
Net profit at Rs 701.9 crore vs Rs 281.8 crore (Bloomberg estimate: Rs 572.1 crore).
Godrej Consumer Products Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 1.7% at Rs 3,659.6 crore vs Rs 3,598.9 crore (Bloomberg estimate: Rs 3,734.5 crore).
Ebitda up 15.7% at Rs 840.7 crore vs Rs 726.6 crore (Bloomberg estimate: Rs 803.3 crore).
Margin up 278 bps at 22.97% vs 20.19% (Bloomberg estimate: 21.5%).
Net profit up 6.4% at Rs 581.06 crore vs Rs 546.34 crore (Bloomberg estimate: Rs 555.9 crore).
Motherson Sumi Wiring Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 25.5% at Rs 2,117.3 crore vs Rs 1,686.8 crore (Bloomberg estimate: Rs 2,104.6 crore).
Ebitda up 46.4% at Rs 262 crore vs Rs 179 crore (Bloomberg estimate: Rs 248.1 crore).
Margin up 176 bps at 12.4% vs 10.6% (Bloomberg estimate 11.8%).
Net profit up 58.1% at Rs 167.9 crore vs Rs 106.2 crore (Bloomberg estimate: Rs 155.9 crore).
Ajanta Pharma Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 13.7% at Rs 1,105.2 crore vs Rs 971.8 crore.
Ebitda up 85.2% at Rs 314.1 crore vs Rs 169.6 crore.
Margin at 28.4% vs 17.5%.
Net profit up 56.1% at Rs 210 crore vs Rs 134.5 crore.
Dixon Technologies Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 100.4% at Rs 4,818.3 crore vs Rs 2,404.7 crore (Bloomberg estimate: Rs 4,568.4 crore).
Ebitda up 66% at Rs 184.4 crore vs Rs 111.1 crore (Bloomberg estimate: Rs 185 crore).
Margin down 79 bps at 3.82% vs 4.62% (Bloomberg estimate: 3.43%).
Net profit up 87.1% at Rs 97.1 crore vs Rs 51.9 crore (Bloomberg estimate: Rs 103.6 crore).
Westlife Foodworld Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 1.8% at Rs 600.3 crore vs Rs 611.5 crore (Bloomberg estimate: Rs 657.8 crore).
Ebitda down 10% at Rs 92.02 crore vs Rs 102.2 crore (Bloomberg estimate: Rs 110 crore).
Margin down 138 bps at 15.3% vs 16.7% (Bloomberg estimate: 16.7%).
Net profit down 52.6% at Rs 17.24 crore vs Rs 36.37 crore (Bloomberg estimate: Rs 30 crore).
DB Realty Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 77.1% at Rs 142.8 crore vs Rs 622.8 crore.
Ebitda at Rs 80.61 crore vs Ebitda loss of Rs 646.69 crore.
Margin at 56.44%.
Net profit at Rs 462.6 crore vs loss of Rs 622.7 crore.
Company had income worth Rs 403.2 crore through divestment of stake in subsidiaries in the quarter under review.
Great Eastern Shipping Co. Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 12.4% at Rs 1,245.1 crore vs Rs 1,421 crore.
Ebitda down 18.4% at Rs 642.5 crore vs Rs 763 crore.
Margin down 209 bps at 51.6% vs 53.7%.
Net profit down 14.2% at Rs 538.2 crore vs Rs 627.2 crore.
Board approves interim dividend of Rs 6.3 per share.
Nilkamal Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 6.5% at Rs 803.5 crore vs Rs 754.3 crore (Bloomberg estimate: Rs 811.9 crore).
Ebitda down 4.5% at Rs 72.9 crore vs Rs 76.3 crore (Bloomberg estimate: Rs 77.4 crore).
Margin down 104 bps at 9.07% vs 10.11% (Bloomberg estimate: 9.5%).
Net profit down 11.4% at Rs 29.4 crore vs Rs 33.2 crore (Bloomberg estimate: Rs 33.8 crore).
Relaxo Footwears Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 4.7% at Rs 712.7 crore vs Rs 681 crore (Bloomberg estimate: Rs 766.3 crore).
Ebitda up 20.7% at Rs 87.16 crore vs Rs 72.22 crore (Bloomberg estimate: Rs 104.1 crore).
Margin up 162 bps at 12.2% vs 10.6% (Bloomberg estimate: 13.6%).
Net profit up 28.1% at Rs 38.57 crore vs Rs 30.1 crore (Bloomberg estimate: Rs 54.8 crore).
DCM Shriram Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 7.3% at Rs 3,137.54 crore vs Rs 3,383.7 crore.
Ebitda down 19.7% at Rs 445.3 crore vs Rs 554.2 crore.
Margin down 218 bps at 14.19% vs 16.37%.
Net profit down 29.7% at Rs 240.5 crore vs Rs 342.1 crore.
Data Patterns (India) Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 24.8% at Rs 139.5 crore vs Rs 111.8 crore (Bloomberg estimate: Rs 138.7 crore).
Ebitda up 27.6% at Rs 60.04 crore vs Rs 47.04 crore (Bloomberg estimate: Rs 55.1 crore).
Margin up 96 bps at 43% vs 42.1% (Bloomberg estimate: 39.7%).
Net profit up 53% at Rs 50.97 crore vs Rs 33.32 crore (Bloomberg estimate: Rs 43.9 crore).
Jindal Steel and Power Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 6% at Rs 11,701.3 crore vs Rs 12,452.4 crore
(Bloomberg estimate: Rs 12,311.4 crore).
Ebitda up 19.6% at Rs 2,842.5 crore vs Rs 2,377.5 crore (Bloomberg estimate: Rs 2,396 crore).
Margin up 520 bps at 24.3% vs 19.1% (Bloomberg estimate: 19.5%).
Net profit at Rs 1,928 crore vs Rs 518.3 crore (Bloomberg estimate: Rs 1,115.7 crore).
Company had exceptional loss worth Rs 378.4 crore in the corresponding quarter last year.
Lux Industries Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 2.7% at Rs 446.9 crore vs Rs 459.1 crore.
Ebitda up 5.4% at Rs 34.32 crore vs Rs 32.56 crore.
Margin up 58 bps at 7.7% vs 7.1%.
Net profit up 17.7% at Rs 19.49 crore vs Rs 16.56 crore.
Balaji Amines Q3 Earnings FY24 (Consolidated, YoY)
Revenue down 34.6% at Rs 383.4 crore vs Rs 586 crore.
Ebitda down 41.9% at Rs 74.2 crore vs Rs 127.8 crore.
Margin down 245 bps at 19.4% vs 21.8%.
Net profit down 33.4% at Rs 55.77 crore vs Rs 83.79 crore.
Thomas Cook Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 24.2% at Rs 1,940.8 crore vs Rs 1,562.4 crore.
Ebitda up 82.6% at Rs 164.2 crore vs Rs 89.9 crore.
Margin up 270 bps at 8.5% vs 5.8%.
Net profit at Rs 90.5 crore vs Rs 26.5 crore.
Mankind Pharma Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 24.7% at Rs 2,607 crore vs Rs 2,090.9 crore (Bloomberg estimate: Rs 2,374.1 crore).
Ebitda up 38.8% at Rs 606.5 crore vs Rs 437 crore (Bloomberg estimate: Rs 592.3 crore).
Margin up 236 bps at 23.26% vs 20.9% (Bloomberg estimate: 24.9%).
Net profit up 55.5% at Rs 459.8 crore vs Rs 295.7 crore (Bloomberg estimate: Rs 425.2 crore).
GMR Airports Infra Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 20.2% at Rs 2,116.7 crore vs Rs 1,761.5 crore.
Ebitda up 6.6% at Rs 560.1 crore vs Rs 525.5 crore.
Margin down 337 bps at 26.46% vs 29.83%.
Net loss of Rs 486.4 crore vs profit of Rs 103.1 crore.
Swan Energy Q3 Earnings FY24 (Consolidated, YoY)
Revenue at Rs 1,591.7 crore vs Rs 101.1 crore.
Ebitda at Rs 255.8 crore vs Ebitda loss of Rs 13.6 crore.
Margin at 16.07%.
Net profit at Rs 220 crore vs loss of Rs 15.7 crore.
IRB Infra Developers Q3 FY24 (Consolidated, YoY)
Revenue up 30% at Rs 1,968.5 crore vs Rs 1,514.1 crore (Bloomberg estimate: Rs 1,871.7 crore).
Ebitda up 16.8% at Rs 869.4 crore vs Rs 744.5 crore (Bloomberg estimate: Rs 850.5 crore).
Margin down 500 bps at 44.16% vs 49.17% (Bloomberg estimate: 45.40%).
Net profit up 32.5% at Rs 187.4 crore vs Rs 141.4 crore (Bloomberg estimate: Rs 153.5 crore).
The company appointed Satinder Singh Rana as the Chief Executive Officer with immediate effect.
Punjab and Sind Bank Q3 Earnings FY24
NII down 8.2% at Rs 739.3 crore vs Rs 805 crore.
Net profit down 69.4% at Rs 114.3 crore vs Rs 373.2 crore.
GNPA at 5.70% vs 6.23% (QoQ).
NNPA at 1.80% vs 1.88% (QoQ).
Amara Raja Energy and Mobility Q3 Earnings FY24 (Consolidated, YoY)
Revenue up 15.4% at Rs 3,043.9 crore vs Rs 2,637.8 crore.
Ebitda up 9.1% at Rs 430.55 crore vs Rs 394.6 crore.
Margin down 81 bps at 14.14% vs 14.95%.
Net profit up 14.8% at Rs 254.8 crore vs Rs 221.9 crore (Bloomberg estimate: Rs 330 crore).
Earnings In Focus
Aavas Financiers, Abbott India, Aditya Birla Capital, Adani Enterprises, Adani Ports and Special Economic Zone, Aether Industries, Aptus Value Housing Finance India, Avalon Technologies, Bata India, Bayer Cropscience, Castrol India, City Union Bank, Deepak Fertilisers & Petrochemicals Corporation, Five-Star Business Finance, GMM PFaudler, Godrej Agrovet, Gokaldas Exports, Goodluck India, Greenply Industries, HFCL, Indian Hotels, India Cements, Jupiter Wagons, Dr. Lal Path Labs, Minda Corporation, Mphasis, Orient Electric, Praj Industries, Pricol, Prism Johnson, Raymond, Rites, Rolex Rings, Rpg Life Sciences, Somany Ceramics, Sonata Software, Sumitomo Chemical India, T D Power Systems, Texmaco Rail & Engineering, Thangamayil Jewellery, Thyrocare Technologies, Tube Investments of India, Titan Company, V-Guard Industries, V.S.T.TILLERS Tractors, and Welspun Enterprises.
Stocks To Watch
One 97 Communications: The Reserve Bank of India introduced further restrictions against Paytm Payments Bank. No further deposits or credit transactions are allowed in any customer account after Feb. 29. No other banking services, apart from withdrawal or utilisation of balances, are to be allowed after Feb. 29.
Infosys: The IT major signed a seven-year strategic collaboration with Musgrave to automate Musgrave’s IT operations by leveraging its industry-leading AI and cloud offerings.
UltraTech Cement: Moody's Investors Service Inc. affirmed the company's 'Baa3' issuer rating as well as its 'Baa3' senior unsecured rating, citing a solid balance sheet and substantially strong credit metrics.
Paras Defence and Space Technologies: The company received an optical periscope contract from the Ministry of Defense.
Deepak Nitrite: The company’s unit, Deepak Chem Tech, signed a Memorandum of Understanding worth Rs 9,000 crore with the Gujarat government.
Kaynes Technologies: Nanotech company Digi Lens announced a partnership with the company for scaling waveguide manufacturing.
Havells India: The company launched for the first time a 'Made in India' heat pump water heater to meet the demands of residential applications.
Federal-Mogul Goetze: The company appointed T. Kannan as managing director for three years, effective Feb. 1.
HG Infra Engineering: The company was declared an L-1 bidder for the Rs 440 crore South Central Railway project.
Gujarat Gas: The company signed a Memorandum of Understanding with HPCL for liquid fuels and CNG facilities.
Lux Industries: The company has completed its project of setting up a manufacturing and warehousing facility and commenced commercial operation at Jagadishpur, West Bengal, Kolkata.
Prestige Estates: The company completed the Rs 1,000 crore Hyderabad Residential Project.
Balaji Amines: The company's unit received mega project status from the Industries, Energy and Labour Department, Government of Maharashtra, with a proposed investment of Rs 750 crore.
Triveni Engineering: The company will buy a 26% stake in Sir Shadi Lal Enterprises via an open offer for Rs 262.1 per share.
IPO Offerings
BLS E-Services: The public issue was subscribed to 42.78 times on day 2. The bids were led by retail investors (125.46 times), non-institutional investors (94.09 times), and institutional investors (2.68 times).
Bulk Deals
Religare Enterprises: Mahesh Udhav Buxani sold 45.19 lakh shares (1.37%) at Rs 234.51 apiece while M B Finmart bought 39.55 lakh shares (1.2%) at Rs 233.99 apiece, Puran Associates bought 39.55 lakh shares (1.2%) at Rs 233.98 apiece, VIC Enterprises bought 39.49 lakh shares (1.2%) at Rs 233.94 apiece.
Eris Lifesciences: Bhikhalal Chimanlal Shah sold 12.8 lakh shares (0.94%) at Rs 913.09 apiece and sold 8.2 lakh shares (0.6%) at Rs 912.5 apiece.
Indian Pesticides: Quant Mutual Fund Quant Active Fund sold 5.76 lakh shares (0.5%) at Rs 376.12 apiece.
M K Proteins: Singla Ashok bought 10 lakh shares (0.8%) at Rs 49.5 apiece.
Share India Securities: Parveen Gupta sold 2.3 lakh shares (0.7%) at Rs 1,922.46 apiece.
Skipper: Skipper Plastics sold 20 lakh shares (1.95%) at Rs 43.46 apiece while Chartered Finance and Leasing bought 19.82 lakh shares (1.93%) at Rs 43.45 apiece.
Insider Trades
Jindal Stainless: Promoter JSL Overseas bought 39 lakh shares between Jan. 24 and 25.
Who’s Meeting Whom
JB Chemicals and Pharmaceuticals: To meet analysts and investors on Feb. 7.
UltraTech Cement: To meet analysts and investors on Feb. 1.
ICICI Lombard General Insurance: To meet analysts and investors on Feb. 5 and 6.
South Indian Bank: To meet analysts and investors on Jan. 31.
Syngene: To meet analysts and investors on Feb. 26.
Trading Tweaks
Price band revised from 20% to 10%: Shakti Pumps, Vakrangee, Mahanagar Telephone Nigam, Hindustan Construction, Crest Ventures, Azad Engineering.
Price band revised from 10% to 5%: IFCI, Transformers and Rectifiers.
Ex/record date dividend: CESC, Route Mobile, Havells, Tips Industries, Wendt (India), Puravankara.
Ex/record date bonus: Salasar Techno Engineering.
Ex/record date rights: Indiabulls Housing Finance.
Moved into short-term ASM framework: Azad Engineering, IFB Industries, VLS Finance, Websol Energy System.
Moved out of short-term ASM framework: Bajel Projects.
F&O Cues
Nifty January futures up by 0.72% to 21,808.6 at a premium of 82.9 points.
Nifty January futures open interest down by 0.07%.
Nifty Bank January futures up by 1.39% to 46,324.25 at a premium of 327.45 points.
Nifty Bank January futures open interest down by 5.87%.
Nifty Options Feb. 1 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 21,500.
Bank Nifty Options Feb. 7 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 42,000.
Securities in the ban period: Zee Entertainment Enterprise, Steel Authority of India.
Money Market Update
The Indian rupee strengthened by 7 paise to close at 83.04 against the U.S. dollar.
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