KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.16% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 3 paise to close at 83.11 against the U.S dollar.
It closed at 83.14 on Monday.
Source: Bloomberg
Nifty, Sensex Reverse Gains To End Sharply Lower As RIL, ITC, Bajaj Finance Decline: Market Wrap
India's benchmark indices reversed gains from yesterday and ended sharply lower on Tuesday, as losses in index-heavy Reliance Industries Ltd, ITC Ltd, and Bajaj Finance Ltd weighed.
The NSE Nifty 50 settled 215.50 points or 0.99% lower at 21,522.10, and the S&P BSE Sensex ended 801.67 points or 1.11% down at 71,139.90.
Intraday, the NSE Nifty 50 touched a low of 21,501.80, and the BSE Sensex fell to a low of 71,075.72.
"As indicated yesterday, the Index performed on expected lines, making a Dark Cloud Cover candlestick pattern which is bearish evidently seen as the resistance level of 21,750 was served well with bears ruling throughout the day," said Aditya Gaggar, director, Progressive Shares.
The Index aggravated its losses to settle at 21,522.10 with a loss of 215.50 points. While PSU Banking continued to outperform; and on the flip side, profit-booking correction dragged the Energy segment lower, Gaggar said.
"The Nifty 50 index continues to face selling pressure over 21800 level, which was observed in today’s session," said Avdhut Bagkar, a technical derivatives analyst from StoxBox.
Furthermore, the price action highlighted weakness post slipping beneath 21,605, displaying an immediate obstacle. The entire session perceived selling pressure on successive resistances, with index finishing near day’s low. Derivative data point to writing in 21,700, with 21,700 PE acquiring resilient traction, Bagkar said.
"Benchmark Indian indices moved into the red during the session today. Investors appear cautious considering the slew of near-term triggers coming up including India's interim budget on Thursday and Fed policy decision on Wednesday," Bagkar said.
Reliance Industries Ltd, ITC Ltd, Bajaj Finance Ltd, Larsen & Toubro Ltd and HDFC Bank weighed on the index.
Tata Motors Ltd, State Bank of India, Bharat Petroleum Corp Ltd, Hindustan Unilever Ltd, and Adani Enterprises Ltd limited decline of the benchmark index.
On NSE, eight out of 12 sectors ended in red, while four ended in green. The Nifty Energy shed 1.69% to become the top loser among sectoral indices, while the Nifty PSU Bank rose 0.96% to become the top gainer.
Broader markets ended on a mixed note. The S&P BSE Midcap declined 0.53%, and the Smallcap gained 0.18%.
"Midcap index experienced selling pressure but outperformed the Nifty while Smallcap segment ended in the green," Gaggar said.
On BSE, 19 out of 20 sectors ended with gains, while one ended lower. The S&P BSE Power index fell the most among sectoral indices.
The market breadth was split between buyers and sellers. Around 1,961 stocks advanced, 1,853 shares declined, and 93 remained unchanged on BSE.
Shyam Metalics Q3 Results Key Highlights (Consolidated YoY)
Revenue rose 13.47% to Rs 3315.3 crore from Rs 2921.7 crore
Ebitda surged 83.28% to Rs 407.37 crore from Rs 222.26 crore
Margin rose 468 bps to 12.28% from 7.6%
Net profit rose 94.22% to Rs 125.8 crore from Rs 64.77 crore
Bharat Electronics Bags Order Worth Rs 847 Crore
Bharat Electronics Ltd received an order worth Rs 847 crore.
The company signed a pact worth Rs 665.8 crore with CBIC, Finance Ministry for implementation, management of IT infrastructure.
BEL has also received additional orders worth Rs 182 crore for miscellaneous spares & services.
Source: Exchange Filing
Coromandel International Q3 Results Key Highlights (Consolidated YoY)
Revenue down 34.25% to Rs 5464.2 crore from Rs 8309.6 crore
Ebitda down 54.15% to Rs 357.94 crore from Rs 780.61 crore
Margin down 284 bps to 6.55% from 9.39%
Net profit down 56.62% at Rs 228.11 crore from Rs 525.85 crore
Indian Markets Near Day's Low
Adani Total Gas Q3 Results Key Highlights (Consolidated YoY)
Revenue rose 4.9% to Rs 1,156.1 crore from Rs 1,105.6 crore
Ebitda rose 25.3% to Rs 288 crore from Rs 229.9 crore
Margin rose 411 bps to 24.91% from 20.79%
Net profit rose 17.61% to Rs 176.64 crore from Rs 150.19 crore
Gillette India Q3 Results Key Highlights (YoY)
Revenue rose 3.37% to Rs 639.5 crore from Rs 618.6 crore
Ebitda rose 23.75% to Rs 155.86 crore from Rs 125.94 crore
Margin grew 401 bps to 24.37% from 20.35%
Net profit rose 39.46% Rs 103.9 crore from Rs 74.5 crore
Shanti Gears Q3 Results Key Highlights (YoY)
Revenue grew 9.41% to Rs 125.5 crore from Rs 114.7 crore
Net profit down 0.57% to Rs 17.4 crore from Rs 17.5 crore
Margin down 157 bps to 18.56% from 20.13%
Ebitda rose 0.86% to Rs 23.3 crore from Rs 23.1 crore
European Markets Gain
J Kumar Infraprojects Q3 Results Key Highlights (YoY)
Revenue rose 14.71% at Rs 1,218.73 crore from Rs 1,062.39 crore
Net profit rose 16.26% to Rs 82.64 crore from Rs 71.08 crore
Ebitda rose 18.38% to Rs 179.48 crore from Rs 151.61 crore
Margin rose 45 bps at 14.72% from 14.27%
Subros Q3 Results Key Highlights (Consolidated YoY)
Revenue rose 11.9% to Rs 732.5 crore from Rs 654.6 crore
Ebitda rose 77.4% to Rs 59.6 crore from Rs 33.6 crore
Margin rose 300 bps to 8.13% vs 5.13%
Net profit was at Rs 26.9 crore from Rs 8.3 crore
Indian Metals Q3 Results Key Highlights (Consolidated YoY)
Revenue rose 9.9% to Rs 685.3 crore from Rs 623.6 crore
EBITDA was at Rs159 crore against Rs 59 crore
Margin up 1,374 bps to 23.19% from 9.45%
Net profit was at Rs 108.9 crore from Rs 11 crore
Keystone Realtors Q3 Results Key Highlights (Consolidated YoY)
Revenue at Rs 520.7 crore vs Rs 126.5 crore
Ebitda fell 2.3% to Rs 8.5 crore from Rs 8.7 crore
Margin fell 524 bps to 1.63% from 6.87%
Net profit at Rs 29.9 crore vs Rs 5.8 crore
Approves raising up to Rs 1,500 crore via multiple instruments
Strides Pharma Results Key Highlights (Consolidated YoY)
Revenue up 19.99% at Rs 1037.7 crore vs Rs 864.8 crore
Net profit Rs 54.1 crore vs loss of 82.1 crore
Ebitda up 66.8% at Rs 193.8 crore vs Rs 116.2 crore
Margin up 523 basis points at 18.67% vs 13.43%
Source: Exchange Filing
Apar Industries Results Key Highlights (Consolidated YoY)
Net profit up 28.1% at Rs 217.6 crore vs Rs 169.9 crore
Revenue up 1.9% at Rs 4,013.2 crore vs Rs 3,938.9 crore
Ebitda up 17.98% at Rs 405 crore vs Rs 343.26 crore
Margin up 137 basis points at 10.09% vs 8.71%
Source: Exchange Filing
Symphony Q3 Results Key Highlights (Consolidated YoY)
Net profit up 5.1% at Rs 41 crore vs Rs 39 crore.
Revenue down 10.8% at Rs 247 crore vs Rs 277 crore
Margin up 192 basis points at 17.81% vs 15.88%
Ebitda at Rs 44 crore
Board declares third interim dividend of Rs 2 per share.
Source: Exchange Filing
Bajaj Finserv Q3 Results Key Highlights (Consolidated YoY)
Net profit rose 21.1% to Rs 2,157.7 crore from Rs 1,782.02 crore
Total income grew 33.5% to Rs 29,038.4 crore from Rs 21,755.4 crore
Zee Says It Cannot Comment On Star India's Intentions
Zee Entertainment Enterprises Ltd clarified it was not aware of, and cannot comment on, Star India's intentions.
The company said it is not aware of next steps with respect to strategic license pact between the company and Disney Star.
Alert: Issues clarification on report 'Disney mulls legal action against Zee'.
Source: Exchange Filing
Zee Entertainment Shares Rise As NCLT Agrees To Hear On Sony Merger Plea
The shares of Zee Entertainment Enterprises Ltd rose on Tuesday as the National Company Law Tribunal bench of Mumbai has agreed to hear on the Zee-Sony.
The scrip rose as much as 9% to 176.30 apiece, the highest level since Jan. 24. It pared gains to trade 6.89% higher at Rs 172.90 apiece, as of 12:27 p.m. This compares to a 0.13% decline in the NSE Nifty 50 Index.
It has fallen 21.18% in the last 12 months. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 29. above 70 overbought or below 30 is underbought
Out of 22 analysts tracking the company, 4 maintain a 'buy' rating, 5 recommend a 'hold,' and 13 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.6%.
Nifty, Sensex Fall Erasing All Gains As RIL, Bajaj Finance, ITC Drag: Midday Market Update
Benchmark stock indices erased their early gains to trade lower through midday on Tuesday, weighed by losses in index heavyweights Reliance Industries Ltd., Bajaj Finance Ltd., and ITC Ltd.
At 11:41 a.m., the NSE Nifty 50 fell 25.55 points, or 0.12%, to 21,712.05, while the S&P BSE Sensex declined 220.50 points, or 0.31%, to 71,721.07.
"The short-term trend for Nifty will remain positive, with immediate support expected around the 21,600 level," said Shrey Jain, chief executive officer of SAS Online.
On Bank Nifty, Jain said: "In the previous session, we saw some recovery but lagged behind broader indices."
Analysis of option data reveals significant open interest at both 45,500 call and put strikes, indicating a probable consolidation around the current levels. Support levels are identified within the range of 44,225 to 44,500, he said.
Shares of Reliance Industries Ltd., Bajaj Finance Ltd., ITC Ltd., HDFC Bank Ltd. and Larsen & Toubro Ltd. pulled the index lower.
Infosys Ltd., Hindustan Unilever Ltd., Oil and Natural Gas Corp., Bharti Airtel Ltd. and Tata Consultancy Services Ltd. supported the Nifty 50.
Sectoral indices were mixed, with Nifty Media, Oil & Gas and Metal gaining over 1%. Financial Services fell the most.
The broader markets outperformed as the BSE MidCap rose 0.27% and the SmallCap was 0.71% higher. Twelve out of the 20 sectors compiled by the BSE advanced.
The market breadth was skewed in the favour of the buyers as 2,148 stocks advanced, 1,500 declined and 124 remained unchanged on the BSE.
Indian Overseas Bank Has 14.7 Lakh Shares Change Hands In Large Trade
Indian Overseas Bank had 14.7 lakh shares changed hands in a large trade
The 0.01% equity changed hands at Rs 50.05 apiece
Buyers and sellers not known immediately
Source: Bloomberg
KPIT Tech Q3 Results Key Highlights (Consolidated QoQ)
Revenue rose 4.81% to Rs 1,257 crore from Rs 1,199 crore
EBIT grew 8.62% to Rs 208.7 crore from Rs 192 crore
Margin rose 58 bps to 16.59% from 16.01%
Net profit rose 10.9% at Rs 156.8 crore from 141.4 crore
Margin expands 20.6% despite hiring, salary hikes in Q3
About 600 freshers hired, promotions given in Q3
Net cash balance of Rs 829 crore, up Rs 310 crore QoQ
RIL Clarifies It's Assessing Opportunities On Ongoing Basis
Reliance Industries said it was unable to comment on media speculation
The company is evaluating various opportunities on ongoing basis
Alert: Issues clarification on report of Disney's India unit valuation
Source: Exchange Filing
Servotech Bags Order Worth Rs 120 Crore From BPCL
The company received an order worth Rs 120 crore from BPCL to supply, install 1800 DC fast EV chargers.
Source: Exchange Filing
Orchid Pharma Locked In 20% Upper Circuit After Getting EMA's Approval For Exblifep
Shares of Orchid Pharma was trading 20% upper circuit after the company told the exchanges its Exblifep drug became the first drug to get European Medicine Agency's approval.
The Chennai-based pharmaceutical company's drug has received EMA's recommendation for marketing authorisation for use in treatment of urinary tract infections, pneumonia, and bacteremia due to ESBL producing pathogens, the exchange filing said.
Exblifep is used as an anti-microbial resistance.
Scrips of Orchid Pharma Ltd rose 20.00% to Rs 863 apiece, the highest level since Dec 6, 1993. It continued to trade in the upper circuit as of 11:41 a.m. This compares to a 0.14% decline in the NSE Nifty 50 Index.
It has risen in 158.84% in 12 months. Total traded volume so far in the day stood at 8.5 times its 30-day average. The relative strength index was at 73.1, which implied the stock is overbought.
Three analysts tracking the company, maintain a 'buy' rating', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.3%.
Venus Pipes Q3 Profit More Than Doubles, Shares Hit Record High
Shares of Venus Pipes and Tubes Ltd. surged nearly 9% to hit a record high on Tuesday after its profit more than doubled in the third quarter.
The company's net profit rose 106.2% year-on-year to Rs 23.3 crore in the quarter ended December 2023, according to an exchange filing. A poll conducted by Bloomberg of analysts' estimates pegged net profit at Rs 22.4 crore.
"Leveraging our strong partnerships and quality offerings with increased SKUs, we are confident of deeper market penetration, and continue to focus and increase our efforts to take brand Venus to newer geographies across India and the world," the company said in its investor presentation.
Shares of the company rose as much as 8.94% to a record high of Rs 1,582 piece. It pared gains to trade 4.4% higher at Rs 1,516.65 apiece as of 9:57 a.m. This compares to a 0.03% decline in the NSE Nifty 50 Index.
It has risen 107.48% in the past 12 months. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 69.97
Six analysts tracking the company have a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.3%.
NTPC Green Signs Pact With Mharashtra Govt For Green Hydrogen Project
NTPC Green signs pact for 1 MTPA green hydrogen projects
NTPC Green signs pact with Maharashtra Govt for Rs 80,000 crore investment
Source: Bloomberg
ICICI Prudential MF Cuts Stake In PVR Inox
ICICI Prudential MF cuts stake in PVR Inox to 3.17% from 5.19%.
ICICI Prudential MF reduces stake in co by 2.02% between 12 Oct, 2023 to 25 Jan, 2024.
Source: Exchange Filing
Zee-Sony Arbitration Proceeding To Begin At IAC Singapore Wednesday
Zee-Sony arbitration proceedings in Singapore International Arbitration Centre to begin tomorrow
Alert: Zee initiates legal action to contest Culver Max and BEPL’s claims
Alert: Zee initiates legal action to contest claims in arbitration proceedings before SIAC
Sources: People In The Know To NDTV Profit
Samvardhana Motherson Has 12 Lakh Shares Change Hands In Large Trade
Samvardhana Motherson International Ltd had 12 lakh shares changed hands in a large trade.
The company had 0.02% equity changed hands at Rs 116.75 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Marico Rises As Q3 Net Profit Up 16%
Shares of Marico rose as much as 1.18%. It is trading 0.26% higher at Rs 517.95 as of 10:29 a.m. This compares to a 0.04% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 41.
Of the 52 analysts tracking the company, 32 maintain a 'buy', 14 recommends a 'hold,' and six suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 12.6%
Muthoot Microfin Rises Over 14 On Surge In Q3 Net profit
The shares of Muthoot Microfin Ltd rose on Tuesday after the company reported a 119.4% year-on-year jump in net profit at Rs 124.6 crore on Monday.
The scrip rose as much as 14.11% to 266.80 apiece, the highest level since Dec. 27. It pared gains to trade 10.76% higher at Rs 258.95 apiece, as of 10:24 a.m. This compares to a 0.06% advance in the NSE Nifty 50 Index.
It has fallen 2.71% in the last one month. Total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 58.
Tata Investment Touches Fresh Life High As Q3 Profit Surges Over 53%
Tata Investment Corp surged nearly 15% on Tuesday and touched a record high after it posted over 53% jump in its quarter three net profit.
It posted Rs 53.2 crore in October-December in FY24, compared to Rs 34.7 crore in the corresponding period of the last financial year.
On NSE, the scrip rose as much as 14.95% to Rs 5,549 apiece, the highest level since Jul 2, 1997. It trading 13.40% higher at Rs 5,475.25 apiece, as of 10:34 a.m. This compares to a 0.5% decline in the NSE Nifty 50 Index.
It has risen 157.69% in 12 months. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 82.92, which implied the stock is overbought.
Suzlon Energy Bags New Order From Evren
Suzlon Energy received a new order of 642 MW from Evren to supply 214 wind turbines with rated capacity of 3 MW each.
Source: Exchange Filing
SpiceJet Surges Nearly 5% As NCLT Dismisses Insolvency Case Against Co
Shares of SpiceJet Ltd. jumped today after the company told exchanges that the NCLT on Monday dismissed the insolvency petition filed against the Company by aircraft lessor Wilmington Trust SP Services.
Shakti Pumps Hits Fresh High; MP Govt Sanctions Land To Company
The shares of Shakti Pumps Ltd rose to life high on Tuesday as the Madhya Pradesh Industrial Development Corporations Limited sanctioned 46 acres land to the company.
The scrip rose as much as 17.85% to 1,498 apiece, to fresh life high. It recently hit life high on Jan. 29. It pared gains to trade 15.25% higher at Rs 1,465 apiece, as of 10:06 a.m. This compares to a 0.05% advance in the NSE Nifty 50 Index.
It has risen 241.57% in the last 12 months. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 81 indicating it was overbought.
L&T Unit Bags Order Worth Rs 10,000-15,000 Crore Order In UAE
Larsen & Toubro arm got an order in the range Rs 10,000-15,000 crore for establishing renewable generation plant in UAE.
It received order from Dubai for solar photovoltaic plant.
Source: Exchange Filing
NCLT Dismissed Insolvency Petition Against SpiceJet
NCLT dismissed insolvency petition filed against SpiceJet Ltd by aircraft lessor Wilmington Trust SP Services
Source: Exchange Filing
Dish TV Has 11.1 Lakh Shares Change Hands In Large Trade
Dish TV had 11.1 lakh shares changed hands in a large trade.
The company had 0.1% equity changed hands at Rs 20.6 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Epack Durable Lists At Rs 225 On BSE
The company listed at Rs 225 on BSE vs issue price of Rs 230
Epack Durable listed at discount of 2.17% to the issue price on BSE
It listed at Rs 221 on NSE vs issue price of Rs 230
Epack Durable listed a discount of 3.91% to the issue price on NSE
Source: Exchanges
UTI AMC Hits Life High As Q3 Profit Surges 38.4%
Scrips of UTI Asset Management Co surged over 11% and touched fresh record high on Tuesday after the company recorded 38.4% growth in its net profit in October-December.
UTI Asset Management Co rose as much as 11.33% to Rs 965.00 apiece, the highest level since its listing on Oct 9, 2020. It trading 9.37% higher at Rs 948 apiece, as of 09:49 a.m. This compares to a 0.05% decline in the NSE Nifty 50 Index.
It has risen 31.34% in 12 months. Total traded volume so far in the day stood at 39 times its 30-day average. The relative strength index was at 70.80.
Bajaj Finance Drops Nearly 5% As Q3 Profit Misses Estimates
The shares of Bajaj Finance Ltd fell on Tuesday after the company's net profit in the third quarter misses market estimate.
Bajaj Finance on Monday reported a 21% year-on-year jump in net profit at Rs 3,177 crore in the quarter ending in December, however it missed the Bloomberg estimate of Rs 3,576.60 crore.
The scrip fell as much as 4.88% to 6,840.50 apiece, the lowest level since Aug. 21, 2023. It pared losses to trade 4.10% lower at Rs 6,896.60 apiece, as of 9:35 a.m. This compares to a 0.09% decline in the NSE Nifty 50 Index.
It has risen 14.53% in the last 12 months. Total traded volume so far in the day stood at 7.4 times its 30-day average. The relative strength index was at 31.
Out of 36 analysts tracking the company, 28 maintain a 'buy' rating, 3 recommend a 'hold,' and 5 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.7%.
Zydus Life Oral Advance Prostate Cancer Drug In India
Zydus Lifesciences introduced oral advanced prostate cancer drug Rexigo in India.
Source: Exchange Filing
NHPC Has 80.2 Lakh Shares Change Hands In Multiple Large Trades
NHPC had 80.2 lakh shares or 0.1% equity changed hands in multiple large trades
Buyers and sellers not known immediately
Source: Bloomberg
Nifty, Sensex Open Higher As Infosys, HDFC Bank Gain: Opening Bell
India's benchmark indices opened higher for second consecutive session on Tuesday, tracking gains in shares of Infosys Ltd, ICICI Bank Ltd, and HDFC Bank Ltd.
As of 9:16 a.m., the NSE Nifty 50 was 71.95 points or 0.33% higher at 21,809.55, and the BSE Sensex was 183.34 points or 0.25% up at 72,124.91.
"Nifty 50 has broken higher from its inside range with sustained up move in index pivotal and now on the higher side 22,000 will act as resistance being the round number," said Vikas Jain, a senior research analyst from Reliance Securities.
The higher top and bottom structure indicates an upward trend while the support will move higher to 21,400 levels being the opening range. RSI has moved higher above the average line sloping upwards to test the higher band of the average, Jain said.
Infosys Ltd, Tata Consultancy Services Ltd, ICICI Bank Ltd, Bharti Airtel Ltd, and HDFC Bank supported gains in the benchmark index.
Bajaj Finance Ltd, ITC Ltd, NTPC Ltd, Bajaj Finserve Ltd, and Larsen & Toubro Ltd capped gains in the index.
On NSE, 10 out of 12 sectors decline, with the Nifty IT gaining 1.17% to become the top performer among sectoral indices. Two sectors were trading in negative territory on NSE, with the Nifty Energy falling 0.13% to emerge as the biggest loser among sectoral indices.
Broader markets outperformed benchmark indices. The S&P BSE Midcap gained 0.24%, and Smallcap rose 0.52%.
On BSE, 14 sectors gained among 20 sectors, and six fell. The S&P BSE IT index rose the most among its peers to become the best performer among its peers.
The market breadth was skewed in favour of buyers. Around 1,840 stocks gained, 1,113 shares fell, and 99 remained unchanged.
Nifty, Sensex Higher In Pre-Open Trade
At pre open, the NSE Nifty 50 was 38.15 points or 0.18 % higher at 21,775.75, and the BSE Sensex was 58.63 points or 0.08% higher at 72,000.20.
Yield On The 10-Year Bond Open Flat
The yield on the 10-year bond opened flat at 7.16%.
Source: Bloomberg
Rupee Weakens Against U.S. Flat
The local currency opened flat at 83.14 against the U.S dollar.
Source: Bloomberg
Brokerages On ITC
Jefferies Keeps 'Buy' Rating On ITC
The brokerage maintained 'Buy' on ITC Ltd price target reduced to Rs. 520 from Rs. 540
A big miss with YoY decline in EBITDA, Jefferies said.
The brokerage firm trimmed EPS estimates by 2-3%
ITC likely to remain rangebound until final budget, the brokerage said
Citi Maintains 'Buy' On ITC
Citi Research maintained a 'Buy' on ITC Ltd.
ITC Ltd's Q3 results were below expectations.
Believes performance was weak due to high base and weather disruption, the brokerage said.
Citi expects sustained growth in cigarettes with stable taxation
It expects recovery in cigarette EBIT margin in FY25E
The brokerage expects improved return metrics and lower capital allocation
Investec Retains 'Buy' On ITC
Investec retained Price target of Rs. 499 with a 'Buy' rating on Investec
Operationally, ITC Ltd's results were below estimates.
The brokerage expects a revenue growth uptick from Q1FY25.
Believes weak staples environment, steady earnings and modest valuations stand out.
The brokerage cut FY25E earnings by 3% and roll forward to Dec 25
Expects cigarette volumes to be weak until the base normalises in Q1FY25.
Expects paper performance to have bottomed out, the brokerage said.
AU Small Finance Appoints Part-Time Chairman
AU Small Finance Bank has appointed Harun Rasid Khan as Part-Time Chairman.
Source: Exchange Filing
Mastek Says It's Exploring Various Strategic Opportunities
Mastek Ltd Keep exploring various strategic opportunities
The company said to the exchanges there is no information which requires disclosure
Alert: Issues clarification on report of co eying PE capital of $400 million
Source: Exchange Filing
Asia Markets Trade Mixed
Global Cues
U.S. Dollar Index at 103.44
U.S. 10-year bond yield at 4.07%
Brent crude up 0.47% at $82.79 per barrel
Nymex crude up 0.47% at $77.14 per barrel
Bitcoin up 0.50% at 43,400.60
GIFT Nifty up 10 points or 0.05% at 21,965.5 as of 7:20 a.m.
Jefferies on India Telecom Services
Jio's continued lead on active subscriber additions bodes well for sector's pricing outlook
Strong 3G/4G subscriber additions, Bharti's 20 basis point market share gain augur well for ARPU outlook
VIL's subscriber additions are not broad-based across circles
Expect continued market share gains in favour of Bharti/Jio as 5G becomes mainstream, JioBharat adoption
Citi Research Raises GAIL's Price Target
Citi Research retained 'buy' on GAIL, and raised target price to Rs 195 per share from Rs 185 apiece.
Citi said, GAIL's results beat driven by solid gas trading performance
Petchem segment recorded profits after five quarters of losses, said the brokerage
Net income beat estimates, aided by higher dividend income, Citi said.
Gas transmissions' Ebitda fell 5% QoQ impacted by higher fuel cost.
Full impact to be realised in 4Q, but could be offset by lower LNG prices.
The brokerage raised FY24E Ebitda by 15%.
Citi Retains 'Buy' On Marico
Citi Research maintained a 'buy' on Marico, but lowers target price to Rs 585 apiece from Rs 610 per share earlier.
The brokerage trimmed FY24-26E earnings estimates by 1-3%.
Marico took measures to revive the general trade channel, the brokerage said.
Company corrected distributor inventory in 3Q, the brokerage said.
Citi Raises Price Target For IndiGo
Citi Research maintained 'buy' on IndiGo Airlines, and raised target price to Rs 3,400 per share from Rs 2,900 apiece.
The brokerage has raised ASK assumptions by 1-2% over FY24-26E
Large number of engines is to be removed for shop visits between 2023 and 2026, Citi Research said.
Accelerated removals, incremental shop visits is likely adversely impact operating fleet from Q4 onwards, the brokerage said.
Citi has raised RPK, yield estimates by 2-4%
Revenue estimates increase by 4-8%,
Ebitda estimates by 9-10% over FY24-26E
Citi Research Rates Piramal Enterprises 'Sell'
Citi Research rated Piramal Enterprises Ltd with 'sell' with target price lowered to Rs 850 apiece from Rs 880 per share earlier.
Provision towards AIF Investments dents earnings, the brokerage said.
Management confident of AIF recovery, Citi Research said.
Piramal Enterprises' Q3 earnings were flat QoQ, NIMs up 28bps QoQ.
Its credit costs at over 160bps due to chunky Real Estate account.
The company's growth led by unsecured retail and uptick in LAP & business loans.
F&O Cues
Nifty January futures up by 1.80% to 21,855.25 at a premium of 117.6 points.
Nifty January futures open interest up by 1.38%.
Nifty Bank January futures up by 1.23% to 45,735.05 at a premium of 292.7 points.
Nifty Bank January futures open interest down by 6.26%.
Nifty Options Feb 1 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 21,500.
Bank Nifty Options Jan 31 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 43,000.
Securities in the ban period: Nil.
Who’s Meeting Whom
Voltas: To meet analysts and investors on Feb. 2, 8, 12, 15 and 20.
Mastek: To meet analysts and investors on Jan. 30 and 31.
Union Bank of India: To meet analysts and investors on Feb. 8.
Trading Tweaks
Price band revised from 20% to 10%: Dhunseri Ventures, Oswal Greentech, Steel Exchange of India, Urja Global.
Price band revised from 10% to 5%: Jaiprakash Associates.
Ex/record date dividend: Persistent Systems, Siemens.
Moved into short-term ASM framework: Borosil Renewables, India Nippon Electricals, Oswal Greentech, Visaka Industries.
Bulk Deals
Tips Industries: SBI Mutual Fund bought 64.25 lakh shares (5%) at Rs 380 apiece while Kumar Sadhuram Taurani sold 24.5 lakh shares (1.9%) at Rs 380.26 apiece, Ramesh Sadhuram Taurani sold 24.5 lakh shares (1.9%) at Rs 380 apiece, Renu Kumar Taurani and Varsha Ramesh Taurani sold 8 lakh shares (0.62%) each at Rs 380 apiece.
Shanti Overseas: Lakhubha Solanki sold 1.53 lakh shares (1.37%) at Rs 28.05 apiece.
New Listings
Epack Durable: The company's shares will debut on the stock exchanges on Tuesday at an issue price of Rs 230 apiece. The 640.05 crore IPO was subscribed 16.37 times on day third and final day. The bids were led by non-institutional investors (28.10 times), retail investors (6.29 times) and institutional investors (25.50 times).
IPO Offerings
BLS E-Services: The IPO will open for bids on Tuesday. It will comprise a fresh Issue of Rs 310.91 crore. The price band is fixed at Rs 129 -135 per share. The company has raised Rs 125.9 crores from anchor investors.
Stocks To Watch
GAIL: The company inked a long-term LNG purchase agreement with Abu Dhabi National Oil for the purchase of 0.5 million metric tonnes per year of LNG.
KEC International: The RPG group company said that it has secured orders worth Rs 1,304 crore across various businesses.
Punjab National Bank: The bank approved raising funds up to Rs 7,500 crore in FY25 via qualified institutional placements, further public offers, or other modes. The shareholding of the government remains above 52%.
Ganesh Benzoplast: The company's unit received an arbitrage award in its favour against Indorama Synthetics. The unit will get a counterclaim of Rs 19.09 crore.
Lumax Technologies: The company completed the acquisition of Lumax Ancillary on Jan. 25.
Krsnaa Diagnostics: The company received a contract from the Commissioner of Healthcare Services, Maharashtra, to provide MRI and CT scan services in 17 districts in the state hospitals.
Somany Ceramics: The company's unit started its commercial production of a greenfield manufacturing facility of large slab tile of approximately 4 million square metres per annum in Gujarat, with an investment of Rs 185 crore. The manufacturing facility has the potential to generate revenue of ~Rs 250 crore per annum on full capacity utilisation.
Shakti Pumps: The company received the sanction from the Madhya Pradesh Industrial Development Corporation for 46 acres of land situated in Indore. The company will use this land for future expansion.
Ramkrishna Forgings: The company provided a corporate guarantee up to an amount of Rs 50 crore for its unit JMT Auto.
Quick Heal Technologies: The company announced that its safe browser and safe banking feature have been certified as one of the safest for browsing and online banking by the AV Lab Cybersecurity Foundation, Poland.
Sunteck Realty: The company will develop projects with a gross development of Rs 3,000 crore at Nepean Sea Road, Bandra Bandstand.
Indraprastha Gas: Life Insurance Corp. increased its stake in the company to 9.35% from 7.3%.
Bajaj Finance: The company approved raising the overall borrowing limit to Rs 3.75 lakh crore from Rs 2.25 lakh crore and approved an investment of up to Rs 400 crore in Bajaj Financial Securities in one or more tranches.
SEPC: The company approved fundraising up to Rs 250 crore through the issuance of equity shares and an increase in authorised share capital to Rs 1,750 crore from Rs 1,450 crore.
Container Corp.: The company signed a non-binding Memorandum of Understanding with Indian Oil Corp. to explore opportunities for the use of LNG as a fuel in petrochemicals and other container logistic requirements.
Adani Energy Solutions: Rohit Soni resigned from the position of chief financial officer, and the company appointed Kunjal Mehta as the CFO of the company.
ITC: The company received a 'no objection' certificate from the exchanges to demerge their hotel business.
NTPC: The company in the Q3 business update reported electricity sales rose by 15% year-on-year and coal plant PLF at 76% vs. 68.9% year-on-year.
OnMobile Global: The company appointed Radhika Venugopalan as the chief financial officer. Asheesh Chatterjee has resigned from the position of CFO.
Earnings Post Market Hours
Piramal Enterprises Q3 FY24 (Standalone, YoY)
Revenue down 83.11% at Rs 635.95 crore vs Rs 3,763.21 crore (Bloomberg estimate: Rs 994.3 crore).
Net loss at Rs 1,059.53 crore vs profit of Rs 2,892.2 crore (Bloomberg estimate: Profit of Rs 151.6 crore).
Gross NPA at 2.4% vs 2.74% (QoQ).
One-time hit of Rs 1,677 crore on AIF provisions.
Company had other operating income of Rs 2,857.4 crore in Q3 FY23.
Heritage Foods Q3 FY24 (Consolidated, YoY)
Revenue up 19.74% at Rs 941.1 crore vs Rs 785.9 crore (Bloomberg estimate: Rs 913.6 crore).
Ebitda up 60.18% at Rs 51.9 crore vs Rs 32.4 crore (Bloomberg estimate: Rs 56.8 crore).
Margin up 139 bps at 5.51% vs 4.12% (Bloomberg estimate: 6.2%).
Net profit up 96.35% at Rs 26.9 crore vs Rs 13.7 crore (Bloomberg estimate: Rs 26.3 crore).
Marico Q3 FY24 (Consolidated, YoY)
Revenue down 1.95% at Rs 2,422 crore vs Rs 2,470 crore (Bloomberg estimate: Rs 2,473 crore).
Ebitda up 12.5% at Rs 513 crore vs Rs 456 crore (Bloomberg estimate: Rs 514 crore).
Margin up 271 bps at 21.18% vs 18.46% (Bloomberg estimate: 20.8%).
Net profit up 15.91% at Rs 386 crore vs Rs 333 crore (Bloomberg estimate: Rs 367.7 crore).
Restaurant Brands Asia Q3 FY24 (Consolidated, YoY)
Revenue up 14.8% at Rs 604.2 crore vs Rs 526.3 crore (Bloomberg estimate: Rs 656.5 crore).
Ebitda up 130.8% at Rs 68.3 crore vs Rs 29.6 crore (Bloomberg estimate: Rs 63.1 crore).
Margin up 568 bps at 11.3% vs 5.62% (Bloomberg estimate: 9.6%).
Net loss at Rs 39.9 crore vs loss of Rs 55.9 crore (Bloomberg estimate: Rs -41.5 crore).
Bajaj Finance Q3 FY24 (Standalone, YoY)
NII up 30.4% at Rs 6,973 crore vs Rs 5,347 crore.
Net profit up 21.1% at Rs 3,177.4 crore vs Rs 2,624.2 crore (Bloomberg estimate: Rs 3,576 crore).
Gross NPA at 1.18% vs 1.14% (QoQ).
Net NPA at 0.46% vs 0.39% (QoQ)
Indo Count Industries Q3 FY24 (Consolidated, YoY)
Revenue up 8.5% at Rs 713.4 crore vs Rs 657.3 crore (Bloomberg estimate: Rs 918.5 crore).
Ebitda up 42.1% at Rs 104.2 crore vs Rs 73.3 crore (Bloomberg estimate: Rs 163 crore).
Margin up 54.1% at 14.6% vs 11.15%, up 345 bps (Bloomberg estimate: 17.7%).
Net profit up 54.1% at Rs 58.1 crore vs Rs 37.7 crore (Bloomberg estimate: Rs 91.9 crore).
Garware Technical Fibres Q3 FY24 (Consolidated, YoY)
Revenue up 5.4% at Rs 289.4 crore vs Rs 274.6 crore.
Ebitda up 13.4% at Rs 53.48 crore vs Rs 47.15 crore.
Margin up 130 bps at 18.48% vs 17.17%.
Net profit up 18.3% at Rs 43.27 crore vs Rs 36.58 crore.
Petronet LNG Q3 FY24 (Consolidated, QoQ)
Revenue up 17.7% at Rs 14,747.2 crore vs Rs 12,532.6 crore.
Ebitda up 40.4% at Rs 1,705.4 crore vs Rs 1,214.7 crore.
Margin up 187 bps at 11.56% vs 9.69%.
Net profit up 41.7% at Rs 1,213 crore vs Rs 855.7 crore.
Mahindra Logistics Q3 FY24 (Consolidated, YoY)
Revenue up 5.1% at Rs 1,397.2 crore vs Rs 1,329.6 crore (Bloomberg estimate: Rs 1,446.6 crore).
Ebitda down 16.8% at Rs 52.2 crore vs Rs 62.7 crore (Bloomberg estimate: Rs 68.5 crore).
Margin down 98 bps at 3.73% vs 4.71% (Bloomberg estimate: 4.7%).
Net loss at Rs 17.4 crore vs profit of Rs 1.4 crore (Bloomberg estimate: Profit of Rs 4.2 crore).
Nippon Life India AMC Q3 FY24 (Standalone, YoY)
Revenue up 18.74% at Rs 392.32 crore vs Rs 330.39 crore.
Net profit up 33.34% at Rs 264.92 crore vs Rs 198.67 crore.
Total income up 24.8% at Rs 485.3 crore vs Rs 388.9 crore.
Aditya Birla Sun Life AMC Q3 FY24 (Standalone, YoY)
Revenue up 8.8% at Rs 335.8 crore vs Rs 308.7 crore.
Net profit up 26.4% at Rs 208.5 crore vs Rs 165 crore (Bloomberg estimate: Rs 170.70 crore).
Vodafone Idea Q3 FY24 (Consolidated, QoQ)
Revenue down 0.4% at Rs 10,673.1 crore vs Rs 10,716.3 crore (Bloomberg estimate: Rs 10,957.7 crore).
Ebitda up 1.6% at Rs 4,350.4 crore vs Rs 4,282.8 crore (Bloomberg estimate: Rs 4,233 crore).
Margin up 79 bps at 40.76% vs 39.96% (Bloomberg estimate: 38.6%).
Net loss at Rs 6,986 crore vs loss of Rs 8,738 crore (Bloomberg estimate: Loss of Rs 7,398.4 crore).
ITC Q3 FY24 (Standalone, YoY)
Revenue up 2.2% at Rs 16,483.25 crore vs Rs 16,225.73 crore (Bloomberg estimate: Rs 17,132.17 crore).
Ebitda down 3.2% at Rs 6,024.29 crore vs Rs 6,223.22 crore (Bloomberg estimate: Rs 6,446.3 crore).
Margin down 180 bps at 36.54% vs 38.35% (Bloomberg estimate: 37.6%).
Net profit up 10.8% at Rs 5,572.07 crore vs Rs 5,031.01 crore (Bloomberg estimate: Rs 5,192.2 crore).
Declares interim dividend of Rs 6.25 per share.
Godfrey Phillips Q3 FY24 (Consolidated, YoY)
Revenue up 33.8% at Rs 1,249.6 crore (Bloomberg estimate: Rs 991.3 crore).
Ebitda up 8.6% at Rs 227.7 crore (Bloomberg estimate: Rs 198.3 crore).
Ebitda margin at 18.2% vs 22.8%.
Net profit up 6.6% at Rs 212.4 crore (Bloomberg estimate: Rs 190.6 crore).
UTI Asset Management Co. Q3 FY24 (Standalone, YoY)
Revenue up 23.2% at Rs 346.1 crore vs Rs 280.9 crore.
Net profit up 38.4% at Rs 150.3 crore vs Rs 108.6 crore.
RR Kabel Q3 FY24 (Consolidated YoY)
Revenue up 10.4% at Rs 1,633.5 crore vs Rs 1,479.5 crore (Bloomberg estimate: Rs 1,703.7 crore).
Ebitda down 4.2% at Rs 112.5 crore vs Rs 117.5 crore (Bloomberg estimate: Rs 127.2 crore).
Margin down 105 bps at 6.88% vs 7.94% (Bloomberg estimate: 7.5%).
Net profit down 0.7% at Rs 70.9 crore vs Rs 71.4 crore (Bloomberg estimate: Rs 82.2 crore).
Venus Pipes and Tubes Q3 FY24 (Consolidated, YoY)
Revenue up 52.2% at Rs 207.1 crore vs Rs 136.1 crore (Bloomberg estimate: Rs 207.3 crore).
Ebitda up 122.71% at Rs 39.02 crore vs Rs 17.52 crore (Bloomberg estimate: Rs 35 crore).
Margin up 596 bps at 18.84% vs 12.87% (Bloomberg estimate: 16.9%).
Net profit up 106.2% at Rs 23.3 crore vs Rs 11.3 crore (Bloomberg estimate: Rs 22.4 crore).
Nuvoco Vistas Corp. (Consolidated, YoY)
Revenue down 7% at Rs 2,421 crore vs Rs 2,604.6 crore (Bloomberg estimate: Rs 2,586.4 crore).
Ebitda up 53% at Rs 410.4 crore vs Rs 268.3 crore (Bloomberg estimate: Rs 387.9 crore).
Margin up 665 bps at 16.95% vs 10.3% (Bloomberg estimate: 15%).
Net profit at Rs 31 crore vs loss of Rs 75.3 crore (Bloomberg estimate: Rs 27.1 crore).
Jaiprakash Power Ventures (Consolidated, YoY)
Revenue at Rs 2,190.3 crore vs Rs 1,201 crore, up 82.4%.
Ebitda at Rs 577.2 crore vs Rs 9.69 crore.
Margin up at 26.35% vs 0.8%.
Net profit at Rs 172.9 crore vs loss of Rs 218 crore.
NTPC Q3 FY24 (Consolidated YoY)
Revenue down 4% at Rs 42,820.4 crore vs Rs 44,601.8 crore (Bloomberg estimate: Rs 44,646.8 crore).
Ebitda down 21.5% at Rs 11,362.1 crore vs Rs 14,4776 crore (Bloomberg estimate: Rs 12,697.7 crore).
Margin down 592 bps at 26.53% vs 32.45% (Bloomberg estimate: 28.4%).
Net profit up 7.3% at Rs 5,208.9 crore vs Rs 4,854.4 crore (Bloomberg estimate: Rs 4,866.5 crore).
Muthoot Microfin Q3 FY24 (YoY)
NII up 53.1% at Rs 343.1 crore vs Rs 224.1 crore.
Net profit up 119.4% at Rs 124.6 crore vs Rs 56.8 crore.
Tata Investment Corp. Q3 FY24 (Consolidated YoY)
Revenue up 34.2% at Rs 50.6 crore vs Rs 37.7 crore.
Net profit up 53.3% at Rs 53.2 crore vs Rs 34.7 crore.
Earnings In Focus
Apar Industries, Arvind, Astral, Adani Total Gas, Bajaj Finserv, Bajaj Holdings and Investment, Blue Star Ltd. Cochin Shipyard, Coromandel International, Dr. Reddy’s Laboratories, Gillette India, Indian Metals and Ferro Alloys, JBM Auto, Johnson Controls-Hitachi Air Conditioning India, JKumar Infraprojects, Jaiprakash Associates, Jubilant Ingrevia, Kaynes Technology India, KEC International, KPIT Technologies, Larsen & Toubro. Mahindra & Mahindra Financial Services, PB Fintech, Piramal Pharma, Keystone Realtors, Shanti Gears, Shyam Metallics and Energy, SIS, SRF, Strides Pharma Science, Star Health and Allied Insurance Company, Subros, Symphony, Team Lease Services, Triveni Engineering & Industries, Vaibhav Global, V.I.P. Industries, and Voltas.
GIFT Nifty Trades above 21,900
Most markets in the Asia-Pacific were trading higher in early trade on Tuesday as U.S. Treasury yields softened following a cut in the world's largest economy's borrowing level this quarter.
Nikkei 225 was 146.46 points or 0.41% higher at 36,173.40, while the KOSPI was trading 15.39 points or 0.62% higher at 2,516.04 as of 7:11 a.m.
Indices in the Mainland China and Hong Kong declined due to concerns about how the Hong Kong court's order to liquidate Evergrande Group would pan out, according to Bloomberg.
The CSI 300 was trading 21.37 points, or 0.65%, lower at 3,282.60, and the Hang Seng index was 260.53 points, or 1.62%, lower at 15,816.71 as of 7:17 a.m.
The rally that has pushed U.S. stocks deeper into a record lost a bit of its lustre, with traders bracing for a deluge of earnings and updates on the outlook for interest rates that will likely drive the direction of markets over the next few months, Bloomberg reported.
The S&P 500 index and Nasdaq 100 rose by 0.76% and 1.01%, respectively, as of Monday. The Dow Jones Industrial Average gained by 0.59%.
Brent crude was trading 0.35% higher at $82.69 a barrel. Gold was lower by 0.02% at $2,031.41 an ounce.
The GIFT Nifty was trading 10 points, or 0.05%, higher at 21,965.5 as of 7:20 a.m.
Indian equity benchmark indices ended the first day of the week with their biggest single-day gains since Dec. 4, with index heavyweight Reliance Industries Ltd. contributing the most to the gains. The Nifty 50 ended 385 points, or 1.80%, higher at 21,737.60, and the Sensex jumped 1,240.90 points, or 1.76%, to end at 71,941.57.
Overseas investors turned net buyers of Indian equities on Monday after seven consecutive sessions. Foreign portfolio investors mopped up equities worth Rs 110 crore, while domestic institutional investors remained net buyers and bought equities worth Rs 3,221.3 crore, the NSE data showed.
The Indian rupee weakened by 3 paise to Rs 83.14 against the U.S. dollar.
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