KEY HIGHLIGHTS
Nifty, Sensex Fall For Second Consecutive Week
The NSE Nifty 50 and BSE Sensex has extended its fall to the second consecutive week with HCL Technologies Ltd. and Infosys Ltd. as the top losers for the week. IT was among the worst performing with Nifty IT falling nearly 6% in the week that comprised of third quarter earnings.
Through the week Hindalco Industries Ltd., NTPC Ltd., Adani Ports and Special Economic Zone were the top gainers, while HCLTech, Infosys, Axis Bank Ltd., and Hindustan Unilever Ltd. were among the worst performers.
The NSE Nifty 50 and BSE Sensex snapped three day gaining streak on Friday to close lower ahead of Tech Mahindra Ltd. and Wipro Ltd. third quarter results. The Nifty 50 ended 108.60 points or 0.47% lower at 23,203.20, and the Sensex ended 423.49 points or 0.55% lower to 76,619.33. During the session, the Nifty 50 fell 0.91% or 211.45 points at 23,100.35. The Sensex fell 1.01% or 779.53 points lower at 76,263.29.
BPCL Ltd., Reliance Industries Ltd., Coal India Ltd., Hindalco Ltd. and Nestle Ltd. were top gainers in the Nifty 50 index on Friday.
Infosys Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Shriram Finance Ltd. and Wipro Ltd. weighed on the Nifty 50 index.
BPCL Ltd., Reliance Industries Ltd., Coal India Ltd., Hindalco Ltd. and Nestle Ltd. were top gainers in the Nifty 50 index on Friday.
Infosys Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Shriram Finance Ltd. and Wipro Ltd. weighed on the Nifty 50 index.
On NSE, seven of the 12 sectors closed higher on Friday with the NSE oil and gas rising the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.04% and 0.01%, higher, respectively.
On BSE, 15 sectors advanced and six declined out of 21. The BSE Energies rose the most, while the BSE Focused IT declined the most.
The market breadth was skewed in favour of the buyers as 2,028 stocks advanced, 1,902 declined and 129 remained unchanged on the BSE.
On a weekly basis, the NSE Nifty 50 fell 0.97%, while the BSE Sensex fell 0.98%.
This week, eight sectors declined and four advanced out of the 12. The NSE PSU Bank rose the most, and the NSE IT underperformed other sectoral indices.
Stock Market At Closing
Nifty and Sensex snap three day gaining streak to close lower.
Intraday, both Nifty and Sensex had fallen over 0.90% each.
Nifty ends 0.47% or 108.60 points down at 23,203.20.
Sensex ends 0.55% or 423.49 points lower at 76,619.33.
Broader indices were mixed. Nifty Midcap 100 ended 0.23% up; Nifty Smallcap 250 closed 0.04% lower.
Most sectoral indices rose with Nifty Oil and Gas rising the most.
BPCL and Reliance Industries were top Nifty gainers.
Infosys and Axis Bank fell the most.
Hero MotoCorp Unveils Three New Two-Wheelers
Hero Xoom 160 maxi-scooter unveiled at Rs 1,48,500.
Hero XPulse 210 launched at Rs 1.75 lakh onwards. Two variants and four colours.
Hero Xtreme 250R launched at an introductory price of Rs 1.79 lakh onwards.
Q3 Results: SBI Life Share Price Rises As Profit Slips
The shares of SBI Life rose nearly 2% as profit rises 71% to Rs 551 crore.
SBI Life Insurance Co Q3 Highlights (Consolidated, YoY)
Net premium income up 11.3% to Rs 24,828 crore versus Rs 22,317 crore.
Net profit up 71.2% to Rs 551 crore versus Rs 322 crore.
Solvency Ratio flat at 2.04% (QoQ).
61st Month persistency ratio improves to 62.31% versus 55.86%.
13th Month persistency ratio improves to 82.67% versus 82.09%.
Read full story here.
Q3 Results: Steel Strips Shares Fall As Profit Slips
The shares of Steel Strips fell over 3% after profit falls 20%.
Steel Strips Q3 Highlights (Consolidated, YoY)
Revenue down 3.21% to Rs 1,075 crore versus Rs 1,110 crore.
Ebitda up 1% to Rs 118 crore versus Rs 117 crore.
Margin at 11% versus 10.5%.
Net profit down 20% to Rs 47.7 crore versus Rs 59.4 crore.
Stock Market Live Updates: Investec On Aurobindo Pharma
Investec initiates coverage on Aurobindo Pharma with a 'Buy'
The brokerage gave a target price to Rs 1930, which implied a 66% potential upside
Better days ahead
Recent fall is unwarranted, P/E discount to peers at 50% from 30-35%
Auro has highest contribution from exports among Indian Pharma
Depreciating INR scenario should benefit
Upcoming PenG ramp up, normalising Eugia sales and a stable / improving US Gx pricing would lead to improving mix
See margin expansion going forward.
H2FY5 is expected to be better than H1FY25 and would aid re-rating
MobiKwik Plans To Distribute Financial Products To Small Merchants
MobiKwik finds tier-II, tier-III merchants are underserved
MobiKwik plans to distribute financial products to small merchants
Just added Piramal Finance for distribution of loan products will help in company’s growth
Added 6 million users in this quarter
Distribution of products is seeing slowdown in line with macro environment
MobiKwik was not aggressive in merchant acquisition side but now we have started scaling
MobiKwik are adding 2 lakh new merchants every quarter
Govt must look at making ESOP tax simpler in the upcoming Budget
Source: Upasana Taku, Cofounder and CFO Mobikwik
Stock Market Live: Maruti Suzuki Unveils eVITARA
Maruti Suzuki unveils its first electric SUV - eVITARA on Friday.
NMDC Share Price Update: Large Trade In Stock
Over 1 million shares of NMDC were traded via a block deal on Friday. The share of NMDC rose as much as 0.11% to Rs 65.77 apiece.
Maruti Suzuki Invests Rs 2,100 Crore For Manufacturing eVitara
Maruti Suzuki has invested Rs 2,100 crore for manufacturing eVitara in India said Hisashi Takeuchi, managing director and chief executive officer at Maruti Suzuki.
eVitara is built on a skateboard architecture called Heartech platform, he added.
India is the global manufacturing hub for eVitara and the production will start in a few months, with exports to more than 100 countries.
Q3 Live: Ganesh Housing Net Profit Up 60%
Ganesh Housing Q3 Highlights (YoY)
Net Profit up 60% at Rs 161 crore versus Rs 101 crore.
Revenue up 41.7% at Rs 257 crore versus Rs 181 crore.
Ebitda up 54.4% at Rs 211 crore versus Rs 137 crore.
Margin at 82.1% versus 75.3%
Q3 Results: Swaraj Engines Shares Surge On Q3 Profit Rise
The shares of Swaraj Engines rose on Friday after the profit rises over 32%.
Swaraj Engines Q3 Highlights (YoY)
Net profit up 32.6% to Rs 31.9 crore versus Rs 24.1 crore.
Revenue up 23.6% to Rs 346 crore versus Rs 280 crore.
Ebitda up 35.4% to Rs 44.3 crore versus Rs 32.7 crore.
Margin at 12.8% versus 11.7%.
Q3 Results: Aether Industries Shares Rise Over 7%
The shares of Aether Industries rise over 7% as net profit more than doubles at Rs 43.4 crore.
Aether Industries Q3 Highlights (Consolidated, YoY)
Net profit up 148.8% to Rs 43.3 crore versus Rs 17.4 crore.
Revenue up 41.4% to Rs 219.6 crore versus Rs 155.3 crore.
Ebitda at Rs 64.6 crore versus Rs 31.2 crore.
Margin at 29.4% versus 20.1%.
Read full story here.
Stock Market Live: HFCL Shares Trade Higher
HFCL Ltd.'s share price rallied 4% in early trade on Friday after it bagged an order of about Rs 2,501 crore from state-owned telecommunications company Bharat Sanchar Nigam Ltd.
Read full story here.
Sensex, Nifty Today: Stock Market Watch 12 PM
Indian equities were trading lower with Nifty falling 0.30% lower at 23,242.50 and Sensex trading 301 points lower at 76,741.73.
Intraday, both Nifty and Sensex fell over 0.91%.
Nifty fell 0.91% or 211.45 points at 23,100.35.
Sensex fell 1.01% or 779.53 points to 76,263.29.
Broader indices were mixed. Nifty Midcap rose 0.09%; Nifty Smallcap was trading 0.32% lower.
Most sectoral indices advance, led by Nifty Oil and Gas.
Nifty Bank fell 1.56%, Nifty IT was down 2.37%.
BPCL, Reliance Industries and Nestle were top Nifty gainers.
Infosys, Axis Bank and Kotak Mahindra were top Nifty losers.
HDFC Bank Share Price Update: Large Trade In Stock
Over 1.35 million shares of HDFC Bank were traded via a block deal on Friday. The share of HDFC Bank fell as much as 0.96% to Rs 1,636 apiece.
India Sells More Cars Than The Population Of Many Countries, Says PM Modi
Youth increase in middle class, urbanisation, make in India will push auto sector, said Prime Minister Narendra Modi. He further added that the World is looking at India with hope for the future of mobility.
He also pointed out that India sells more cars than the population of many countries. This indicated ramp-up in demand.
Ratan Tata & Osamu Suzuki played a huge role in making the dreams of middle class come true, he said.
Havells Expects Higher Expenses Due To Product Expansion
Havells expects higher expenses on account of product expansion, the company said during the con call on Friday. The company added that the margins are to be in the range of 12%-14%.
The company added that the volume growth in cables and wires was flat.
Read full story here.
Stock Market Live: BofA Hikes Dr Reddy's Target Price To Rs 1,620; Maintains Buy
BofA on Friday hiked Dr Reddy's target price to Rs 1,620 with a 25% upside. The firm has however maintained a buy rating. The hike comes due to visibility in earnings.
In the note BofA also said that Dr Reddy's is among their top picks.
Read full story here.
Garware Hi-Tech Introduces Initiatives To Reshape Automotive Protection
Garware Hi‐Tech on Friday introduced dynamic initiatives aimed at reshaping automotive protection in India.
Source: Exchange filing
Stock Market Live: Quadrant Future Tek Continues Onward Trend
Quadrant Future Tek Ltd. share price surged 20% to hit the upper circuit on the NSE on Friday, extending its post-listing rally. The stock hit Rs 619.50 apiece. The shares have risen 39.30% since its listing.
Read full story here.
Startups Are Now Creating About 20 Lakh Jobs In The Country, Says Scindia
Startups are now creating about 20 lakh jobs in the country, said Jyotiraditya Scindia, Minister of Communications.
He further said that e-commerce industry will go to about $320 Billion by 2030.
Source: COAI Digicom Summit
Stock Market Live: Most Railway Stocks Advance
Most railway stocks advanced on Friday extending their gains for a second day with RVNL and Titagarh Rail in lead.
Read full story here.
Fintechs Are Giving The Last Mile Financing In India Today Says Sorion Investments Founder
"Fintechs are giving the last mile financing in India today," said Sanjay Nayar, Founder Sorion Investments.
He further added that fintechs are using all sorts of alternative data, sources.
Source: COAI Digicom Summit
Nifty IT Hit Two Month Low
Nifty IT which was one of the worst performing sectors on Friday has hit a two-month low.
We Have $18-20 Billion Private Equity Coming In Startups, Says Sorion Investments Founder
"We have $18-20 billion private equity coming in startups," said Sanjay Nayar, Founder Sorion Investments.
He further said that the focus is to bring startups in Indian GDP growth and listing startups is not enough.
Need local pools of capital from AIFs.
Source: COAI Digicom Summit
Indian Telecom Sector Will Be Critical For The World’s Growth, Says Jyotiraditya Scindia
"In the years to come, Indian telecom sector will be critical for the world’s growth," Jyotiraditya Scindia, Minister of Communications.
He said that India's telecom sector was like a buffering video-full of great content, but with long pauses. However, that has changed in the last decade and India is setting the pace today.
Telecom is now an instrumental sector for our nation’s growth, contributing to about 7% of our GDP, said Scindia.
"Capital today has become fungible, it is human resource and ideas that truly bring paradigm shifts in our lives," added Scindia.
He further said that telecom has become embedded like a chip in terms of gearing up productivity.
Source: COAI Digicom Summit
Must Not Loose Sight Of 6G, AI and IoT Says Vodafone Idea COO
"While 4G&5G are guiding the technology now, we must not loose sight of 6G, AI, IoT for the future," Abhijit Kishore, COO, Vodafone Idea & COAI Chairperson said on Friday.
Kishore said that the industry is transforming India into a hub of innovation and technology.
He also said that the company's Viksit Bharat mission is a socio economic one.
Source: COAI Digicom Summit
Telecom Industry Has Made Significant Investments, Says Bharti Airtel CRO
The telecom industry has made significant investments, Rahul Vatts, CRO, Bharti Airtel said on Friday. He also added that trust and safety remain one of the key pillars of the industry and both DoT and TRAI have enabled several frameworks to build consumer trust.
The Indian telecom industry has become a critical enabler of the digital economy, said Vatts
Source: COAI Digicom Summit
Stock Market Live: CE Info Systems Partners With Qualcomm
CE Info Systems has entered a collaboration with Qualcomm to accelerate make in India solutions for automotive.
Source: Exchange Filing.
Stock Market Live: Vedanta Shares Rise Nearly 2%
The shares of Vedanta rose on Monday after the company announced that the shareholders will meet on Feb. 18 for approval of demerger announcement.
Go Digit General Share Price Update: Large Trade In Stock
Over 6.9 million shares of Go Digit General were traded via a block deal on Friday. The share of GMR Airports rose as much as 1.54% to Rs 296.35 apiece.
Stock Market Live: Macrotech Developers Shares Rise over 5%
The shares of Macrotech Developers rose over 5% on Friday after Kotak Institutional upgraded its rating to buy from add, with a target price of Rs 1,340 per share. This indicates a 18.8% upside. The upgrade was on the back of strong and consistent performance across parameters.
Read full story here.
Stock Market Updates: Tata Chemicals Rises Over 3%
Tata Chemical shares rise over 3% on Friday after the China soda ash prices rise over 4% and touch highest level in two months.
Stock Market Updates: Hatsun Agro Falls After Decline In Q3 Profit
The shares of Hatsun Agro fell on Friday after its net profit dipped 28.7% to Rs 40.9 crore.
Stock Market Live: Concord Enviro Systems Trade Higher Ahead Of Results
The shares of Concord Enviro Systems trade over 5% higher ahead of results.
Stock Market Live: Bajaj Healthcare Shares Rise Over 12%
Bajaj Healthcare shares rise over 12% on Friday after the company got exclusive rights for finished formulation of Magtein in India from Threotech.
Stock Market Live: Axis Bank Shares Fall Over 3%
The shares of Axis Bank fell over 3% on Friday after analysts and brokerages cut its earnings estimates because of bleak near-term growth outlook after a rise in slippage and rising credit cost weighed on the private lender's third quarter performance.
Read full story here.
Stock Market Live: Infosys Shares Trade Over 5% Lower
Infosys Ltd. share price fell 5% even as the company raised its revenue guidance for a third consecutive time following an in-line third-quarter profit growth. Analysts also shared bullish calls on the stock.
Read full story here.
Stock Market Live: Nifty IT and Nifty Finance Drag
On NSE, out of 12, two sectors advanced, two sectors were flat and eight declined. The NSE IT was the worst performing sector during open, while the NSE Oil & Gas was the best performing sector.
Stock Market Live: Reliance Industries, L&T Gain; Infosys, TCS Amongst Losers
Reliance Industries Ltd., Larsen & Toubro Ltd., Sun Pharmaceuticals Ltd. and ITC Ltd added on the Nifty 50 index.
Infosys Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and ICICI Bank Ltd. weighed to the Nifty 50 index.
Stock Market Live: Reliance Industries Trade Over 2% Higher
Reliance Industries shares were trading over 2% higher and hit a one month high on Friday after it announced its results.
Read full story here.
Stock Market Live: Nifty, Sensex Open Lower
The NSE Nifty 50 and BSE Sensex snap three day winning streak to open lower on Friday ahead of Tech Mahindra and Wipro third quarter results. The Nifty 50 was trading 133.13 points or 0.59% down at 23,172.10, and the Sensex was 460.15 points or 0.60% lower at 76,589.69.
"After a negative opening, Nifty can find support at 23,200 followed by 23,000 and 22,800. On the higher side, 23,350 can be an immediate resistance, followed by 23,450 and 23,550," said Hardik Matalia, derivative analyst at Choice Broking.
Stock Market Live Update: Nifty, Sensex Trade Mixed Pre-Open
At pre-open, the NSE Nifty 50 was trading 34.70 points or 0.12% lower at 23,277.10. The BSE Sensex was 92.67 points or 0.12% higher at 77,135.49.
Rupee Vs Dollar Today: Indian Currency Opens Flat Against Dollar
Rupee opened flat at 86.56 against the US Dollar. It closed at 86.55 on Wednesday.
Source: Bloomberg
The dollar index is 0.03% higher at 108.97. Brent crude is up 0.36% to $81.58.
Read full story here.
Infosys Q3 Results Review: What Brokerages Say
IT bellwether Infosys Ltd. bagged multiple target hikes from analysts after raising their revenue guidance for a third consecutive time following an in-line third-quarter profit growth.
Nuvama retained its 'buy' rating and upgraded its target to Rs 2,350 per share from Rs 2,250 apiece earlier. This implies an upside potential of 21.8% from its Thursday's close.
Nomura Global Markets Research retained 'buy' and raised its target to Rs 2,220 per share against Rs 2,190 apiece earlier. However, slower-than-expected growth and weaker-than-expected margins could be key downsides to watch.
Investec maintained its 'sell' while hiking the Infosys target to Rs 1,773 per share from Rs 1,700 apiece earlier, citing improved revenue growth guidance. Operationally the tech giant reported strong headline revenue, but internals appear weak, it said.
Meanwhile, Citi Research expects a "gradual and uneven" recovery. Citi maintained its 'sell' call and cut the target price to Rs 2,000 apiece from 2,035 per share earlier. Forward-looking indicators are weak for almost every company in the sector, it said, maintaining their "cautious" view on Indian IT services.
Nifty Today: What F&O Cues Indicate
Nifty January futures up by 0.61% to 23,406.9 at a premium of 95 points.
Nifty January futures open interest down by 0.26%
Nifty Options Jan. 23 Expiry: Maximum call open interest at 23,300 and maximum put open interest at 23,300
Securities in ban period: AARTI Industries, Aditya Birla Fashion and retail, Angle One, Bandhan Bank, Hindustan Copper, L&T Finance, RBL Bank, Kalyan Jewellers, Manapurram Finance
Dollar Check
The US Dollar index is up 0.03% at 108.97.
Euro was up 0.01% at 1.0303
Pound was up 0.02% at 0.8174
Yen was up 0.07% at 155.42
Stock Market News Live: Global Check
US markets saw a downward trend on Thursday, with the S&P 500 slipping 0.21% to close at 5,937.34. The Dow Jones declined 0.16% to 43,153.13 and the Nasdaq Composite dropped 0.89% to 19,338.29.
S&P 500 futures edged lower by 0.03% and Dow Jones futures was flat. Meanwhile, Nasdaq futures eased by 0.08%.
In Asia-Pacific, stocks were mixed. Japan's Nikkei 225 was down 0.9%, while Australia's S&P/ASX 200 was 0.2% higher. South Korea's Kospi slipped 0.22%.
Stock Market News Live: GIFT Nifty Trades Above 23,300
The GIFT Nifty was trading above 23,300 early Friday. The futures contract based on the benchmark Nifty 50 fell 0.03% at 23,319 as of 7:31 a.m. indicating a start in the red for the Indian markets.
The NSE Nifty 50 and BSE Sensex extended gains for the third straight session on Thursday. The NSE Nifty 50 ended 98.60 points or 0.42% higher at 23,311.80, and the Sensex ended 318.74 points or 0.42% higher to 77,042.82.
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