Stock Market Today: Nifty Logs Biggest Fall In 25 Sessions, FPIs Remain Net Sellers

The market breadth was skewed in favour of sellers. Around 2,955 stocks declined, and 889 stocks advanced, and 77 remained unchanged on BSE.

• 10 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 472.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

LTIMindtree will also collaborate with the Indian Institute of Technology Madras, which is also an IBM Quantum Innovation Center, on joint quantum research and workforce development.

Source: Exchange Filing

Approves buyback of up to 5.95 lakh shares at Rs 625/share

Source: Exchange Filing

Sells entire stake in arm for enterprise value of Rs 175 crore

Source: Exchange Filing

The scrip fell as much as 4.73% to Rs 63.10 apiece, the lowest level since Feb 15. It recouped all losses to trade 0.18% higher at Rs 66.35 apiece, as of 1:56 p.m. This compares to a 0.71% decline in the S&P BSE Sensex Index.

It has risen 78.12% in 12 months. The relative strength index was at 48.36.

One analyst tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 26.0%.

Bajaj Healthcare's stock rose as much as 16.68% during the day to Rs 374.60 apiece on the NSE. It was trading 16.13% higher at Rs 372.85 per share, compared to a 0.89% decline in the benchmark Nifty 50 at 1:26 p.m.

The share price has risen 5.02% in the last 12 months. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 63.

• RIL, ICICI Bank, HDFC Bank top contributors to Nifty's decline

• Bajaj Auto, Apollo Hospitals, Power Grid Corp top laggards in Nifty 50

• Financials contribute 70 points to Nifty's decline

• 45 stocks in Nifty decline, 4 advance, 1 unchanged

On NSE, Cochin Shipyard Ltd rose as much as 5.78% to Rs 903.45 apiece, the highest level since Feb 9. It pared gains to trade 1.62 higher at Rs 867.90 apiece, as of 1:20 p.m. This compares to a 0.99% decline in the NSE Nifty 50 Index.

It has risen 1.11% on year-to-basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 56.45.

Two out of five analysts tracking the company have a 'buy' rating on the stock, as many recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 42.8%.

Patanjali Foods Shares Fall 4% After Supreme Court Pulls Up Promoter For Misleading Ads

Signs CDMO agreement for 15 APIs

Source: Exchange Filing

• 10.3 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 178.55 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Unit buys 20.40% stake in Aasraya Healthcare for Rs 10 lakhs

• To infuse more capital in Aasraya, raise stake to 51%

Source: Exchange Filing

"Though rescue operations were immediately initiated, 4 contractual workmen could not be rescued alive. Two other contractual workmen who sustained injuries during this incident are being treated at the NMDC Hospital and now out of harms way."

Source: Exchange Filing

The scrip fell as much as 2.91% to Rs 1,162.60 apiece. It pared losses to trade 1.4% lower at Rs 1,180.55 apiece, as of 12:28 p.m. This compares to a 0.7% decline in the NSE Nifty 50 Index.

A wholly owned subsidiary of the Company named “Anupam USA, LLC” has been registered in Delaware, United States of America.

Source: Exchange Filing

Today's fall came after the stock had risen over 5% on Wednesday when Motilal Oswal Financial Services initiated coverage on the stock with a 'buy' rating and a target price of Rs 1,100, implying an upside of 31%

The brokerage firm estimates Cello World to grow faster than the industry. "The company is expected to post a robust revenue/EBITDA/Adj. PAT CAGR of 18%/23%/25% over FY23-FY26", it said.

This will be driven by the expansion of both SKUs and distribution reach, coupled with strong growth in the glassware segment post-commissioning of the new plant in Rajasthan, the note added.

• Gets approval from the European Directorate for the Quality of Medicines & HealthCare for certification of suitability of antimalarial drug Sulfadoxine API

• EDQM stands for European Directorate for the Quality of Medicines & HealthCare

Source: Exchange Filing

• Top OEM Pick: M&M and Maruti Suzuki

• Prefer Endurance Tech and Craftsman Automation among auto components

• Positive on PV segment on better earnings growth, led by improved mix

• Expects moderate CV growth in near term, then pick up in H2FY25

  Interactions With Channel Partners

• Tractors expected to have double-digit YoY growth during Feb

• Anticipates 8-10% YoY 2W retail growth for Feb'24

• Estimates 3-5% YoY PV retail growth driven by SUV order execution

• Entry-level car segment shows no signs of improvement, except for CNG variants

• CV demand subdued due to slowdown in new orders pre elections

• Dispatch estimates for Feb'24: 2Ws/PVs/3Ws to grow 16%/8%/5% YoY, and CVs/tractors to decline by 7%/8% YoY.

• Capex directed toward 4G, 5G rollout holds significance

• Annual obligations of Rs 43000 cr post end of moratorium in FY26 presents significant risk

• Significant amount of cash required to service debt leaves limited upside

• Servicing debt without external funding to be challenging on current low Ebitda

• 19.7 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 154.55 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Thyrocare Technologies at 20.15 times its 30 day average, up 8%

• Rainbow Childrens Medicare at 7 times its 30 day average, up 8%

• V- Guard Industries at 6.8 times its 30 day average, up 4.5%

• Dreamfolks Services at 5.3 times its 30 day average, up 3%

• Mazagon Dock Shipbuilders at 3.8 times its 30 day average, up 3%

The scrip rose as much as 4.72% to Rs 1,044.95 apiece, the highest level since Jan 29. It was trading 2.16% higher at Rs 1,019.45 apiece, as of 10:29 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.

It has risen 50.98% in 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 50.82.

Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 28.7%.

Partnership for providing AI-powered revenue optimisation system solutions.

Source: Exchange filing

• Management aiming to unlock value via its proposed demerger

• Management aiming group EBITDA of $7.5 bn beyond FY26E

• Debt at parent level likely to be pared down by $3 billion in next 3 years

• Sees brand fees can be hiked up to 5%, no active consideration

• Expects flexibity for each business to create own capital structure post demerger

• Target price raised to Rs 596 from Rs 511 on expensive valuations

• Increased P/BV multiple to 3.5x from 3x due to rerating in the sector

• Healthy demand and cash flows in sector

• Lists at Rs 365 on NSE vs issue price of Rs 360

• Lists at Rs 361.20 on BSE vs issue price of Rs 360

• Lists at premium of 0.3% to the issue price on BSE

• Target price set at Rs 1,375

• Success of new molecule could drive HSD volume

• GCPL Indonesia can deliver 6-6.5%/8-9% volume/value growth at 24-25% margins

• Expects muted demand environment in India

• Expects GCPL to continue to outperform in FMCG industry

At pre-open, the S&P BSE Sensex Index was at 73,165.14, up 69.92 points or 0.10% while the NSE Nifty 50 was up 15.74 points or 0.07% at 22,214.10.

The yield on the 10-year bond opened flat at 7.07%.

Source: Bloomberg

The local currency opened flat at 82.91 against the U.S. Dollar.

Source: Bloomberg

Unit Gensol Electric Vehicle gets ARAI certification to launch its first EV

Source: Exchange filing

• Bharti Airtel TP at Rs 1,190 (Base case)

• Strong tariff increases in 2024 and de-leveraging priced in.

• Vi fundraise to prevent further consolidation in the sector

• Higher probability of base case scenario for Bharti

• Base case: 4G tariff hikes in 2024 and ARPUs stabilizes at Rs 250 by F2026

• Rating remains ‘Reduce’, Maintains TP at Rs 6.5

• Positive for Vi if it is able to bring external investors.

• Significant fundraise material for the company

• Funds can be used for upcoming dues, commence 5G rollout

• Fundraise would help in moderating subscriber loss and compete effectively

• Repair, recovery and rollout of 5G will take time to fructify

• Nuvama downgrades HPCL/BPCL/IOCL to REDUCE at targets of Rs 450/535/150

• Downgrade on unfavorable risk reward

• Believe capex to be largely debt funded, impacting RoCEs

• Deferment of govt capex infusion to FY25 raises funding uncertainties

• Expect global refinery capacity additions to dampen near-term GRMs

• Frozen fuel retail prices fundamentally challenge business models

• Believe OMC earnings have likely peaked

• Benign US generic price erosion led by unabated shortages & approval slowdown

• Slowed down in R&D to lend support to prevailing better price environment.

• US businesses of Indian cos should stay healthy due to stable pricing

• High drug shortages concerning US healthcare

• US margins likely to sustain; US generic injectables in sweet spot

Antique Capital Retains Buy on Vedanta

• Price target of Rs 318

• Benefits of most capex projects to start accruing 2HFY25 onwards

• Higher volumes at consensus prices could support yearly Ebitda of $7.5bn in long term

• Like the lower cost producer advantage (in HZL, aluminum), strong growth prospects

• Backward integration, smelter expansion to support aluminum profitability

• Volume expansion across all businesses could drive topline growth

• Deleveraging to continue; proposed demerger underway to unlock value

• Demand growth on population growth, housing demand, urbanization, large infra investments

• Indian cement demand to expand at 5% CAGR until 2030

• Domestic cement capacity to grow by 1/3 by 2030

• China's industry to face prolonged weakness on structural decline in the property sector

• Despite residential construction weakness, public infra construction to support Australian demand

• Expect benefits from rapid growth in Indian airline industry

• Growth driven by competitive fares, rising leisure travel, new airports, and government push

• Increasing adoption of bank card boosting the pay-per-use revenue model

• Expected strong 20% revenue/28% PAT CAGR over FY24E-26E

• Venturing into international markets as a lucrative long-term opportunity

To cut some jobs in car project, shift many workers to gen-AI effort

Source: Bloomberg