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The broader indices outperformed their largers with S&P BSE MidCap slipping 1.25% and S&P BSE SmallCap shedding 0.75%. Barring S&P BSE Utilities, S&P BSE Metal and S&P BSE Power, all the other 16 sectoral indices compiled by BSE Ltd., declined with S&P BSE Finance falling 2.3%.
The market breadth was skewed in the favour of bears. About 1,417 stocks advanced, 2,095 declined and 138 remained unchanged.
NALCO rises for the seventh day, on track for the longest winning streak in 14 months
VRL logistics rising for seventh day, on track for the longest winning streak in 14 months
DCB Bank rises for ninth day, on track for the longest winning streak in little over a decade.
Source: Bloomberg
Union Bank of India reported net income for the third quarter that missed the average analyst estimate.
Net income up 50% YoY at Rs 1,085.40 crore vs Bloomberg consensus estimate of Rs 1,170 crore
Gross NPAs at 11.6% vs 12.6% QoQ
Interest income down 0.9% YoY at Rs 16,929.65 crore
Interest expense down 7% YoY at Rs 9,755.26 crore
Of the nine analysts tracking the company, four maintain 'buy', three recommend 'hold' and two suggest 'sell'. The overall consensus price of analysts tracked by Bloomberg implied an upside of 13.8%.
Source: Exchange Filing, Bloomberg
Underperformance of recently-listed Indian companies coupled with tighter global monetary policy may force market debutants to be more realistic about valuations going forward.
This breakdown in momentum is largely centered around the valuation expectations.
While the appetite to list is strong, firms may need to be more careful in setting prices now.
Movements in the global market, the tapering, have certainly set more realistic expectations on valuations.
Going forward, valuations will be under much closer scrunity that it ever was.
Source: Interview with Bloomberg TV
Mistry has taken over as director of refineries at Indian Oil today.
She will also become director on boards of Indian Oil’s unit Chennai Petroleum and JV Ratnagiri Refinery & Petrochemical.
She has previously headed Indian Oil’s Barauni and Digboi refineries.
Source: Company statement
The broader indices outperformed their larger peers with S&P BSE MidCap losing 0.8% and S&P BSE Smallcap falling 0.4%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Capital Goods slipping over 2%.
The market breadth was skewed in the favour of bears. About 1,449 stocks advanced, 1,922 declined and 149 remained unchanged.
Manyavar Owner Vedant Fashions IPO Subscription Status: Day 2 Live Updates
Astral raised to 'hold' from 'sell' at Asian Market; price target set at Rs 2,100.
Firstsource Solutions cut to 'accumulate' from 'buy' at Asian Markets; price target set at Rs 168.
Source: Bloomberg
Larsen & Toubro, Microsoft India sign a MoU to develop a regulated sector-focussed cloud offering.
The product is aimed at empowering customers with cloud computing and infrastructure services.
L&T and Microsoft will set up a joint governance group to define future platform designs, investments.
Source: Exchange Filing
Future - Amazon: CCI Suspends Deal Approval; Fines Amazon Rs 200 Crore
Maturities across the India sovereign yield curve were unchanged in Monday morning trading.
The 2-year yield remained unchanged at 5.099%
The 10-year yield remained unchanged at 6.879%
The 14-year yield remained unchanged at 7.272%
The 2-year-10-year yield spread was 178bps, vs previous close 177.9bps
Source: Bloomberg
Shree Cement Q3 Results Review: Most Analysts Cut Targets On Higher Costs, Volume Miss
Lupin Q3 Results Review: Shares Fall As Brokerages See Cost Pressure To Linger
Shares of Gujarat Narmada Valley Fertilisers & Chemicals rose over 15%, the steepest intraday advance since its listing, after the company reported a YoY uptick in net profit in the quarter-ended December.
Third-Quarter Results (Consolidated, YoY)
Revenue up 58% at Rs 2,380.33 crore Vs Rs 1,508.24 crore
Net profit at Rs 538.32 crore Vs Rs 240.12 crore
Ebitda up 86% at Rs 673.94 crore Vs Rs 362.95 crore
Margin at 28.3% Vs 24.1%
Trading volume on the stock is three times the 30-day average volume, at this time of the day.
Source: Exchange Filing, Bloomberg
The broader indices outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap gaining over 0.3%. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal gaining over 1%.
The market breadth was skewed in the favour of bulls. About 1,260 stocks advanced, 554 declined and 129 remained unchanged.
Tata Teleservices has 3.9 million shares change hands pre-market.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Asian energy stocks rally after Brent oil touched $94 per barrelas prices extended a rally that has pushed crude to its highest level since 2014.
In Focus: Reliance Industries, ONGC, Indian Oil Corp, Bharat Petroleum.
Source: Bloomberg
Brightcom Group signed a Letter of Intent to acquire a U.S. based digital audio firm, that owns and operates multiple assets.
The acquisition value is pegged at $102.5 million ($95 million in cash and $7.5 million of Brightcom Group's stock).
The acquisition is immediately EPS accretive by adding $45 million to the topline revenue of Brightcom and $15 million to its Ebitda.
The acquired audio firm is an integrated digital platform offering many programmed radio stations, digital brands and digital marketing services in several markets in the U.S.
Source: Exchange Filing
India Postpones Rate Meeting as Subcontinent Mourns Loved Singer
CDSL raised to 'hold' from 'reduce' at ICICI Securities; price target set at Rs 1,595.
Jubilant Pharmova cut to 'reduce' from 'buy' at Equirus Securities; price target set at Rs 468.
InterGlobe Aviation raised to 'hold' from 'sell' at ICICI Securities; price target set at Rs 1,871.
Jubilant Pharmova cut to 'neutral' from 'buy' at Motilal Oswal Securities; price target set at Rs 550.
Source: Bloomberg
RattanIndia backed Revolt Motors, market leader in electric bikes, expanded its retail presence in Uttar Pradesh, by opening an outlet in Noida.
This is the second outlet for Revolt Motors in Uttar Pradesh region and 21st dealership store across India.
The company aims to open 44+ new stores to meet customer requirements.
UP government has offered 100% vehicle registration fees and road tax exemption for 2-Wheeler EVs to encourage faster adoption. Exemptions and incentives are being provided on land for the first 1,000 EV charging stations.
Source: Exchange Filing
Sputnik Light vaccine has received the nod for restricted emergency use.
Sputnik Light has been approved in over 30 countries around the world.
Two-dose Sputnik V vaccine has already been approved in India, which is also manufactured by Dr Reddy’s.
Source: Press release
The Indian firm is in advanced talks with investors including Canadian Pension Plan Investment Board, Singaporean sovereign fund Temasek Holdings and private equity firm Atlantic to raise $600m-700m, reported Economic Times newspaper, citing sources it didn’t identify.
Equity valuation for the renewable energy business is around $6 billion-7 billion.
Deal likely to be concluded in coming weeks
Tata Power, General Atlantic, and Temasek did not respond to emails seeking for comments from Economic Times
Canadian Pension Plan Investment Board declined to comment to the paper
Apollo Tyres raised to 'hold' at Asian Markets; price target set at Rs 220.
Cadila Health cut to 'neutral' at DAM Capital; price target set at Rs 440.
Firstsource Solutions cut to 'accumulate' at Dolat Capital.
Kansai Nerolac raised to 'buy' at Asian Markets; price target set at Rs 653.
NESCO raised to 'buy' at Sushil Finance; price target set at Rs 700.
PI Industries raised to 'buy' at Dolat Capital; price target set at Rs 3,299.
Shree Cement raised to 'buy' at Dolat Capital; price target set at Rs 29,718.
Source: Bloomberg
Lupin cut to 'equal-weight' from overweight at Morgan Stanley; price target set at Rs 964.
Lupin cut to 'reduce' from 'add' at Axis Capital; price target set at Rs 900.
Paytm raised to 'buy' from 'neutral' at Goldman Sachs; price target set at Rs 1,460.
PI Industries raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 3,026.
Firstsource Solutions cut to 'add' at Spark Capital Advisors' price target set at Rs 170.
Source: Bloomberg
Nifty This Week: Technical Charts And More – Gear Up For Ranged Index, Stock-Specific Action
Tata Steel
State Bank of India
InterGlobe Aviation
Shree Cement
One97 Communications
Siemens
Godrej Agrovet
JK Cement
Gujarat Narmada Valley Fertilizers & Chemicals
City Union Bank
Jubilant Pharmova
Astral
Thermax
CreditAccess Grameen
National Aluminium Co.
PB Fintech
Minda Industries
Indian Bank
Jindal Stainless
The Phoenix Mills
TVS Motor Company
Clean Science and Technology
Glaxosmithkline Pharmaceuticals
Castrol India
Borosil
Union Bank Of India
JM Financial
KPR Mill
Tube Investments of India
Indo Count Industries
Camlin Fine Sciences
Ami Organics
NGL Fine-Chem
Paisalo Digital
Punjab & Sind Bank
Bannari Amman Sugars
Authum Investment & Infrastructure
Sansera Engineering
Chemcon Speciality Chemicals
Butterfly Gandhimathi Appliances
Gabriel India
Gujarat Industries Power Co.
MM Forgings
Nucleus Software Exports
Precision Wires India
Quint Digital Media
Renaissance Global
Tarsons Products
Texmaco Rail & Engineering
Valiant Organics
Reliance Industries: Jio Platforms announced an investment of $15 million in Two Platforms Inc. for a 25% equity stake on a fully diluted basis.
Cipla: The company has entered into share subscription and shareholder’s agreement and power purchase agreement to acquire up to 32.49% stake on a fully diluted basis in AMP Energy Green Eleven, for setting up captive solar power project in Maharashtra.
Zee Entertainment Enterprises: IndusInd Bank has filed insolvency petition against the company claiming a default of Rs 83.08 crore.
Godrej Properties: The company decided to cancel the proposed deal of Rs 400 crore to buy around 10% stake in DB Realty and invest Rs 300 crore for slum redevelopment, following feedback from its stakeholders and minority shareholders.
PVR: The company has signed an agreement with M3M India to set-up an 8-screen multiplex at 65th Avenue, the recently delivered largest luxurious retail project in South Gurugram by M3M India.
Cipla: Global Chief Financial Officer Kedar Upadhye resigned from his position.
EaseMyTrip: The company has entered into a definitive agreement with Yolo Traveltech to acquire the brand name, technology, running business expertise, data and team.
FDC: The company will consider proposal for buyback of fully paid up equity shares of the Company through Tender Offer route on Feb. 9.
NALCO: The company appointed Ramesh Chandra Joshi as Director (Finance).
Minda: The company appointed Vinod Raheja as group chief financial officer and group chief risk officer consequent to Naresh Kumar Modi’s resignation from the post of CFO.
Gati: The company appointed Anish T Mathew as a chief financial officer.
Uttam Sugar Mills: The company redeemed 5,00,000 6.5% non-cumulative redeemable preference shares of Rs. 100 each.
Virinchi: The company increased authorized capital from Rs 100 crore divided into 10 crore shares of Rs 10 each to Rs 150 crore divided into 15 crore shares of Rs 10 each. It further approved issue of bonus shares in 1:1 ratio
Stove Kraft: The company has entered into business transfer agreement with Skava Electric.
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