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The broader indices underperformed their larger peers with S&P BSE MidCap rising 0.30% and S&P BSE SmallCap little changed. Barring S&P BSE Capital Goods, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Power, Finance, Information Technology, Utilities, Bankex, Metal and Teck adding over 1%.
The market breadth was skewed in the favour of bears. About 1,568 stocks advanced, 1,769 declined and 111 remained unchanged.
Adani Enterprises has acquired 10% shareholding of Unyde Systems for Rs 3.75 crore.
USPL is a start-up engaged in software development and information technology enabled services. The annual turnover of USPL for FY2020-2021 was 0.86 crore.
Source: Exchange Filing
Shares of Dr Lal Pathlabs Ltd. fell over 2% after the company reported net income for the quarter-ended December below the average analyst estimate.
Net profit down 39% at Rs 57.3 crore vs Bloomberg consensus estimate of Rs 91.68 crore
Revenue up 10% at Rs 496.9 crore vs estimate of Rs 463 crore
Total costs up 27% at Rs 427.5 crore
Of the 20 analysts tracking the company, four maintain 'buy', six suggest 'hold' and 10 recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg imply an upside of 9.7%.
Source: Exchange Filing, Bloomberg
Cryptocurrencies Don’t Have Any Underlying, Not Even A Tulip: RBI Governor Shaktikanta Das
Of the 18 analysts tracking the company, seven maintain 'buy', seven 'suggest' hold and four recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg imply an upside of 13.6%.
Trading volume on the stock was 1.5 times the 30-day average volume at this time of the day.
Source: Exchange Filing, Bloomberg
Net profit up 7.5% at Rs 3,675 crore vs Rs 3,417 crore (Bloomberg estimate of Rs 3,334.05 cr)
Revenues up 5.5% at Rs 50,272 crore vs Rs 47,665 crore (Bloomberg estimate of Rs 50,272 cr)
EBITDA down 3.2% at Rs 7,312 crore vs Rs 7,555 crore (Estimate of 7328.5)
Margins at 14.5% vs 15.8% (Estimate of 15.5%)
JK Lakshmi Cement raised to 'accumulate' from 'hold' at NMV Securities; price target set at Rs 639.
TVS Motor raised to 'accumulate' from 'hold' at Arihant Capital; price target set at Rs 735.
Source: Bloomberg
BLOOMBERG EXCLUSIVE
The government plans to offer 31.6 crore shares of the 632 crore shares it owns in LIC.
No fresh stock will be issued.
Source: People familiar with the matter
Laurus Labs received purchase orders from a leading global life sciences company.
The supplies will commence from March 2022.
The company has not shared the size of the order.
Source: Exchange Filing
Adani Power Ltd. has 4 million shares change hands in a large trade.
Details of buyers, sellers are not immediately known.
Source: Bloomberg
The broader indices underperformed their larger peers with S&P BSE MidCap rising 0.5% and S&P BSE SmallCap adding 0.1%. Barring S&P BSE Fast Moving Consumer Goods and Consumer Durables, all the other 17 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Bankex rising 1.5%.
The market breadth was neither skewed in the favour of bulls nor bears. About 1,584 stocks advanced, 1,665 declined, 114 remained unchanged.
ACC emerges as the successful bidder for Kannur, Wadi Area, Limestone Block in Karnataka.
ACC has secured estimated limestone resources in excess of 250 million tonnes, through this mining block.
Source: Exchange Filing
Nykaa raised to 'reduce' from 'sell' at IIFL; price target set at Rs 1,650.
Endurance Technologies raised to 'buy' from 'add' at Centrum Broking; price target set at Rs 1,715.
Source: Bloomberg
Shares of Solara Active Pharma Sciences tumbled after the company reported a net loss in quarter-ended December, post market hours Wednesday.
Relative Strength Index on the stock was at 22, suggesting that the stock may be oversold.
ICICI Securities initiated coverage of the stock with a 'reduce' recommendation. Motilal Oswal Securities and Antique Stock Broking reduced their price targets.
Source: Bloomberg
Yields fell across the India sovereign yield curve in Thursday morning trading.
The 2-year yield fell 11.9bps to 4.966%
The 10-year yield fell 4.8bps to 6.75%
The 14-year yield fell 5.3bps to 7.104%
The 2-year-10-year yield spread was 178.4bps, vs previous close 171.3bps
Source: Bloomberg
Steel Authority raised to 'hold' at ICICI Securities; price target set at Rs 99.
Endurance Technologies raised to 'buy' from 'neutral' at Phillip Securities; price target set at Rs 1,720
Source: Bloomberg
GAIL India has 5.06 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Monetary Policy Committee leaves repo, reverse repo rates unchanged, says RBI governor
Repo rate unchanged at 4%
Reverse repo rate unchanged at 3.35%
Accommodative stance to continue as long as necessary
MPC noted that CPI has edged higher since last meeting but largely on anticipated lines
Large buffer stocks of cereals and effective supply side measures augur well
Renewed surge in crude oil prices need to be monitored
CPI inflation has edged higher, but largely along anticipated lines
December rise in CPI entirely due to unfavourable base effects.
Core inflation elevated but demand pull pressures are still muted.
Headline inflation expected to Q4FY22 within tolerance band.
CPI inflation expected to moderate closer to target in H2FY23, providing room for monetary policy to remain accommodative
Variable rate repo operations of varying tenors will be conducted as and when warranted.
Variable rate repo and variable rate reverse repos auctions of 14 days tenor will operate as main liquidity management tool.
These will be supported by fine tuning operations.
With effect from March 1, fixed rate reverse repo and MSF operations will be available between 5:30 PM till 11:59PM on all days
Rites cut to 'accumulate' at Elara Securities India; price target set at Rs 310.
Godrej Agrovet raised to 'buy' at Equirus Securities; price target set at Rs 600.
Abbott India raised to 'add' at ICICI Securities; price target set at Rs 19,156.
Source: Bloomberg
Retains 'sell' with the target price kept unchanged at Rs 1,600; an implied return of -9.76%
Current valuations seem too rich.
Risks of increased competition from large well-capitalised players remains a concern.
Fashion business operating performance was weak in Q3.
Of the 10 analysts tracking the company, seven maintain 'buy', one recommends 'hold' and two suggest 'sell'.Three of the seven analysts have revised the target price lower over the past month. The overall consensus price of analysts tracked by Bloomberg imply an upside of 26.5%.
Source: Exchange Filing, Brokerage Note, Bloomberg
The broader indices almost mirrored their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap gaining 0.25%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Information Technology rising 0.7%.
The market breadth was skewed in the favour of bulls. About 1,263 stocks advanced, 1,028 declined and 100 remained unchanged.
Mahanagar Gas raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 947.
DCB Bank raised to 'buy' from 'accumulate' at Nirmal Bang; price target set at Rs 102.
Source: Bloomberg
In order to promote Made in India drones, import of foreign drones has been prohibited by DGFT with immediate effect on 9.2.2022.
— MoCA_GoI (@MoCA_GoI) February 10, 2022
Exceptions have been provided for import of drones for R&D, defence and security purposes; but with due clearances. (1/3) pic.twitter.com/os1NfExVKp
Reliance New Energy enters into an agreement with Altigreen Propulsion Labs for subscription of 34,000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for Rs 50.16 crore.
The transition is expected to be completed before March 2022.
Bengaluru-based Altigreen is an EV technology and solutions company and has developed Electric three wheeler vehicles built-in house.
The company's patent portfolio spans 60 countries with 26 global patents.
Reliance New Energy is a wholly-owned subsidiary of Reliance Industries.
Source: Exchange Filing
Indian bond traders will await the central bank’s rate decision and any comments from Governor Shaktikanta Das on how RBI plans to facilitate the government’s record borrowing plan.
10-year yields were little changed at 6.81% on Wednesday
USD/INR rose 0.1% to 74.8075
Global funds sell net Rs 893 crore of India stocks Wednesday: NSE
They bought Rs 195 crore of sovereign bonds under limits available to foreign investors and withdrew Rs 392 crore of corporate debt.
State-run banks bought Rs 1,060 crore of sovereign bonds on Feb. 8: CCIL data. Foreign banks sold Rs 4,420 crore of bonds
Source: Bloomberg
Persistent Systems entered into an agreement to acquire the business of New Jersey-based Data Glove.
The total purchase consideration payable for the acquisition is $90.50 million.
The acquisition is expected to be completed within 4-5 weeks.
The acquisition of Data Glove is likely to aid Persistent Systems in enhancing its partnership with Microsoft and strengthening expertise in Azure-based digital transformation.
Data Glove is a global leader in transformative consulting services with annual revenue for CY21 at $48.96 million.
Data Glove is a Microsoft Cloud Modernization Services Partner with competencies in Azure Cloud platform, data center, application development and data analytics
Source: Exchange Filing
AMFI Data: Inflows Into Equity Mutual Funds Fall 40% Amid Volatility
RBI Monetary Policy: India's Central Bank Needs The Skill Of A 'Trapeze Artist'
Record Debt to Keep India Hikes in Slow Lane: Decision Guide
Astec Lifesciences cut to 'hold' by Asian Markets; price target set at Rs 1,710.
Bharti Airtel cut to 'hold' by Deutsche Bank; price target set at Rs 770.
Tata Power raised to 'outperform' by DAM Capital; price target set at Rs 288.
Endurance Tech raised to 'reduce' by Spark Capital Advisors.
Source: Bloomberg
Mahindra & Mahindra
Hindalco Industries
Hero MotoCorp
Hindustan Aeronautics
Zomato
Bharat Forge
Tata Chemicals
ABB India
Amara Raja Batteries
Page Industries
Cummins India
Computer Age Management Services
General Insurance Corporation of India
Krishna Institute of Medical Sciences
IRB Infrastructure Developers
Indian Railway Finance Corporation
Gujarat State Petronet
Dr Lal PathLabs
Piramal Enterprises
Quess Corp
Carborundum Universal
Alembic Pharmaceuticals
Gujarat Pipavav Port
Mindspace Business Parks Reit
MRF
Rashtriya Chemicals & Fertilizers
Aegis Logistics
BEML
ESAB India
Bombay Dyeing & Mfg. Co
Cochin Shipyard
Elgi Equipments
GR Infraprojects
HealthCare Global Enterprises
Honda India Power Products
India Nippon Electricals
Indo Rama Synthetics (India)
Insecticides (India)
MTAR Technologies
Jindal Worldwide
JMC Projects (India)
Jtekt India
KCP
Kingfa Science & Technology (India)
Kirloskar Brothers
Lemon Tree Hotels
Manali Petrochemical
Matrimony
Mishra Dhatu Nigam
Nilkamal
Novartis India
Rhi Magnesita India
Reliance Power
Schneider Electric Infrastructure
Somany Home Innovation
SJVN
Strides Pharma Science
Sundram Fasteners
Sunteck Realty
Sun TV Network
Trent
V-Mart RETAIL
Welspun Corp
Whirlpool Of India
Zee Media Corporation
Stocks To Watch: ABB India, Bharat Forge, Hero MotoCorp, Hindalco, M&M, Sun TV, IRB Infra, Whirlpool, Zomato
SAIL Q3FY22 (Standalone, QoQ)
Revenue down 6% at Rs 25,245.92 crore Vs Rs 26,826.92 crore
Net profit down 66% at Rs 1,443.10 crore Vs Rs 4,303.62 crore
Ebitda down 51% at Rs 3,410.44 crore Vs Rs 7,016.92 crore
Margin at 13.5% Vs 26.2%
Tata Power Q3FY22 (Consolidated, YoY)
Revenue up 44% at Rs 10,913.14 crore Vs Rs 7,597.91 crore
Net profit up 72% at Rs 425.81 crore Vs Rs 248.21 crore
Ebitda down 6% at Rs 1,633.76 crore Vs Rs 1,734.26 crore
Margin at 15% Vs 22.83%
To set up 4GW solar cell and module manufacturing capacity with an investment of Rs 3,400 crore
Solar EPC order book has crossed Rs 10,000 crore
Power Grid Corporation of India Q3FY22 (Consolidated, YoY)
Revenue up 3% at Rs 10,446.88 crore Vs Rs 10,142.48 crore
Net profit down 2% at Rs 3,292.97 crore Vs Rs 3,367.71 crore
Ebitda up 2% at Rs 9,117.27 crore Vs Rs 8,914.54 crore
Margin at 87.3% Vs 87.9%
Approved interim dividend of Rs 5.50 per share
Rail Vikas Nigam Q3FY22 (Consolidated, YoY)
Revenue up 35% at Rs 5,049.24 crore Vs Rs 3,732.44 crore
Net profit up 4% at Rs 293.01 crore Vs Rs 281.02 crore
Ebitda up 45% at Rs 319.17 crore Vs Rs 219.8 crore
Margin at 6.3% Vs 5.9%
Aurobindo Pharma Q3FY22 (Consolidated,YoY)
Revenue down 6% at Rs 6,002 crore Vs Rs 6,365 crore (Bloomberg estimate: Rs 6,125 crore)
Net profit down 79% at Rs 605 crore Vs Rs 2,948 crore (Bloomberg estimate: Rs 768 crore)
Ebitda down 26% at Rs 1,016 crore Vs Rs 1,369 crore (Bloomberg estimate: Rs 1,247 crore)
Margin at 16.9% Vs 21.5% (Bloomberg estimate: 20.4%)
EPS at Rs 10.32 per share Vs Rs 50.31 per share (Bloomberg estimate: Rs 13.56)
Declared dividend of Rs 1.50 per share
ACC Q3FY22 (Consolidated, YoY)
Revenue up 2% at Rs 4,225.76 crore Vs Rs 4,144.72 crore
Net profit down 41% at Rs 280.85 crore Vs Rs 472.44 crore
Ebitda down 3% at Rs 556.25 crore Vs Rs 571.85 crore
Margin 13.2% Vs 13.8%
Recommended payment of dividend of Rs 58 per share
SKF India Q3FY22 (Consolidated, YoY)
Revenue up 18% at Rs 966.98 crore Vs Rs 818.72 crore
Net profit down 31% at Rs 88.79 crore Vs Rs 128.11 crore
Ebitda down 32% at Rs 123.18 crore Vs Rs 180.39 crore
Margin at 12.7% Vs 22%
Nykaa Q3FY22 (Consolidated, QoQ)
Revenue up 24% at Rs 1,098 crore Vs Rs 885.27 crore (Bloomberg estimate: Rs 1,074.57 crore)
Net profit up 24 times at Rs 27.93 crore Vs Rs 1.2 crore (Bloomberg estimate: Rs 36.15 crore)
Ebitda up 2.4 times at Rs 68.98 crore Vs Rs 28.83 crore (Bloomberg estimate: Rs 72.15 crore)
Margin at 6.3% Vs 3.3% (Bloomberg estimate: 6.7%)
Petronet LNG Q3FY22 (Consolidated, YoY)
Revenue up 72% at Rs 12,597.22 crore Vs Rs 7,328.23 crore
Net profit up 31% at Rs 1,159.46 crore Vs Rs 882.05 crore
Ebitda up 30% at Rs 1,731.83 crore Vs Rs 1,335.29 crore
Margin at 13.7% Vs 18.2%
Berger Paints Q3FY22 (Consolidated, YoY)
Revenue up 20% at Rs 2,550.77 crore Vs Rs 2,118.19 crore
Net profit down 8% at Rs 252.97 crore Vs Rs 274.98 crore
Ebitda down 6% at Rs 392.11 crore Vs Rs 414.99 crore
Margin at 15.4% Vs 19.6%
GMR Infrastructure Q3FY22 (Consolidated, YoY)
Revenue up 63% at Rs 1,364.13 crore Vs Rs 836.31 crore
Net loss at Rs 626.30 crore Vs Rs 896.72 crore
Ebitda at Rs 715.47 crore Vs Rs 86.08 crore
Margin at 52.4% Vs 10.3%
HEG Q3FY22 (Consolidated, YoY)
Revenue up 87% at Rs 597.30 crore Vs Rs 319.59 crore
Net profit of Rs 113.48 crore Vs Net loss of Rs 0.80 crore
Ebitda gain of Rs 155.98 crore Vs Ebitda loss of Rs 1.27 crore
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