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"Markets are currently witnessing time-wise correction and likely to resume the trend soon. Meanwhile, participants should focus more on risk management citing a rise in volatility due to the earnings", Ajit Mishra, VP - Research, Religare Broking Ltd. wrote in a note and reiterated preference for IT, metal, realty and pharma pack while pegging the banking sector to see further consolidation.
HCL Tech, Infosys Outperform Peers As Digital Shift Continues To Drive Growth
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Publishing disposal status of investors’ grievances received in SEBI Complaints Redress System monthly.
Amendments regarding Investor Protection Fund, providing an electronic interface for processing investor’s queries, complaints etc.
Examining the possibility of introducing alternate dispute resolution mechanism in various agreements between the regulated entities and their clients.
Source: SEBI press release
Shares of Tata Motors Ltd. rose as much as 3.33%, the biggest intraday gain in two weeks, to Rs 526.9 apiece amid reports that the company planned to ramp up the production of electric vehicles.
The company is expected to manufacture 50,000 EVs in FY2023 and has sounded out vendors.
The company intends to raise production to 1.25-1.5 lakh units in the following two fiscals, according to a report by The Economic Times, quoting people aware of the matter.
EV business could generate Rs 5,000 crore for Tata Motors in FY23 if it achieves the target, according to the report.
Trading volume on the stock was nearly two times of 30-day average volume, at this time of the day.
Source: News Reports, Bloomberg
Whirlpool India raised to 'hold' from 'sell' at Investec; price target set at Rs 2,020
Source: Bloomberg
UltraTech Cement Q3: Profit Beats Estimates But Margin Contracts
Shares of KEC International Ltd. rose nearly 2% in intraday trade to Rs 518.65 apiece after the company secured new orders worth Rs 1,112 crore.
These orders came across transmission and distribution business, civil business and cables business.
The order inflows for the financial year have risen above Rs 14,000 crore.
Of the 32 analysts tracking the company, 24 maintained 'buy', seven maintained 'hold' and one maintained 'sell' recommendations. The overall consenus price of analysts tracked by Bloomberg implied an upside of 2.3%.
Trading volume on the stock was over two times the 30-day average volume, at this time of the day.
Source: Bloomberg, Exchange Filing.
Shares of Bhansali Engineering Polymers Ltd. fell over 7.2%, the steepest intraday decline in over five months, to Rs 165.65 apiece, after the company reported sequential decline in net profit and revenue in December quarter
Consolidated net profit declined 39% QoQ while revenue slipped 10% in Q3.
Net profit down 39% at Rs 75.71 crore vs Rs 123.66 crore
Revenue down 9% at Rs 341.52 crore vs Rs 374.84 crore
Total costs at Rs 245.35 crore vs Rs 213.78 crore
Other income at Rs 6.20 crore vs Rs 3.46 crore
The company also approved second interim dividend of Rs 1 per equity share for FY2021-22.
Share price crossed below 50-day and 200-day simple moving average, indicating potential downward price momentum.
Trading volume was over five times the 30-day average volume, at this time in the day.
Source: Exchange Filing
The broader indices outperformed their larger peers with S&P BS MidCap rising 0.25% and S&P BSE SmallCap adding 0.75%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto, Utility and Power indices gaining over 1.7%.
The market breadth was skewed in the favour of bulls. About 2,292 stocks advanced, 1,226 declined and 131 remained unchanged.
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Shares of Capacit'e Infraprojects Ltd. rose nearly 4%, the biggest intraday gain in a week, to Rs 176 apiece after the company announced that it secured order worth Rs 231.5 crore (excluding GST) from Raymond Ltd. (realty division).
The order pertained to civil core and shell works for premium project at Raymond Ltd., Thane.
All the eight analysts tracking the company maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 44.4%.
Source: Bloomberg, Exchange Filing
India’s benchmark government bonds dropped to a two-year low as higher U.S. yields and crude oil prices hurt market sentiment.
10-year yields rose as much as 6bps to 6.64%, highest since Jan. 22, 2020; yield on 6.54% 2032 bond climbed 5bps to 6.61%
USD/INR rose 0.2% to 74.2962
Source: Bloomberg
HDFC Bank Q3 Review: Profit Meets Estimates But Slow Margin Growth Worries Analysts
Most yields along the India sovereign yield curve rose, with 5-year bonds moving the most in Monday morning trading.
The 2-year yield remained unchanged at 4.661%
The 10-year yield rose 5.3bps to 6.635%
The 14-year yield rose 5.4bps to 7.08%
The 2-year-10-year yield spread was 197.4bps, vs previous close 192.1bps
The NSE Nifty 50 Index rose 0.3%
Source: Bloomberg
Net profit up 83.16% QoQ to Rs 100.85 crore
Revenue up 49% QoQ to Rs 495.78 crore
Total costs at Rs 362.59 crore vs Rs 273.70 crore
Other income at Rs 12.01 crore vs Rs 17.37 crore
The company said that Q3 results were the best ever in its history, with revenue, Ebitda and net profit logging highest-ever numbers.
The relative strength index on the stock is at 76, suggesting it may be overbought.
Source: Exchange Filing, Bloomberg
HCL Tech Q3 Review: Shares Fall Most In 22 Months As Analysts Flag Margin Pressure
The S&P BSE MidCap almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty, adding over 0.5%. Twelve of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto rising over 1%.
The market breadth was skewed in the favour of bulls. About 2,050 stocks advanced, 891 declined and 117 remained unchanged.
VA Tech Wabag Ltd. bagged an order worth $100 million towards engineering and procurement activities related to desalination project in city of Dubai in UAE.
The order was secured from Green EPC, a subsidiary of Ultico FZC, the water technology firm said in an exchange filing
Source: Exchange Filing
Indian government bonds may slip further after a weak auction on Friday. Higher U.S. yields and crude oil prices could also hurt sentiment.
10-year yields rose 2bps to 6.58% on Friday
USD/INR rose 0.4% to 74.1537 on Friday
Global funds sold net Rs 1,600 crore of India stocks Friday: NSE.
They bought Rs 239 crore of sovereign bonds under limits available to foreign investors, and added Rs 37 crore of corporate debt.
State-run banks sold Rs 145 crore of sovereign bonds on Jan. 14: CCIL data. Foreign banks bought Rs 1,780 crore of bonds.
Source: Bloomberg
Glenmark Pharmaceuticals has received tentative nod by U.S. FDA for an injection given to prepare patients to test for coronary artery disease.
Regadenoson injection, 0.4 mg/5 mL, single-dose pre-filled syringe is a generic version of Lexiscan injection, which had an annual sales of $659.9 million, according to IQVIA.
Source: Exchange filing
RattanIndia Enterprises Ltd.'s subsidiary Cocoblu Retail Ltd. entered into an agreement with Amazon Seller Services Pvt. Ltd. to be an online seller, the company said in an exchange filing.
Cocoblu is ready to commence operations on Amazon India marketplace, the company added.
Source: Exchange filing
DCB Bank has approved the appointment Rupa Devi Singh as Non-Executive (Part-Time) Chairman. The lenders awaits the approval from regulatory authorities and shareholders of the bank before the appointment becomes effective.
Source: Exchange Filing
Tata Motors Ltd. plans to manufacture 50,000 EVs in FY2023 and has sounded out vendors, the Economic Times reported, quoting people aware of the matter.
The company intends to raise production to 1.25-1.5 lakh units in the following two fiscals, the report said.
EV business could generate Rs 5,000 crore for Tata Motors in FY23 if it achieves the target, according to the report.
Source: Bloomberg
NTPC: Batlivala & Karani Securities reinstated coverage on the stock with a 'buy'.
HCL Technologies: Upgraded to 'buy' from 'hold' by IDBI Capital Market; price target set at Rs 1,545 apiece.
HCL Technologies: Upgraded to 'add' from 'reduce' by Spark Capital Advisors; price target set at Rs 1,410 apiece.
Source: Bloomberg
Unilever Plc has held talks with banks about additional financing for a potential sweetened offer for GlaxoSmithKline's consumer products division, Bloomberg reported citing people familiar with the matter. That will bring the their domestic units in focus as Indian markets reopen on Monday.
GSK had rejected an earlier offer from Unilever for its consumer healthcare unit in 2021 that valued the business at $68 billion.
In Focus: Hindustan Unilever, GlaxoSmithKline Pharmaceuticals.
Source: Bloomberg
HCL Technologies: The company has signed a definitive agreement to acquire Starschema, a Hungarian data engineering services company, for $42.5 million. The acquisition is expected to be completed by March 2022.
Hero MotoCorp: To invest up to Rs 420 crore more in Ather Energy. Hero MotoCorp’s shareholding will increase from current 34.8% in Ather after the investment. The investment will be made in one or more tranches by April 30. The company’s exact shareholding will be determined upon completion of Ather’s capital raising round.
Maruti Suzuki: Raises prices by average of 1.7% from Saturday.
Indian Oil Corporation: Secured nine out of 15 high potential geographical areas in the latest round of CGD auction. The company plans to invest Rs 7,000 crore in the new CGD projects, over and above the Rs 20,000 crore investments that were already planned for the vertical.
NBCC India: December total business at Rs 592 crore
PB Fintech: To buy a 100% stake in Visit Internet for Rs 22.41 crore.
RBL Bank: Hires search firm, external expert to hunt for CEO.
Earnings: UltraTech Cement, Angel One, Sonata Software, Tata Steel Long Products, Tatva Chintan Pharma Chemicals, HFCL, Maharashtra Scooters, Bhansali Engineering Polymers, Hathway Cable and Datacom, Moschip Technologies.
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