Stock Market Today: Nifty, Sensex Rebound After Two-Day Drop Led By TCS, Tata Motors

• Marico has declared interim equity dividend of Rs 6.5 per share.

Source: Exchange Filing

• We will impose a complete ban on Patanjali advertisements henceforth, said Supreme Court

• Supreme Court says that the entire country is being taken for a ride.

• Supreme Court questions the AYUSH ministry as to what steps have been taken so far.

• This is a very serious issue, says Supreme Court.

Source: Supreme Court Proceedings

• Angle One is selected as 'Associate Partner' for IPL by the BCCI for 5 years from 2024 to 2028.

Source: Exchange Filing

• Board gives in-principle approval for entering into business of advanced materials.

• To invest Rs 1,000 crore in epoxy resins, downstream products' business.

Source: Exchange Filing

• Kesoram Industries Ltd had 12 lakh shares or 0.4% equity changed hands in a large trade.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Delhivery received an order from wellness brand Plix for cross-border freight shipping from.

Source: Exchange filing

• U.S. Dollar Index at 103.74

• U.S. 10-year bond yield at 4.28%

• Brent crude up 0.19% at $82.69 per barrel

• Nymex crude up 0.21% at $77.74 per barrel 

• Bitcoin was up 2.77% at $56,167.80

Source: Blomberg

TCS Upgraded To 'Buy' By UBS On Revenue Growth, Margin Improvement Outlook

• Paisalo Digital gets sanction & disbursement of Rs 200 crore from IREDA for onward lending to e-mobility sector.

Source: Exchange Filing

• Mahanagar Gas Ltd is to buy 30.97% stake in 3ev Industries Pvt Ltd for Rs 96 crore.

• Mahanagar Gas Ltd to have the right to appoint one director and observer to the company's board.

Source: Exchange Filing

• NTPC Mining Ltd is aiming to produce 100 MMT per annum coal production by 2030.

• NTPC Mining has achieved 100.04 MMT coal production in its first coal mine Pakri Barwadih.

• It took 617 days for the miner to achieved the 100.04 mark, after it reached 50 MMT production mark.

Source: Press Release

• Power Grid Corp of India had 10 lakh shares changed hands in a large trade.

• The company had 0.01% equity changed hands at Rs 292.05 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Federal Bank Ltd had 10.2 lakh shares changed hands in a large trade.

• The lender had 0.04% equity changed hands at Rs 152.45 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Happiest Minds Technologies Ltd has announced new vertical organisation structure comprising six new industry groups

• New industry groups are Industrial, Manufacturing and Energy and Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, BFSI, Hi-Tech and Media & Entertainment, and EdTech.

Source: Exchange filing

• JSW Energy Ltd had 10.2 lakh shares changed hands in a large trade.

• The company had 0.1% equity changed hands at Rs 524.5 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• U.S. Dollar Index at 103.74

• U.S. 10-year bond yield at 4.27%

• Brent crude down 0.06% at $82.48 per barrel

• Nymex crude down 0.04% at $77.55 per barrel 

• Bitcoin was up 1.91% at $55,699.88

Source: Blomberg

• Nykaa underperformed vs other internet peers

• Optimistic on bounce back in core BPC, loss reduction in fashion

• FY25/26 EPS 9-14% below consensus

Key concerns:

• Slowdown in core BPC NSV growth

• Imbalance between revenue growth and margin improvement in fashion

• Faster growth of low margin eB2B business

• Bank of America maintained 'Buy' on Maruti Suzuki India Ltd and raised the Price target of Rs 12,600 from earlier Rs 12,000.

• Expect good Q4 on op leverage, low discounts

• Recovery in first time buyer demand should aid mid term volume growth (6-7% CAGR)

• Multi powertrain strategy: EV launch in H2, hybrid portfolio expansion, SNG scale up & biogas plant

• Competitive landscape benign in F25 with quiet year on launches

• Devyani International had 67.2 lakh shares changed hands in three large trades.

• The company had 0.56% equity changed hands between the price range of Rs 156.5 to Rs 158 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

Market breadth was skewed in favour of the buyers. Around 1,885 stocks rose, and 908 stocks fell the most, and 92 stocks remained unchanged on BSE.

• Average consumption growth declined between 2011-12 and 2022-23 compared to previous period

• Rural consumption reached 58.4% of urban consumption in 2022-23, up from 54.4%

• Rural-urban per capita consumption divide narrowing, with rural growing faster

• Only 30% of top urban consumers spend over $1,000 annually; rural share is top 5%

• Spending on food, especially cereal and vegetables, has significantly decreased

• Headline CPI could have been 30-40bps lower from FY23 with new HCES survey weights

• The yield on the 10-year bond opened flat at 7.06%.

Source: Cogencis

At pre-open, the NSE Nifty 50 was 31.85 points or 0.14% lower at 22,090.20, and the S&P BSE Sensex was 66.6 points or 0.09% lower at 72,723.53.

• The local currency opened flat at 82.89 against the U.S. Dollar.

Source: Bloomberg

• Gets letter of award for 700 MW ISTS-connected solar capacity from SJVN

Source: Exchange filing

• Cloud & software are showing some signs of recovery

• Enterprise software revenue streams remain more resilient

• More new deals closed end of Sept than all of 3Q combined, sign of acceleration from here

• AI is starting to change the priorities as IT prepares for AI adoption

• Discretionary spend remains muted, select areas of tech spend could accelerate

• Cloud and AI partnerships strongest for large IT services - TCS, INFOSYS

• Outperform rating on TCS with a target price of Rs 4,170

• Outperform rating on Infosys with a target price of Rs 1,740

• Outperform rating on TechM with a target price of Rs 1,390

• Market perform rating on HCL Tech with a target price of Rs 1,640

• Underperform rating on Wipro with a target price of Rs 400

Asian Stocks Mixed As Yen Gains On Inflation Data: Markets Wrap

• Housing sales in January 2024 increased 8% YoY (down 12% MoM)

• New launches continued to fall, sliding down 42% YoY/22% MoM

• Unsold inventory continued to correct down 6% YoY with inventory months declining to 15 months pan-India

• Average prices in Delhi/Bengaluru witnessing 22-25% jump in prices

• Demand increased the most in Hyderabad up 29% YoY, followed by the MMR up ~23% YoY in Jan-24

• DLF, Prestige Estates and Brigade Enterprises (each rated ‘BUY’) are the top picks

• Motilal Oswal initiates coverage on Cello World with a 'buy' rating and a target price of Rs 1,100 apiece.

• Estimate Cello to grow faster than Industry, robust revenue/Ebitda/Adj. PAT CAGR of 18%/23%/25% over FY23-FY26

• Strong brand equity and market penetration to fuel sustainable growth

• Expansion of SKUs and distribution reach to aide growth

Key downside risks:

• Volatility in key raw material prices;

• Dependence on third-party manufacturers;

• Intensified competition

• Macquarie maintains 'underperform' on Paytm, with target price unchanged at Rs 275 apiece.

• VSS continues to own 51% of Paytm Payment Bank, survival in question.

• Don't expect RBI to authorise any related party transactions between Paytm Payment Banks.

• VSS sending message to regulator - willing to give up control

• Loan distribution is the most profitable business for Paytm

• Lending partners reconsidering relationship with Paytm, could impact revenue, profit

Bandhan Financial Holdings Becomes New Promoter Of Aegon Life

Morgan Stanley, Societe Generale, HDFC Life Among Investors In Union Bank Of India QIP

Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board

• Aurobindo Pharma: Promoter RPR Sons Advisors P Suneela Rani revoked a pledge of 1.23 crore shares on Feb. 23.

• Easy Trip Planners: Minerva Ventures Fund bought 90 lakh shares (0.51%) at Rs 48.75 apiece.

• Platinum Industries: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 162 to Rs 171 per share. The Rs 235.30 crore IPO is a completely fresh issue. The company has raised Rs 70.5 crore from anchor investors.

• Exicom Tele-Systems: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 135 to Rs 142 per share. The Rs 429 crore IPO is a combination of a fresh issue of Rs 329 crore and an offer of sale of Rs 100 crore.

• GPT Healthcare: The public issue was subscribed to times 8.52 on day 3. The bids were led by institutional investors (17.30 times), retail investors (2.44 times), and non-institutional investors (11.02 times).

Canara Bank Board Approves Stock Split

Stock Market Today: All You Need To Know Going Into Trade On Feb. 27