Stock Market Today: Nifty, Sensex Rise For Third Session As HDFC Bank, M&M Lead Gains

• Signs MoU with Haryana Power Purchase Centre for power purchase.

• Haryana Power Purchase Centre to purchase power from co's unit.

Source: Exchange Filing

• An Incident occurred at Western Assam mine on Feb 14 during bleeding of hydrotest water through second bleed line.

• One person died after 2nd valve fitted in the part of artery connection got dislodged.

• Internal enquiry is being conducted for looking into the incident.

Source: Exchange filing

M&M Shares Rise As Brokerages Hike Target Price After Q3 Profit Jumps 61%

• Indian Overseas Bank had 10.3 lakh shares changed hands in a large trade.

• The lender had 0.01% equity changed hands at Rs 68.9 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Sterlite Tech partners with BAPS temple in Abu Dhabi for providing end-to-end premise connectivity.

Source: Exchange Filing

• MIC Electronics developed 42V/3A EV battery charger for e-cycles, two-wheelers.

• EV battery chargers to be launched shortly, commercial ops to begin in March.

Source: Exchange Filing

• ABB India introduced a new compact drive ACH180 for heating, ventilation, air conditioning systems.

Source: Exchange Filing

• Lupin Introduced Ganirelix Acetate injection in the U.S.

• The pharma company received the approval for 250 mcg/0.5 mL, Single-Dose Prefilled Syringe from the U.S. Food and Drug Adminstration.

Source: Exchange Filing

• India banks' lending growth may involve an expensive push for deposits.

• Credit demand is strong, economic backdrop is highly conducive to growth.

• Expect system-level credit growth to moderate to 14% in FY25, margins also set to fall.

• Asset quality is improving, buoyed by a confluence of supportive structural and cyclical factors.

• If credit and deposit growth rates remain steady, bank margins might squeeze to 2.9% from 3%.

• HDFC Bank will launch two new products for home loan business.

• Home Refurbishment loans will be launched in mid-March.

• Home Saver product will be launched in April 2024.

Source: Media Roundtable

• Happiest Minds Technologies has partnered with Soroco for AI solutions.

• Happiest Minds will collaborate with the Boston-head-quartered company to bring intelligence to automation discovery with process and task mining.

Source: Exchange Filing

• Star Health gets GST cum penalty demand worth Rs 179 cr from Chennai tax authorities.

Source: Exchange filing

• Surya Roshni Ltd received an order worth RFs 94.75 crore order for supply of MS coated pipes to West Bengal.

Source: Exchange Filing

• AIA Engineering Ltd's unit Vega ME buys 13% additional stake in VEGA MPS, Australia for AUD 39,99,375.

• Unit's total stake in VEGA MPS now stands at 43%.

Source: Exchange Filing

• Gujarat Ambuja Exports commissioned 100 TDP Sorbitol unit at Hubli plant.

• Company's cumulative sorbitol capacity stands at 500 TPD across 4 locations.

Source: Exchange filing

Market breadth was skewed in favour of buyers. Around 2,241 stocks advanced, 637 stocks declined, and 66 stocks remained unchanged.

At pre-open, the NSE Nifty 50 66.50 or 0.3% higher at 21,906.55, and the S&P BSE Sensex 238.64 points or 0.33% higher at 72,061.47.

• Piramal Enterprises' unit Piramal Alternatives gets administrative warning from SEBI for delayed filing of quarterly activity report.

Source: Exchange filing

• The yield on the 10-year bond opened flat at 7.10%.

Source: Bloomberg

• The local currency strengthened by 3 paise to open at 83 against the U.S. Dollar.

• It closed at 83.03 on Wednesday.

Source: Bloomberg

• Asian Paints bought 51% stake in Harind Chemicals for Rs 14.3 crore.

• To acquire second tranche of 19% and third tranche of 20% in a staggered manner.

Source: Exchange filing

• Jefferies maintained ‘Buy’ on Bharti Airtel.

• Top three company’s growth steady in Q3 at 2% QoQ, 9% YoY.

• Revenue growth for sector to be in high single digit.

• Need tariff hike for improvement in further revenue growth.

• Net subscriber additions in Jio and Bharti remain steady.

• ViL witnessed higher subscriber erosion.

• Nuvama maintained 'Buy' on Bharat Heavy Electrical Ltd's, and raised Price Target to Rs 265 from earlier Rs 225.

• Muted Q3FY24 led by a hit on GMs; pipeline looks stronger

• Other opex fell to 1.7% of revenues on progress in projects and possible provision reversals

• Best placed to ride thermal power wave over next 12–24 months

• Revise OI assumptions to ~6.6GW/year (4.5GW earlier) in YTDFY24

• Bernstein rated Mahindra & Mahindra Ltd with an outperform with a target price Rs 1,880.

• Auto segment is now relevant enough to help deliver growth.

• Tractors will remain weak in Q4 - down 10% as per management.

• Margins continue to improve sequentially due to improved mix.

• Expect flattish margins for SUVs next year; room for improvement in tractors as growth returns

• Bofa securities reiterated 'Underperform' on Zee Entertainment Enterprises with a Price target of Rs 140

• Chalking out renewed growth & margin; but execution is a key

• Q3FY24 revenue inline with muted expectations; Ebitda/PAT saw beat

• Management guides 8-10% revenue CAGR

• Expects margin recovery from H2FY25 onwards

• Margin target 18-20% by FY26

Asian Stocks Rally as Tech Earnings Power Gains: Markets Wrap

Jefferies Sees More Legs To PSU Stock Rally, Suggests Top Picks

• Price band revised from 10% to 5%: Genus Power, One 97 Communication, Visaka Industries.

• Price band revised from 20% to 10%: Jubilant Industries.

• Ex/record date dividend: CCL Products, KPI Green Energy, UNO Minda, Power Grid Corp, Nestle India, andq Man Infraconstruction.

• Speciality Restaurants: To meet analysts and investors on Feb. 23.

• Jindal Stainless: To meet analysts and investors on Feb. 20, and 21.

• Shriram Finance: To meet analysts and investors on Feb. 19.

• Motherson Sumi Wiring India: To meet analysts and investors on Feb. 20.

• Kolte Patil: To meet analysts and investors on Feb 15.

• Westlife Foodworld: Promoter group Horizon Impex bought 2,618 shares on Feb. 12.

• Hi-Tech Pipes: Promoter Parveen Bansal sold 6 lakh shares and Ajay Kumar and Sons sold 4.94 lakh shares on Feb. 13.

• Global Health: Dunearn Investments Mauritius Pte sold 30 lakh shares (1.11%) at Rs 1,315.2 apiece, while RJ Corp bought 28.82 lakh shares (1.07%) at Rs 1,315 apiece.

• KP Energy: Multiplier Share and Stock Advisors bought 1.83 lakh shares (0.82%) at Rs 382.25 apiece.

• Jindal Stainless: ELM Park Fund sold 29 lakh shares (0.35%), while JSL Overseas Holding bought 29 lakh shares (0.35%) at Rs 575.35 apiece.

• Bharat Petroleum Corp: BPCL ESPS Trust sold 68.36 lakh shares (0.24%), Motilal Oswal Mutual Fund bought 13 lakh shares (0.05%), and Plutus Wealth Management LLP bought 7.01 lakh shares (0.03%) at Rs 584 apiece.

RBI Governor Asks Banks To Remain Vigilant Against Build-Up Of Risks

India Begins Talks With IEA For Full Membership

Adani Enterprises Unit Incorporates New Subsidiary For Investment In Commercial Enterprises

Markets in the Asia-Pacific region rose in early trade on Thursday as an overnight recovery on Wall Street boosted sentiment. The Nikkei 225 was trading 0.77% higher at 37,994.84, while the KOSPI was trading flat at 2,620.46.

Latest preliminary data from Japan's Cabinet Office showed on Thursday that the country's GPD contracted 0.4% on year in the last quarter of 2023, after recording a revised 3.3% contraction in the preceding quarter, reported Nikkei Asia.

This is the second contraction, technically indicating the economy has fallen into a recession, which poured water on hope for an end to negative interest rates in Japan.

U.S. stocks rose on Wednesday as the robust earnings of big technology firms helped ease worries about persistent price pressure, Bloomberg reported.

The S&P 500 Index and Nasdaq Composite rose by 0.96% and 1.01%, respectively, as of Wednesday. The Dow Jones Industrial Average rose by 0.40%.

Wall Street traders reeling from an unexpected pickup in U.S. inflation sent bonds higher on Wednesday, according to Bloomberg.

Brent crude was trading 1.41% lower at $81.60 a barrel. Gold was higher by 0.10% at $1,994.39 an ounce.

Stock Market Today: All You Need To Know Going Into Trade On Feb. 15