Stock Market Today: Sensex, Nifty End Budget Week Higher Despite Adani Rout; FPIs Remain Net Sellers
Sensex was up 1000 points or 1.52% at 60,841.88 while the Nifty was higher by 244 points or 1.38% up at 17,854.05.
KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors in Indian equities remained net sellers for the second day in a row on Friday.
Foreign portfolio investors offloaded equities worth Rs 932.44 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 1,264.74 for the tenth day in a row.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 43,677.27 crore worth of Indian stocks so far in 2023.
Rupee Strengthens Against The U.S. Dollar
The local currency strenghtened 34 paise to close at 81.84 on Friday.
Source: Bloomberg
10-Year Bond Yield Falls
Yield on the 10-year bond fell 2bps to 7.28% on Friday.
Source: Bloomberg
Sensex, Nifty Surges In Last Leg Of Trade
The Indian benchmark surged in trade on Friday as banking, financial, auto and consumer durable stocks advanced, while the shares of metal, pharm and energy stocks declined in trade on Friday.
There was some respite in the rout of Gautam Adani’s companies. Five out of the nine group stocks fell as the Indian billionaire battles to restore confidence in his conglomerate’s financial health after accusations by short-seller Hindenburg Research. Shares of Adani Enterprises Ltd. dropped 35%, the most ever during intraday trading.
Asian shares were mixed and the U.S. and European equity futures dropped as disappointing earnings from Apple Inc., Amazon.com Inc. and Alphabet Inc. poured cold water on the rally fueled by investor optimism that rates are getting close to peaking.
The S&P BSE Sensex was up 1000 points or 1.52% at 60,841.88 while the NSE Nifty 50 was higher by 244 points or 1.38% up at 17,854.05.
Adani Ports and SEZ Ltd., Titan Co., Bajaj Finance Ltd., Bajaj Finserv Ltd. and HDFC Bank Ltd. were the top gainers in the gauge.
Whereas, Divi's Laboatories Ltd., BPCL Ltd., Tata Consumer Products Ltd., Hindalco Industries Ltd. and HDFC Life Insurance Co. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices traded lower; S&P BSE MidCap was down 0.04%, whereas S&P BSE SmallCap was lower by 0.47%.
Eight out of the 19 sectors compiled by BSE declined, while the 11 advanced in trade.
The market breadth was skewed in favour of the bears. About 1,359 rose, 2,174 declined and 135 remained unchanged on the BSE.
After snapping their two-week gains last week, the headline indices resumed their advance and rose this week.
Sensex was up 2.55% and Nifty was higher by 1.42% in this week. The indices declined by 2.13% and 2.35% respectively last week.
Sectorally, Nifty FMCG, Bank, IT and Auto indices gained for than 1% this week.
On the other hand, Nifty Metal, Pharma, Media and Realty were the weekly losers.
Adani Group Company Stocks Recover In Trade
Bank Of Baroda MD & CEO Clarifies On Exposure To Adani Group Companies
Sanjiv Chaddha, MD & CEO, BoB:
Adani Group exposure at one-fourth of ceiling set under large exposure framework.
Exposure has come down over three years, as a share of balance sheet.
30% of the exposure is either secured by guarantee from a PSU or is to a JV with a PSU.
Completely reassured with the credit quality of the group.
Have not received any refinance request from this group.
Cannot disclose details of any privileged communication between borrower and lender.
Have not seen a stronger corporate sector in some time
Should not place any disproportionate focus on events.
Source: BoB press briefing
TV Today Shares Up On Special Interim Dividend
Shares of TV Today Network gained after the company announced a special interim dividend of Rs 67 per equity share for fiscal 2022-2023.
It also reported a 55% slump in third quarter profit, dragged by higher expenses.
The scrip was trading 16.19% higher with volumes 19.4 times the 30-day average. Of the three analysts tracking the stock, two maintained 'buy' and one analyst suggested ' hold'. The return potential is 41.2% over the next 12 months.
TV Today Network Q3 Consolidated Earnings (YoY)
Total Revenue from operations fell 10% to Rs 231.31 crore vs Rs 257.97 crore
Net Profit slumped 55% to Rs 27.62 crore versus Rs 61.5 crore
Ebitda declined 58% to Rs 36.04 crore vs Rs 85.67 crore
Ebitda margin stood at 15.6% versus 33.2%
Source: Bloomberg, Exchange filing
New York Life Insurance Commits To Buy 49% Stake In Max Estates' Project For Rs 290 Crore
New York Life Insurance will invest the amount in Acreage Builders' commercial office project in Gurugram, Haryana.
Max Estates and New York Life shall be 51:49 shareholders in Acreage.
The developable leasable area is about 1.6 million sq.ft. with revenue potential of Rs 160-200 crore per annum.
Max Estates, unit of Max Ventures and Industries, acquired Acreage for Rs 291.50 crore in September, 2022.
Source: Exchange filing
Adani Stocks Recover From Day's Low
Shares of Adani Enterprises Ltd. declined 11.75% to Rs 1,402.5 apiece in trade on Friday.
The stock fell as much as 35% intraday, the most in over 52-weeks at Rs 1,017.45. Total traded volume stood at nine times its 30-day average. The relative strength index at 11 implies that the stock maybe oversold.
Out of the two analysts tracking the company, one maintain a 'buy' rating and one recommends a 'hold' on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 153.7% over the next 12 months.
Source: Bloomberg
Shares of Adani Ports and Special Economic Zone Ltd. advanced 0.09% to Rs 462.85 apiece in trade on Friday.
The stock fell as much as 14.56% intraday, the most in over 52-weeks at Rs 395.1. Total traded volume stood at 6.2 times its 30-day average. The relative strength index at 10 implies that the stock maybe oversold.
Out of the 21 analysts tracking the company, 20 maintain a 'buy' rating and one recommends a 'hold' on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 102.4% over the next 12 months.
Source: Bloomberg
Shares of Ambuja Cements Ltd. advanced 0.10% to Rs 352.9 apiece in trade on Friday.
The stock fell as much as 9.66% intraday. Total traded volume stood at 3.2 times its 30-day average. The relative strength index at 24 implies that the stock maybe oversold.
Out of the 47 analysts tracking the company, 20 maintain a 'buy' rating, 14 recommend a 'hold' and 13 suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 43.4% over the next 12 months.
Source: Bloomberg
Moody’s Gives Views On Ratings On Several Adani Companies
Moody’s says ratings Adani Ports, Adani Green, and Adani Transmission are underpinned by their regulated infra businesses with long-term sales contracts, or their strong operating cash flows and dominant market position.
It said its immediate focus on assessing the rated entities’ overall financial flexibility.
Adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years.
Source: Moody’s statement
Bank Of Baroda Q3 Earnings
Net Interest Income up 26.49% YoY at Rs 10,817.31 crore
Net Profit up 75.36% YoY at Rs 3,852.74 crore
Gross NPA 4.35% vs 5.31% QoQ
Net NPA 0.99% vs 1.16% QoQ
Source: Exchange filing
European Markets Open Lower
Divis Laboratories Q3 (Consolidated, YoY)
Revenue down 32% at Rs 1,708 crore Vs Rs 2,493 crore (BBG estimate : Rs 1,937 crore)
Net profit down 66% to Rs 307 crore Vs Rs 902 crore (BBG estimate : Rs 494 crore Profit)
EBITDA down 63% to Rs 408 crore from Rs 1,097 crore (BBG estimate : Rs 673 crore Profit)
Margins at 23.9% Vs 44% (BBG estimate : 34.7%)
Source: Exchange filing
TotalEnergies’ Exposure To Adani Group Is $3.1 Billion Of Employed Capital
France’s TotalEnergies’ exposure to Adani Group stands at $3.1 billion or about 2.4% of the company’s employed capital.
Total has 50% stakes in unlisted Adani Total and AGEL23, while a 37.4% stake in listed Adani Total Gas and 19.75% in Adani Green Energy.
Company said it has not performed any re-evaluation in its accounts of its stakes in the listed entities.
It also welcomes the announcement by Adani to mandate one of the ‘big four’ accounting firms to carry out a general audit.
Source: Statement
Zydus Lifesciences Q3 (Consolidated, YoY)
Revenue up 20% at Rs 4,362 crore Vs Rs 3,640 crore (BBG estimate : Rs 4,151 crore)
Net profit up 24% to Rs 623 crore Vs Rs 500 crore (BBG estimate : Rs 564 crore Profit)
EBITDA up 27% to Rs 956 crore from Rs 752 crore (BBG estimate : Rs 867 crore Profit)
Margins at 21.9% Vs 20.6% (BBG estimate : 20.9%)
Source: Exchange filing
No Immediate Impact On Rated Adani Entities’ Credit Profiles: Fitch Ratings
Fitch Ratings says there is no immediate impact on the ratings of the Fitch-rated Adani entities and their securities following a short-seller report alleging malpractices.
Fitch expects no material changes to its forecast cash flow.
There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports – reducing refinancing risks and near-term liquidity risks.
Source: Fitch statement
TeamLease Services Board Approves Buyback Of 1.92% Of Equity At Rs 3,050/Share
The company will buyback 3,27,869 equity shares representing 1.92% of the total paid-up capital through the “tender offer” route.
The total amount of buyback will not exceed Rs 100 crore.
The date of the buyback will be announced on exchanges.
Source: Exchange filing
Midday Market Update
The Indian benchmark indices eked higher in trade on Friday as financials and NBFC stocks advanced, while the shares of metal, media and psu bank stocks declined in trade on Friday.
There was no respite in the rout of Gautam Adani’s companies. All 10 of the group’s stocks fell as the Indian billionaire battles to restore confidence in his conglomerate’s financial health after accusations by short-seller Hindenburg Research. Shares of Adani Enterprises Ltd. dropped 35%, the most ever during intraday trading.
Asian shares were mixed and the U.S. and European equity futures declined as disappointing earnings from Apple Inc., Amazon.com Inc. and Alphabet Inc. weighed on market sentiment.
The S&P BSE Sensex was up 323 points or 0.54% at 60,254.99 while the NSE Nifty 50 was higher by 61 points or 0.34% up at 17,671.05.
Titan Co., Bajaj Finserv Ltd., Bajaj Finance Ltd., HDFC Bank Ltd. and IndusInd Bank Ltd. were the top gainers in the gauge.
Whereas, Adani Enterprises Ltd., Adani Ports and SEZ Ltd., BPCL Ltd., Divi's Laboatories Ltd. and Hindalco Industries Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices traded lower; S&P BSE MidCap was down 0.93%, whereas S&P BSE SmallCap was lower by 0.79%.
Thirteen out of the 20 sectors compiled by BSE declined, while the seven advanced in trade.
The market breadth was skewed in favour of the bears. About 941 rose, 2,416 declined and 122 remained unchanged on the BSE.
Metal Stocks Decline In Trade
Shares of metal companies declined in trade on Friday.
The NSE Nifty Metal Index declined 3.95%, whereas the headline index NSE Nifty 50 advanced 0.2% in trade.
Thirteen out of the 15 stocks compiled by the gauge declined while Hindustan Zinc Ltd. and Jindal Steel and Power Ltd. advanced.
Adani Enterprises Ltd., Welspun Corp Ltd., Hindustan Copper Ltd., National Aluminum Co., Steel Authority of India Ltd., Hindalco Industries Ltd. declined more than 2% in trade.
Source: NSE
Adani Enterprises Extends Decline To 35%, At 52-Week Low
Shares of Adani Enterprises Ltd. extended declines on Friday intrday, to about 35%, the most for the scrip ever.
It hit a lower circuit at 1,017.45, falling the most in 52-weeks.
Shares of other Adani group companies also fell in trade on Friday, after Adani Enterprises Ltd., Adani Ports and SEZ Ltd., and Ambuja Cements Ltd. were placed by NSE under a short-term additional surveillance measure. Additionally, Adani Enterprises Ltd. was removed from the Dow Jones Sustainability Index.
Source: Bloomberg
Services PMI Eases In Jan But Remains Above Long-Run Average
Services PMI eased to 57.2 in January, from 58.5 in December.
Source: S&P Global India
Crompton Greaves Shares Slump As Festive Demand, BEE Norm Transition Aid Q3 Miss
Shares of Crompton Greaves Consumer Electricals Ltd. hit a 52-week low and declined 8.53% as of 10:28 am, to Rs 304 apiece in trade on Friday after the dampened festive demand, shift to new BEE norms and warmer winters impacted the sales of seasonal appliances.
Crompton Greaves's net profit in the third-quarter of the current fiscal was lower by 42.5% to Rs 85.25 crore. It missed the estimates pooled by the Bloomberg analysts at Rs 1,697.16 crore.
Company's Ebitda margin, on the other hand, declined 10.1% in the third-quarter of the financial year 2022-2023, as compared to 14.29% in the same quarter of the previous fiscal.
As per the exchange filing, "Slow growth momentum of September continued in Q3 as the consumer demand remained weak owing to high retail inflation and price volatility. The anticipated festive demand was affected and the warmer winter further impacted the offtake of seasonal Appliances products."
Also, the transition to the new BEE norms created an unstable and deferred primary demand for company's largest 'Fans' business.
Crompton Greaves Consumer Electricals Q3 FY23 (Consolidated, YoY)
Revenue up 7.49% at Rs 1,516.21 crore (Bloomberg estimate: Rs 1,697.16 crore)
Ebitda down 24.38% at Rs 152.39 crore (Bloomberg estimate: Rs 221.45 crore)
Margins at 10.1% vs 14.29% (Bloomberg estimate: 13%)
Net profit down 42.5% at Rs 85.25 crore (Bloomberg estimate: Rs 143.11 crore)
The stock fell as much as 8.67% intraday, falling the most in over 52-weeks at Rs 303.55.
Total traded volume stood at 12.2 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.
Out of the 45 analysts tracking the company, 41 maintain a 'buy' rating, one recommends a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 49.4% over the next 12 months.
Source: Bloomberg, Exchange filing
Karnataka Bank Shares Jump As Improving Operational Efficiencies Drive Q3 Earnings
Shares of Karnataka Bank Ltd. advanced 7.59% as of 9:54 am, to Rs 148.75 apiece in trade on Friday after the company reported strong third-quarter earnings with the operational efficiencies improving across businesses.
Karnataka Bank's net profit 118.49% to Rs 826.49 crore as compared to the same quarter of the previous financial year. The net interest income, on the other hand, was up by 34% year-on-year to Rs 834.76 crore.
Company's asset quality improved sequentially and annually, whereas the deposits in the bank rose 7.86% annually to Rs 84,597 crore, whereas net advances were up 12.51% year-on-year to Rs 62,532 crore.
Managing Director and CEO of the company, Mahabaleshwara M.S. reinstated company's belief in managing the provision levels in the balance sheet as a growth driver for the future. The provision coverage ratio of the company rose to 80.21% as compared to 73.66% in the third-quarter of previous fiscal.
"Our pursuit for growth also drives our conservative approach to managing our balance sheet and provision levels, and our careful stance towards the expected deterioration in the global economy, and its potential fallout on the more robust Indian economy," he said.
Karnataka Bank Q3 FY23
NII up 34% at Rs 834.76 crore (YoY)
Net profit up 118.49% at Rs 826.49 crore (YoY)
GNPA at 3.28% vs 3.36% (QoQ)
NNPA at 1.66% vs 1.72% (QoQ)
The stock rose as much as 9.95% intraday, gaining the most in over five weeks since Dec. 26, 2022.
Total traded volume stood at 5.3 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.
The single analyst tracking the company maintains a 'buy' rating on the stock.
Source: Bloomberg, Exchange filing
Adani Shares Fall As NSE Places Three Companies Under ASM
Shares of Adani group companies fell in trade on Thursday, after Adani Enterprises Ltd., Adani Ports and SEZ Ltd., and Ambuja Cements Ltd. were placed by NSE under a short-term additional surveillance measure. Additionally, Adani Enterprises Ltd. was removed from the Dow Jones Sustainability Index.
Shares of Adani Enterprises Ltd. declined to 10% in trade and it was locked in a lower circuit.
Adani Ports and Special Economic Zone Ltd. declined by nearly 9% at opening.
Ambuja Cements Ltd. shares slide by over 2% in trade.
Sensex, Nifty Advance At Open
The headline indices opened marginally higher in trade after they diverged at closing for the last two trading sessions. Sensex closed up, whereas Nifty ended flat in trade on Thursday.
Asian shares were mixed, with Chinese benchmarks down while Japanese and Australian stocks eked out gains. The Hang Seng Tech Index dropped, pacing declines in the wider Hong Kong market.
The U.S. and European equity futures declined Friday as disappointing earnings from Apple Inc., Amazon.com Inc. and Alphabet Inc. weighed on market sentiment.
The S&P BSE Sensex opened up 418 points or 0.70% at 60,349.97 while the NSE Nifty 50 was 111 points or 0.63% down at 17,721.75.
Titan Co., IndusInd Bank Ltd., SBI Life Insurance Co., Bajaj Finserv Ltd. and ICICI Bank Ltd. were the top gainers in the gauge.
Whereas, Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Divi's Laboratories Ltd., Tech Mahindra Ltd. and BPCL Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices traded lower; S&P BSE MidCap was down 0.30%, whereas S&P BSE SmallCap was lower by 0.03%.
Ten out of the 20 sectors compiled by BSE declined, while the other ten advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,515 rose, 1,144 declined and 136 remained unchanged on the BSE.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.28% on Friday.
Source: Bloomberg
Rupee Largely Flat Against The U.S. Dollar
The local currency opened largely flat against the greenback at 82.17 on Friday. It closed at 82.18 on Thursday.
Source: Bloomberg
China’s Ant Group Nominee Douglas Feagin Resigns From Paytm Board
Paytm shareholder Ant Group’s nominee Doughlas Feagin has resigned as a director on the board of the company.
“In recognition of the company’s growth as a publicly listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign,” he said.
Source: Exchange filing
Investors Must Focus On Banks & Autos | Trade Setup For Friday
Adani Ports Registers 11% YoY Growth In Cargo Volumes For January
Cargo volumes in January grew to about 27.6 million metric tons, a rise of 11% YoY.
For April 2022-January 2023, cargo volumes came in at 280.5 million metric tons, a 8% YoY growth.
Source: Exchange filing
Adani Enterprises Removed From Dow Jones Sustainability Indices
Adani Enterprises will be removed from the S&P Dow Jones Sustainability Indices with effect from February 7.
This is following a media and stakeholder analysis triggered by allegations of stock manipulation and accounting fraud.
Source: S&P Global statement
Global Cues
U.S. Dollar Index at 101.86
U.S. 10-year bond yield at 3.38%
Brent crude up 0.15% to $82.29 per barrel
Nymex crude at $75.97 per barrel
SGX Nifty up 0.33% to 17,701.5 as of 8:20 a.m.
Bitcoin up 0.46% to $23,568.55
Bulk Deals
Sapphire Foods: Fennel Private sold 6.29 lakh share (0.99%) at Rs 1,200 apiece.
Block Deal
Polyplex: Sanjiv Sarita Consulting bought 2.9 lakh shares (0.95%), Bhilangana Hydro Power sold 69,000 shares (0.21%) and Utkarsh Trading and Holding sold 2.3 lakh shares (0.73%) at Rs 1,509 apiece.
Q3 Earnings Results
State Bank of India, ITC, InterGlobe Aviation, Tata Power, Bank of Baroda, Quess Corp, Zydus Lifesciences, JK Tyre & Industries, Tube Investments of India, Marico, One97 Communications, Kansai Nerolac, Divi’s Laboratories, Aarti Industries, Mahindra & Mahindra Financial Services, Jubilant Pharmova, Medplus Health Services, Manappuram Finance, Sumitomo Chemical India, Emami, Praj Industries, Sun TV Network, Star Cement, Jamna Auto Industries, Thyrocare Technologies, Vakrangee, Shipping Corporation of India, PTC India Financial Services, KRBL, Ion Exchange, India Cements, Ethos, Dalmia Bharat Sugar & Industries, Borosil, Brightcom Group
Earnings Fineprint
Mahanagar Gas Q3 FY23 (Consolidated, YoY)
Revenue 62.62% at Rs 1671.39 crore (Bloomberg estimate: Rs 1,721.71 crore)
Ebitda up 148.399612027158% at Rs 256.1 crore (Bloomberg estimate: Rs 248.99 crore)
Ebitda margin at 15.32% vs 10.03% (Bloomberg estimate: 14.5%)
Net profit up 202.99% at Rs 172.07 crore (Bloomberg estimate: Rs 159.41 crore)
The board recommended a dividend of Rs 10 per share.
Karnataka Bank Q3 FY23
NII up 34% at Rs 834.76 crore
Net profit up 118.49% at Rs 826.49 crore (YoY)
GNPA at 3.28% vs 3.36% (QoQ)
NNPA at 1.66% vs 1.72% (QoQ)
Crompton Greaves Consumer Electricals Q3 FY23 (Consolidated, YoY)
Revenue up 7.49% at Rs 1,516.21 crore (Bloomberg estimate: Rs 1,697.16 crore)
Ebitda down 24.38% at Rs 152.39 crore (Bloomberg estimate: Rs 221.45 crore)
Margins at 10.0507185680084% vs 14.29% (Bloomberg estimate: 13%)
Net profit down 42.5% at Rs 85.25 crore (Bloomberg estimate: Rs 143.11 crore)
Tata Consumer Products Q3 FY23 (Consolidated, YoY)
Revenue up 8% at Rs 3,474.55 crore (Bloomberg estimate: Rs 3,471.32 crore)
Ebitda down 2% to Rs 453.66 crore (Bloomberg estimate: Rs 458.02 crore)
Ebitda margin at 13.1% Vs 14.4% (Bloomberg estimate: 13.2%)
Net profit up 33% to Rs 351.76 crore Vs Rs 265.05 crore (Bloomberg estimate: Rs 281.88 crore)
Hikal Q3 FY23 (Consolidated, YoY)
Revenues up 4.99% at Rs 540.2 crore (Bloomberg estimate: Rs 575.7 crore)
Ebitda down 19.73% at Rs 74.58 crore
Margins at 13.81% vs 18.06%
Net profit down 41.57% at Rs 26.41 crore (Bloomberg estimate: Rs 39.1 crore)
Apollo Tyres Q3 FY23 (Consolidated, YoY)
Revenue up 12.53% at Rs 6,422.75 crore (Bloomberg estimate: Rs 6,201.24 crore)
Ebitda up 22.83% at Rs 913.36 crore (Bloomberg estimate: Rs 823.94 crore)
Ebitda margin at 14.22% vs 13.03% (Bloomberg estimate: 13.3%)
Net profit up 30.68% at Rs 292.11 crore (Bloomberg estimate: Rs 272.6 crore)
Stocks To Watch
Adani Enterprises: The National Stock Exchange has put Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., and Ambuja Cements Ltd. under short-term additional surveillance measure. Under the framework, applicable margin will be 50% or existing margin, whichever is higher, subject to maximum rate of margin capped at 100%, a circular on the NSE said. This will be effective from Feb. 6 on all open positions as on Feb. 3 and new positions created from Feb. 6.
SBI Life Insurance Co.: The life insurer told the exchanges that the impact of Budget recommendations to non-linked policies with annual premium of above Rs 5 lakh will not be significant as the share of such policies in the total annual premium equivalent is under 2%.
TVS Motor Co.: The company, through its subsidiary TVS Motor (Singapore) will acquire 31.44 lakh series AA shares in electric mobility player Ion Mobility for $9.5 million (Rs 77.89 crore).
Adani Ports and Special Economic Zone: The company’s subsidiary Adani Harbour Services incorporated Port Harbour Services International in Singapore to carry out business, consultancy of port and marine services and trading in equipment relating to port and marine business.
Inox Green Energy Services: The company will acquire 51% stake in I-Fox Windtechnik India for Rs 35,947.71 per share.
Engineers India: The company signed an MoU with Ministry of Housing and Urban Affairs for providing transaction advisory services for setting up large scale bio‐methanation and waste-to-energy projects in selected 25 cities.
HDFC Life: On Budget recommendation to tax policies with annual premium above Rs 5 lakh, the insurer clarified that the business at risk could be 12-12% of the total APE.
HDFC Asset Management Company: The company received SEBI approval for change in its control due to proposed stake sale by abrdn Investment Management Limited, the co-sponsor of HDFC Mutual Fund.
NMDC: The company fixed prices of iron ore, with effect from Jan. 28, 2023, with lump ore at Rs 4,400 per tonne, and fines at Rs 3,910 per tonne.
SGX Nifty Points To A Positive Start For Indian Stocks
Asian markets trade mixed as disappointing earnings from a few big-tech companies after-hours weigh on sentiment following a surge in U.S. equities during official trading.
The tech-heavy Nasdaq 100 rallied on Thursday, and the S&P 500 closed up more than 1%, boosted by Meta Platforms Inc.’s positive earnings.
After trading hours in the U.S., Apple Inc., Amazon.com Inc., and Google parent Alphabet Inc. fell more than 2% after releasing results.
At 8:20 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.35% at 17,701.5.
The yield on 10-year Treasuries declined to 3.38%. Crude oil prices remained stable around $82, while Bitcoin surpassed the $23,000 mark.
The headline indices diverged at the end of trading hours on Thursday, continuing the mixed trend from the volatile budget session a day ago.
Adani Group stocks ended lower in trade, except for the cement contours, after the company withdrew their Rs 20,000 crore follow-on public subscription, citing market volatility. Later in the day, NSE put Adani Enterprises Ltd., Adani Ports and SEZ Ltd., and Ambuja Cements Ltd. under a short-term additional surveillance measure. Additionally, Adani Enterprises Ltd. was removed from the Dow Jones Sustainability Index.
The rupee closed lower against the U.S. dollar amid forex outflows and corporate demand for the greenback.
Overseas investors in Indian equities turned net sellers after a day on Thursday. Foreign portfolio investors sold equities worth Rs 3,065.4 crore, while domestic institutional investors remained net buyers for the ninth day in a row, buying stocks worth Rs 2,371.4 crore.
