Stock Market Today: All You Need To Know Going Into Trade On Feb. 3
Major earnings to look out for include Divi's Laboratories, Tata Chemicals, KEC International, Gland Pharma, and Garden Reach Shipbuilders.
Asian stocks plunged, while dollar and crude oil prices rose as US President Donald Trump's administration levied 25% tariff on Canada and Mexico and 10% on China.
Japan's Nikkei was down 903 points, or 2.28% at 38,681, while South Korea's Kospi tumbled 2.88%, or 70 points to 2,445 as of 6:26 a.m. Future contracts in China and US hinted at a negative start for the stocks.
The Euro and Mexico's peso fell, while the Canadian dollar plunged to its weakest since 2003. This comes as trades rushed to buy the dollar amid its gaining strength.
Crude oil prices rose in anticipation of escalating global trade tensions. The Brent crude was up 0.63% at $76.15 a barrel as of 6:45 a.m. IST, and the West Texas Intermediate was up 1.72% at $73.78.
The dollar index — which tracks the greenback's performance against a basket of 10 leading global currencies — was 1.22% up at 109.69.
Stocks on Wall Street gave up gains last Friday after the benchmark indices climbed nearly 1%. The S&P 500 and the tech-heavy Nasdaq Composite fell 0.50% and 0.28%, respectively. The Dow Jones Industrial Average slipped 0.75%.
The NSE Nifty 50 and the BSE Sensex ended the Budget day on a muted note as traders assessed the impact of announcements made by Finance Minister Nirmala Sitharaman.
The NSE Nifty 50 ended 0.11% or 26.25 points down at 23,481.15, and the Sensex ended 0.01% or 5.39% higher at 77,505.96 on Saturday.
During Sitharaman's speech, the Indian benchmarks erased morning gains and fell to the day's low. The Nifty 50 declined 0.81% to 23,318.30, and the Sensex fell 0.64% to 77,006.47.
Foreign portfolio investors stayed net sellers of Indian equities for the 22nd straight session as they sold stocks worth Rs 1,327 crore, , according to provisional data from the National Stock Exchange. Domestic institutional investors were net buyers for the 33rd consecutive session as they mopped up equities worth Rs 824 crore.
Earnings Post-Market Hours
Aarti Industries (Consolidated, YoY)
Revenue up 6.2% at Rs 1,840 crore versus Rs 1,732 crore (Bloomberg estimate: Rs 1,729 crore).
Ebitda fell 11.2% at Rs 231 crore versus Rs 260 crore (Estimate: Rs 230 crore).
Margin at 12.6% versus 15.01% (Estimate: 13.3%).
Net profit fell 62.9% at Rs 46 crore versuss Rs 124 crore (Estimate: Rs 52.4 crore).
Finance costs grew 57% at Rs 85 crore
Ganesha Ecosphere (Consolidated, YoY)
Revenue grew 39.7% at Rs 398 crore versus Rs 285 crore.
Ebitda grew 41.3% at Rs 56.5 crore versus Rs 40 crore.
Margin at 14.2% versus 14.03%.
Net profit at Rs 29.7 crore versus Rs 12.7 crore.
Anant Raj (Consolidated, YoY)
Revenue grew 36.3% at Rs 535 crore versus Rs 392 crore. (Bloomberg estimate: Rs 1,729 crore).
Ebitda up 48.3% at Rs 134 crore versus Rs 90.1 crore (Estimate: Rs 266 crore).
Margin at 25% versus 23% (Estimate: 74.5%).
Net profit grew 53.6% at Rs 110 crore versus Rs 71.8 crore (Estimate: Rs 160 crore).
GR Infraprojects (Consolidated, YoY)
Revenue fell 20.6% at Rs 1,694 crore versus Rs 2,134 crore.
Ebitda fell 27.1% at Rs 370 crore versus Rs 508 crore.
Margin at 21.8% vs 23.8%.
Net profit grew 7.8% at Rs 262 crore versus Rs 243 crore.
Includes share of profit from associate at Rs 51.3 crore.
Neogen Chemicals (Consolidated, YoY)
Revenue rose 22.5% at Rs 201 crore versus Rs 164 crore (Bloomberg estimate: Rs 192 crore).
Ebitda rose 70.7% at Rs 34.6 crore versus Rs 20.3 crore (Estimate: Rs 32 crore).
Margin at 17.2% versus 12.3% (Estimate: 16.7%).
Net profit at Rs 10 crore versus Rs 1.1 crore (Estimate: Rs 12 crore).
Earnings To Watch
Aditya Birla Capital, Alembic Pharmaceuticals, Barbeque-Nation Hospitality, Castrol India, Dhanuka Agritech, Divi's Laboratories, Doms Industries, Dredging Corporation Of India, Gateway Distriparks, General Insurance Corporation Of India, Gland Pharma, Garden Reach Shipbuilders & Engineers, HFCL, Indraprastha Medical Corp, KEC International, K.P.R. Mill, Kalyani Steels, Man Infraconstruction, MM Forgings, NLC India, Paradeep Phosphates, Poly Medicure, Power Grid Corporation Of India, Premier Energies, Religare Enterprises, Shalby, Sky Gold, Stove Kraft, Tata Chemicals, Thomas Cook (India), and Welspun Enterprises.
Stocks To Watch
Hero MotoCorp: January total two-wheeler sales rose 2.13% to 4.42 lakh units compared to 4.33 lakh units last year. Exports increased to 30,495 units versus 12,664 units.
Lupin: Lupin announced closure of inspection by USFDA at its Somerset Facility with no observations.
Coal India: Production in January fell 0.8% against the year ago figure at 77.8 million tonnes, while total sales went up 2.2% at 68.6 million tonnes.
Eicher Motors: Total motorcycle sales up 20% in January at 91,132 units, against an estimate of 87,000 units, while international business sales grew 79% at 10,080 units against the year ago figure.
KEI Industries: The company received a GST demand order of Rs 118.07 crore from Delhi tax authority, against which the company is evaluating all options including filing an appeal.
MOIL: January Manganese ore production was at 1.6 lakh tonnes. Sales during the month went up 17% against the year ago figure at 1.57 lakh tonnes. The company revised price of different grades of Manganese Ore and other products between 3.5% and 8.2% for the month of February, effective Feb. 1.
Indian Bank: The bank hiked its marginal cost of funds based lending rate by 5 bps for tenors of one month, three months, six months, and one year. The changes are effective from Feb. 3.
Globus Spirits: Net selling value per unit of regular and others brands in Rajasthan increased by 4.35% effective April 1, after the state's recently announced excise policy.
Quess Corp: The company received a GST demand of Rs 111 crore for FY20 to FY23. Allegations include passing on input tax credit to insurance companies without supply on manpower services.
Happient Minds Technologies: The company signed a deal with Gavs Technologies to buy 100% stake of their Middle East business to acquire existing customer relations, contracts & consolidate company's business in Middle East. The acquisition is expected to be completed by March 15, 2025 for a consideration of $1.7 million.
Vinati Organics: The company's board approved incorporation of its US-based subsidiary to expand its business operations offshores.
Bulk Deals
Quess Corp: Amazon.com NV Investment Holdings LLC sold 7.5 lakh shares (0.5%) at Rs 610.2
Trading Tweaks
Record date interim dividend: Great Easter Shipping (Rs 8.1), Godrej Consumer Projects (Rs 5), Jubilant Ingrevia (Rs 2.5), Mahanagar Gas (Rs 12), Share India Securities (Rs 0.2), and Siyaram Silk Mills (Rs 3).
F&O Cues
Nifty February futures fell 0.25% at a premium of 73 points.
Nifty February futures open interest fell 2.15%.
Nifty Feb. 6 expiry: Max call open interest at 24,000, max put open interest at 21,100.
Securities in ban period: Nil.
Money Market Update
The Indian rupee closed flat against the US dollar on Friday at 86.62. The domestic currency opened flat, starting at 86.63.
The currency market was shut on Saturday. It will likely react to the Union Budget 2025 on Monday.
