Stocks To Watch: Axis Bank, Pidilite Industries, Religare Enterprises, AU Small Finance Bank, Lupin, Airtel
Here are the stocks to watch before going into trade today.
Religare Enterprises Ltd., AU Small Finance Bank Ltd., and Lupin Ltd. will be among the major stocks to watch on Wednesday.
The Competition Commission of India has approved the acquisition of 5.27% stake in Religare Enterprises by the Burman family—owners of Dabur India Ltd. The CCI also gave the nod for the proposed amalgamation of Fincare SFB into itself.
Meanwhile, Lupin received tentative approval from the U.S. FDA for its abbreviated new drug application for Rivaroxaban tablets.
Axis Bank Ltd., Pidilite Industries Ltd., and Glenmark Life Sciences Ltd. will also be in focus as they announced their quarterly earnings on Tuesday.
India's benchmark stock indices extended losses and ended at the lowest level in over a month, tracking a decline in shares of HDFC Bank Ltd., Reliance Industries Ltd., and State Bank of India.
The NSE Nifty 50 closed 333 points, or 1.54%, lower at 21,238.80—the lowest level since Dec. 20, 2023. The S&P BSE Sensex ended 1,053.10 points, or 1.47%, down at 70,370.55—the lowest since Dec. 13, 2023.
Overseas investors remained net sellers of Indian equities for the fifth consecutive session on Tuesday.
Foreign portfolio investors offloaded stocks worth Rs 3,115.4 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 214.4 crore, the NSE data showed.
The Indian currency weakened 9 paise to close at Rs 83.16 against the U.S. dollar on Tuesday.
Markets in Japan declined in early trade on Wednesday as traders evaluated the country's trade data.
Japan's exports have risen 9.8% year-on-year in December, beating Bloomberg's estimate of 9.2% rise for the month.
The Nikkei 225 was 193.56 points or 0.53% lower at 36,324.01 as of 6:32 a.m.
The S&P ASX 200, and KOSPI were trading 0.05% or 2.36 points up at 7,518.50, while the KOSPI index was 0.59% or 14.61 points down at 2,463.72 as of 6:33 a.m.
Share indices on Wall Street closed at all time high after trading in a narrow range ahead of a slew of company results that should offer insights on the state of the global economy, Bloomberg reported.
The S&P 500 index and Nasdaq 100 rose by 0.29% and 0.43%, respectively, to end at all-time high on Tuesday. The Dow Jones Industrial Average fell by 0.25%.
Brent crude was trading 0.51% lower at $79.55 a barrel. Gold was lower by 0.08% at $2,027.61 an ounce.
Earnings Post Market Hours
Axis Bank Q3 FY24 (Standalone, YoY)
NII at Rs 12,532 crore vs Rs 11,459 crore, up 9.4% (YoY).
Net profit at Rs 6,071.1 crore vs Rs 5,853.1 crore, up 3.7% (YoY) (Bloomberg estimate Rs 6,117 crore).
Gross NPA at 1.58% vs 1.73% (QoQ).
Net NPA at 0.36% vs 0.36% (QoQ).
Route Mobile Q3 Earnings FY24 (Consolidated, QoQ)
Revenue at Rs 1,024.3 crore vs Rs 1,014.6 crore, up 1%.
Ebitda at Rs 125.2 crore vs Rs128.1 crore, down 2.31%.
Margin at 12.22% vs 12.62%.
Net profit at Rs 113.6 crore vs 88.35 crore, up 28.6%.
Board declared a dividend of Rs 1.53 per share.
Man Industries Q3 FY24 (Consolidated, YoY)
Revenue at Rs 833.02 crore vs Rs 658.11 crore, up 26.57%.
Ebitda at Rs 64.72 crore vs Rs 58.9 crore, up 9.88%.
Margin at 7.76% vs 8.94%.
Net profit at Rs 30.6 crore vs Rs 37.2 crore, down 17.74%.
Board approves raising up to Rs 250 crore via QIP.
Sona BLW Precision Forgings Q3 FY24 (Consolidated, YoY)
Revenue at Rs 776.6 crore vs Rs 684.9 crore, up 13.4%.
Ebitda at Rs 227.26 crore vs Rs 185.9 crore, up 22.2%.
Margin at 29.26% vs 27.15%.
Net profit at Rs 133.6 crore vs Rs 107.1 crore, up 24.7%.
Board declared dividend of Rs 1.53 per share.
Karnataka Bank Q3 FY24 (Standalone, YoY)
NII at Rs 827.6 crore vs Rs 834.8 crore, down 1% (YoY).
Net profit at Rs 331.08 crore vs Rs 300.68 crore, up 10.1% (YoY).
GNPA at 3.64% vs 3.4% (QoQ).
NNPA at 1.55% vs 1.36% (QoQ).
Rallis India Q3 FY24 (Consolidated, YoY)
Revenue at Rs 598 crore vs Rs 630 crore, down 5.08% (Bloomberg estimate: Rs 591.7 crore).
Ebitda at Rs 62 crore vs Rs 53 crore, up 16.98% (Bloomberg estimate: Rs 64.7 crore).
Margin at 10.36% vs 8.41% (Bloomberg estimate: 10.90%).
Net profit at Rs 24 crore vs Rs 22 crore, up 9.09% (Bloomberg estimate: Rs 27 crore).
Tata Elxsi Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 914.23 crore vs Rs 881.7 crore, up 3.68% (Bloomberg estimate: Rs 909.6 crore).
EBIT at Rs 244.7 crore vs Rs 238.75 crore, up 2.49% (Bloomberg estimate: Rs 246.8 crore).
Margin at 26.76% vs 27.07%, down 31 bps (Bloomberg estimate: 27.10%).
Net profit at Rs 206.43 crore vs Rs 200.22 crore, up 3.1% (Bloomberg estimate: Rs 200.9 crore).
Cyient DLM Q3 FY24 (Consolidated, YoY)
Revenue at Rs 321 crore vs Rs 214.4 crore, up 49.72% (Bloomberg estimate: Rs 321.3 crore).
Ebitda at Rs 29.3 crore vs Rs 20.5 crore, up 42.92% (Bloomberg estimate: Rs 30.3 crore).
Margin at 9.12% vs 9.56% (Bloomberg estimate: 9.40%).
Net profit at Rs 18.4 crore vs Rs 5.7 crore, up 222.8% (Bloomberg estimate: Rs 16.9 crore).
Appointed Kaushal Jadia as Chief Technology officer.
Puravankara Q3 FY24 (Consolidated, YoY)
Revenue at Rs 573.7 crore vs Rs 392.45 crore, up 46.18%.
Ebitda at Rs 198.9 crore vs Rs 110.95 crore, up 79.26%.
Margin at 34.66% vs 28.27%.
Net profit at Rs 77.79 crore vs Rs 22.55 crore, up 244.96%.
The board approved the payment of interim dividend of Rs 6.30 per share.
Glenmark Life Sciences Q3 FY24 (Consolidated, YoY)
Revenue at Rs 572.8 crore vs Rs 540.7 crore, up 5.9%.
Ebitda at Rs 172.6 crore vs Rs 145.5 crore, up 18.6%.
Margin at 30.13% vs 26.9%.
Net profit at Rs 118.8 crore vs Rs 105 crore, up 13.1%.
Mahanagar Gas Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 1,568.8 crore vs Rs 1,570.9 crore, down 0.3% (Bloomberg estimate: Rs 1,535.3 crore).
Ebitda at Rs 448.7 crore vs Rs 478.9 crore, down 6.3% (Bloomberg estimate: Rs 410 crore).
Margin at 28.6% vs 30.48% (Bloomberg estimate: 26.70%).
Net profit at Rs 317.2 crore vs Rs 338.5 crore, down 6.3% (Bloomberg estimate: Rs 285.5 crore).
United Spirits Q3 FY24 (Consolidated, YoY)
Revenue at Rs 3,002.1 crore vs Rs 2,778.7 crore, up 5.3%.
Ebitda at Rs 486.5 crore vs Rs 371.8 crore, up 30.8%.
Margin at 16.2% vs 13.38%.
Net profit at Rs 350.2 crore vs Rs 214.2 crore, up 63.5%.
Pidilite Industries Q3 FY24 (Consolidated, YoY)
Revenue at Rs 3,130 crore vs Rs 2,997.6 crore, up 4.4% (Bloomberg estimate: Rs 3,221.5 crore).
Ebitda at Rs 742.5 crore vs Rs 495.9 crore, up 49.7% (Bloomberg estimate: Rs 736.7 crore).
Margin at 23.72% vs 16.54% (Bloomberg estimate: 22.9%).
Net profit at Rs 510.9 crore vs Rs 307.7 crore, up 66% (Bloomberg estimate: Rs 492.7 crore).
JSW Energy Q3 FY24 (Consolidated, YoY)
Revenue at Rs 2,542.8 crore vs Rs 2,248.1 crore, up 13.1% (Bloomberg estimate: Rs 2,984.30 crore).
Ebitda at Rs 1,110.8 crore vs Rs 624.96 crore, up 77.7% (Bloomberg estimate: Rs 1316 crore).
Margin at 43.68% vs 27.79% (Bloomberg estimate: 44.10%).
Net profit at Rs 232.2 crore vs Rs 186.7 crore, up 24.4% (Bloomberg estimate: Rs 371.2 crore).
Tanla Platforms Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 1,002.6 crore vs Rs 1,008.6 crore, down 0.6% (Bloomberg estimate: Rs 1,111.80 crore).
Ebitda at Rs 169.5 crore vs Rs 174.2 crore, down 2.7% (Bloomberg estimate: Rs 199.3 crore).
Margin at 16.9% vs 17.27%, down 36 bps (Bloomberg estimate: 17.90%).
Net profit at Rs 140.1 crore vs Rs 142.5 crore, down 1.7% (Bloomberg estimate: Rs 140.4 crore).
Board approves interim dividend of Rs 6 per share.
L&T Finance Q3 FY24 (Consolidated, YoY)
NII at Rs 2,180.53 crore vs Rs 1,931 crore, up 13%.
Revenue at Rs 3,533.9 crore vs Rs 3,432.5 crore, up 2.9% (Bloomberg estimate: Rs 2,206 crore).
Net profit at Rs 640.2 crore vs Rs 453.6 crore, up 41.1% (Bloomberg estimate: Rs 620.5 crore).
Board approves appointment of Sudipta Roy as MD and CEO, effective Jan. 24.
Dinanath Dubhashi steps down as MD and CEO, effective Jan. 23.
Havells India Q3 FY24 (Consolidated, YoY)
Revenue at Rs 4,413.86 crore vs Rs 4,127.6 crore, up 6.9% (Bloomberg estimate: Rs 4,537 crore).
Ebitda at Rs 432.7 crore vs Rs 423.6 crore, up 2.1% (Bloomberg estimate: Rs 459.3 crore).
Margin at 9.8% vs 10.26% (Bloomberg estimate: 10.10%).
Net profit at Rs 287.9 crore vs Rs 283.5 crore, up 1.6% (Bloomberg estimate: Rs 321.8 crore).
Board approves dividend of Rs 3 per share.
Rattan India Power Q3 FY24 (Consolidated, YoY)
Revenue at Rs 806.4 crore vs Rs 849.7 crore, down 5.1%.
Ebitda at Rs 171.7 crore vs Rs 197.85 crore, down 13.2%.
Margin at 21.29% vs 23.28%.
Net loss at Rs 587 crore vs loss of Rs 479.8 crore.
Indus Tower Q3 FY24 (Consolidated, YoY)
Revenue at Rs 7,199 crore vs Rs 6,765 crore, up 6.4% (Bloomberg estimate: Rs 7,162.1 crore).
Ebitda at Rs 3,621.6 crore vs Rs 1,185.8 crore (Bloomberg estimate: Rs 3,427.3 crore).
Margin at 50.3% vs 17.52% (Bloomberg estimate: 47.9%).
Net profit at Rs 1,540.5 crore vs loss of Rs 708.2 crore (Bloomberg estimate: Rs 1,296 crore).
Hitachi Energy India Q3 FY24 (YoY)
Revenue at Rs 1,274.2 crore vs Rs 1,033.9 crore, up 23.2%.
Ebitda at Rs 68 crore vs Rs 39.5 crore, up 72.4%.
Margin at 5.33% vs 3.81%.
Net profit at Rs 22.9 crore vs Rs 4.6 crore.
KEI Industries Q3 FY24 (Consolidated, YoY)
Revenue at Rs 2,061.7 crore vs Rs 1,784.3 crore, up 15.6% (Bloomberg estimate: Rs 2,092 crore).
Ebitda at Rs 216.8 crore vs Rs 182.1 crore, up 19.05% (Bloomberg estimate: Rs 215.5 crore).
Margin at 10.51% vs 10.2% (Bloomberg estimate: 10.30%).
Net profit at Rs 150.6 crore vs Rs 128.6 crore, up 17.1% (Bloomberg estimate: Rs 149.4 crore).
Earnings In Focus
Bajaj Auto, Indian Oil, DLF, Tata Steel, Tech Mahindra, TVS Motor, Canara Bank, Indian Overseas Bank, Container Corp, Balkrishna Industries, UCO Bank, Dalmia Bharat, Bharat Dynamics, Exide Industries, MOFS, Laurus Labs, PNB Housing Finance, Birlasoft, Blue Dart, Chalet Hotels, Rainbow Children’s Medicare, Railtel Corp, Ujjivan SFB, Vandhman Textiles, CEAT, JSW Holdings, CMS Info Systems, Mas Financial, Aarti Drugs, DCB Bank, Kolte-Patil, Kirloskar Pneumatic, Sharda Cropchem, Sagar Cements.
Stocks to Watch
Religare Enterprise: The Competition Commission of India approved the acquisition of 5.27% of a total issued and outstanding stake through open market purchases by the Burman Family. The acquisition includes an open offer for up to 26% of the total expanded voting stake.
AU Small Finance Bank: The CCI gave the nod for the proposed amalgamation of Fincare SFB into itself. Amalgamation remains subject to receipt of RBI approval.
Lupin: The pharma major received tentative approval from the USFDA for its abbreviated new drug application for Rivaroxaban Tablets.
Responsive Industries: The company has been selected as a key partner for several prestigious hospitality and projects in the holy city of Ayodhya.
Rallis India: The company approved proposal for a capacity addition of 2000 MT per annum of the existing Pendimethalin Plant at Dahej SEZ unit which is expected to be completed in a phased manner by FY25.
ICRA: The company approved to join the Association of Indian Rating Agencies by way of subscribing to their shares up to 20% of the paid-up share capital of the Association of Indian Rating Agencies.
Bharti Airtel: The company prepaid Rs 8,325 crore to the Department of Telecom towards part prepayment of the deferred liabilities pertaining to spectrum acquired in the auction of the year 2015.
Oberoi Realty: The company achieved gross bookings of Rs 882 crore during the launch of its new tower in Elysian at Oberoi Garden City, Mumbai.
KEI Industries: The company approved the voluntary liquidation of unit KEI Cables Australia.
Sandhar Technologies: The company has proposed to acquire a 20.08% stake in Sandhar Tooling in one or more tranches. Post-acquisition, the company can focus on the growth and the expansion plans, to be a market leader in the business.
Godrej Properties: Jamshyd Godrej resigned as non-independent director of the company after attaining the age of 75.
IPO Offerings
EPACK Durable: The public issue was subscribed 3.68 times on day 2. The bids were led by non-institutional investors (7.90 times), retail investors (3.81 times) and institutional investors (0.17 times).
Nova AgriTech: The public issue was subscribed 9.75 times on day 1. The bids were led by non-institutional investors (14.68 times), retail investors (12.77 times) and institutional investors (0.62 times).
Block Deals
PVR Inox: Kadensa Master Fund bought 0.94 lakh shares (0.09%) while BOFA Securities Europe Sa sold 0.94 lakh shares (0.09%) at Rs 1,492.5 apiece
Bulk Deals
Tourism Finance Corp: Divya Mahesh Vaghela sold 10.91 lakh shares (1.2%) at Rs 194.27 apiece.
Filatex India: Penguin Trading & Agencies sold 25 lakh shares (0.56%) at Rs 58.53 apiece.
Dhanlaxmi Bank: Narantak Dealcomm sold 30 lakh shares (1.18%) at Rs 48.25 apiece.
Allsec Technologies: Bathina Sumanth Kumar Reddy sold 1.4 lakh shares (0.91%) at Rs 706.3 apiece.
Who’s Meeting Whom
State Bank of India: To meet analysts and investors on Feb. 3.
Subros: To meet analysts and investors on Jan 31.
Shriram Finance: To meet analysts and investors on Jan 26.
Bajaj Auto: To meet analysts and investors on Jan 29.
UltraTech Cement: To meet analysts and investors on Jan 29.
Trading Tweaks
Price band revised from 10% to 5%: Motisons Jewellers.
Price band revised from 20% to 10%: Salasar Techno Engineering.
Ex/record date dividend: Wipro.
Moved out of short-term ASM framework: Dhanlaxmi Bank, Dredging Corporation of India, Kamdhenu.
F&O Cues
Nifty January futures down by 1.86% to 21,202.50 at a discount of 35.5 points.
Nifty January futures open interest down by 4.6%.
Nifty Bank January futures down by 2.61% to 44,933 at a discount of 82 points.
Nifty Bank January futures open interest up by 15.79%.
Nifty Options Jan 25 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 20,500.
Bank Nifty Options Jan 25 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 44,000.
Securities in ban period: Balrampur Chini Mills, Indian Railway Corp, National Aluminium, Oracle Financial Services Software, RBL Bank.
