Stocks To Watch: Coal India, Zee, Tata Motors, Mazagon Dock, Tata Steel, Tech Mahindra, Ceat
Here are the stocks to watch before going into trade today.
Coal India Ltd., Zee Entertainment Enterprises Ltd., and Tata Motors Ltd. will be among the major stocks to watch on Thursday.
Coal India and Bharat Heavy Electricals will invest up to Rs 11,782 crore in coal-to-ammonium nitrate joint venture project in Odisha, while the Cabinet approved the scheme for the promotion of coal gasification projects with an outlay of Rs 8,500 crore.
Zee Entertainment has moved to the National Company Law Tribunal seeking directions to implement the merger with Sony Group Corp.'s Indian subsidiary. Meanwhile, Tata Motors has sought to deregister all its U.S.-listed securities from the country's capital markets regulator after meeting the set criteria for the action.
India’s benchmark stock indices closed higher, snapping a two-day losing streak on Wednesday as HDFC Bank Ltd. led the gains and nearly all sectors advanced.
The NSE Nifty 50 ended 215.15 points, or 1.01%, higher at 21,453.95, and the S&P BSE Sensex gained 689.76 points, or 0.98%, to end at 71,060.31.
Overseas investors remained net sellers of Indian equities for the sixth consecutive session on Wednesday.
Foreign portfolio investors offloaded stocks worth Rs 6,934.9 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 6,012.7 crore, the NSE data showed.
The Indian rupee strengthened by 4 paise to close at Rs 83.12 against the U.S. dollar.
Most share indices in Asia-Pacific region rose on improved risk appetite as the China's central bank announced measures to further stimulate the economy.
The S&P ASX 200 was 18.30 points or 0.24% higher at 7,537.50, and the Nikkei 225 was 6.99 points or 0.01% higher at 36,221.44. The KOSPI Index was trading 9.44 points or 0.38% lower at 2,460.22 as of 6:24 a.m.
People's Bank of China Governor said it would cut the reserve requirement ratio by 0.5% on Feb 5, and hinted for more such cuts further, Bloomberg reported.
Most of the countries in the Asia-Pacific region are dependent on China through international trade, thus making them vulnerable to impact of any economic event in the China.
Going forward in the day, the focus will be on the European Central Bank's policy meet outcome. The central bank is largely expected to hold rate steady, Bloomberg reported.
Earnings Post Market Hours
Tata Steel Q3 FY24 (Consolidated, YoY)
Revenue down 3.11% at Rs 55,311.9 crore vs Rs 57,083.6 crore (Bloomberg estimate: Rs 57,810 crore).
Ebitda up 54.73% at Rs 6,263.59 crore vs Rs 4047.88 crore (Bloomberg estimate: Rs 5,526.5 crore).
Margin expands 423 bps to 11.32% vs 7.09% (Bloomberg estimate: 9.6%).
Net profit at Rs 522.1 crore vs loss of Rs 2,502 crore (Bloomberg estimate: Profit of Rs 1,687.8 crore).
Tech Mahindra Q3 FY24 (QoQ, Consolidated)
Revenue up 1.84% at Rs 13,101.3 crore vs Rs 12,863.9 crore (Bloomberg estimate: Rs 12,801.10 crore).
EBIT up 53.79% at Rs 703.2 crore vs Rs 457.1 crore (Bloomberg estimate: Rs 780.4 crore).
Margin expands 181 bps at 5.36% vs 3.55% (Bloomberg estimate: 6.10%).
Net profit up 3.64% at Rs 523.7 crore vs Rs 505.3 crore (Bloomberg estimate: Rs 663.3 crore).
PNB Housing Q3 FY24 (YoY, Consolidated)
Revenue up 2.4% at Rs 1,748.05 crore vs Rs 1,707.05 crore.
Ebitda up 18.79% at Rs 1,541.84 crore vs Rs 1,297.95 crore.
Margin expands 1,216 bps at 88.2% vs 76.03%.
Net profit up 27.28% at Rs 346.54 crore vs Rs 272.25 crore (Bloomberg estimate: Rs 360.1 crore).
Bajaj Auto Q3 FY24 (YoY, Standalone)
Revenue up 30.04% at Rs 1,2113.51 crore vs Rs 9,315.14 crore (Bloomberg estimate: Rs 11,766.7 crore).
Ebitda up 36.75% at Rs 2,429.87 crore vs Rs 1,776.81 crore (Bloomberg estimate: Rs 2,284.6 crore).
Margin expands 98 bps to 20.05% vs 19.07% (Bloomberg estimate: 19.40%).
Net profit up 36.9% at Rs 2,041.88 crore vs Rs 1,491.42 crore (Bloomberg estimate: Rs 1,930 crore).
DLF Q3 FY24 (YoY, Consolidated)
Revenue up 1.76% at Rs 1,521.25 crore vs Rs 1494.8 crore (Bloomberg estimate: Rs 1,697 crore).
Ebitda up 7.12% at Rs 510.97 crore vs Rs 477 crore (Bloomberg estimate: Rs 597 crore).
Margin expands 167 bps to 33.58% vs 31.91% (Bloomberg estimate: 35.20%).
Net profit up 26.59% at Rs 655.71 crore vs Rs 517.94 crore (Bloomberg estimate: Rs 721 crore).
Birlasoft Q3 FY24 (QoQ, Consolidated)
Revenue up 2.52% at Rs 1,342.9 crore vs Rs 1,309.8 crore (Bloomberg estimate: Rs 1,333.3 crore).
Ebitda up 4.15% at Rs 193.2 crore vs Rs 185.5 crore (Bloomberg estimate: Rs 180.1 crore).
Margin expands 22 bps to 14.38% vs 14.16% (Bloomberg estimate: 13.50%).
Net profit up 11.03% at Rs 161 crore vs Rs 145 crore (Bloomberg estimate: Rs 142.4 crore).
Aarti Drugs Q3 FY24 (Consolidated, YoY)
Revenue down 8.74% at Rs 605.94 crore vs Rs 663.96 crore.
Ebitda down 0.71% at Rs 70.14 crore vs Rs 70.64 crore.
Margin expands 93 bps to 11.57% vs 10.63%.
Net profit up 0.1% at Rs 36.71 crore vs Rs 36.67 crore.
Board declared interim dividend of Re 1 per share.
Dalmia Bharat Q3 FY24 (Consolidated, YoY)
Revenue up 7.3% at Rs 3,600 crore vs Rs 3,355 crore (Bloomberg estimate: Rs 3,523.7 crore).
Ebitda up 20.34% at Rs 775 crore vs Rs 644 crore (Bloomberg estimate: Rs 750 crore).
Margin expands 233 bps to 21.52% vs 19.19% (Bloomberg estimate: 21.30%).
Net profit up 22.01% at Rs 266 crore vs Rs 218 crore (Bloomberg estimate: Rs 244.5 crore).
TVS Motor Q3 FY24 (Standalone, YoY)
Revenue up 25.96% at Rs 8,245.01 crore vs Rs 6,545.42 crore (Bloomberg estimate: Rs 8,335.9 crore).
Ebitda up 40.29% at Rs 924.43 crore vs Rs 658.93 crore (Bloomberg estimate: Rs 932.5 crore).
Margin up 114 bps at 11.21% vs 10.06% (Bloomberg estimate: 11.20%).
Net profit up 68.2% at Rs 593.35 crore vs Rs 352.75 crore (Bloomberg estimate: Rs 546.6 crore).
Balkrishna Industries Q3 FY24 (Consolidated, YoY)
Revenue up 5.02% at Rs 2,274.41 crore vs Rs 2,165.57 crore (Bloomberg estimate: Rs 2,357.1 crore).
Ebitda up 100.74% at Rs 540.59 crore vs Rs 269.29 crore (Bloomberg estimate: Rs 590.6 crore).
Margin expands 1,133 bps to 23.76% vs 12.43% (Bloomberg estimate: 25.10%).
Net profit up 181.96% at Rs 305.42 crore vs Rs 108.32 crore (Bloomberg estimate: Rs 332.9 crore).
Sagar Cements Q3 FY24 (Consolidated, YoY)
Revenue up 16.3% at Rs 669.4 crore vs Rs 575.7 crore (Bloomberg estimate: Rs 652.7 crore).
Ebitda up 83% at Rs 87.06 crore vs Rs 47.58 crore (Bloomberg estimate: Rs 95.3 crore).
Margin expands 474 bps to 13% vs 8.26% (Bloomberg estimate: Rs 14.6%).
Net loss at Rs 10.18 crore vs loss of Rs 23.68 crore (Bloomberg estimate: Loss of Rs 3.6 crore).
Blue Dart Q3 FY24 (Consolidated, YoY)
Revenue up 3.42% at Rs 1,382.93 crore vs Rs 1,337.08 crore (Bloomberg estimate: Rs 1,449.1 crore).
Ebitda down 6.42% at Rs 213.43 crore vs Rs 228.05 crore (Bloomberg estimate: Rs 251.3 crore).
Margin contracts 162 bps to 15.43% vs 17.05% (Bloomberg estimate: 17.30%).
Net profit up 0.25% at Rs 88.89 crore vs Rs 88.66 crore (Bloomberg estimate: Rs 95.2 crore).
Chalet Hotels Q3 FY24 (Consolidated, YoY)
Revenue up 28.96% at Rs 373.6 crore vs Rs 289.7 crore (Bloomberg estimate: Rs 354.9 crore).
Ebitda up 46.25% at Rs 166 crore vs Rs 113.5 crore (Bloomberg estimate: Rs 151.8 crore).
Margin expands 525 bps to 44.43% vs 39.17% (Bloomberg estimate: 42.8%).
Net profit down 30.98% at Rs 70.6 crore vs Rs 102.3 crore (Bloomberg estimate: Rs 54.7 crore).
Rainbow Children's Medicare Q3 FY24 (Consolidated, YoY)
Revenue up 9.6% at Rs 335.9 crore vs Rs 306.4 crore (Bloomberg estimate: Rs 340 crore).
Ebitda up 10.6% at Rs 118 crore vs Rs 106.7 crore (Bloomberg estimate: Rs 115.5 crore).
Margin up 30 bps at 35.12% vs 34.82% (Bloomberg estimate: 34%).
Net profit up 7.6% at Rs 62.6 crore vs Rs 58.2 crore (Bloomberg estimate: Rs 61.4 crore).
Ceat Q3 FY24 (Consolidated, YoY)
Revenue up 8.6% at Rs 2,963.1 crore vs Rs 2,727.2 crore (Bloomberg estimate: Rs 2,994.1 crore).
Ebitda up 75.7% at Rs 417.5 crore vs Rs 237.6 crore (Bloomberg estimate: Rs 414.5 crore).
Margin expands 537 bps to 14.08% vs 8.71% (Bloomberg estimate: 13.8%).
Net profit up 419.48% at Rs 181.3 crore vs Rs 34.9 crore (Bloomberg estimate: Rs 160.4 crore).
Container Corp Q3 FY24 (Consolidated, YoY)
Revenue up 10.3% at Rs 2,210.6 crore vs Rs 2,004.5 crore.
Ebitda up 19.7% at Rs 517.5 crore vs Rs 432.4 crore.
Margin expands 183 bps to 23.4% vs 21.57%.
Net profit up 13.1% at Rs 330.6 crore vs Rs 293.4 crore.
Railtel Corp Q3 FY24 (Consolidated, QoQ)
Revenue up 11.5% at Rs 668.4 crore vs Rs 599.2 crore.
Ebitda up 3% at Rs 118.8 crore vs Rs 115.3 crore.
Margin narrows 147 bps to 17.76% vs 19.24%.
Net profit down 8.9% at Rs 62.1 crore vs Rs 68.2 crore.
Laurus Labs Q3 FY24 (YoY, Consolidated)
Revenue down 22.65% at Rs 1,194.92 crore vs Rs 1,544.82 crore (Bloomberg estimate: Rs 1,385 crore).
Ebitda down 55.05% at Rs 181.42 crore vs Rs 403.57 crore (Bloomberg estimate: Rs 275.7 crore).
Margin contracts 1,094 bps at 15.18% vs 26.12% (Bloomberg estimate: 19.90%).
Net profit down 88.47% at Rs 23.34 crore vs Rs 202.54 crore (Bloomberg estimate: Rs 104.5 crore).
DCB Bank Q3 FY24 (YoY, Standalone)
NII up 6.3% Rs 474 corer vs Rs 446 crore.
Net profit up 11.2% Rs 126.6 crore vs Rs 113.9 crore (Bloomberg estimate: Rs 128.6 crore).
Gross NPA at 3.43% vs 3.36% (QoQ).
Net NPA at 1.22% vs 1.28% (QoQ).
Earnings In Focus
JSW Steel, SBI Life, Cipla, Cholamandalam Investment, Shriram Finance, SBI Cards, AU Small Finance Bank, Tata Tech, ACC, Indraprastha Gas, Syngene International, Manyavar, Cyient, TVS Holdings, Asahi India Glass, Equitas SFB, IEX, Intellect Design Arena, Elecon Engineering, KFin Technologies, Maharashtra Scooters, ION Exchange, DB Corp, Sterlite Tech, Swaraj Engines.
Stocks To Watch
Coal India, Reliance Industries, Adani Enterprise, BHEL, GAIL, IOCL, NLC India: Cabinet approved the scheme for the promotion of coal gasification projects with an outlay of Rs 8,500 crore. Incentives for coal gasification projects to be implemented under 3 categories.
Zee Entertainment Enterprises: The company has moved the National Company Law Tribunal seeking directions to implement the merger with Sony Group Corp.'s Indian subsidiary.
Tata Motor Co: The company has sought to deregister all its U.S.-listed securities from the country's capital markets regulator after meeting the set criteria for the action.
Mazagon Dock Shipbuilders: The company signed a contract worth of Rs 1,070 crore with the acquisition wing of the Ministry of Defense for the construction and delivery of Fourteen fast patrol vessels for the Indian Coast Guard.
DLF: The board approved the sale of the asset 'DLF Centre' to unit DLF cyber city developers for consideration of Rs 825 crore.
Ceat: The company approved a capex expansion plan of Rs 572 crore at existing Plants. The proposed amount is to be spent over 3 years and is to be funded by debt and internal accruals.
Coal India: The company and Bharat Heavy Electricals will invest up to Rs 11,782 crore in coal-to-ammonium nitrate joint venture project in Odisha. The company and GAIL invest up to Rs 13,053 crore in a coal-to-SNG JV project in West Bengal.
Piramal Enterprises: The company’s unit has agreed to buy a 10.39% stake in Annapurna Finance for Rs 300 crore through a mix of equity and debt.
Axis Bank: The private lender approved the investment of Rs 100 crore in a new wholly-owned unit. The new subsidiary will offer business correspondent and technological service providers to the Bank.
Bajaj Auto: Madhur Bajaj resigned from the position of non-executive vice-chairman.
Borosil: The company approved fundraising up to Rs 250 crore via qualified institutional placement.
Tasty Bite Eatables: Milin Bande resigned from the position of chief financial officer of the company.
Balkrishna Industries: The company approved the merger of the unit BKT Tyers with itself.
Cyient DLM: The company appointed Kausal Jadia as chief technology officer.
NHPC: The government will sell up to 50.5 lakh shares via offer for sale to eligible employees at Rs 71 per share which indicates the discount of 11.7% to the current market price.
Sona BLW Precision Forgings: The company signed a definitive agreement with CleanMax for setting up a captive power generating facility in Haryana.
IRM Energy: Commercial operations at the company's LCNG station at Rasipuram, Namakkal district commenced from Jan. 24, 2024.
IPO Offerings
Epack Durable: The public issue was subscribed 16.37 times on day 3. The bids were led by non-institutional investors (28.10 times), retail investors (6.29 times) and institutional investors (25.50 times).
Nova Agritech: The public issue was subscribed 33.87 times on day 2. The bids were led by non-institutional investors (71.23 times), retail investors (36.28 times) and institutional investors (1.12 times).
Block Deals
Poonawalla Fincorp: Magma Ventures sold 40.33 lakh shares (0.52%) and Rising Sun Holdings bought 40.33 lakh shares (0.52%) at Rs 495.85.
Bulk Deals
Computer Age Management Services: HDFC Bank sold 10 lakh shares (2.02%) at Rs 2,700.08 apiece. Fidelity Investment Trust Fidelity Emerging Markets Fund bought 2.82 lakh shares (0.57%) at Rs 2,700 apiece.
Manappuram Finance: BNP Paribas Arbitrage sold 46.46 lakh shares (0.54%) at Rs 172.06 apiece.
Sunteck Realty: Briarwood Capital Master Fund sold 47.15 lakh shares (3.21%), and CLSA Global Markets bought 46.52 lakh shares (3.17%) at Rs 445.5 apiece.
Pledge Share Details
Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge for 70 lakh shares on Jan 23.
Gensol Engineering: Promoter Gensol Ventures created a pledge of 15.50 lakh shares on Jan 17 and promoter Anmol created a pledge of 2.43 lakh shares on Jan 17.
Who’s Meeting Whom
Bank of Baroda: To meet analysts and investors on Jan. 31.
Trading Tweaks
Price band revised from 20% to 10%: Bajel Projects, IFCI.
Ex/record date dividend: Ksolves India, KDDL, IIFL Finance, Mastek.
Moved into short-term ASM framework: Vikas Lifecare, Zee Entertainment.
Moved out of short-term ASM framework: Accleya Solutions, Salasar Techno Engineering.
F&O Cues
Nifty January futures up by 1.39% to 21,477.60 at a premium of 23.65 points.
Nifty January futures open interest down by 33%.
Nifty Bank January futures up by 0.49% to 45,131.30 at a premium of 48.9 points.
Nifty Bank January futures open interest down by 17.41%.
Nifty Options Jan 25 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,000.
Bank Nifty Options Jan 25 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 44,000.
Securities in the ban period: Zee Entertainment Enterprise.
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