Share Market Highlights 14 February 2024: Sensex, Nifty move up in late trading; BPCL, SBI and ONGC top gainers on Sensex

Equity benchmark indices Sensex and Nifty bounced back from early lows to close higher on Wednesday, helped by fag-end buying in energy, metal and utility stocks amid a mixed trend in global equities.

Rising for the second straight session, the 30-share BSE Sensex climbed 267.64 points or 0.37 per cent to close at 71,822.83 points. The index swung between a high of 71,938.59 points and a low of 70,809.84 points during intra-day trades.

The broader NSE Nifty also gained 96.80 points or 0.45 per cent to end the day at 21,840.05 points.

The rupee appreciated five paise to close at 83.03 (provisional) against the US dollar on Wednesday, tracking positive domestic equities.

Forex traders said strength of the American currency in the overseas market and elevated crude oil prices weighed on the local unit and restricted a sharp uptick.

At the interbank foreign exchange, the local unit opened at 83.11 against the greenback. It hit an intra-day high of 83.02 and a low of 83.12.

Vinod TP, a Research Analyst at Geojit Financial Services, said that the Indian IT index saw a decline attributed to elevated US inflation levels, which sparked worries regarding postponed interest rate reductions and influenced client expenditure. 

Despite the transient market turbulence caused by heightened interest rates and concerns about the US economy, the IT sector remains optimistic due to emerging technological avenues such as Generalized Artificial Intelligence, Machine Learning, and cloud computing, which offer promising long-term growth potential for Indian IT companies.

Container Corporation of India Limited (CONCOR) and Container Company of Bangladesh Ltd. (CCBL) have inked a Memorandum of Understanding (MoU).

Kanoria Chemicals & Industries to expand Hexamine production in Ankleshwar, Gujarat, by 18MTPD.

G R Infraprojects announced that its subsidiary, Varanasi Sangam Expressway Pvt Ltd, has finished the 6-laning of the Handia to Varanasi section in Uttar Pradesh and received a completion certificate.

The wholesale price index (WPI)-based inflation eased to a three-month low of 0.27 per cent in January, mainly due to moderation of food prices, including vegetables, a PTI report said.

The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.39 per cent.

In January 2023, it was at 4.8 per cent and in December 2023 it was 0.73 per cent.

Balaxi Pharmaceuticals has said Balaxi Global DMCC, a wholly-owned subsidiary of the company, has incorporated a new wholly-owned subsidiary in Chile by the name Balaxi Pharmaceuticals Chile SPA.

Balaxi Pharmaceuticals stock trades at ₹580 on the NSE, up by 0.81%.

Kridhan Infra Ltd has informed the exchange regarding the appointment of Gautam Joginderlal Suri as Managing Director and Bhavesh Narendra Nagda as Chief Financial Officer of the company with effect from February 13, 2024.

Gainers: BPCL (6.74%), SBI (4.55%), ONGC (3.37%), Coal India (2.94%), Tata Steel (2.14%). Losers: Tech Mahindra (-2.52%), Cipla (-2.12%), Sun Pharma (-1.45%), Infosys (-1.22%), Dr Reddy’s Laboratories (-1.21%)

A total of 2,306 stocks advanced on the BSE at 3 pm on February 14, against 1,507 stocks that declined; 99 stocks remain unchanged. The total stocks traded were 3,912. The number of stocks that recorded a 52-week high was 210, and those that hit a 52-week low was 41.

KPI Green Energy reported a standalone net profit at ₹40.77 crore for the quarter ended December 2023, as against ₹27.55 crore in the corresponding quarter ended December 2022. The stock rose by 5 per cent on the NSE, trading at ₹2,007.65.

The board of directors of Axis Bank has appointed foreign bank veteran Pranam Wahi as an additional independent director of the bank for four years with effect from February 15, 2024. This appointment is subject to approval of shareholders. A Chartered Accountant by qualification, Wahi has over 40 years of banking experience across India, the UAE/ GCC, Indonesia and Singapore.

Nifty 50 trades at 21,799.10, up by 55.85 points or 0.26%, and BSE Sensex trades at 71,682.66, up by 127.47 points or 0.18% as of 2.36 pm.

Nifty PSU Bank stocks rise by 2.92%, trading at 6,912.45. Major gainers among Nifty PSU stocks include: Indian Bank (6.94%), SBI (4.79%), PSB (4.48%), UCO Bank (3.80%)

Vibhor Steel Tubes IPO has been subscribed 74.94 times as of 2.27 pm on February 14, 2024. The QIB portion has been subscribed 7.08 times, NII 170.31 times, retail 73.03 times, and that reserved for employees 64.18 times. Issue closes on February 15.

Yuken India standalone net profit at ₹4.32 crore in quarter ended December 2023, as against ₹2.98 crore in the same previous period. Stock jumps 10.89% on the NSE, trading at ₹745.

​IPCA Laboratories​ reported a standalone net profit at ₹136.94 crore for the quarter ended December 2023 as against ₹115.18 crore in the corresponding quarter ended Dec 2022.

Shares trade at ₹1,165.90 on the NSE, up by 0.45%.

Jubilant Industries (19.99%)

Kalpataru Projects International (14.03%)

Dilip Buildcon (13.45%)

Nuvama Wealth Management (11.89%)

Ahluwalia Contracts (10.94%)

M&M reported a standalone net profit at ₹2,453.98 crore for the quarter ended December 2023, as against ₹1,528.06 crore in the corresponding quarter ended December 2022. Shares trade at ₹1,642.65 on the NSE, down by 0.25 per cent.

Natco Pharma has declared interim dividend of ₹62.5 per equity share. The company reported standalone net profit at ₹192 crore for the quarter ended December 2023 as against ₹37.3 crore in the corresponding quarter ended December 2022.

Shares surged by 5.61 per cent on the NSE, trading at ₹905.

ZF Group inaugurates manufacturing plant in Oragadam, Tamil Nadu. Spread over 44.08 acres, the 19th manufacturing facility in India, which is phase-I of the project, covers 7200 sq. meters and displays ZF’s modern production technology.

ZF Commercial Vehicle Control Systems India stock trades at ₹14,953.80 on the NSE, down by 0.25%.

Indian Hume Pipe Company has received Letter of Intent of the value of ₹495.04 crore from Tapi Irrigation Development Corporation Jalgaon (Jalgaon Irrigation Project Circle), Maharashtra for Engineering, Procurement and Construction (EPC) of Civil, Mechanical and Electrical works for Pressurised Piped Distribution Network of Varkhede Londhe Irrigation Project including Operation and Maintenance of entire system for five years. The project is to be completed within period of 24 months. 

Indian Hume Pipe Company stock jumps 14.54% on the BSE, trading at ₹268.95.

Nxtra by Airtel has announced a power-wheeling agreement with Ampln and Amplus Energy to procure an additional 140,208 MWh of renewable energy. Bharti Airtel stock trades at ₹1,108.55 on the NSE, down by 0.83%.

Nuvama Wealth Management Limited(NWML), a wealth management firm, has reported a near 100 per cent jump in consolidated net profit for the quarter ended December 31, 2023 at ₹176 crore (₹87 crore).

The latest bottomline performance was also higher than net profit of ₹145 crore recorded in the September 2023 quarter. 

Trident has informed about the appointment of Samir Joshipura as Group Chief Executive Officer.

Stock trades at ₹42.90 on the NSE, up by 1.06%.

Snowman Logistics has reported its net profit for the quarter ended Dec 2023 at ₹4.24 crore as against ₹3.73 crore in the corresponding quarter ended Dec 2022.

Stock trades at ₹65.95 on the NSE, down by 0.08%.

BSE Sensex is down by 193.88 pts or 0.27% trading at 71,361.31 as of 1.08 pm, and Nifty 50 trades at 21,695.50, down by 47.75 pts or 0.22%

Prestige Estate Projects stock falls by 3.79% on the NSE, trading at ₹1,100 after the company reported its financial results for the period ended December 31, 2023.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has signed a power delivery agreement with Tata Communications Limited for an 18.75 MW AC group captive solar power plant. Tata Power stock rose by 1% on the NSE, trading at ₹368.70.

Tata Communications stock trade at ₹1,735.40 on the NSE, down by 0.61%.

US CPI headline inflation printed y-o-y at 3.1% compared to market expectation of 2.9%. CPI inflation ex food energy printed at 3.9% vs median expectation of 3.7% for the month of Jan’24. While the headline was lower than previous and core was flat vs previous reading the market was disappointed as expectation were lower and resulted in 10 year US Govt. bond yield inched up by about 15 bps. Given the data the effective expectation of the first cut is getting pushed to June ‘24 form March/May 2024.

Copper prices witnessed a sharp fall last week, breaking below their key support in line with our expectation. The copper futures contract traded on the Multi Commodity Exchange (MCX) broke the support at ₹712 per kg and fell towards ₹700 as expected. The contract made a low of ₹699.50 and has recovered well from there.

Global Health Limited has informed about the resignation of Deepak Khanna as Financial Controller of the company w.e.f. February 12, 2024, with lastworking day being Feb 29, 2024.

Shares trade at ₹1,318.15 on the NSE, down by 2.34%.

Jyoti Structures Ltd has received In-principle approval from NSE for proposed issue of equity shares of face value of ₹2 each on rights basis to existing shareholders.

Stock trades at ₹29.70 on the NSE, down by 4.96%.

LTTS (-5.10%), Mphasis (-3.49%), Coforge (-3.13%), Tech Mahindra (-2.91%), Infosys (-2.40%)

Vibhor Steel Tubes IPO has been subscribed 52.15 times as of 12:15 pm on Wednesday. The QIB portion has been subscribed 3.67 times, NII 103.71 times, retail 57.75 times, and that reserved for employees 52.95 times. The issue closes on February 15.

Radisson Hotel Group on Wednesday said it has accelerated its growth in India by signing 21 hotels under a portfolio of nine brands in 2023. The 21 hotels include the signing and opening of the group’s first property at Ayodhya, in Uttar Pradesh -- Park Inn by Radisson Ayodhya.

Bharat Bijlee board has approved sub-division or slipt of existing 1 equity share of face value of ₹10 each fully paid-up, into 2 equity shares of face value of ₹5 each fully paid-up.

Stock trades at ₹5,880.20 on the BSE, up by 1.47%.

Major gainers: BPCL (4.55%), ONGC (1.35%), Coal India (1.19%), Bajaj Auto (1.17%), ITC (0.77%)

Major losers: Tech Mahindra (-3.23%), Cipla (-3.09%), Infosys (-2.87%), Dr Reddy’s Lab (-2.55%), LTIMindtree (-2.51%)

A total of 1,996 stocks advanced on the BSE at 12 noon on Wednesday, against 1,696 stocks that declined; 110 stocks remain unchanged. A total of 3,801 stocks were traded, and 176 recorded a 52-week high, and 37 a 52-week low.

Tata Elxsi has inaugurated a new Global Design and Engineering Centre in Sukhwani Business Hub, Chinchwad. The centre is tailored to cater to the technology and digital transformation priorities of key automotive OEMs and Tier-1 suppliers. 

The Tata Elxsi stock trades at ₹7,400.05 on the NSE, down by 0.58%.

Mcap: ₹172.1 bn | CMP: ₹279 | TP: ₹379 | Upside: 36%

Established in 1956, Talbros Automotive Components Ltd. (TACL) has carved a niche in the Indian auto component manufacturing space, with a leadership in automotive gaskets (over 50 per cent market share). Over the years, the company has forged technological alliances with global majors such as Magneti Marelli Italy & Marugo Rubber Japan to diversify into newer areas like Forgings, Suspension Products, Heat Shields, Bushes, Anti-Vibration Products and Hoses. The company has a well-diversified product portfolio catering to PVs and CVs, as well as to two and three-wheelers. Also, it has a diversified client base, with no single client accounting for more than 13-14 per cent of the revenue. The company identifies exports and forgings as engines of growth and expects the group revenue to double by FY27. Rising contribution from forgings and EV products such as Heat Shields will lead to a sustained improvement in the EBITDA margin going forward.

Leader in the gaskets segment, rising share of Forged & Machined parts: TACL has been manufacturing gaskets since 1956 and it commands ~50% market share in the domestic market. Further, the company has seen increased demand for Forgings and Battery Sealing components from the EV segments, notably from JLR, BMW and Maruti.

De-risked revenue stream: Starting as a Gasket manufacturer, TACL has diversified its product offering and now manufactures a large number of components falling in four broad categories -- Gasket & Heat Shields, Forgings, Chassis & Suspension and Anti-Vibration Products & Hoses. Further, 2&3W, PVs, CVs, Agri and others account for a revenue share of 22%, 28%, 26%, 13% and 11% respectively. 

Robust order inflow, rising exports, product innovation to drive growth: TACL has secured new multi-year orders totalling over ₹10bn from both domestic and international customers across its business divisions, that will go for regular production in the coming years. The company has introduced new products such as Heat Shields & E20 biofuel hoses, and several other EV-only products. With a growing list of marquee global customers such as JCB UK, Dana Italy, Marelli Italy and JLR, TACL expects its exports contribution to go up from the current 25% (FY23) to 35% by FY27.

Outlook & Valuation: TACL is well-positioned to achieve its goal of doubling its group-level topline to ₹22bn by FY27. This is attributed to continuous development of new-age products such as heat shields and E20 biofuel hoses, a stronger EV portfolio, and a robust client base. We initiate coverage on Talbros Automotive Components Ltd with a BUY rating, with SOTP target price of ₹379.

Kiri Industries has incorporated a wholly owned subsidiary company in the name of Claronex Holdings Pte. Ltd., in Singapore.

Kiri Industries stock trades at ₹375 on the NSE, down by 0.62%.

Power Grid Corporation of India Limited has accepted to supply 25 MVAR and 8.33MVAR 245kV Shunt Reactors from the Changodar Unit of Transformers and Rectifiers (India) Limited.

Transformers And Rectifiers (India) stock trades at ₹302.95 on the NSE, higher by 4.99%, and Power Grid stock trades at ₹271.60, up by 0.50%.

RITES Limited and AD Ports Group has announced a strategic Memorandum of Understanding (MoU) to explore joint ventures and collaborations in key areas of trade and logistics.

RITES stock rose by 2.41% on the NSE, trading at ₹721.55.

Capital Goods 

CMP(₹): 4,313 Fair Value(₹): 3,950 Sector View: Cautious

Siemens India reported a healthy 20% revenue growth. Profitability was healthy at 12.4% although boosted by segments with volatile track record. Strong other income helped convert an in-line EBITDA to a 5% PAT beat. Ordering was strong at 1.35X revenues with renewed strength in T&D ordering compensating for reducing relevance of the cyclical digital industries segment. We broadly maintain our EBITDA estimates and factor in higher other income in our Rs3,950 FV (revised up by 6%). We retain SELL rating on expensive 62X one-year forward earnings implied at CMP.

PSU index still trades at 40% discount to Nifty

Our top PSU Picks are SBI, Coal India and NTPC

Governance improvements could drive longer term rerating for SOEs

A comparison of PSU Bank valuations vs. the 2006-12 period (similarly strong fundamentals

and rising capex cycle) suggests a rerating potential of 25-30% on PE/PB valuations

Adani Green Energy Twenty Four A Limited and Adani Green Energy Twenty Four B Limited, wholly-owned stepdown subsidiaries of Adani Green Energy Limited (“AGEL”) have operationalized an aggregate 551 MW solar power projects at Khavda, Gujarat.

AGEL stock rose by 1.71% on the NSE, trading at ₹1,846.60.

Major gainers on the BSE at 11 am:

Reliance Infrastructure (11.67%); Elgi Equipments (9.36%); Hindustan Oil (9.03%); Time Technoplast (8.81%); Ahluwalia Contracts (8.62%)

Major losers: 

MTARTECH (-11.41%); Genus Power (-9.99%); Paytm (-8.31%); IFCI (-5%); LTTS (-4.29%)

Great Eastern Shipping Company Limited (G E Shipping) has contracted to buy a Medium Range product tanker of about 49,999 dwt on February 14, 2024. The 2010 built vessel is expected to join the Company’s fleet by Q1 FY25. 

Shares rise by 1.34% on the BSE, trading at ₹947.95.

JSW Steel has informed that the consolidated Crude Steel Production in January’24 grew by 7% y-o-y.

Shares trade at ₹805.80 on the NSE, down by 0.84%.

Edelweiss Mutual Fund has announced the launch of Edelweiss Technology Fund. 

The new fund offer (NFO) is open for subscription from 14th February 2024 to 28th February 2024.

The Bank Nifty index is trading lower at 45,240, down 0.58 per cent. It made a low of 45,344 and has recovered well from there. The advances/ declines ratio is at 3:9. This is negative.

The Indian benchmark indices are trading lower, taking cues from the sharp fall in the US markets overnight. US inflation data released on Tuesday failed to meet market expectations. It has reduced hopes in that the US Federal Reserve would continue to retain the rates higher and may not be in a hurry to begin the rate cut cycle

Singapore-headquartered BOC Aviation Ltd on Wednesday said it has entered into a finance lease transaction with InterGlobe Aviation Ltd (IndiGo).

The deal has been signed for four Airbus A320NEO aircraft.

“We are pleased to be closing another four finance leases with IndiGo,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation.

“We continue to work closely with our long-time customer to support its expansion strategy as it builds a fleet of the latest technology fuel-efficient aircraft,” Townend said in a release.

The aircraft are all powered by CFM LEAP-1A engines. All four aircraft are scheduled for delivery in 2024.

Indian equity markets recovered from the previous day’s losses and closed with significant gains as markets witnessed buying across the sectors led by banking & financial services stocks. Sentiments were boosted following the ease in domestic retail inflation data of Jan 2024, which remained under the central bank’s upper tolerance level for the fifth consecutive time. Nonetheless, market players exercised caution before the publication of U.S. retail inflation data, which may have an impact on U.S. Federal Reserve policy decisions.

Bond yields rose marginally after the release of the domestic retail inflation data of Jan 2024 which was in line with the expectations. Market participants awaited U.S. retail inflation data for further cues.

The yield on the 10-year benchmark paper (7.18% GS 2033) rose by 1 bps to close at 7.10% as compared to the previous close of 7.09%.

Hindalco Industries trades flat at ₹510.20 on the NSE, after the company posted its financial results for the period ended December 31, 2023

Godrej Properties Limited (GPL), one of India’s leading real estate developers, today announced that it has acquired ~12.5 acre of land in Rajendra Nagar in Hyderabad. Hyderabad is expected to be an important market for the Mumbai based developer in the years ahead.

The land is located in a strategic and high-potential area in Rajendra Nagar. The development on this land is estimated to have a potential of ~ 4 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of ~INR 3,500 crore*. The project will cater to the aspirations of discerning home buyers in Hyderabad, who are looking for a high-quality living experience with modern amenities and design.

Allied Blenders and Distillers Limited has appointed Jayathirtha Mukund as Head - Investor Relations and Chief Risk Officer. The organisation is in the process of an initial public offering.

Mr. Mukund will be responsible for investor management and relations, risk management practices and environmental, social and governance reporting. His experience will also be instrumental in enhancing ABD’s risk strategies and enabling best practices in compliance.

Prior to joining ABD, Mr. Mukund was associated with Raymond Limited, Reliance Communications Ltd., Adventity Global Services Pvt. Ltd., Vodafone Essar Ltd, Stratcap Securities (India) Private Limited and Zuari Cement Ltd.

Commenting on the appointment, Alok Gupta, Managing Director, ABD said, “We’re focused on being ‘future-ready’ and we welcome Mukund on board.”

PFC stock rose by 1.01% on the NSE, trading at ₹424.75. It had incorporated a wholly-owned subsidiary at the International Financial Services Centre (IFSC) GIFT City, Gujarat.

Dilip Buildcon has completed the project of construccting bridge including approaches across river Zuari in the State of Goa, worth ₹545.40 crore.

Stock rose by 2.02% on the NSE, trading at ₹391.10.

Ex Bonus 15 February 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Akshar Spintex Ltd

Bonus issue 1:5

Previous day Closing Price – Rs. 4.17

KPI Green Energy Ltd

Bonus issue 1:2

Previous day Closing Price – Rs. 1915.8

Last date for Cum-Dividend Today

Man Infraconstruction Ltd.

Dividend Per Share Rs.0.54

Previous day Closing Price – Rs. 212.45

CCL Products (India) Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 634.6

Nestle India Ltd.

Dividend Per Share Rs.7

Previous day Closing Price – Rs. 2459.15

Power Grid Corporation Of India Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 270.25

Uno Minda Ltd.

Dividend Per Share Rs.0.65

Previous day Closing Price – Rs. 632.4

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Inox India Ltd : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295421

Pearl Global In : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295426

Ent Network Ind : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295414

GE Power India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295391

Everest Kanto : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295411

Hindalco : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295410

Time Techno : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295397

Uflex : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295395

Kirloskar Oil : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295390

Ashiana Housing : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295389

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 840.6 Cr (14.3% QoQ, 45.3% YoY) vs QoQ Rs. 735.3 Cr, YoY Rs. 578.5 Cr

EBIDTA came at Rs. 444.6 Cr (23.5% QoQ, 83% YoY) vs QoQ Rs. 360.1 Cr, YoY Rs. 242.9 Cr

EBITDA Margin came at 52.9% vs QoQ 49%, YoY 42%

Adj. PAT came at Rs. 176.3 Cr vs QoQ Rs. 145.2 Cr, YoY Rs. 87.4 Cr

Quarter EPS is Rs. 50.1

Stock is trading at P/E of 16.4x Q3 annualised EPS

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 1324.7 Cr (10.9% QoQ, 17.4% YoY) vs QoQ Rs. 1194.2 Cr, YoY Rs. 1128.6 Cr

EBIDTA came at Rs. 190.6 Cr (14.2% QoQ, 26.3% YoY) vs QoQ Rs. 166.9 Cr, YoY Rs. 150.9 Cr

EBITDA Margin came at 14.4% vs QoQ 14%, YoY 13.4%

Adj. PAT came at Rs. 91.6 Cr vs QoQ Rs. 70.4 Cr, YoY Rs. 61.3 Cr

Quarter EPS is Rs. 4

Stock is trading at P/E of 14x TTM EPS

(Nirmal Bang Retail Research)

Result has improved

Segmental Revenues

Investment Banking came at Rs. 487.3 Cr vs YoY Rs. 350.4 Cr, QoQ Rs. 495 Cr

Mortgage Lending came at Rs. 392.5 Cr vs YoY Rs. 334.9 Cr, QoQ Rs. 367.4 Cr

Distressed Credit came at Rs. 110.6 Cr vs YoY Rs. 90.6 Cr, QoQ Rs. 113.6 Cr

AMC, Wealth Mgmt, Securities came at Rs. 264.7 Cr vs YoY Rs. 163.3 Cr, QoQ Rs. 237.8 Cr

Others came at Rs. 54.1 Cr vs YoY Rs. 51.4 Cr, QoQ Rs. 53.4 Cr

Total Segmental Revenues came at Rs. 1309.2 Cr vs YoY Rs. 990.6 Cr, QoQ Rs. 1267.3 Cr

Segmental PBT

Investment Banking came at Rs. 196.6 Cr vs YoY Rs. 134.2 Cr, QoQ Rs. 184.1 Cr

Mortgage Lending came at Rs. 126.5 Cr vs YoY Rs. 119.5 Cr, QoQ Rs. 27.9 Cr

Distressed Credit came at Rs. 20.4 Cr vs YoY Rs. 15.9 Cr, QoQ Rs. 17.9 Cr

AMC, Wealth Mgmt, Securities came at Rs. 36.2 Cr vs YoY Rs. 11.5 Cr, QoQ Rs. 10.7 Cr

Others came at Rs. 37.5 Cr vs YoY Rs. 40.5 Cr, QoQ Rs. 37.3 Cr

Core PBT came at Rs. 285.7 Cr vs YoY Rs. 205.1 Cr, QoQ Rs. 130.1 Cr

Loan Book came at Rs. 15111 Cr vs YoY Rs. 15234 Cr, QoQ Rs. 15808 Cr

Credit cost in NBFC stood at 1.3% vs QoQ 3.2%

Gross NPA % came at 4.5% vs QoQ 4.8%

Net NPA % came at 2.2% vs QoQ 2.3%

Stage 2 came at 2.0% vs QoQ 0.5%

ROE stood at 9%

Quarter EPS is Rs. 2.9

Stock is trading at 1.1x trailing P/BV

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 158.2 Cr (-7.4% QoQ, -8% YoY) vs QoQ Rs. 170.9 Cr, YoY Rs. 171.9 Cr

EBIDTA came at Rs. 29.9 Cr (23.9% QoQ, 43.4% YoY) vs QoQ Rs. 24.1 Cr, YoY Rs. 20.8 Cr

EBITDA Margin came at 18.9% vs QoQ 14.1%, YoY 12.1%

Adj. PAT came at Rs. 23.1 Cr vs QoQ Rs. 22.7 Cr, YoY Rs. 13.4 Cr

Quarter EPS is Rs. 9.7

Stock is trading at P/E of 12.3x TTM EPS

Copper prices retreated from early gains on Tuesday as the U.S. dollar strengthened following robust inflation data, reinforcing expectations that the Federal Reserve would maintain interest rates in March.

The dollar index rose post the inflation report, leading traders to speculate that the Fed might defer any interest rate cuts until June.

The strengthened U.S. currency also rendered dollar-priced metals, including copper, more expensive for buyers using other currencies.

However, trading activity has been subdued this week due to China’s Lunar New Year celebrations.

On a positive note, daily data from the London Metal Exchange (LME) revealed that copper stocks in LME-registered warehouses reached their lowest level since September, providing some support amid broader market uncertainties.

Outlook: We expect copper to trade lower towards 704.60 levels, a break of which could prompt the price to move lower towards 701.80 levels.

Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd., a Fintech brokerage house in India

Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd., a Fintech brokerage house in India

Gold prices slipped below the $2,000 per ounce threshold to a two-month low due to a robust U.S. inflation report, diminishing hopes for an imminent interest rate cut by the Federal Reserve.

The unexpected surge in U.S. consumer prices in January, prompted traders to anticipate a potential interest rate reduction not earlier than June.

Consequently, the U.S. dollar strengthened against its counterparts, reaching a three-month high, amplifying the cost of gold for holders of other currencies. The rise in the U.S. 10-year Treasury yield further contributed to gold’s decline.

With the focus shifting to upcoming retail sales and producer price index (PPI) data, investors are keenly observing indicators before any Federal Reserve rate adjustments.

Fed officials, including Chairman Jerome Powell, reiterated last week their stance of requiring more evidence of sustained inflation decline before contemplating rate cuts.

Outlook: We expect gold to trade lower towards 61100 levels, a break of which could prompt the price to move lower towards 60850 levels..

The rupee depreciated 4 paise to 83.12 against the US dollar in early trade on Wednesday, tracking a negative trend in domestic equities.

Forex traders said the strength of the American currency and elevated crude oil prices in the international market dented investors’ sentiments.

At the interbank foreign exchange, the rupee opened at 83.11 against the dollar and touched an early low of 83.12 and a high of 83.09 in initial trade.

On Tuesday, the rupee depreciated 8 paise to close at 83.08 against the US dollar. - PTI

Nodwin Gaming International Pte Ltd, susidiary of Nodwin Gaming Pvt Ltd, a material subsidiary of Nazara Technologies, has signed agreements to acquire 100% ownership in Ninja Global FZCP. 

Nazara Technologies stock trades at ₹846 on the NSE, down by 0.62%.

Infosys has received communication(s) for collection of penalty from overseas authority, Department of Revenue – Oregon, imposing penalty of $2.47 for Short Payment of Payroll Trimet Tax for Q3 2021.

Infosys stock declined by 2.21% on the NSE, trading at ₹1,647.40.

PG Electroplast Ltd has informed about the appointment of Vikas Gupta as Managing Director of the company w.e.f. April 01, 2024. 

Stock trades at ₹1,835.55 on the NSE, down by 1.67%.

Though upsides may strengthen only on pull back above 83.17, the onset of longs may begin once consistently above 83.06, which is our favoured view for the day.

Nifty weekly contract has highest open interest at 22000 for Calls and 21000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22150 for Calls and 21500 for Puts in weekly and at 22600 for Calls and 21700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.15%, increased future index shorts by 0.91% and in index options by 12.74% decrease in Call longs, 2.44% increase in Call short, 16.69% decrease in Put longs and 2.64% increase in Put shorts. 

While challenges posted by the 21690-720 region were overcome after a couple of attempts there was not enough momentum to see past 21835, which we had pencilled in yesterday as a critical region before upside momentum is signalled. This puts the 21500-250 trajectory intact, but we are not sure if such downswings could evolve into a 20800-20500 plunge right away. 

“A major catalyst driving the rally in global equity markets has been expectations of rate cut by the Fed. The Fed had indicated possibly three rate cuts in 2024 and markets had discounted up to five rate cuts. This was on expectations that inflation in the US will continue to trend down. This expectation has received a jolt from the US CPI inflation numbers rising year on year to 3.1% against expectation of 2.9%. This means that the Fed will certainly not cut rates in March and the number of rate cuts in 2024 also will be lower. The bond market has quickly responded with the US 10-year yield shooting up to 4.31%. The consequence in the Indian market would be heavy selling by FIIs. Banking stocks which form the largest chunk of FII holding will be under pressure. The broader market, which is overvalued, will also be impacted by the negative sentiment. Investors may wait and watch for better clarity to emerge.”

Indian shares started the day with significant losses on Wednesday, following Asian markets down after higher-than-expected U.S. inflation raised concerns about delayed rate cuts, impacting market sentiment. The BSE Sensex fell 614.75 points to 70,940.44, while the NSE Nifty dropped 170.45 points to 21,572.80 in early trade.

Deepak Jasani of HDFC Securities suggests Nifty could open lower today, following negative global cues. He notes that the index ended higher on February 13 after a volatile session, but its candlestick pattern indicates a bullish trend with alternating up and down days. A move above 21832 could accelerate the upmove, while a breach of 21543 could lead to a decline to 21239 in the near term.

Avdhut Bagkar of StoxBox expects Indian markets to open sharply lower. Nifty’s immediate support is at 21450, and its ability to hold above this level is crucial. After Moody’s upgraded ratings of four Group firms, investors will likely focus on Adani Group stocks.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, says technically, the market found support near 21550/70950 and showed a bullish comeback but failed to surpass 21850/71700 levels. Chouhan recommends buying Nifty between 21450 and 21400 with a stop loss at 21400 and resistance at 21600 and 21750. Bank Nifty has support at 45000 and 44800, with resistance at 44400 and 44000. Buying with a contra-view is advised at 44400 levels.

Profit booking has been more evident in the broader, more-domestically focussed small- and mid-caps. They have dropped 2.39% and 1.51% in February, compared to the 0.08% rise in the Nifty 50.

According to National Securities Depository data, FPIs sold Rs 2,524 crore in February after offloading stocks worth Rs 25,744 crore in January.

Domestic institutional investors, who bought stocks worth Rs 274 crore on Tuesday, are on course to extend their buying streak for the seventh month.

Bharat Electronics Limited (BEL) had signed a contract for a value of ₹2,167.47 crore plus taxes with Indian Navy for the supply of state of the art indigenously designed and developed EW suite for use on-board warship.

Bharat Electronics stock rose by 1.39% on the NSE, trading at ₹179.05.

BSE Sensex declines by 651.77 pts or 0.91% to trade at 70,903.42 as of 09:36 am, while Nifty 50 trades down by 184.25 pts or 0.85% trading at 21,559.00.

Major gainers on the NSE at 9.30 am:

Adani Enterprises (0.85%), M&M (0.39%), BPCL (0.27%), ITC (0.21%), Adani Ports (0.17%)

Major losers:

Infosys (-2.61%), Tech Mahindra (-2.48%), Wipro (-2.48%), LTI Mindtree (-2.02%), HDFC Bank (-1.91%)

Sealmatic India Limited announced its recent Russian certification for TRCU 10 and TRCU 32 for its API (682) Plans. 

Stock rose by 4.59% on the BSE, trading at ₹784.25.

Hero MotoCorp announced opening of bookings for its flagship motorcycle – Mavrick 440 starting today, February 14, 2024. 

It will be available in three variants – Base, Mid and Top at Hero MotoCorp dealerships across the country at an attractive price point of ₹199,000 (Base), ₹214,000 (Mid) and ₹224,000 (Top), respectively. The company is also launching a ‘Welcome to Mavrick Club Offer’ which will be available to customers who book the Mavrick 440 before 15th March. They will get a customised Mavrick Kit of Accessories & Merchandise worth ₹10,000.

Crude oil futures traded lower on Wednesday morning as the industry data showed a large increase in crude oil inventories in the US. At 9.15 am on Wednesday, April Brent oil futures were at $82.14, down by 0.16 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $77.83, down by 0.05 per cent. February crude oil futures were trading at ₹6469 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6490, down by 0.32 per cent; and March futures were trading at ₹6462 as against the previous close of ₹6486, down by 0.37 per cent.

BANK NIFTY OUTLOOK

BANK NIFTY has once again bounced from its 200 day average support and crossover of 45,850 levels will give an upward breakout on daily charts.

The key trend reversal level is at the 200 day average at 44,500 levels and being the lows for the last 2 weeks.

RSI is moving higher from its oversold levels on hourly charts and crossover of the average line would accelerate the up move.

Bank Nifty highest call OI is at 46,000 levels while on the downside put OI will has moved higher to 45,000 levels.

NIFTY-50 OUTLOOK

NIFTY-50 has recovered its previous day’s loss , holding its support of 50 day average and closed near the high point of the day led by the banking and financial services sector. 

The broader positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,450 will be the trend reversal levels.

RSI is trending lower below the average line and other key technical indicators are also piercing downwards on longer time frame charts.

Highest call OI is at 22,000 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry.

Focus Today – Global markets decline between 1-2%. Gold price fell to 2-month low. Nalco, Bausch India, NBCC, Borocil, Lumax Auto reported impressive Q3 results. ADR /GDR – Tata Steel, Dr Reddy, Infosys ADR decline 1% each. Grasim ADR slipped 3.5%. Axis Bank and ICICI Bank ADR gained over 1% each. Results: Mahindra and Mahindra, NMDC, Muthoot Finance, Gland Pharma, Ipca Laboratories, ABFRL, Glenmark Pharma, Gujarat State Petronet , NMDC Steel, Crompton Greaves Consumer, Indiabulls Housing Finance.

Hotter that the expected US Inflation data, sharp decline across the global markets, surging US 10-Year bond yield and Dollar Index to 2-month high and spiked in US Vix (Volatility Index) by 15%, may open domestic markets on a weak note. Asian markets overnight US & European markets declined between 1-2% after the key US inflation report came above expectation, intensifying the uncertainty about the Federal Reserve’s pace of interest-rate cuts in the March meeting. US Consumer prices were up 3.1% on a year-over-year basis versus the 2.9% expectation (previous month was 3.4%). Core CPI was up 3.9% year-over-year compared with the 3.7% expected. US 10-Year Bond Yield surged to 2-months high at 4.32%, Dollar Index surged to 2-month high at 105 level and US Vix soared 15% to nearly 16 level. Gift Nifty slipped by 200 points or nearly 1%. Yesterday, Nifty gained over half percent led by financial and IT stocks along with PSU Index surged nearly 2%. Traders avoid aggressive buying till the clear trend emerges and stability in the global markets. FIIs turned into marginally net buyers in the last couple of days and domestic inflation fell to 3-month low may support the market from the intra-day low. Technically, Nifty has to hold above 21750 zones, for an upside move towards 21850 then 21950 whereas supports are placed at 21650 then 21550 zones.

Oil Price Update –.Oil prices rose 2% TO $83/bbl after the United States rejected Russian President Vladimir Putin’s proposal for a ceasefire in Ukraine, according to Reuters and rising geo-political tension in the Gulf Region.

Gold Price Update – Gold dipped below $2,000 an ounce for the first time since December as a hotter-than-expected US inflation report diminished hopes that the Federal Reserve may soon pivot to monetary easing.

The benchmark indices had a volatile trading session on Tuesday. Nifty closed 113 points higher, while Sensex was up 483 points after experiencing unpredictable movements. Banking and financial shares saw intraday recovery from lower levels, resulting in both indices rising more than 1%. However, the metal index fell nearly 2%.

From a technical standpoint, after the initial intraday correction, the market found support near 21550/70950 and made a bullish comeback. However, the short-term formation is still on the weak side as it failed to surpass 21850/71700 levels. Now, 21500-21400/70700-70400 would act as a trend-setting zone for traders.

The recommended strategy is to buy between 21450 and 21400 with a stop loss at 21400 on a closing basis. On the higher side, 21600 and 21750 would be the resistance levels. Above 21850, it could invite short covering in the market.

Bank-Nifty has support at 45000 and 44800 levels and should stop around these levels. Below 44800, it may fall to 44400 or 44000 levels. Buying is recommended with a contra-view at 44400 levels.

SMC Global

The market is expected to open lower taking cues from the global market. U.S market tumbled on after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving U.S. Treasury yields higher.

Markets have rallied this year on bets that the Fed would start trimming rates in May. Asian shares tracked a negative lead from Wall Street on Wednesday, while the dollar and Treasury yields jumped as traders pared back expectations for the pace and scale of rate cuts by the Federal Reserve this year. The latest shift in rate expectations came after an upside surprise in U.S. inflation on Tuesday which showed the consumer price index (CPI) rising 3.1% on an annual basis, above forecasts for a 2.9% increase. 

Back at home, Alembic, M&M, Muthoot Finance, Bharat Bijlee and F A C T will release quarterly earnings today. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs. 376.32 crore and Domestic institutional investors bought shares worth net Rs. 273.94 Crore on 13th February 2024.

Avdhut Bagkar Technical and Derivatives Analyst, StoxBox.

The US market moved sharply lower during trading on Tuesday, with the major averages showing significant moves to the downside after ending Monday’s narrowly mixed trading. The sell-off on Wall Street came following a highly anticipated Labor Department report showing US consumer prices increased slightly more than expected in January. With Federal Reserve officials repeatedly saying they need more “confidence” inflation is slowing before lowering interest rates, the data has further reduced optimism about a near-term rate cut. Indian markets will likely open sharply lower today, following a sharp fall in major US indices overnight and weakness in Asian markets this morning. On the stock-specific news, Adani Group stocks could be in focus today after Moody’s upgraded the ratings of four Group firms.

The 50 index witnessed a jittery start to the trading session and marked the day’s low at 21543 within the opening minutes in the previous trading session. The price action witnessed a pullback allowing not only to close in the upper quartile of the trading range but also reclaiming the 20DMA on relatively higher volume. The index holds immediate support near 21450, and sustenance above it will be crucial.

Indian markets could open lower, in line with mostly lower Asian markets today and negative US markets on Feb 13 

January’s hotter-than-expected US inflation report threw the financial market into a tailspin on Tuesday and upended investors’ expectations about how soon and by how much the Federal Reserve might start cutting interest rates. US stocks tumbled, with the Dow Jones Industrial Average finishing down by 524.63 points. Treasurys sold off aggressively, pushing yields to their highest levels since December. And the ICE U.S. Dollar Index jumped 0.7% to a three-month high.

The consumer-price index rose 0.3% in January, with the year-over-year rate falling to 3.1% from 3.4% a month earlier. The core rate — which excludes volatile food and energy costs — rose 0.4%, a tick above Wall Street expectations. Economists polled by Reuters had forecast the CPI gaining 0.2% on the month and rising 2.9% year-on-year. For now, fed-funds-futures traders see a 75.8% likelihood of at least a quarter-point rate cut by June, pushing out prior expectations for a move in May, according to the CME FedWatch Tool.

Asian stocks tracked a drop on Wall Street following hotter-than-expected US inflation data, while a slump in the yen past 150 per dollar triggered a warning from Japan. Nifty ended higher on Feb 13 after a volatile session. At close, Nifty was up 0.59% or 127.2 points at 21743.3. Nifty made a near high wave type candle which is bullish. However, it has continued the practice of one day up one day down close. A move above 21832 could accelerate the pace of the upmove while a breach of 21543 could take the Nifty to 21239 in the near term.

“The USD - INR 27 February futures contract traded within a narrow range. According to the daily technical chart, the pair is currently trading below its moving average trend-line support level of 83.06, with the MACD indicating negative divergence. The RSI is below 50, signalling bearish momentum, while the pair encounters strong resistance at higher levels. On the daily technical chart, support for the pair is observed at 82.92-82.74, while resistance is positioned at 83.22-83.38. We recommend closely monitoring the levels of 82.95-83.15 for potential entry points in the pair; a breakout on either side of this range could provide further directional cues.”

“Crude oil continued its upward trend amidst escalating geopolitical tensions in the Middle East and Eastern Europe. The surge in oil prices followed reports of the U.S. rejecting Russian President Vladimir Putin’s proposed ceasefire in Ukraine. However, higher-than-anticipated U.S. inflation data bolstered the dollar index and U.S. bond yields, potentially tempering crude oil gains. Additionally, a notable increase in U.S. oil inventories, as indicated by the API report released on Tuesday, may also dampen crude oil’s upward momentum. Expectations are for crude oil prices to exhibit volatility in today’s trading session. Support for crude oil is anticipated around $76.40–75.70, with resistance expected in the range of $77.90-78.50. In terms of INR, crude oil is projected to find support between Rs 6,420-6,340, while facing resistance at Rs 6,570-6,640.” 

“Gold and silver prices experienced a notable decline during Tuesday’s session, with gold dipping below the significant $2000 per ounce mark to reach a three-month low. Simultaneously, silver reached a three-week low. These declines were attributed to an unexpected surge in U.S. inflation, which diminished the likelihood of an imminent interest rate cut by the Federal Reserve. The unexpected rise in inflation bolstered the dollar index and U.S. bond yields, with the 10-year yield reaching 4.32% and the 2-year rate surging to 4.654%. This marked the most significant one-day increase since May 5, 2023. Meanwhile, ongoing geopolitical tensions in the Red Sea region provided some support to precious metal prices, albeit at lower levels. Volatility is anticipated to persist in today’s session for both gold and silver. Gold is expected to find support levels at $1980-1978, with resistance at $2005-2018. Similarly, silver’s support is projected at $21.88-21.72, with resistance at $22.22-22.38. In terms of Indian Rupee (INR), gold is likely to find support at Rs 61,310-61,120, with resistance at Rs61,680 and Rs61,850. Silver’s support in INR is expected at Rs 69,040-68,480, with resistance at Rs 70,150 and Rs 71,680.”

MOFSL

Hindalco (HNDL)’s 3QFY24 consolidated revenue was flat YoY at INR528b, in line with our estimate of INR508b. While revenue from the copper business fared better, driven by higher shipments and a better-than-estimated ASP, revenue from the aluminum vertical and Novelis declined 3% and 6% YoY, respectively. Consolidated EBITDA jumped 65% YoY to INR59b, which was 

in line with our estimate of INR62b. EBITDA improved on the back of lower input prices, supported by stable operating performance. 

 EBITDA for the blended aluminum business stood at INR25b (up 43% YoY), with an EBITDA margin of over 28%, which positions HNDL in the first quartile of the global cost curve. EBITDA for the copper business stood at 

an all-time high of INR65.6b (up 20% YoY), propelled by higher shipments and robust operating performance.

Though the ongoing capex in Novelis would augment HNDL as the global leader in beverage cans and automotive FRP segments, an extension in the capex timeline along with an increase in cash outflow will add some pressure on the cash flow of the company. Its capex would be a key monitorable for any further cost revisions or delays.

Considering the delay in commissioning of the capacity, which was expected to come on stream by FY26, we cut our FY26E EBITDA by 7%, while keeping the EBITDA for FY25E broadly unchanged. We reiterate our BUY rating with a revised SOTP-based TP to INR590.

IRCTC Q3 FY24 (Consolidated, YoY)

Revenue up 21.81% at Rs 1,118.3 crore vs Rs 918.06 crore (Bloomberg estimate: Rs 1,069.78 crore). 

Ebitda up 20.92% at Rs 393.97 crore vs Rs 325.8 crore (Bloomberg estimate: Rs 377.03 crore). 

Margin narrows 25 bps to 35.22% vs 35.48% (Bloomberg estimate: 35.20%). 

Net profit up 17.4% at Rs 299.99 crore vs Rs 255.52 crore (Bloomberg estimate: Rs 302.57 crore).

Nalco Q3 FY24 (Consolidated, YoY)

Revenue up 1.5% at Rs 3,346.9 crore vs Rs 3,297.19 crore. 

Ebitda up 66.06% at Rs 773.13 crore vs Rs 465.57 crore. 

Margin expands 897 bps to 23.09% vs 14.12%. 

Net profit up 83.6% at Rs 470.61 crore vs Rs 256.32 crore.

Deepak Nitrite Q3 FY24 (Consolidated, YoY)

Revenue up 0.91% at Rs 2,009.23 crore vs Rs 1,991.06 crore (Bloomberg estimate: Rs 1,862.89 crore). 

Ebitda down 3.16% at Rs 304.65 crore vs Rs 314.59 crore (Bloomberg estimate: Rs 328.20 crore). 

Margin narrows 63 bps to 15.16% vs 15.8% (Bloomberg estimate: 17.60%). 

Net profit down 3.34% at Rs 202.05 crore vs Rs 209.05 crore (Bloomberg estimate: Rs 220.04 crore)

La Opala Q3 FY24 (Consolidated, YoY)

Revenue down 15.22% at Rs 107.14 crore vs Rs 126.37 crore. 

Ebitda down 12.14% at Rs 40.63 crore vs Rs 46.24 crore. 

Margin expands 133 bps to 37.92% vs 36.59%. 

Net profit up 27.45% at Rs 44.15 crore vs Rs 34.64 crore.

Prestige Estates Q3 FY24 Results (Consolidated, YoY)

Revenue down 22.5% to Rs 1,796 crore (Bloomberg estimate: Rs 2,548 crore). 

Ebitda down 4% to Rs 551.5 crore (Bloomberg estimate: Rs 717 crore). 

Margin at 30.7% vs 24.7% (Bloomberg estimate: 28%). 

Net profit down 2% at Rs 164.7 crore (Bloomberg estimate: Rs 269 crore). 

Garden Reach Shipbuilders & Engineers Q3 FY24 (Consolidated, YoY)

Revenue up 32.13% at Rs 923.09 crore vs Rs 698.6 crore (Bloomberg estimate: Rs 960.95 crore). 

Ebitda up 3.94% at Rs 48.7 crore vs Rs 46.85 crore (Bloomberg estimate: Rs 64.85 crore). 

Margin narrows 143 bps to 5.27% vs 6.7% (Bloomberg estimate: 6.70%). 

Net profit up 38.06% at Rs 88.25 crore vs Rs 63.92 crore (Bloomberg estimate: Rs 89.10 crore). 

Jindal Worldwide Q3 FY24 (Consolidated, YoY)

Revenue up 8.41% at Rs 437.76 crore vs Rs 403.77 crore. 

Ebitda up 17.82% at Rs 50.63 crore vs Rs 42.97 crore. 

Margin expands 92 bps to 11.56% vs 10.64%. 

Net profit up 42.41% at Rs 21.02 crore vs Rs 14.76 crore.

Tasty Bite Eatables Q3 FY24 (Consolidated, YoY)

Revenue up 25.82% at Rs 132.37 crore vs Rs 105.2 crore. 

Ebitda up 15.8% at Rs 12.75 crore vs Rs 11.01 crore. 

Margin narrows 83 bps to 9.63% vs 10.46%. 

Net profit up 65.78% at Rs 6.25 crore vs Rs 3.77 crore. 

Techno Electric & Engineering Co. Q3 FY24 (Consolidated, YoY)

Revenue up 76.26% at Rs 326.54 crore vs Rs 185.26 crore. 

Ebitda up 141.24% at Rs 56.33 crore vs Rs 23.35 crore. 

Margin expands 464 bps to 17.25% vs 12.6%. 

Net profit up 191.28% at Rs 91.87 crore vs Rs 31.54 crore. 

Technocraft Industries Q3 FY24 (Consolidated, YoY)

Revenue up 4.83% at Rs 512.67 crore vs Rs 489.01 crore.

Ebitda down 25.93% at Rs 81.97 crore vs Rs 110.67 crore. 

Margin narrows 664 bps to 15.98% vs 22.63%. 

Net profit down 29.45% at Rs 61.57 crore vs Rs 87.28 crore.

Sequent Scientific Q3 FY24 (Consolidated, YoY)

Revenue down 12.25% at Rs 329.35 crore vs Rs 375.31 crore. 

Ebitda up 115.91% at Rs 22.11 crore vs Rs 10.24 crore. 

Margin expands 398 bps to 6.71% vs 2.72%. 

Net profit at Rs 10.67 crore vs loss of Rs 9.77 crore.

Nesco Q3 FY24 (Consolidated, YoY)

Revenue up 24.45% at Rs 177.76 crore vs Rs 142.83 crore. 

Ebitda up 38.81% at Rs 113.62 crore vs Rs 81.85 crore. 

Margin expands 661 bps to 63.91% vs 57.3%. 

Net profit up 33.76% at Rs 93.74 crore vs Rs 70.08 crore. 

Senco Gold Q3 FY24 (YoY)

Revenue up 22.81% at Rs 1,651.24 crore vs Rs 1,344.47 crore. 

Ebitda up 12.23% at Rs 182.79 crore vs Rs 162.87 crore. 

Margin narrows 104 bps to 11.06% vs 12.11%. 

Net profit up 7.21% at Rs 111.43 crore vs Rs 103.93 crore.

SEPC Q3 FY24 (Consolidated, YoY)

Revenue up 14.9% at Rs 140.7 crore vs Rs 122.45 crore. 

Ebitda loss of Rs 1.86 crore vs profit of Rs 13.78 crore. 

Net profit up 42.15% at Rs 5.53 crore vs Rs 3.89 crore.

Jindal Worldwide Q3 FY24 (Consolidated, YoY)

Revenue up 8.41% at Rs 437.76 crore vs Rs 403.77 crore. 

Ebitda up 17.82% at Rs 50.63 crore vs Rs 42.97 crore. 

Margin expands 92 bps to 11.56% vs 10.64%. 

Net profit up 42.41% at Rs 21.02 crore vs Rs 14.76 crore.

Dynamatic Technologies Q3 FY24 (Consolidated, YoY)

Revenue up 10.31% at Rs 345.51 crore vs Rs 313.21 crore. 

Ebitda down 3.02% at Rs 40.69 crore vs Rs 41.96 crore. 

Margin narrows 161 bps to 11.77% vs 13.39%. 

Net profit up 60.11% at Rs 11.24 crore vs Rs 7.02 crore.

Zee Entertainment Enterprises (Consolidated, QoQ)

Revenue down 16.25% at Rs 2,045.67 crore vs Rs 2,442.47 crore (Bloomberg estimate: Rs 2,087.26 crore). 

Ebitda down 38.01% at Rs 209.17 crore vs Rs 337.43 crore (Bloomberg estimate: Rs 208.95 crore). 

Margin narrows 359 bps to 10.22% vs 13.81% (Bloomberg estimate: 10%).

Net profit down 52.42% at Rs 58.5 crore vs Rs 122.96 crore (Bloomberg estimate: Rs 90.54 crore). 

Board continues to monitor progress on Zee-Sony merger. 

Claims against company, termination fee not tenable, it said. 

Bengal & Assam Co. Q3 FY24 (India) (Consolidated, YoY)

Total income down 13.62% at Rs 3,795.26 crore vs Rs 4,393.38 crore. 

Net profit at Rs 3,062.21 crore vs Rs 437 crore.

Sula Vineyards Q3 FY24 (Consolidated, YoY)

Revenue up 4.01% at Rs 203 crore vs Rs 190.61 crore. 

Ebitda up 12.2% at Rs 71.81 crore vs Rs 64 crore. 

Margin expands 179 bps to 35.37% vs 33.57%. 

Net profit up 9.41% at Rs 42.98 crore vs Rs 39.28 crore.

Indiabulls Real Estate Q3 FY24 (Consolidated, YoY)

Revenue down 24.37% at Rs 100.6 crore vs Rs 133 crore. 

Ebitda loss at Rs 33.1 crore vs loss of Rs 245.4 crore. 

Net loss at Rs 38.5 crore vs loss of Rs 236.8 crore. 

Nuvama Wealth Management Q3 FY24 (Consolidated, YoY)

Revenue up 104.78% at Rs 186.5 crore vs Rs 91.07 crore. 

Net profit at Rs 30.97 crore vs loss of Rs 5.78 crore.

Ahluwalia Contracts Q3 FY24 (Consolidated, YoY)

Revenue up 38.1% at Rs 1,026.5 crore vs Rs 743.3 crore (Bloomberg estimate: Rs 904.70 crore). 

Ebitda up 56.46% at Rs 111.87 crore vs Rs 71.5 crore (Bloomberg estimate: Rs 97 crore). 

Margin expands 127 bps to 10.89% vs 9.61% (Bloomberg estimate: 10.70%). 

Net profit up 56.29% at Rs 70.24 crore vs Rs 44.94 crore (Bloomberg estimate: Rs 60.50 crore).

Innova Captab Q3 FY24 (Consolidated, YoY)

Revenue up 24.98% at Rs 302.48 crore vs Rs 242.01 crore. 

Ebitda up 30.34% at Rs 44.59 crore vs Rs 34.21 crore. 

Margin expands 60 bps to 14.74% vs 14.13%. 

Net profit up 28.34% at Rs 25.13 crore vs Rs 19.58 crore.

Hindustan Copper Q3 FY24 (Consolidated, YoY)

Revenue down 28.32% at Rs 399.3 crore vs Rs 557 crore. 

Ebitda down 6.42% at Rs 106.61 crore vs Rs 113.93 crore. 

Margin expands 624 bps to 26.69% vs 20.45%. 

Net profit down 21.44% at Rs 63 crore vs Rs 80.2 crore.

Eris Life Q3 FY24 (Consolidated, YoY)

Revenue up 14.9% at Rs 486.3 crore vs Rs 423.3 crore (Bloomberg estimate: Rs 493.28 crore). 

Ebitda up 27.8% at Rs 175.5 crore vs Rs 137.3 crore (Bloomberg estimate: Rs 174.68 crore). 

Margin expands 365 bps to 36.08% vs 32.43% (Bloomberg estimate: 35.40%). 

Net profit up 1.3% at Rs 101.5 crore vs Rs 100.2 crore (Bloomberg estimate: Rs 103.03 crore).

Board approved acquisition of 51% stake in pharma company Swiss Parenterals for Rs 637.5 crore. 

MTAR Technologies Q3 FY24 (Consolidated, YoY)

Revenue down 26.1% at Rs 118.4 crore vs Rs 160.2 crore (Bloomberg estimate: Rs 148.25 crore). 

Ebitda down 47.06% at Rs 23.86 crore vs Rs 45.07 crore. 

Margin narrows 798 bps to 20.15% vs 28.13%.

Net profit down 66.87% at Rs 10.4 crore vs Rs 31.4 crore (Bloomberg estimate: Rs 21.05 crore). 

RHI Magnesia India Q3 FY24 (Consolidated, YoY)

Revenue up 43.12% at Rs 922.9 crore vs Rs 644.8 crore. 

Ebitda up 26.69% at Rs 116.75 crore vs Rs 92.15 crore. 

Margin narrows 164 bps to 12.65% vs 14.29%.

Net profit down 32.89% at Rs 39.38 crore vs Rs 58.68 crore.

NBCC (India) Q3 FY24 (Consolidated, YoY)

Revenue up 12.96% at Rs 2,412.6 crore vs Rs 2,135.8 crore. 

Ebitda up 23.22% at Rs 117.32 crore vs Rs 95.21 crore. 

Margin expands 40 bps to 4.86% vs 4.45%. 

Net profit up 58.9% at Rs 113.6 crore vs Rs 71.49 crore. 

HLE Glascoat Q3 FY24 (Consolidated, YoY)

Revenue up 11.71% at Rs 239.3 crore vs Rs 214.2 crore.

Ebitda down 4.3% at Rs 24.67 crore vs Rs 25.78 crore. 

Margin narrows 172 bps to 10.3% vs 12.03%. 

Net profit down 51.34% at Rs 5.97 crore vs Rs 12.27 crore. 

Rashtriya Chemicals and Fertilizers Q3 FY24 (Consolidated, YoY)

Revenue down 21.36% at Rs 4,903.52 crore vs 

Rs 6,235.14 crore. Ebitda down 80.82% at 

Rs 84.09 crore vs Rs 438.31 crore.

Margin narrows 531 bps to 1.71% vs 7.02%. 

Net profit down 95.42% at Rs 11.22 crore vs Rs 245.2 crore.

Oil India Q3 FY24 (Consolidated, YoY)

Revenue up 3.16% at Rs 9,614.28 crore vs Rs 9,299.03 crore. 

Ebitda down 17.57% at Rs 3,443.23 crore vs Rs 4,176.8 crore. 

Margin narrows 910 bps to 35.81% vs 44.91%. 

Net profit up 3.12% at Rs 2,607.7 crore vs Rs 2,528.6 crore.

Mahindra & Mahindra, NMDC, Muthoot Finance Aditya Birla Fashion and Retail, Alembic, Ashapura Minechem, Axiscades Technologies, Confidence Petroleum India, Crompton Greaves Consumer Electricals, Dishman Carbogen Amcis, Ethos, Eureka Forbes, Fineotex Chemical, Ganesha Ecosphere, Gateway Distriparks, Gland Pharma, Glenmark Pharmaceuticals, Orient Green Power, Gujarat State Petronet, Gufic Biosciences, Hinduja Global Solutions, Indiabulls Housing Finance, IPCA Laboratories, Jindal Poly Films, Jtekt India, Jyoti CNC Automation, Kddl, Kirloskar Brothers, KPI Green Energy, Mufin Green Finance, Natco Pharma , National Fertilizers, Narayana Hrudayalaya, Polyplex Corp., PYC India, Rajesh Exports, Sun TV Network, Suprajit Engineering, Wockhardt, and Yatra Online

Jana Small Finance Bank: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 414 apiece. The Rs 570 crore IPO was subscribed 18.5 times on its third and final day. Bids were led by institutional investors (38.75 times), non-institutional investors (25.05 times), and retail investors (5.46 times), and employee reserved (1.95 times) 

Capital Small Finance Bank: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 468 apiece. The Rs 523.07 crore IPO was subscribed 4.00 times on its third and final day. Bids were led by institutional investors (6.64 times), non-institutional investors (4.05 times), and retail investors (2.49 times). 

Rashi Peripherals: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 311 apiece. The Rs 600 crore IPO was subscribed 59.71 times on its third and final day. Bids were led by institutional investors (143.66 times), non-institutional investors (62.75 times), and retail investors ( 10.44 times).

Entero Healthcare Solutions: The public issue was subscribed 1.53 times on day 3. The bids were led by non-institutional investors (0.22 times), retail investors (1.33 times), and institutional investors (2.28 times) and reserved for employees (1.25 times).

Vibhor Steel Tubes: The public issue was subscribed 27.53 times on day 1. The bids were led by non-institutional investors (48.33 times), retail investors (32.514 times), and institutional investors (3.56 times) and reserved for employees (27.45 times). 

Antony Waste: ARK Global Emerging Companies LP bought 2.03 lakh shares (0.71%) at Rs 526.73 apiece.

Maharastra Telephone Nigam: Ferns Investments sold 20 lakh shares (0.31%) at Rs 39.24 apiece. 

Prudent Corporate Advisory Services: TA FDI Investors sold 33.12 lakh shares (7.99%), while Zulia Investments PTE. bought 32.51 lakh shares (7.85%) at Rs 1,250 apiece. 

Tourism Finance Corp: Sanjiv Bidasaria sold 4.62 lakh shares (0.51%) at Rs 181.94 apiece while Vajra Machineries sold 5.56 lakh shares (0.61%) at Rs 183.61 apiece. 

Som Distilleries and Breweries: Promoter group Jagdish Kumar Arora bought 5,000 shares on Feb. 13. 

Ramkrishna Forgings: Promoter Riddhi Portfolio bought 12,194 shares on Feb. 12. 

Mrs Bectors Food Specialities: Promoter Anoop Bector bought 5,000 shares on Feb. 12. 

Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 45 lakh shares on Feb. 12. 

Steel Exchange India: Promoter Vizag Profiles release a pledge of 24 lakh shares on Feb. 9.

Price band revised from 10% to 5%: Dhunseri Ventures, NBCC (India). 

Ex/record date dividend: Minda Corp., Procter and Gamble Health, Archean Chemical Industries, Sumitomo Chemical India, Goodluck India, Dhanuka Agritech, Sumitomo Chemical India. 

Moved Out of short-term ASM framework: Tide Water Oil Company (India).

Moved Into short-term ASM framework: Orchid Pharma, Parag Milk Foods, Trent.

1 ABFRL

2 ASHOKLEY

3 AUROPHARMA

4 BALRAMCHIN

5\ BANDHANBNK

6 BIOCON

7 DELTACORP

8 INDIACEM

9\ INDUSTOWER

10 NATIONALUM

11 PNB

12 SAIL

13 ZEEL

Siemens’ 1QFY24 result was ahead of our estimates on better-than-expected revenue growth and strong margins, which led to a beat on PAT. The company reported a revenue/PAT growth of 20%/9% YoY for 1QFY24. Order inflows, which were weak until FY23, improved 10% YoY to INR59.7b, mainly driven by the transmission sector. Management is optimistic about the growth prospects in the domestic market across government and private sectors, as well as about new opportunities such as semiconductors, batteries, and EVs. We expect Siemens to be a key beneficiary of the incremental spending on transmission, HVDC, renewables, and railway projects. We raise our estimates and roll forward our valuation to Mar’26. We reiterate our BUY rating with a revised TP of INR4,950, based on 55x Mar’26E P/E.

The Labour Department’s Consumer Price Index rose 3.1% from a year earlier in January, higher than economists’ expectations for a 2.9% rise. 

Fears that the Federal Reserve may stay on hold longer sent stocks and bonds sharply lower. 

The Dow Jones Industrial Average fell 524 points, or 1.4% on Tuesday. The Nasdaq slid 1.8%. Yields on 10-year U.S. Treasury notes rose 0.145 percentage point to 4.315%, highest level since November.

Silver prices fell as investors recalculated their predictions on the Fed’s monetary easing programme in response to better-than-expected US CPI data. While the core reading stayed steady at 3.9% in January, headline inflation in the US decreased less than anticipated to 3.1% in January, contrary to market expectations that it would slow to 3.7%. Investors withdrew their bets on a May interest rate decrease to 40% as a result of persistent inflation and hawkish signals from Fed members supporting the argument for keeping rates at present levels for an extended period of time.

Gold prices dropped below the crucial $2,000 mark as expectations of an early Federal Reserve interest rate cut were dampened by a better-than-expected U.S. inflation data. According to data, the cost of housing and healthcare went up in January, which caused U.S. consumer prices to rise more than anticipated. Following the release of the U.S. CPI statistics, traders conjectured that Fed policymakers would likely hold off on reducing interest rates until June. A number of Federal Reserve officials, chief among them Chairman Jerome Powell, stated last week that before reducing interest rates, they need additional proof that inflation will continue to fall.

Bharat Electronics Limited (BEL) has signed a contract worth ₹2,167.47 crore with the IndianNavy on for the supply indigenously designed & developed Electronic Warfare (EW) suite for use on-board.

Sonata Software has announced the integration of Amazon Bedrock, bringing artificial intelligence adoption to the forefront of businesses. Amazon Bedrock is a fully managed service from Amazon Web Services.

Vibhor Steel Tubes saw an overwhelming response from all categories of investors, as the IPO was subscribed 27.63 times on Day 1 itself.

The ₹72.17-crore initial public offering of Vibhor Steel Tubes that opened on Tuesday received bids for 9.92 crore shares against 35.92 lakh shares.

The steel pipes and tubes manufacturer has set the price band at ₹141-151, and the market lot is 99 shares. The IPO will close on Thursday.

The shares of two small finance banks - Jana SFB and Capital SFB - will be listed at the bourses today.

The initial public offerings of Jana Small Finance Bank and Capital Small Finance Bank that closed last Friday saw a mixed trend with the former generating a strong response, while the latter saw a modest subscription. Jana SFB has fixed the IPO price as ₹414.

Shares of Rashi Peripherals will make their debut at the bourses today. The initial public offering of information and communications technology products distributor saw a spectacular response from all categories of investors last week. The IPO was subscribed 59.71 times overall.

Buzzing Stocks: Adani Power, RailTel, Prudent Corporate, HFCL, PFC, VA Tech Wabag, Eris Lifesciences, NTPC, Indiabulls HF, Modern Engineering, ZF Commercial

Rupee Bond Deals Reported/Updated on Feb. 13:

* Bajaj Housing Seeks Bids for Up to INR15b 2Y Bonds on Feb. 15

* Nomura Capital India Seeks Bids for Up to INR1b March 2028 Bonds on Feb. 15

* Krazybee Services Seeks Bids for Up to INR1b May 2025 Bonds on Feb. 15

* Navi Finserv’s Up to INR6b Public Bond Sale Opens Feb. 26

* HDB Financial Plans to Raise Funds Through Tap of November 2028 Notes and a New Bond Due in April 2027

Rupee Bond Biddings Completed on Feb. 13:

* Nabard Priced INR34.10b Tap of March 2027 Bonds at 7.74% Yield

* Kotak Mahindra Bank Priced INR10b 7Y Infra Bonds at 7.60%

* Aditya Birla Finance to Sell INR1.75b 5Y Bonds at 8.16%

* Power Finance Priced INR1b Perpetual Bonds at 7.88%

* NIIF Infra Finance to Sell INR1b Tap of January 2039 Bonds at 7.9950% Yield

* 360 One Prime to Sell INR500m 3Y Bonds at 9.61%

* Motilal Oswal Finvest to Sell INR500m 10Y Bonds at 9.20%

Rupee Bond Payins Completed on Feb. 13:

* Tata Capital Sells INR1.15b 5Y Bonds 

* Piramal Capital Sells INR5b February 2025 FRN 

* Spandana Sphoorty Sells INR1b August 2025 Bonds 

Rupee Bond Deals to Be Watched on Feb. 14:

* IRFC Seeks Bids for Up to INR30b 10Y Bonds 

* JM Financial Credit Seeks Bids for Up to INR8.5b Three-Part Bond 

* ICICI Home Seeks Bids for Up to INR8b Two-Part Bond

List of key corporate debt deals so far on Feb 13

NON-CONVERTIBLE DEBENTURES:

*NABARD accepts bids worth INR34.10 billion for reissue of 7.80% March 2027 bonds at 7.74% yield

*Kotak Mahindra Bank accepts bids worth INR10 billion for seven-year infra bonds at 7.60% coupon

*PFC accepts bids worth INR1 billion for perpetual bonds with 10-year call option at 7.88% coupon

*NIIF Infra Finance accepts bids worth INR1 billion for reissue of 8.07% Jan 2039 bonds at 7.9950% yield

*Aditya Birla Finance accepts bids worth INR1.75 billion for five-year bonds at 8.16% coupon

*Motilal Oswal Finvest accepts bids worth INR500 million for 10-year bonds at 9.20% coupon

*IRFC to raise upto INR30 billion via 10-year bonds, invites bids on Feb 14

*ICICI Home Finance to raise upto INR8 billion via two-part bond issue, invites bids on Feb 14

*JM Financial Credit to raise upto INR8.50 billion via three-part bond issue, invites bids on Feb 14

Commercial Papers

Union Bk 3m CD @7.89%, 250 crs

Godrej Finance 1m CP @8.10%, 100 crs

RRVL 3m CP @7.95%, 4000 crs

TCHFL 3m CP @7.98%, 500 crs

Axis Sec 3m CP @8.88%, 550 crs

HDFC Sec 3m CP @8.85%, 750 crs

Bajaj Fin 3m CP @8.40%, 325 crs

Godrej Housing 3m CP @8.10%, 100 crs

ABFL 1Y CP @8.25%, 55 crs

📌 Market Levels

BSE Sensex: 71555.19 (+482.70)

Nifty 50: 21743.25 (+127.20)

NIFTY MID CAP 100: 47835.65 (+159.85)

NIFTY SMALL CAP 100: 15643.75 (+26.70)

📌 Index PE & PBV

SENSEX PE / PBV : 24.47 / 3.63

NIFTY 50 PE / PBV : 

22.50 / 3.81

NIFTY MIDCAP 100 PE / PBV : 24.87 / 3.83

NIFTY SMALLCAP 100 PE / PBV : 28.39 / 3.86

📌 Inflow/Outflow*the *(Daily/MTD) 

FII / FPI Activity: 376.32 crs / (7177.42 Crs)

DII Activity: 273.94 crs / 10647.10 crs

📌 Volatility Index

India VIX - 15.80

📌 Commodities

Brent Crude: $82.53

Gold USD Oz/10 gm: $2028.06 = INR 62263

Silver: INR 71382

📌 Currency

Rs/$: 83.01

US Dollar Index (DXY) - 104.04

📌 10 Year Yield

7.26% GOI 2033: 7.13% (Old)

7.18% GOI 2033: 7.10% (New)

US 10 Yr Yield - 4.16%

BPCL to offer nearly 80 lakh shares via block deal 

Block deal worth Rs 450-500 cr likely soon

BPCL Trust for Investment to sell shares 

Govt officials, BPCL to take final call on block deal size and price

Adani Green: Rating affirmed, changed outlook to “Stable” from “Negative” 

Adani Trans: Rating affirmed, changed outlook to “Stable” from “Negative” 

Adani Ports: Rating affirmed, maintain outlook to “Stable” 

Adani Energy: Rating affirmed, maintain outlook to “Stable” 

Adani Enterprises Ltd: Jefferies initiates coverage with buy rating; target price 3800 rupees (second fundamental coverage from fund houses on Adani Ent).

BLS International Services : Shikhar Aggarwal, Managing Director

Will Maintain The Last 3 Year Profit After Tax CAGR Of 50-60% In FY25: BLS Intl Svcs

https://www.youtube.com/watch?v=cfucywCi38U

Dixon Technolog: Saurabh Gupta, CFO

Dixon Tech Q3 | Eyes Set On Expansion | IT Hardware PLI 2.0 Synergies & Margins

https://www.youtube.com/watch?v=Kz66USzrK6w

Galaxy Surfacta: U Shekhar, MD

Red Sea Crisis Remains A Red Flag For The Industry: Galaxy Surfactants

https://www.youtube.com/watch?v=oF4UI6xCAck

HEG: Manish Gulati, CMO & COO

Co’s Volumes Have Grown Due To Higher Capacity Utilisation: HEG

https://www.youtube.com/watch?v=A8t5A89Ktok

HUDCO: Sanjay Kulshrestha, CMD

Making Efforts To Reduce Cost Of Funds; Have Started To Resolve Stressed Assets As Well: HUDCO

https://www.youtube.com/watch?v=9tjsRy4OGNg

Motherson Sumi: Kunal Malani, CFO

Organic & Inorganic Growth Continues, Surprised By Resilience In European Mkt: Samvardhana Motherson

https://www.youtube.com/watch?v=n-d1SdEJFjU

NCC: Neerad Sharma, Hd-Strategy

Have Booked 82% Of Order Inflow Guidance So Far: NCC

https://www.youtube.com/watch?v=VIhmMnvGgMs

Nucleus Softwar: VR Dusad, CEO & MD

Q3 Margin Got Compressed Due To Orders Delays: Nucleus Software Exports

https://www.youtube.com/watch?v=68Goewaqdpw

Neogen: Harin Kanani, Joint MD

Barring Some Segments, Majority Of The Pharma Sector Demand Has Recovered: Neogen Chemicals

https://www.youtube.com/watch?v=mBE-CwbLbfM

PI Industries: Mayank Singhal, MD & CEO

Export Growth Has Come In From New Products, Red Sea Crisis Has Impacted Biz: PI Industries

https://www.youtube.com/watch?v=4P9V8t9fq6A

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Here’s an interesting stock idea: Our stock recommendation for you today is Blue Star. The stock has bounced off from a key trendline support and is looking strong. That keeps the overall uptrend intact. The stock has the potential to rise further from here. Check out the latest episode of Today’s Pick to learn more.

Asian stocks declined after higher-than-anticipated US inflation data triggered a sell-off on Wall Street. Japanese stocks opened lower on Wednesday following declines on Wall Street, as the US inflation data tempered hopes for immediate interest rate cuts by the Federal Reserve. The benchmark Nikkei 225 index was down 0.60%, or 227.08 points, at 37,736.89 in early trade, while the broader Topix index slipped 1.09%, or 28.54 points, to 2,583.49. South Korea’s KOSPI dropped 1.67%, or 44.24 points, to trade at 2,605.40. Australia’s S&P/ASX 200 index fell 1.05%, or 80.20 points, to trade at 7,523.40.

Earlier, Wall Street’s main indexes plummeted on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of immediate interest rate cuts, leading to higher US Treasury yields. The S&P 500 lost 68.14 points, or 1.37%, to close at 4,953.70 points, while the Nasdaq Composite dropped 282.64 points, or 1.79%, to 15,659.91. The Dow Jones Industrial Average fell 522.05 points, or 1.36%, to 38,275.33.