Share Market Highlights 30 January 2024: Nifty, Sensex extend losses in late session; BPCL, Tata Motors top gainers on Nifty

In the third quarter ending December 31, 2023, Dr. Reddy’s Laboratories witnessed an 11 percent rise in consolidated net profit, reaching ₹1378 crore compared to ₹1247 crore in the same quarter of the previous fiscal year. 

The company’s total revenue, based in Hyderabad, saw a 7 percent growth, reaching ₹7248 crore in the current quarter, as opposed to ₹6770 crore in the corresponding period of the preceding year.

Investors shifted strategy, exercising caution ahead of the FOMC meeting and interim budget. Concerns over high valuations and Middle East tensions prevailed, said Vinod Nair, Head of Research, Geojit Financial Services. 

“Emerging markets saw a downturn due to a major Chinese real estate firm’s liquidation order. While the US Fed is expected to keep rates unchanged, focus remains on any indications of a possible rate cut in May,” he added.

SRF Ltd has reported its standalone net profit for the quarter ended December 2023 at ₹262.81 crore as against ₹495.06 crore in December 2022 quarter.

Stock closed at ₹2,227.75 on the NSE, down by 0.84%.

The benchmark BSE Sensex fell 801.67 points, or 1.11%, to 71,139.9, while the broader NSE index lost 208.7 points, or 0.96%, to 21,528.9, on profit booking in index heavyweights Reliance Industries and HDFC Bank after a surge in the previous session.

The ​Indian rupee​ ended little changed on January 30 as local dollar appetite offset positive cues from strength in most Asian currencies.

The rupee closed at 83.1050 against the U.S. dollar, barely changed from its close at 83.1325 in the previous session.

Lupin Ltd’s ‘Digital Health,’ India’s evidence-based cardiology Digital Therapeutics (DTx) platform, and the American College of Cardiology (ACC), the global scientific leader in the practice of Cardiology, have announced the introduction of a Digital Therapeutics Certificate for cardiologists.

In a bid to encourage the integration of digital solutions in Cardiology, the ACC will grant ‘Digital Pioneer’ certificates to cardiologists who adopt remote cardiac rehab and digital heart failure clinic solutions.

Datamatics Global Services Ltd’s shares were up by 0.99 per cent after the company announced the empanelment of Datamatics TruBot RPA (Robotic Process Automation) solution by the National Health Service (NHS) Shared Business Services (SBS), the UK. 

This allows over 2,100 public sector organisations across the UK to leverage TruBot RPA from the Datamatics Intelligent Automation Platform for automating a range of processes.

The company said, “TruBot, Datamatics’ Generative AI-powered Robotic Process Automation solution, is selected for a two-year framework contract with NHS Shared Business Services. This move enables public sector organisations to automate tasks such as staff or customer onboarding, patient registration and billing, contract management, issuing permits, grants management, and more.”

Shyam Metalics and Energy has reported its stand alone net profit for the quarter ended December 2023 at ₹80.04 crore as against ₹24.02 crore in December 2022 quarter. 

The stock trades at ₹733.70 on the NSE, up by 3.16%

Blue Star Ltd has reported its standalone net profit for the quarter ended December 2023 at ₹76.69 crore as against ₹52.09 crore in December 2022. 

The stock trades at ₹1,110 on the NSE, up by 2.88%.

Indoco Remedies board has approved the Corporate Guarantee up to a maximum principal amount of ₹125 crore in favour of HDFC Bank Ltd in respect of the Loan/Credit Facilities to be availed in tranches by Warren Remedies Private Limited, wholly owned subsidiary of the Company. 

Indoco Remedies stock trades at ₹367.20 on the NSE, down by 1.49%.

Asian Granito India board has approved a proposal to enter the Thailand, UK, and Italy markets by incorporating a foreign wholly-owned subsidiary (WOS) / foreign subsidiary company. 

Shares declined by 1.07% on the NSE, trading at ₹73.70.

Coromandel International Ltd has reported a standalone net profit of ₹242.51 crore for the quarter ended December 2023, as against ₹539.35 crore in the December 2022 quarter. The stock tumbled by 8.02% on the NSE, trading at ₹1,046.30.

While 1,964 stocks advanced on the BSE at 3 pm on Tuesday, 1,818 stocks declined; 102 stocks remained unchanged. The total stocks traded were 3,884. While 487 stocks recorded a 52-week high, 20 hit a 52-week low.

Major gainers:

BPCL (2.71%); Tata Motors (1.92%); Grasim (1.17%); Eicher Motors (0.95%); Adani Enterprises (0.88%)

Major losers:

Bajaj Finance (-5.29%); Titan (-3.25%); Bajaj Finserv (-2.80%); Ultratech Cement (-2.79%); NTPC (-2.71%)

Crompton Greaves Consumer Electricals has launched the Energion Groove Regmote (Launched in 48” Sweep Size) under the Premium BLDC category.

Shares trade at ₹295.10 on the NSE, down by 1.93%.

Adani Total Gas has reported standalone net profit at ₹172.28 crore for the quarter ended December 2023, as against ₹148.39 crore in the corresponding quarter ended December 2022. The ATGL stock trades at ₹1,032.95 on the NSE, down by 0.27 per cent.

Advani Hotels has declared a 1:1 bonus share offering and 100 per cent dividend on the back of consistent revenue growth.

The company recorded a milestone of the highest ever revenue of ₹33.04 crore in Q3FY24, the highest revenue in any quarter in it’s operating history, registering a growth of 11 per cent (YoY).

The Q3FY24 Profit Before Tax (PBT) stands at Rs 12.70 crore, clocking a growth of 8% (YoY).

In preparing for the upcoming budget, the government’s focus should revolve around fostering ease in compliance through streamlined processes, embracing single-window schemes, and minimizing regulatory complexities, especially in tax regulations. The predictability of policies is crucial for instilling confidence among investors.

A strategic allocation of budgetary funds towards emerging sectors, such as spirituality tech, space tech, prop tech, and gaming, will catalyze growth in start-ups. To further enhance the funding environment, consider incentivizing investments by private equity and venture capital through tax breaks and holidays.

Recognizing the global emphasis on sustainability, a dedicated fund within the budget is essential to propel green tech, clean energy, and social impact ventures. Moreover, prioritizing artificial intelligence (AI) startups, particularly those contributing to social impact sectors like healthcare, education, and agriculture, demands budgetary allocation to harness the transformative potential of AI.

Expanding the Production-Linked Incentive (PLI) scheme across sectors, coupled with an aggressive scope, will not only spur innovation but also integrate more startups into the manufacturing landscape.

Addressing taxation concerns is imperative. This includes a call for long-term capital gain parity between listed and unlisted equity shares, an extension of tax holidays, and a prolonged period for carrying forward losses. The tax on carry fees/carried interest remains a key concern in the private equity and venture capital community. The recent notification on angel tax regarding funds raised from foreign investors adds complexity to cross-border investments, necessitating a thorough review.

In conclusion, a forward-looking budget that aligns with global trends, encourages innovation, and addresses taxation intricacies will be instrumental in propelling economic growth and fostering a vibrant entrepreneurial ecosystem.

Bajaj Finserv Health Ltd, a wholly-owned subsidiary of Bajaj Finserv Ltd, has entered into a share purchase agreement for acquisition of 100 per cent equity stake in Vidal Healthcare Services Pvte Ltd. (‘VHC’). 

Bajaj Finserv stock declines by 2.77% on the NSE, trading at ₹1,591.60.

Gillette India has declared an interim dividend of ₹85 per equity share (including special dividend of ₹40 per share)

Net profit for the quarter ended December 2023 stood at ₹103.95 crore, as against ₹74.45 crore in the December 2022 quarter.

The stock surged by 5.24 per cent on the NSE, trading at ₹6,824.45.

Wheels India reported a standalone net profit for the quarter ended December 2023 at ₹12.58 crore, as against ₹15.36 crore in December 2022 quarter. 

Shares trade at ₹692.30 on the NSE, down by 0.20 per cent.

Shanthi Gears has reported net profit for the quarter ended December 2023 at ₹17.43 crore, as against ₹17.54 crore in the corresponding December 2022 quarter.

The company had declared an Interim Dividend of ₹3 per equity share.

The shares trade at ₹540.50 on the NSE, down by 2.96%.

J.Kumar Infraprojects has reported a net profit of ₹82.64 crore in the quarter ended December 2023, against ₹71.07 crore in December 2022. The stock trades at ₹646.35 on the NSE, down by 1.37 per cent.

Subros Ltd has reported standalone net profit for the quarter ended December 2023 at ₹26.79 crore, as against ₹8.19 crore in the corresponding December 2022 quarter.

The Subros stock jumped 7.68 per cent on the NSE, trading at ₹714.90.

SJVN’s share price was up 11.8 per cent at ₹130 on Monday, moving past our base case target price of ₹125. The strong rally was helped by the company’s consistent winning of power projects over the last 1 year and more recently helped by the winning of a 100 MW solar power project from Gujarat Urja Vikas Nigam Ltd (GUVNL) on January 25, 2024. SJVN will develop this 100 MW solar project on a build-own-operate basis in Gujarat and sell the generated power to GUVNL under a 25-year power purchase agreement at a tariff of ₹2.54 per kWh. The estimated project cost and PLF are ₹550 crore and 27-29 per cent, respectively. 

This latest win increases its cumulative capacity to an estimated 60.6 GW (operational 2.2 GW and pipeline portfolio 58.4 GW). 

We remain positive on SJVN considering its ongoing capacity expansion supported by favourable sector dynamics. Our base case estimates for FY26E, which factors in a conservative installed capacity of 8.3 GW by FY26, indicate a forward P/E of 18.3x, P/B of 3.1x, EV/EBITDA of 9.7x and EV-to-capacity of ₹7.8 crore per MW. We will shortly revisit our target price. 

Bharat Petroleum is planning a capex of Rs 1.5-1.7 lakh crore over the next five years, its management said in an analyst call.

Strides Pharma Science has approved providing corporate guarantee upto ₹350 crore on behalf of Stelis Biopharma Limited, an associate company of Strides.

NTPC Green Energy Ltd (NGEL) on Tuesday said it has signed an MoU with the Maharashtra government to develop green hydrogen projects and its derivatives in Maharashtra.

The memorandum of understanding (MoU) has been signed as a part of Green Investment Plan of the state government in the next five years and envisages a potential investment of Rs 80,000 crore, NGEL said in a statement.

Apar Industries has reported its standalone net profit for the quarter ended December 2023 at ₹205.82 crore as against ₹157.86 crore in December 2022. 

The company’s board has approved the proposal for incorporation of Wholly-Owned subsidiary (WOS) in Brazil to trade in Conductors, Rods, Cable accessories, Speciality oils and Lubricants.

The company’s stock surged by 5.26% on the NSE, trading at ₹6,054.95

Symphony reported its standalone net profit for the quarter ended December 2023 at ₹43 crore as against ₹52 crore in December 2022 quarter.

The company has declared Interim Dividend of ₹2 per equity share.

Symphony stock trades at ₹931.60 on the NSE, up by 0.73%.

-- Ravi Jakhar, Chief Strategy Officer of Allcargo Group

‘’As India is emerging as a viable alternative for the global multinational companies for diversifying their manufacturing base, the accelerated development of logistics infrastructure and favourable policy formulations will play an enabling role in helping the country garner a larger share in the global manufacturing value chain. Therefore, we expect the upcoming budget to propose a continued capex push for transportation, port and digital infrastructure development to boost logistics efficiency and competitiveness in line with the vision and goals of National Logistics Policy. We expect the budget to support persistent efforts of the logistics industry to develop last-mile connectivity to facilitate the transformative growth of the SMEs through effective local and global value chain integrations, as they are the key growth drivers of the economy. In addition, we expect the budget to propose incentives to drive large-scale green or renewable energy adoption so that the industry can play a pivotal role in achieving the country’s net zero target.’‘

Lupin Digital Health has introduced Digital Therapeutics Certificate for Cardiologists in India in collaboration with the American College of Cardiology.

Lupin stock trades at ₹1,473.05 on the NSE, down by 0.69%

Rane Brake Lining has reported its net profit for the quarter ended December 2023 at ₹10.12 crore as against ₹9.17 crore in December 2022 quarter.

The stock trades at ₹895.70 on the NSE, up by 1.97%.

Euphoria Infotech India Ltd has bagged an order worth gross value ₹93.90 lakh from Webel Technology Limited. The said order is expected to be completed within May, 2024. 

Euphoria Infotech stock is down by 4.21% on the BSE, trading at ₹182.

BPCL (4.54%); ONGC (3.82%); Hindalco (2.72%); JSW Steel (1.92%); Hindustan Unilever (1.87%)

Major losers:

Bajaj Finance (-4.84%); Bajaj Finserv (-2.02%); ITC (-1.97%); Ultratech Cement (-1.49%); Sun Pharma (-1.37%)

Stocks advanced on BSE at noon on January 30, 2024, were 2,152 against 1,513 stocks that declined; 118 stocks remain unchanged. Total stocks traded were 3,783. The number of stocks that recorded a 52-week high was 437, and those that hit a 52-week low was 18.

Maruti Suzuki Ltd is expected to report low double-digit growth YoY in sales owing to a notable 8% YoY volume growth, primarily driven by strong traction in UVs which experienced a remarkable 60% YoY surge. However, entry-level models faced a decline of 48% YoY during the same period. The company’s EBITDA margin is expected to slightly contract which can be attributed to the increase in RM costs along with operational deleverage. Despite domestic volumes shrinking 11% QoQ, realization is anticipated to increase sequentially, propelled by an improved product mix leaning towards SUVs, along with exports which grew 3% QoQ, contributing ~14.3% to sales in Q3FY24.

Dhruv Mudaraddi, Research Analyst, Stoxbox

Focus on PLI Scheme: The expectations underscore the ‘Make in India’ Initiative and emphasizes on increased R&D investments and expanding indigenous manufacturing of batteries. Production Linked Incentive (PLI) Scheme will incentivise and support startups in fostering innovation. Government has to introduce relaxations and incentives for affordability and innovation in sustainable mobility in India. Extending the PLI Scheme to battery recycling will also ensure that instead of exporting dead batteries, domestic recycling will help India become the hub of sustainability.

Demand from EV Sector: Subsidies in sub-assembly lines of EV vehicles will reduce the bill of materials cost and rationalising GST rates will create a cost-competitive environment. Lastly, the proposed battery swapping policy should ensure that start-ups and small-scale entrepreneurs are not affected due to the entry of big players in the industry calling for the requirement of standardization.

Expectation of MSME Sector: Since the introduction of ONDC and OCEN, MSMEs should be provided continued support and tax benefits. They should be given the easy opportunity to access credit by also incentivising FinTech companies. Further, the focus should also primarily be on digital payments in tier-2 cities and rural areas along with educating them about digital payments in order to curb cyber fraud. There has been a consistent call on standardizing the KYC framework to address the same.

Arvind Ltd has reported its net profit for the quarter ended December 2023 at ₹90.80 crore as against ₹81.33 crore in December 2022 quarter. 

The company has appointed Nigam Shah as the Chief Financial Officer.

Company’s stock trades at ₹313.50 on the NSE, down by 0.16%.

The Japanese Nikkei index concluded slightly higher on Tuesday. The Nikkei 225 index gained 0.11%, or 38.92 points, reaching 36,065.86. Meanwhile, the broader Topix index closed with a marginal decline of 0.10%, or 2.55 points, at 2,526.9.

Servotech Power Systems has bagged a ₹120-crore order from Bharat Petroleum Corporation Ltd to supply and install 1800 DC Fast EV Chargers. 

The Servotech Power Systems stock trades at ₹82 on the NSE, down by 0.24%; and BPCL stock rose by 4.35%, trading at ₹514.10

Orchid Pharma’s antibiotic invention ‘Exblifeb’ has received the European Medicines Agency’s (EMA) recommendation for marketing authorisation.

Orchid Pharma stock trades at ₹859.40 on the BSE, up by 19.99%.

“We believe spending on defence will continue. India is looking to become an exporting hub for defence. We already have attachés from more than 80 countries. It has become a significant part of the economy and the market over the last five years inspiring tremendous excitement. 

Overall, expecting the Amrit Kaal theme to continue from the budget - it will cater to the masses. Continued focus on capital expenditure is expected, in addition to the other focus areas that the government had maintained last year. This will be done while maintaining the fiscal deficit. No big announcement expected for the start-ups ecosystem, but the government will definitely be doing right by start-ups in the longer horizon. The government has done well in building the start-up ecosystem with the introduction of building blocks for start-ups; Aadhar and UPI. 

Gift City is a beautiful example of the government’s start-ups focus, riding on technology transformation. Railway will be the most important plug in the logistic space. Dedicated freight corridors operational by end of FY ‘25. Focus on infra will continue in line with previous policies. We are also bullish on financial services.

There will be a need for capital formation and servicing companies for the same. Then of course, we are all positive about IT. The project pipeline in IT is quite healthy, 

As for the markets, we foresee no Immediate reaction with the budget announcement. The announcement comes soon after the Fed announcement on the 31st, hence the market reaction for the next few weeks will be from a combination of the budget and the Fed announcement.”

Orchid Pharma (20%)

Kirloskar Electric (19.21%)

Tata Invesment Corp (17.82%)

Hindprakash Industries (17.15%)

Shakti Pumps (16.43%)

The Va Tech Wabag stock rose by 3.95 per cent on the NSE, trading at ₹671.60. The company had entered into an MoU with Peak Sustainability Ventures (PEAK) to establish 100 Bio-CNG plants at sewage treatment facilities across India and other mutually agreed-upon locations in the GCC, Africa, and European countries.

With strong orders from West Asia and the domestic market, Larsen & Toubro (L&T) is expected to see an uptick in domestic private capex in Q3. Analysts have projected 24 per cent year-on-year growth in infrastructure, while hydrogen is expected to grow by 20 per cent, and heavy engineering by 10 per cent. Read more

GAIL’s robust Q3 performance was buoyed by continued margin expansion in natural gas marketing coupled with positive EBIT contribution from petrochemicals and liq. hydrocarbons segment. Thus, GAIL reported 17.5% QoQ jump in EBITDA at Rs42.1bn vs Rs35.8bn. Natural gas transmission volumes rose 1.0% QoQ at 121.5mmscmd while natural gas sales rose 1.2% QoQ at 98.1mmscmd. The company operated its petrochemicals plant at 101% capacity utilisation thus turning the performance into positive EBIT contribution from EBIT loss in Q2. Management guided gas transmission exit rate at 123-124mmscmd for FY24E and 12-15mmscmd addition over the next couple of years. Although gas marketing margin is expected to be ~Rs55bn+ in FY24E, management guided for a min. of Rs40bn margin in FY25E with upside potential. Based on 9MFY24 performance and latest guidance, we have raised our FY24E/ FY25E EBITDA estimates by 14.7%/ 0.9% while lowering FY26E EBITDA estimate marginally by 1.7%. The stock has surged ~43% over the past three months. We downgrade the stock from Add to Sell with a SOTP based revised TP to Rs140 (earlier Rs131).

TruCap has secured ₹400 million NCD from sustainable investment fund, ResponsAbility AG.

The stock trades at ₹74 on the NSE, down by 0.67%.

The Bank Nifty index is currently trading at 45,330, down 0.25 per cent.

The rise to 46,000 mentioned yesterday does not seems to be happening as the index is facing resistance around 45,650. The advances/ declines ratio is at 5:6. This could keep the bias negative for the day.

Karur Vysya Bank has opened three new branches at Atmakur, Nandyal District; Usilampatti, Madurai District; and Mathur, Chennai. 

The bank’s stock trades at ₹193.35 on the NSE, up by 0.99%.

The Nifty 50 began today’s session lower at 21,775.75 versus yesterday’s close of 21,737.60. The index is now trading around 21,715, down 0.15 per cent.

At the moment, the advances/ declines ratio stands at 33/17. Hindustan Unilever, up 1.9 per cent, is the top gainer, whereas Bajaj Finance, down 3.6 per cent, is the biggest loser in the Nifty 50 in the first hour of trade.

Larsen and Toubro (L&T) on Tuesday said it has bagged a project to set up a solar power plant in Dubai.

The order has been bagged by the renewable engineering, procurement, and construction (EPC) arm of L&T’s power transmission and distribution business.

The project involves setting up a “solar photovoltaic plant in Dubai, the United Arab Emirates,” the company said in a filing to BSE. - 

The dispute between Zee and Sony over the failed merger will be heard at the Singapore Arbitration International Centre in an emergency arbitration proceedings on Wednesday.

Royal Orchid & Regenta Hotels has announced its 10th property opening of Regenta Inn in Jamnagar, Gujarat.

Royal Orchid Hotels’ stock trades at ₹363 on the BSE, up by 2.04%.

Indian equity markets rose following firm cues from global markets and amid optimism about the upcoming interim budget, which will be delivered to the Lok Sabha on 1st Feb 2024. Positive indications from around the world supported the mood following China’s announcement of steps to support its property sector and equities markets.

Bond yields fell marginally ahead of the announcement of the domestic budget and U.S. Federal Reserve’s policy decision.

The yield on the 10-year benchmark paper (7.18% GS 2033) fell by 1 bps to close at 7.17% as compared to the previous close of 7.18%.

JSW Paints has recorded a 5x higher than industry growth in business since its launch 5 years ago. After crossing Rs 1,000 crore in FY22, JSW Paints has now hit a Rs 2,000 crore run-rate within 15 months. The company is on track to close FY24 with a turnover higher than Rs 2,000 crore. The company is confident of achieving its next Rs 1,000 crore of revenue in an even shorter time period, having already crossed the Rs 1,500 crore mark within 9 months in the current fiscal.

Suzlon Group has bagged an order for the supply of wind turbine generators (WTGs) for a 642 MW wind power project from an Evren Company, ‘ABC Cleantech Private Limited (ACPL)’. Evren is a joint venture in India between Brookfield and Axis Energy. 

Suzlon will install 214 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each in Andhra Pradesh. 

Sulzon Energy stock rose by 2.20% on the NSE, trading at ₹44.20.

AU Small Finance Bank said Harun Rashid Khan, Independent Director (Non-Executive) will assume the position of Part Time Chairman of the Bank with effect from January 30, 2024 till completion of his 1st tenure as Independent Director of the Bank -- December 27, 2024. Khan was RBI Deputy Governor July 2011 to July 2014.

GAIL (India) stock rose by 1.02% on the NSE, trading at ₹173.50. The company had signed a long-term LNG purchase agreement with Abu Dhabi National Oil Company (ADNOC) Gas for the purchase of around 0.5 MMTPA LNG from ANDOC Gas.

SpiceJet Ltd informed that the National Company Law Tribunal (NCLT) has dismissed the insolvency petition filed against the Company by aircraft lessor Wilmington Trust SP Services.

Adroit Infotech has received administrative warning letter for non-compliance with SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2018. The company has taken a note of the same and will place the letter in the forthcoming board of directors meeting and the company will ensure to adhere to comply as per the regulations.

(Nirmal Bang Retail Research)

Sales volume came at 4.0mnT vs QoQ 4.5mnT yoy 4.4mnT

Result has improved

Revenue from Operations came at Rs. 2421 Cr (-5.9% QoQ, -7% YoY) vs QoQ Rs. 2573 Cr, YoY Rs. 2604.6 Cr

EBIDTA came at Rs. 410.4 Cr (24.4% QoQ, 53% YoY) vs QoQ Rs. 330 Cr, YoY Rs. 268.3 Cr

EBITDA Margin came at 17% vs QoQ 12.8%, YoY 10.3%

Adj. PAT came at Rs. 31 Cr vs QoQ Rs. 1.5 Cr, YoY Rs. -75.3 Cr

Quarter EPS is Rs. 0.9

Stock is trading at P/E of 51.9x FY24E EPS

Zerodha was down due to technical glitch. The company had said that the issue has been resolved. 

“Due to a connectivity issue, some of our users were intermittently facing issues with order placement on Kite. This issue is now resolved. We regret the inconvenience caused,” it said on X.

Slowdown in the domestic market and continued price erosion in some product segments in the US are likely to see Dr Reddy’s Laboratories post moderate growth of about 4 per cent in total revenue in the third quarter of the current fiscal year ending December 31, 2023. 

While revenue is expected to be upwards of Rs 7,000 crore, net profit is expected to increase by 11-13 per cent, according to analysts.

Silver prices gained as rising tensions in the Middle East triggered safe-haven buying. The Fed, which is scheduled to announce its policy on Wednesday, is widely expected to hold rate unchanged, but the central bank’s accompanying statement is in focus for clues about the likely timing of interest rate cuts. Investors closely followed the developments on the geopolitical front. Three U.S. service members were killed and dozens wounded after an unmanned aerial drone attack on the U.S. forces stationed in Jordan near the Syrian border.

The GAIL reported higher than estimated EBITDA of Rs 38.2 bn (up 9% QoQ, PLe: Rs 33.5 bn) while PAT came in at Rs 28.4 bn (up 18% QoQ, PLe: Rs 24 bn). Transmission and trading volumes grew 1% QoQ. The company expects transmission volumes to grow by 12-15 mmscmd in the next 2 years. Going forward, we build in a 4.5/4% CAGR volume growth over FY24-26E in transmission and trading segments. We downgrade our rating from ‘Hold’ to ‘Reduce’ and value it at 12x FY26 adj EPS of 10.8 and the value of listed and unlisted investment at Rs 27 to arrive at our target price of Rs 157(previous TP Rs155).

Key economic data slated for release includes Spanish Flash CPI y/y, German Prelim GDP q/q from Euro Zone and CB Consumer Confidence, JOLTS Job Openings from US Zone.

Gold firmed as rising tensions in the Middle East lifted demand for the safe-haven asset, while markets awaited a Federal Reserve policy decision later this week for more clues on the timing of this year’s first U.S. interest rate cut. Washington was considering its response to the first deadly strike on its forces in the Middle East since the Gaza war began after a drone attack in northeastern Jordan at the weekend killed three U.S. servicemen and wounded at least 34. Data showed moderate growth in U.S. prices in December, keeping annual inflation below 3% for a third consecutive month and potentially allowing the Fed to begin cutting interest rates this year.

Zydus Lifesciences launches Rexigo, the oral once-a-day pill for advanced prostate cancer patients in India

The company’s stock trades at ₹757.95 on the NSE, up by 1.26%.

Major gainers on the NSE at 9:30 am”

ONGC (1.82%); Hindalco (1.66%); Hindustan Unilever (1.40%); JSW Steel (1.23%); Tata Steel (1.04%)

Major losers:

Bajaj Finance (-4.10%); Bajaj Finserv (-2.13%); Adani Enterprises (-1.15%); SBI Life (-1.08%); Ultratech Cement (-1.02%)

Indian Railways has witnessed approx. 75% Capital expenditure utilization (Highest ever) in the first nine months of this Financial Year till December 2023. Indian Railways has made an expenditure of Rs. 1, 95,929.97 Crores till December 2023 which is approx. 75 % of total capex (Rs. 2.62 lakh crores) of Railways during this financial year.

During the same period in December 2022, Indian Railways had witnessed capex utilization of Rs. 1,46,248.73 Crores. This year, Capex Utilization is approx. 33 % more in comparison to the last year’s corresponding period. (PIB)

Neutral Call, Target Rs 455

Sharply Lower-than-anticipated Margins On Lower Domestic Gas Allocation 

Lower APM Allocation To Be Made Up By CBG Over Medium Term

Equal-Weight Call, Target Rs 533

Q3 Saw Weak Topline, Good Margins 

Demand Improvement In Core Business Continues To Be Delayed 

General Trade Situation Hurting Business Growth Trends

Underperform Call, Target Rs 775 

Q3 Core Profit Well Below Est, Due To Lower Recoveries & Higher Opex 

Reported Loss Of `2,400 Due To AIF-Related Provision 

Growth In Retail Loans Stays Strong, While Wholesale Book Continues To Unwind 

NIMs Improved QoQ Due To Better Yield 

Stress Book In Wholesale Loans Rose QoQ, But Retail GNPA Was Stable QoQ 

Expect ROA/ROE To Stay Below 1%/ 5% Over FY24-26E

Sell Call, Target Rs 11.5 

Q3 Below Estimates 

Q3 Revenues Flat QoQ (2.5% Below Est, With ARPUs Up 2.1% QoQ To Rs145 (0.7% Below Est) 

EBITDA (Up 1.6% QoQ, 40.8% Margin, Up 80 bps QoQ) Was 3.8% Below Est 

Net Losses Were Aided By Exceptional Gains & In-line 

Will Look For Commentary On Fundraising Exercise 

OW, TP Rs 600 

Standalone PAT 40% behind JPMe, with dynamics similar to those of IOCL/HPCL 

BPCL typically traded at higher than peer P/E due to its specific E&P upside 

That has currently eroded, but could return should development at Mozambique restart 

JPM 

Neutral, TP Raised to Rs 170 

3Q PAT of Rs28.4bn was 26%/25% higher than JPMe /consensus, with surprise largely driven by a swing back to profitability in its petrochemical & LPG segments 

Gas trading business delivered EBITDA of Rs20.7bn for qtr 

Jefferies 

U-P, TP Rs 150 

Ebitda missed JEFe on miss in transmission & trading. 

Petchem turned profitable on opereating leverage & cheap feedstock & came ahead of JEFe. 

Stock trades at more than + 2SD over LT fwd Ebitda making risk reward unfavourable 

HSBC 

Buy, TP Raised to Rs 200 

3Q beat consensus, demonstrating demand momentum, increasing predictability, & biz turnaround 

Lower gas prices, new gas marketing contracts, and start of LNG volume set to drive higher transmission utilisation

MS 

OW, TP Rs 491 

Top-line miss led by Cigarettes and Agri business. 

Hotels reported better revenue vs. estimates. 

EBIT for cigarette business was below MSe while FMCG was ahead 

CLSA 

O-P, TP cut to Rs 486 

Weaker-than-expected cigarette volume 

FMCG-others: steady quarter 

Paper a significant drag with no green shoots visible yet 

Growth challenges but core remains solid 

Lower FY24-26 EPS est. 2%-4% 

Jefferies 

Buy, TP cut to Rs 520 

At recent analyst meet, ITC Chairman had highlighted the possibility of consolidation in near-term cigarette volumes & that exactly played out 

In 3QFY24 - cig. Ebit growth (+2%) was slowest YoY in several qtrs 

Trim EPS by 2-3% 

UBS 

Sell, TP Rs 6800 

Mixed qtr operationally but guided for higher credit costs 

NII & PPOP in-line; B2C portfolio seeing increased stress 

On regulatory side, co has made progress on its insta EMI card embargo with final submission to be made to RBI shortly 

HSBC 

Buy, TP Rs 8900 

3Q missed est. due to lower fees (regulatory action on certain products) & higher credit costs 

Cut EPS est. by 3-5% for FY24-26e 

Rajeev Jain clarified he will continue to actively engaged in shaping strategy 

Nomura 

Buy, TP Rs 8800 

In-line operational results; asset quality marginally deteriorates 

Strong AUM growth across segments except rural B2C; PPOP growth remained robust 

Credit costs increase despite decline in PCR; stress remained high in unsecured segments 

Jefferies 

Buy, TP Rs 9400 

Profit of Rs36bn, +22% YoY tad ahead of est. 

Strong AUM growth of 35% & better NIMs aided 29% rise in NII 

Embargo on EMIcard stays & BAF may submit revised standards to RBI in 4Q; watch progress here & in credit card

O-P, TP raised to Rs 3160 from Rs 3000 

Expect 20% CAGR EPS growth through to end FY26 with retail & telecoms key drivers 

Telco focus will shift to monetization 

Retail will show strong growth momentum. 

O2C earnings growth will likely be flat 

Several key catalysts ahead for investors 

1) additional spins-off’s post-India election 

2) increase in telecom tariff 

3) new announcement on new energy biz 

4) improvement in free cash flow 

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“It appears that the strong DII and retail support and the consequent resilience of the market is forcing FIIs to reduce their selling. The Fed commentary on Wednesday will influence the US bond yields and consequently the FII strategy.

Large caps like RIL, Bharti Airtel, L&T and ICICI have strength to support the market.

In the near-term, expectations regarding the budget will influence the market. Market doesn’t expect any major changes in taxation relating to the capital market. Therefore, any such proposal will have an impact on the market.”

Nifty after opening on a positive note, carried on with the strong upward move as the day progressed on the back of strong performance from RIL which gained by a significant 7% and helped the index to move past the 21700 zone decisively further strengthening the bias. The index would now have the crucial barrier zone of 21750 levels which needs to be breached to expect for retesting the all-time high level of 22124 zone. The support for the day is seen at 21600 while the resistance would be at 21900. 

Bank Nifty has regained from near the significant 200 period MA of 44700 zone and gained by more than 500 points to close above the important 100 period MA of 45350 level. As mentioned earlier, the index would need a decisive breach above the important hurdle at 46300 zone of the significant 50EMA level for the overall bias to improve. Bank Nifty would have a daily range of 45000–45900 levels.

Indian benchmark indices, Sensex and Nifty, started the day on a positive note on Tuesday. In the early trade, the BSE Sensex gained 173.46 points, reaching 72,115.03, while simultaneously, the NSE Nifty rose by 51.20 points, trading at 21,788.80. 

The Nifty 50 and the BSE Sensex logged their best day since Dec. 4, 2023, on Monday, driven by gains in heavyweights Reliance Industries and ONGC as oil prices climbed. 

Wall Street equities rose overnight with the S&P 500 hitting a fresh record high, ahead of key corporate earnings and Fed policy decision on Wednesday. Asian markets were muted. 

According to analysts, the interim budget on Thursday and Fed policy on Wednesday will be the major near-term triggers for domestic equities. 

Nifty formed a long bull candle on Monday. 21851-21970 could be the next resistance band for the Nifty while 21482 could act as a support. “Build-up ahead of the vote on account seems to have started. This upmove can be used for selectively reducing weight in individual stocks that have run up too fast,” said Deepak Jasani, Head-Retail Research, HDFC Securities. 

Prashanth Tapse of Mehta Equities notes Nifty’s recent surge, propelled by a substantial gain in Reliance Industries, reaching a record high. The market outlook suggests a sustained rally influenced by positive global factors and upcoming events. He provides preferred trade setups, emphasizing a bullish outlook on select stocks, with a top recommendation to buy Hindustan Aeronautics Limited (HAL) and specific targets. Key factors include Wall Street’s performance, the US economy, easing inflation, the artificial intelligence revolution, and optimism surrounding the FM’s economic blueprint. 

Foreign institutional investors snapped a seven-session selling streak on Monday and bought shares worth about Rs 110 crore, exchange data showed. 

Domestic institutional investors remained net buyers, adding shares worth Rs 3,221 crore. 

Maharashtra Seamless has reported its standalone net profit for the quarter ended December 2023 at ₹280.29 crore as against ₹167.73 crore in the December 2022 quarter.

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Regional Investment Corporation (RIC), an Australian government concessional finance provider for farmers, announced RIC’s implementation of the Finacle Digital Lending Solution Suite in a Software-as-a-Service (SaaS) mode running on AWS.

PFB the pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“Nifty surged in the recent session, propelled by a 6.8% gain in Reliance Industries, reaching a record high of Rs. 2905 and a market capitalization of Rs. 19.2 lakh crore. The current market outlook suggests a sustained and broadening rally on Dalal Street, contingent on Nifty maintaining levels above 21389. Positive factors include Wall Street nearing its all-time high, a growing US economy, easing inflation rates, a thriving artificial intelligence revolution, and optimism around the FM’s economic blueprint. Key upcoming events include the FOMC rate decision, FM Nirmala Sitharaman’s interim Union Budget, and the US Jobs Report. Notable Q3 corporate earnings today include Astral, Bajaj Finserv, and Dr Reddy’s Lab. Nifty’s options data hints at a trading range of 21300-22500. Preferred trade setups for Nifty and Bank Nifty are provided, along with a bullish outlook on select stocks. The top stock recommendation is to buy Hindustan Aeronautics Limited (HAL) with specific targets and a breakout play rationale.”

Morning Outlook for 30th JAN 2024

The benchmark Sensex and Nifty are likely to open flat on January 30 as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 105 points.

During the previous trading session on January 29, Indian equity indices rebounded strongly, kicking off the Budget week with substantial gains. Both benchmark indices recorded nearly a 2 percent increase, driven by widespread buying across various sectors and strong performances by heavyweight stocks.

Analyzing the daily charts reveals that the Nifty has surpassed its previous swing high of 21,750, signaling a break in the downtrend by violating the lower top lower bottom formation. Looking ahead, the index could extend its pullback towards 21,950, with 21,850 to 22,000 posing as immediate resistance levels.

In the case of Bank Nifty, there is an ongoing retracement of the recent decline from 48,300 to 44,500. The pullback in the short term could persist until the range of 46,000 to 46,200. However, it’s essential to note that 45,110 serves as a crucial support level from a short-term perspective.

In terms of investor activity, Foreign Institutional Investors (FIIs) reversed their trend in the cash segment, turning net buyers and purchasing shares worth Rs 110.01 crore. Simultaneously, Domestic Institutional Investors (DIIs) were active buyers, acquiring stocks amounting to Rs 3,221.34 crore on January 29, according to provisional data from the NSE.

Mandar Bhojane

Research Analyst

Choice Broking

30 January 2024 (Today)

Derivative Segment

• Astral Ltd.

• Bajaj Finserv Ltd.

• Coromandel International Ltd.

• Dr. Reddy’s Laboratories Ltd.

• Larsen & Toubro Ltd.

• M&M Financial Services Ltd.

• SRF Ltd.

• Voltas Ltd.

Cash Segment

• Adani Total Gas Ltd.

• Apar Industries Ltd.

• Bajaj Holdings & Investment Ltd.

• Blue Star Ltd.

• Cochin Shipyard Ltd.

• Dwarikesh Sugar Industries Ltd.

• Gillette India Ltd.

• IRB InvIT Fund

• JBM Auto Ltd.

• Jubilant Ingrevia Ltd.

• Kaynes Technology India Ltd.

• KEC International Ltd.

• KPIT Technologies Ltd.

• PB Fintech Ltd.

• Piramal Pharma Ltd.

• Shyam Metalics And Energy Ltd.

• SIS Ltd.

• Star Health & Allied Ins Co Ltd.

• Symphony Ltd.

• Triveni Engineering & Industries

• Vaibhav Global Ltd.

• VIP Industries Ltd.

• ZF CV Ctrl Systems India Ltd.

31 January 2024

Derivative Segment

• Ambuja Cements Ltd.

• Bank Of Baroda

• Dabur India Ltd.

• Dixon Technologies (India) Ltd.

• GMR Airports Infrastructure Ltd.

• Godrej Consumer Products Ltd.

• IDFC Ltd.

• Jindal Steel & Power Ltd.

• Jubilant FoodWorks Ltd.

• Maruti Suzuki India Ltd.

• PVR Inox Ltd.

• Shree Cement Ltd.

• Sun Pharma Industries Ltd.

Cash Segment

• Adani Wilmar Ltd.

• Ajanta Pharma Ltd.

• Amara Raja Energy & Mobility 

• Balaji Amines Ltd.

• Carborundum Universal Ltd.

• Data Patterns (India) Ltd.

• DCM Shriram Ltd.

• IRB Infrastructure Developers

• Jyothy Labs Ltd.

• Kajaria Ceramics Ltd.

• Kalyan Jewellers India Ltd.

• Mankind Pharma Ltd.

• Max Healthcare Institute Ltd.

• Motherson Sumi Wiring India 

• Poly Medicure Ltd.

• P&G Hygiene & Health Care 

• Punjab & Sind Bank

• Relaxo Footwears Ltd.

• Suzlon Energy Ltd.

• Swan Energy Ltd.

• The Great Eastern Shipping Co

• Westlife Foodworld Ltd

01 February 2024

Derivative Segment

• Abbott India Ltd.

• Adani Enterprises Ltd.

• Adani Ports and SEZ Ltd.

• Aditya Birla Capital Ltd.

• Bata India Ltd.

• City Union Bank Ltd.

• Dr. Lal Pathlabs Ltd.

• Mphasis Ltd.

• The India Cements Ltd.

• The Indian Hotels Company

• Titan Company Ltd.

Cash Segment

• Aavas Financiers Ltd.

• Aether Industries Ltd.

• Aptus Value Housing Fin Ltd.

• Bayer CropScience Ltd.

• Castrol India Ltd.

• Deepak Fert & Petrochem Corp

• eClerx Services Ltd.

• Five-Star Business Finance Ltd.

• GMM Pfaudler Ltd.

• Godrej Agrovet Ltd.

• HFCL Ltd.

• Jupiter Wagons Ltd.

• Minda Corporation Ltd.

• Orient Electric Ltd.

• Praj Industries Ltd.

• Prism Johnson Ltd.

• Raymond Ltd.

• Rites Ltd.

• Sonata Software Ltd.

• Sumitomo Chemical India Ltd.

• Tube Investments of India Ltd.

• V-Guard Industries Ltd.

02 February 2024

Derivative Segment

• Interglobe Aviation Ltd.

• LIC Housing Finance Ltd.

• Metropolis Healthcare Ltd.

• Torrent Pharma Ltd.

• UPL Ltd.

Cash Segment

• Aegis Logistics Ltd.

• Alkyl Amines Chemicals 

• Bank Of India

• Bikaji Foods Int Ltd.

• Century Plyboards Ltd.

• Century Textiles & Industries

• Dalmia Bharat Sugar & Industries 

• Delhivery Ltd.

• Devyani International Ltd.

• Engineers India Ltd.

• Fine Organic Industries Ltd.

• Gujarat Ambuja Exports Ltd.

• Jash Engineering Ltd.

• Jubilant Pharmova Ltd.

• Mahindra Holidays & Resorts 

• Mahindra Lifespace Developers

• Medplus Health Services Ltd.

• MOIL Ltd.

• Quess Corp Ltd.

• Sundram Fasteners Ltd.

• Tata Motors Ltd. - DVR 

• Ujjivan Financial Services 

• Whirlpool Of India Ltd.

03 February 2024

Derivative Segment

• State Bank Of India

Cash Segment

• Affle (India) Ltd.

• Archean Chemical Industries 

• Clean Science & Tech Ltd.

• Grindwell Norton Ltd.

• Gujarat Alkalies & Chem Ltd.

• Krishna Institute of Medical Sci

05 February 2024

Derivative Segment

• Ashok Leyland Ltd.

• Bharti Airtel Ltd.

• Tata Chemicals Ltd.

Cash Segment

• Alembic Pharma Ltd.

• Avanti Feeds Ltd.

• BSE Ltd.

• CCL Products Ltd.

• Cholamandalam Fin Hldgs

• K.P.R. Mill Ltd.

• Kansai Nerolac Paints Ltd.

• Linde India Ltd.

• Orient Cement Ltd.

• Prince Pipes and Fittings

• Sun Pharma Adv Research Co

• Suven Pharmaceuticals Ltd.

• Triveni Turbine Ltd.

• Varun Beverages Ltd.

06 February 2024

Derivative Segment

• Britannia Industries Ltd.

• Chambal Fert & Chem Ltd.

• Godrej Properties Ltd.

• Max Financial Services Ltd.

• Navin Fluorine Int Ltd.

Cash Segment

• Akzo Nobel India Ltd.

• Birla Corporation Ltd.

• Brigade Enterprises Ltd.

• Computer Age Mgmt Ser Ltd.

• E.I.D. - Parry (India) Ltd.

• EIH Ltd.

• Endurance Tech Ltd.

• FSN E-Commerce Ventures Ltd.

• Gujarat State Fert & Chem Ltd.

• JK Tyre & Industries Ltd.

• Lemon Tree Hotels Ltd.

• PNC Infratech Ltd.

• Procter & Gamble Health Ltd.

• Radico Khaitan Ltd.

• Redington Ltd.

• Timken India Ltd.

• Trident Ltd.

• TTK Prestige Ltd.

• Usha Martin Ltd.

• V-Mart Retail Ltd.

• Welspun Corp Ltd.

07 February 2024

Derivative Segment

• Cummins India Ltd.

• GNFC Ltd.

• Lupin Ltd.

• Manappuram Finance Ltd.

• Nestle India Ltd.

• Tata Consumer Products Ltd.

• Trent Ltd.

Cash Segment

• AIA Engineering Ltd.

• FDC Ltd.

• General Ins Corp of India

• Star Cement Ltd.

• Varroc Engineering Ltd.

08 February 2024

Derivative Segment

• Aarti Industries Ltd.

• Apollo Hospitals Enterprise 

• Balrampur Chini Mills Ltd.

• Biocon Ltd.

• Escorts Kubota Ltd.

• Grasim Industries Ltd.

• Page Industries Ltd.

• Power Finance Corp Ltd.

• The Ramco Cements Ltd.

• United Breweries Ltd.

Cash Segment

• Astrazeneca Pharma Ltd.

• Esab India Ltd.

• Honeywell Automation Ltd.

• NCC Ltd.

• Patanjali Foods Ltd.

• Rail Vikas Nigam Ltd.

• Ratnamani Metals & Tubes 

• Thermax Ltd.

• Zydus Wellness Ltd.

09 February 2024

Derivative Segment

• MRF Ltd.

• Tata Power Company Ltd.

Cash Segment

• Emami Ltd.

• Godrej Industries Ltd.

• Indigo Paints Ltd.

• Sapphire Foods India Ltd.

• Shipping Corp Of India Ltd.

• The New India Assurance Co Ltd.

10 February 2024

Derivative Segment

• MCX India Ltd.

12 February 2024

Derivative Segment

• Coal India Ltd.

• Samvardhana Motherson Int.

Cash Segment

• BASF India Ltd.

• Elgi Equipments Ltd.

• Glaxosmithkline Pharma Ltd.

• Gujarat Pipavav Port Ltd.

• HEG Ltd.

• JM Financial Ltd.

• Lakshmi Machine Works Ltd.

• Mazagon Dock Shipbuilders

• NHPC Ltd.

• TCI Express Ltd.

13 February 2024

Derivative Segment

• Bosch Ltd.

• Deepak Nitrite Ltd.

• Hindalco Industries Ltd.

• IRCTC Ltd.

• Info Edge (India) Ltd.

• Oil & Natural Gas Corp Ltd.

Cash Segment

• ITI Ltd.

• NBCC (India) Ltd.

• Oil India Ltd.

• RHI Magnesita India Ltd.

14 February 2024

Derivative Segment

• Crompton Greaves Cons Ele Ltd.

• Ipca Laboratories Ltd.

Cash Segment

• Gland Pharma Ltd.

20 February 2024

Derivative Segment

• ABB India Ltd.

23 February 2024

Derivative Segment

Nil

Cash Segment

• Rain Industries Ltd.

• Sanofi India Ltd.

Citi on Indigo: Maintain Buy on Company, raise target price at Rs 3400/sh from Rs 2900/sh (Positive)

Jefferies on Bajaj Finance: Maintain Buy on Company, target price at Rs 9400/sh (Positive)

HSBC on Bajaj Finance: Maintain Buy on Company, target price at Rs 8900/sh (Positive)

Citi on IGL: Maintain Buy on Company, target price at Rs 510/sh (Positive)

JP Morgan on BPCL: Maintain Overweight on Company, target price at Rs 600/sh (Positive)

Citi on BPCL: Maintain Buy on Company, target price at Rs 560/sh (Positive)

Investec on GAIL: Maintain Buy on Company, raise target price at Rs 200/sh (Positive)

Citi on GAIL: Maintain Buy on Company, raise target price at Rs 195/sh (Positive)

Jefferies on GAIL: Maintain Underperform on Company, target price at Rs 150/sh (Neutral)

JP Morgan on GAIL: Maintain Neutral on Company, target price at Rs 175/sh (Neutral)

Citi on Marico: Maintain Buy on Company, cut target price at Rs 585/sh (Neutral)

JP Morgan on Marico: Maintain Equal weight on Company, target price at Rs 533/sh (Neutral)

Jefferies on Marico: Maintain Buy on Company, cut target price at Rs 650/sh (Neutral)

Investec on ITC: Maintain Buy on Company, target price at Rs 499/sh (Neutral)

MS on ITC: Maintain Overweight on Company, target price at Rs 491/sh (Neutral)

HSBC on ITC: Maintain Hold on Company, target price at Rs 480/sh (Neutral)

Jefferies on ITC: Maintain Buy on Company, cut target price at Rs 520/sh (Neutral)

Macquarie on Bajaj Finance: Maintain Neutral on Company, target price at Rs 8100/sh (Neutral)

Nomura on Bajaj Finance: Maintain Buy on Company, target price at Rs 8800/sh (Neutral)

Citi on UTI AMC: Maintain Sell on Company, target price at Rs 815/sh (Neutral)

Citi on ABSL AMC: Maintain Sell on Company, target price at Rs 425/sh (Neutral)

Citi on Petronet: Maintain Buy on Company, target price at Rs 185/sh (Neutral)

Jefferies on BPCL: Maintain Underperform on Company, target price at Rs 415/sh (Neutral)

UBS on Vodafone: Maintain Sell on Company, target price at Rs 11.5/sh (Neutral)

Nomura on IGL: Maintain Neutral on Company, target price at Rs 455/sh (Neutral)

CLSA on GAIL: Downgrade to Sell on Company, target price at Rs 165/Sh (Negative)

Citi on PEL: Maintain Sell on Company, cut target price at Rs 850/sh (Negative)

Jefferies on PEL: Maintain Underperform on Company, cut target price at Rs 775/sh (Negative)

14.30 EURO German Prelim GDP q/q (Expected: -0.3% versus Previous: -0.1%)

20.30 U.S. CB Consumer Confidence (Expected: 113.9 versus Previous: 110.7)

20.30 U.S. JOLTS Job Openings (Expected: 8.73M versus Previous: 8.79M)

Danaher Corporation (Pre market) (Sector- Healthcare) 

Pfizer, Inc. (Pre market) (Sector- Healthcare)

United Parcel Service, Inc. (Pre market) (Sector- Logistics)

HCA Healthcare, Inc. (Pre market) (Sector- Healthcare)

Marathon Petroleum Corporation (Pre market) (Sector- Energy)

General Motors Company (Pre market) (Sector- Automobile)

MSCI Inc. (Pre market) (Sector- Financial)

Sysco Corporation (Pre market) (Sector- FMCG)

Johnson Controls International plc (Pre market) (Sector- Capital Goods)

MPLX LP (Pre market) (Sector- Energy)

Corning Incorporated (Pre market) (Sector- Telecom)

PulteGroup, Inc. (Pre market) (Sector- Realty)

Hubbell Inc (Pre market) (Sector- Power)

Pentair plc. (Pre market) (Sector- Capital Goods)

Microsoft Corporation (Post market) (Sector- Technology)

Alphabet Inc. (Post market) (Sector- Technology)

Advanced Micro Devices, Inc. (Post market) (Sector- Technology)

Stryker Corporation (Post market) (Sector- Healthcare)

Starbucks Corporation (Post market) (Sector- FMCG)

Mondelez International, Inc. (Post market) (Sector- FMCG)

Canadian Pacific Kansas City Limited (Post market) (Sector- Hotel)

Electronic Arts Inc. (Post market) (Sector- Technology)

Equity Residential (Post market) (Sector- Realty)

Skyworks Solutions, Inc. (Post market) (Sector- Technology)

Manhattan Associates, Inc. (Post market) (Sector- Technology)

Boston Properties, Inc. (Post market) (Sector- Realty)

Sealmatic India Limited (further referred as ‘Sealmatic’), listed on the BSE reported that it has achieved a significant milestone, with its recent approval by the Directorate General for Quality Assurance (DGQA).

The Directorate General of Quality Assurance (DGQA) comes under the Department of Defence Production. This organisation is more than hundred years old and provides Quality Assurance (QA) which cover for the entire range of Arms, Ammunitions, Equipment and Stores supplied to Armed Forces. It also ensures Documentation, Codification and Standardisation action for minimizing the variety of components/ equipment.

Defence applications often operates in harsh and unpredictable environments, where reliability is not just a desirable trait but an absolute necessity. DGQA approval implies that the products have been subjected to extensive testing, including simulations of extreme conditions. For defence businesses, this approval is a crucial assurance that the supplied products can perform impeccably even in the most challenging circumstances. It serves as a gateway, opening doors to a broader spectrum of opportunities within the defence sector.

In the dynamic and critical landscape of the Defence sector, every component and technology employed must meet rigorous standards of quality, reliability and performance, hence the DGQA approval is a strategic imperative for Sealmatic, which will open doors to collaborations, contracts and partnerships with the defence establishments. says; Umar AK Balwa – Managing Director (Sealmatic).

UBS 

Sell, TP Rs 6800 

Mixed qtr operationally but guided for higher credit costs 

NII & PPOP in-line; B2C portfolio seeing increased stress 

On regulatory side, co has made progress on its insta EMI card embargo with final submission to be made to RBI shortly

*Pending Calls today…*Can set alert at for them at www.researchbytes.com 

10:00 AM Nippon

Dial: +91 22 6280 1144 

10:00 AM Muthoot Microfin Limited

Dial: +91226280 1366

11:00 AM Nelcast

Dial: +91 22 6280 1107

11:00 AM Tinna Rubber an

Dial: 044 4770 2442

11:15 AM Petronet LNG

Dial: 91226280 1143

12:00 PM Apollo Pipes

Dial: +91 22 6280 1384

12:00 PM BPCL

Dial: +91 22 6280 1259

12:00 PM Snowman Logist

Dial: +91 22 6280 1309 

12:00 PM Gateway Distri

Dial: +91 22 6280 1309

*12:00 PM Indo Count Industries *

Dial: +91 22 6280 1309

1:00 PM Venus Pipes

Dial: +91 22 6280 1342 

2:00 PM Shera Energy

Dial: +91 22 6280 1239 

2:00 PM Banswara Syntex

Dial: +91 22 6280 1309

2:30 PM Vodafone Idea

Dial: +91 22 6280 1359

2:30 PM Mahindra Logist

(Press Release )

Dial: +91 22 6280 1309

3:00 PM Symphony

Dial: 

3:30 PM Apar Ind

Dial: +91 22 6280 1174

4:00 PM Mah Seamless

Dial: +91 22 6280 1143

4:00 PM Keystone Realto

Dial: +91 22 6280 1145

4:00 PM Arvind

Dial: +91 22 6280 1227 

4:00 PM RR Kabel L

Dial: +91 22 6280 1290

4:00 PM Nuvoco Vistas C

Dial: +91 22 6280 1339

*4:00 PM Strides Pharma *

Dial: +91 22 6280 1434

4:00 PM Aditya Birla Sun Life Asset Mgmt

Dial: +91 22 6280 1527 

4:00 PM Nitin Spinners

Dial: 022 6280 1474

5:00 PM Astral Poly Tec

Dial: 

5:00 PM IFB Industries

Dial: +922 6280 1304

5:00 PM Jubilant Ingrev

Dial: + 91 22 6280 1141

5:00 PM TeamLease Ser.

Dial: +91 22 6280 1149

5:00 PM Meghmani Org

Dial: +91 22 6280 1325

5:30 PM KPIT

Dial: +91 22 6280 1116 

6:00 PM PB Fintech

Dial: 

6:15 PM M&M Fin

Dial: +91 22 6280 1149 

7:30 PM Dr Reddys Labs

Dial: +91 22 6280 1219 

Available replays at www.researchbytes.com

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Dr Reddy’s to announce Q3 results today. Slowdown in the domestic market and continued pricing erosion of some product segments in the US are likely to result in a moderate growth of about 4 percent in the total revenue in the third quarter of the current fiscal year ending December 31, 2023. It is expected to post a revenue slightly upwards of Rs 7000 crore with about 11-13 percent increase in the net profit, according to analysts.

Route – Tender

Buyback Price: 210/- 

Current Market Price: 197.75/- 

Market Cap: Rs 1,217 crores 

Buyback Size: ₹19.79 Crs (representing 19.32% of the total paid-up equity share capital and free reserves)

Buyback Size: 9,42,300 shares (representing 1.53 % of O/s. shares) 

Retail Quota: 1,41,345 Shares 

Last Cum Trading Date – 30 January 2024 (Today)

Ex-Date – 31 January 2024

Buyback Record Date: 31 January 2024

Buyback Schedule: Not Yet Announced

Route – Tender 

Buyback Price: 300/- 

Current Market Price: 257.50/-

Market Cap: Rs 1,709 crores 

Buyback Size: ₹30 Crs (Representing 2.89% and 2.88% of the aggregate of the Company’s fully paid-up equity capital and free reserves) 

Buyback Size: 10,00,000 shares (Representing 1.51 % of O/s. shares)\ 

Retail Quota: 1,50,000 Shares 

Entitlement:

General Category - 19 Equity Shares for every 1,323 Equity Shares held on the Record Date

Retail Category - 31 Equity Shares for every 1,489 Equity Shares held on the Record Date

Tender Period:

Start Date - 23 January 2024

Close Date - 30 January 2024 (Today)

Obligation Date - 05 February 2024

Settlement Date - 06 February 2024

Sanghi Industries Ltd (SANGHIIND)_Closes Today

Type of Offer: Acquisition

Acquirer: Ambuja Cements Limited 

Issue of Public Announcement: 03-August-23

Offer price Rs: 121.90

CMP: Rs 120.15

(%Prem.)/Disc.: 1.35%

Offer Size : Rs 767.16 Cr

Proposed Acq. No. of shares: 6.71 cr

Proposed Acq. : 26%

SCHEDULE OF ACTIVITY:

Tender Start Date: 15-January-24

Tender End Date: 30-January-24 (Today)

Obligation Date: 12-February-24

Settlement Date: 13-February-24

Growington Ventures India Ltd

Stock Split Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 186.2

Ex - Stock Split 31 January 2024 (Tomorrow)

Last day trade for before split Today

Ex-Dividend 31 January 2024 (Tomorrow)

Last date for Cum-Dividend Today

Metro Brands Ltd

Dividend Per Share Rs.2.75

Previous day Closing Price – Rs. 1150.65

Poonawalla Fincorp Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 483.45

Suraj Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 222.9

Rating: BUY

Target Price : INR 188 

Upside : 39% 

CMP : INR 136 (as on 25 January 2024) 

Sustained performance; volume upbeat

Favourable regulations provide further impetus to volume 

Electricity volume of Indian Energy Exchange (IEX IN) rose 16.8% in Q3 to 28.3billion units (BU), driven by healthy power demand. Robust coal production and a decline in eAuction coal prices increased sell liquidity. Average market clearing price on day ahead market (DAM) fell 14% YoY to INR 5/unit. Conducive policy initiative gave further impetus to DAM volume. Post implementation of general network access (GNA) and India’s electricity grid code cumulative volume in the day ahead contingency (DAC) have fallen to 0.4BU in Q3FY24 and shifted to DAM. At ~15BU, Q3FY24 volume for DAM was higher by 17.5% than DAM volume in Q1FY24 and up 30% compared to volume in Q2FY24. This trend is expected to continue.

Rating: ACCUMULATE

Target Price : INR 825 

Upside : 8% 

CMP : INR 762 (as on 25 January 2024) 

Click Here for Quarterly Update 

Business destinations raking in the moolah 

Demand drivers intact 

Chalet Hotels (CHALET IN) reported the best Q3, led by higher profitability with 538bp margin expansion in the hospitality segment. Topline grew 29% to INR 3.7bn, led by 29% growth in the hospital business and 24% growth in the commercial annuity business. Demand continues to be robust across India, especially in the micro markets of CHALET, led by growth in domestic business travel. EBITDA grew 46% YoY to INR 1.7bn, led by 47% growth in the hospital business and 27% growth in the commercial annuity business. EBITDA margin expansion of 525bp to 44.4% was driven by the hospitality business. APAT grew 69% to INR 706mn 

Cyient had a steady Q3, with 0.4% q/q growth (1.1% in CC). TCV of $297m (LTM $887m), up 13% y/y, was healthy, leading to a book-to-bill of 1.7x (LTM average 1.2x, Q3 FY23 1.4x). Growth was largely led by sustainability while all the other verticals were subdued. Communications was stable after a weak Q2 with management hoping for a Q4 recovery. The Q3 EBIT margin declined 53bps q/q to 16%. The company settled a lawsuit filed on its US subsidiary, resulting in $6m charge in Q3. Guidance for FY24 cut to 13 %-13.5% CC. No meaningful change to DET earnings estimates; we lower target to Rs.2,470 (from Rs2500), valuing DET at 24x FY26e EPS

While the volume growth came in mainly from cement sales in Central India through tolling arrangement, Dalmia Bharat’s Q3 EBITDA growth was due to low fuel consumption cost. Management believes elections may hamper demand temporarily, but the long-term demand would remain intact. The next leg of expansion would be announced in Q4. We retain a Buy, with a lower TP of Rs2,752 (earlier Rs2,880), 12x FY26e EV/EBITDA

PL First Cut – Amnish Aggarwal – Head of Research - Prabhudas Lilladher Pvt Ltd*

(CMP: Rs516.55| Mcap:Rs 66.7bn | Rating:Hold)

Marico witnessed a revenue de-growth on account of subdued volumes (2% in domestic business, 6% CCG in IBD) and decline in realisation due to price cuts. However, margins expanded due to lower input cost prices and part of gains were used to ramp up A&P spends by 125bps. Marico expects positive revenue growth in 4Q along with GM expansion ~450-500bps YoY & highest ever operating margin expansion of ~250bps in FY24. We expect a gradual uptick in consumption trends led by improving macro-economic indicators, continued govt spending & conducive consumer pricing across categories due to low input costs. We have a Hold rating on the stock 

PL First Cut – Amnish Aggarwal – Head of Research - Prabhudas Lilladher Pvt Ltd*

(CMP: Rs115|Accumulate)

India business revenue were huge miss however loss narrowed at Rs64mn vs PLe:171mn for Q3FY24 led by beat of ~290 bps at margin level . We believe the accelerated store expansion is likely to increase operating costs at initial level and drag profitability in coming couple of quarters with benefits of accelerated store expansion plan and rising throughput will boost profitability in long term. We have a ACCUMULATE rating on the stock.

Nov-23 TRAI subscriber data — Jio gains continue

The telecom industry’s VLR base rose 0.5mn in Nov-23 from the 1.4mn dip in Oct-23. This was led by reported subscriber base increasing 3.2mn in Nov-2023. While VIL’s VLR subscribers were flat MoM (+0.1mn), Bharti saw VLR subscriber loss of 0.4mn due to lower VLR. Jio saw subscriber addition of 1.2mn in Nov-23. In terms of overall subscribers, Jio continued to report the highest addition for the 20th straight month (3.4mn in Nov-23), with Bharti lagging at 1.7mn adds. VIL reported subscriber loss of 1.1mn MoM, as loss rate moderated from 2mn in Oct-23. Jio seems to have gained from the launch of JioBharat phone. Bharti dominated the wireless broadband subscriber addition, with an increase of 4mn; Jio followed, logging a 3.4mn increase MoM. VIL’s wireless broadband subscriber-count was up 1mn MoM. Jio’s wireline addition rate moderated, with the addition of 0.18mn subscribers (vs. 0.22mn in Oct-23). Even as Jio and Bharti continue with 5G rollouts, timing of the tariff hike remains the key trigger. VIL needs a sizable fund-raise to increase capex for restricting the subscriber loss. We continue to favor Bharti and Jio among telcos. 

(MANYAVAR IN, Mkt Cap USD3.2b, CMP INR1106, TP INR1200, 9% Upside, Neutral)

Motilal Oswal Financial 

- Vedant Fashions’ PAT/EBITDA growth remained soft at 5%/8% YoY (10%/8% miss) as subdued revenue growth persisted despite the festive period. Revenue growth of 7% YoY was mainly supported by footprint addition; same store sales declined 2.1% YoY in 3QFY24. 

- Given the weak outlook and soft management commentary, we have cut revenue/PAT by 5%/3% for 25, factoring in revenue/PAT CAGR of 10%/11% over FY23-25, mainly driven by footprint expansion. The stock is trading at valuations of ~51x P/E on FY25E after the recent correction. However, concerns around demand revival would remain a key monitorable for any re-rating. We reiterate our Neutral stance on the stock with a TP of INR1,200, valuing it at 45x P/E on FY26.

(APAT IN, Mkt Cap USD5.1b, CMP INR1531, TP INR1770, 16% Upside, Buy)

Motilal Oswal Financial

Earnings in line with our estimate 

- APL Apollo Tubes (APAT) reported muted sales volume at 604KMT (flat YoY, down 11% QoQ) in 3QFY24, led by channel de-stocking in anticipation of steel price corrections (down 12% from the peak level). However, EBITDA grew ~2% YoY to ~INR2.8b, led by 3% YoY growth in EBITDA/MT on account of an improved value-added product (VAP) mix at ~59% in 3QFY24 v/s 56% in 3QFY23. 

- We largely maintain our FY24/FY26 earnings estimates but reduce our FY25 estimates by 12% in anticipation of a slow ramp-up of new capacities. We value the stock at 32x Dec’25E EPS to arrive at a TP of INR1,770. Reiterate BUY

(GAIL IN, Mkt Cap USD13.6b, CMP INR172, TP INR200, 16% Upside, Buy)

Motilal Oswal FInancial

- GAIL reported EBITDA of INR38.2b in 3QFY24, 10% above our estimate of INR34.7b. It was driven by stronger-than-expected performances in the gas transmission, LPG, and petchem segments. PAT stood at INR28.4b, beating our estimate of INR24.2b (up 12x YoY)

Motilal Oswal Financial

(LODHA IN, Mkt Cap USD12b, CMP INR1034, TP INR1295, 25% Upside, Buy) 

Delivers a healthy P&L performance

- Macrotech Developers (LODHA) achieved sales of INR34b (7% below our estimate), up 12% YoY but down 4% QoQ. Pre-sales for 9MFY24 stood at INR103b, up 14% YoY. The residential business generated bookings of INR32b in 3Q (up 5% YoY) and INR99b in 9MFY24 (up 16% YoY). 

- Sales volumes for 3Q rose 4% YoY to 2.6msf. Blended realization was flat YoY but declined 8% QoQ due to lower contributions from the South and Central Mumbai projects

Execution key for double-digit growth aspiration in FY25

Marico’s disappointing business performance, along with weak demand and currency challenges in international markets, resulted in our REDUCE call. Management aspires for volume-driven, double-digit topline growth in FY25, where with moderate margin expansion, it expects low-teen earnings growth, which we believe looks tough as we see benefit pass through to drive volume growth ahead. Sustained thrust on driving margin does not look positive from the topline’s growth perspective. As we cut our valuation multiple to 40x now from 42x, our Dec-24 TP reduces to Rs540 (vs. Rs570). Q3 results stood broadly in-line with the preview update; sales fell 2% and better margin delivery aided 12% EBITDA growth (EBITDA margin at 21.2%, up 270bps YoY), which with lower tax rate (at 22%) leads to 17% earnings growth.

Amid a muted Q3, mgmt. reiterates volume targets

IGL reported Q3FY24 SA EBITDA/PAT of Rs5.6bn/Rs3.9bn, an 8% miss each to our estimates mainly due to the margin miss (realization estimate being lower). Volumes were in-line at 8.5mmscmd, 4% YoY and 2% QoQ growth. Volumes were impacted by DTC conversions to EVs. EBITDA/scm at Rs7.2 was 7% below estimates amid in-line unit opex. Management has stated 2-3%/7-8% volume growth for Delhi/other GAs currently, with FY24/25 exit guidance at 9/10mmscmd and EBITDA/scm at Rs7.5-8. IGL is focusing on volume growth and taking efforts to spur growth by targeting dumpers, trucks, and state transport buses, besides foraying into CBG and LNG. We slightly tweak our FY24-26E earnings estimates by 1% each for minor re-alignments. We roll-over to Dec-25E and raise our TP marginally by 1% to Rs450. We retain ADD rating.

Downgrade to SELL on adverse risk-reward, potential MHCV downcycle

We believe MHCV industry has peaked in FY24E with muted future outlook (trucking system capacity up ~40-50% over FY19-24E, like increases in past 2 upcycles) as bulk of replacement-led upturn seems behind us. AL’s relative outperformance over the past two years is now getting eroded, particularly in higher-tonnage categories (8-quarter low domestic truck market share in Q3FY24), as risk-reward remains adverse (trades at 1SD above LTA on PBR). We cut FY25E/FY26E EPS by ~13/20% (lower volumes, limited op. leverage, possible RM hardening), downgrading AL to SELL from REDUCE with revised TP of Rs140/sh (from Rs180) at 3.3x FY26E P/B (15% discount to LTA; 9x FY26E EV/EBITDA earlier), and 20% discount on 1x FY23 P/B for Hinduja Leyland Finance (HLF). Key risks: Revival in MHCV momentum, AL share loss reversal 

Strong marketing and petchem show

GAIL reported a 23% beat in Q3FY24 EBITDA at Rs38.2bn, led by higher-than-expected gas marketing EBITDA at Rs20.7bn (vs. Rs15.9bn est.) and petchem turning positive QoQ at Rs2bn vs. near breakeven estimates. PAT came in at Rs28.4bn, a 40% beat with other income also higher. Gas transmission EBITDA was 6% above estimates on lower opex, volumes being inline. LPG-LHC earnings rose with 35% QoQ recovery in Aramco LPG OSPs. Management has upped marketing EBITDA guidance for FY24/25/26E to >Rs55/40/45bn, led by focus on margins and cost optimization. Petchem should remain in black. We raise our FY24E EPS by 12% and FY25-26E EPS by 6% on higher marketing income. We increase our TP by 16% to Rs145 (6x Dec-25 EV/EBITDA). We maintain REDUCE due to recent strong stock runup and outlook being priced in.

The ₹311-crore initial public offering of BLS E-Services will open today for public subscription. The issue will close on Thursday (February 1). The issue comes with a price band of ₹129-135 and the market lot is 108 shares. 

The entire offer is a fresh issue of 2.3 crore shares. Of this, 10 per cent or 23 lakh shares has been reserved for existing shareholders of BLS Internationa

Buzzing Stocks: L&T, Bajaj Finserv, Dr Reddy’s Lab, PB Fintech, SpiceJet, Tips Industries, Adani Energy, Adani Total Gas, GAIL, KEC International, Arvind, SRF, JP Associates, Jubilant Ingrevia, NDTV

📌 Market Levels

BSE Sensex: 71941.57 (+1240.90)

Nifty 50: 21737.60 (+385.00)

NIFTY MID CAP 100: 47979.05 (+770.40)

NIFTY SMALL CAP 100: 15638.55 (+229.15)

📌 Index PE & PBV

SENSEX PE / PBV : 24.64 / 3.65

NIFTY 50 PE / PBV : 

22.58 / 3.81

NIFTY MIDCAP 100 PE / PBV : 24.94 / 3.84

NIFTY SMALLCAP 100 PE / PBV : 28.90 / 3.86

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: 110.01 crs / (26221.19 Crs)

DII Activity: 3221.34 crs / 23197.96 crs

📌 Volatility Index

India VIX - 15.68

📌 Commodities

Brent Crude: $82.08

Gold USD Oz/10 gm: $2029.07 = INR 62187

Silver: INR 72226

📌 Currency

Rs/$: 83.14

US Dollar Index (DXY) - 103.52

📌 10 Year Yield

7.26% GOI 2033: 7.21% (Old)

7.18% GOI 2033: 7.17% (New)

US 10 Yr Yield - 4.11%

Tata Steel reported adjusted Consol EBITDA of ₹5,740 crore, up 33 per cent q-o-q (CentrumE: ₹4,720 crore) primarily due to outperformance at standalone business offsetting Europe losses. The standalone business adj EBITDA stood at ₹8,250 crore (CentrumE: ₹7,110 crore); up 20 per cent q-o-q primarily due to cost saving from captive pellet utilisation, blending of lower grade coking coal and lower purchase cost of semi products.

We initiate coverage on Star Health and Allied Insurance (STAR) with a Buy rating and a 12-month target price of ₹700. STAR is India’s largest retail health insurer with a 32 per cent market share in retail health in 9MFY24.

We expect STAR to grow its GDPI/EPS at 18 per cent/24 per cent CAGR over FY24-26, driven by rising health insurance penetration, unparalleled agency distribution, competitive product portfolio and industry leading underwriting performance.

Sundaram Mutual Fund said that its latest new fund offer of the Multi-Asset Allocation Fund has garnered ₹1,890 crore, with participation from over 83,000 investors.

“This milestone marks a significant achievement for the brand, making this its 2nd largest NFO,” the company said in a statement. The NFO was open from January 5 to January 19.

It reopens for subscription on February 1.

Grasim Industries, an Aditya Birla Group company, has reported that its rights issue to raise ₹4,000 crore was fully subscribed on Monday. The company has repaid ₹600 crore to investors of its commercial paper which matured on Monday.

The short-term uptrend in Rain Industries has been gaining momentum. The stock has begun the week on a strong note by surging 6 per cent on Monday. This rise has taken the stock well above the key resistance level of ₹180.

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

Today we bring you an interesting stock idea; check out the latest bl.Today’s Pick episode to learn more.

Turnover: (NSE + BSE)

Cash Volume: 126082.6 + 10626.75 Total: 136709.35

F&O Volume: 387771.05 + 6499997.41 Total: 6887768.46

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +110.01 

(19030.42 - 18920.41) 

DII: NET BUY: +3221.34 

(14592.44 - 11371.1)

1. ITC

Rs 6.25/- interim dividend

Feb 8 is record date

Payment between feb 26 to 28.

2. GAIL

Dividend is Rs 5.50/-

Feb 6 is record date

Payment on or before feb 28

3. BEL

Rs 0.70/- Dividend

February 10 is record date

Payment on or before feb 28 

4. CESC

Rs 4.5/- Dividend

Feb 1 is ex dividend date

Payment on or before feb 18

5. Havells

Rs 3/- Dividend

Feb 1 is ex dividend date

Payment on or before feb 21

6. Mahanagar gas

Rs 12/- Dividend

Feb 5 is ex dividend date

Payment on or before feb 22

7. Sona blw

Rs 1.53/- Dividend

Feb 5 is ex – dividend date

Payment on or before feb 22

8. HPCL

Rs 15/- Dividend

Feb 7 is ex dividend date

Payment on or before feb 23

9. Coforge

Rs 19/- Dividend

Feb 5 is ex dividend date

Payment on or before feb 21

10. CONCOR

Rs 4/- Dividend

Feb 7 is ex dividend date

Payment on or before feb 23

Oil prices rose in early trade on Tuesday as escalating geopolitical tensions in the Middle East continued to fuel supply concerns.

Brent crude futures rose 25 cents, or 0.3%, to $82.65 a barrel by 0105 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.4%, at $77.09 a barrel.- Reuters

Japanese stocks started the day on a positive note on Tuesday following record highs on Wall Street, with investors shifting their attention to an upcoming US Federal Reserve meeting. 

The Nikkei 225 index saw a 0.29% increase, or 103.09 points, reaching 36,130.03, while the broader Topix index inched up by 0.06%, or 1.49 points, reaching 2,530.97.

South Korea’s KOSPI rose by 0.90%, or 22.54 points, reaching 2,523.19, and Australia’s S&P/ASX 200 experienced a 0.61% gain, or 46.20 points, reaching 7,624.60.

In contrast, Chinese stocks seem to be affected by concerns surrounding China Evergrande Group’s liquidation order and ongoing economic challenges.

The previous night, the S&P 500 set another record, gaining 0.8% or 36.96 points, closing at 4,927.93. The Dow Jones Industrial Average climbed by 0.6%, or 224.02 points, reaching 38,333.45, and the Nasdaq composite surged by 1.1%, or 172.68 points, to 15,628.04.