Share Market Highlights 12 January 2024: Sensex climbs 847 pts to settle at record 72,568; Nifty surges 247 pts to fresh lifetime high of 21,894

Benchmark equity indices Sensex and Nifty surged over 1 per cent to hit their fresh all-time highs on Friday, driven by a stellar rally in IT stocks after TCS and Infosys reported better-than-expected financial results.

The 30-share BSE Sensex zoomed 847.27 points or 1.18 per cent to settle at a new closing high of 72,568.45. During the day, it jumped 999.78 points or 1.39 per cent to reach a new intra-day record of 72,720.96.

The Nifty climbed 247.35 points or 1.14 per cent to settle at a lifetime closing high of 21,894.55. During the day, it rallied 281.05 points or 1.29 per cent to reach its fresh intra-day record peak of 21,928.25.

Infosys jumped nearly 8 per cent after the company’s December quarter earnings came in line with market expectations.

Tata Consultancy Services climbed nearly 4 per cent after the largest software exporter reported an 8.2 per cent growth in net income for the December quarter at Rs 11,735 crore, driven by a massive growth in the home market that offset to a large extent the impact of a 3 per cent degrowth in the US market.

The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro.

Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.

IT majors Wipro and HCLTech will release their financial results later in the day.

The rupee strengthened for the eighth consecutive session and settled with a gain of 11 paise at 82.90 (provisional) against the US dollar on Friday, buoyed by robust equity market sentiments.

Forex traders said an upward move in crude oil prices and stronger American currency, however, contained the uptick of the Indian currency, even as investors remained concerned about the domestic macroeconomic data to be released later in the day.

At the interbank foreign exchange, the domestic currency opened weak at 83.08 and traded between 82.86 and 83.10 against the greenback during intra-day deals.

The unit finally settled at 82.90 (provisional) against the dollar, registering a gain of 11 paise over its previous close, amid a bullish trend in domestic equities, wherein benchmark indices climbed lifetime highs.

The domestic currency settled 2 paise higher at 83.01 on Thursday.

In the last eight trading sessions, the local unit added 42 paise, since the level of 83.32 versus dollar recorded on January 2.

1. Gross revenue reached ₹222.1 billion ($2.7 billion1 ), a decrease of 1.4% QoQ. 

2. IT services segment revenue was at $2,656.1 million, a decrease of 2.1% QoQ. 

3. Non-GAAP2 constant currency IT Services segment revenue decreased 1.7% QoQ. 

4. Total bookings3 was at $3.8 billion, up by 0.2% QoQ and large deal bookings4 was at $0.9 billion.

5. IT services segment EBIT for the quarter was ₹35.4 billion ($425.8 million1 ), a decrease of 1.8% QoQ. 

6. IT services operating margin5 for the quarter was at 16.0%, down by 11 bps QoQ. 

7. Net income for the quarter was at ₹26.9 billion ($323.9 million1 ), an increase of 1.8% QoQ. 

8. Earnings per share for the quarter was at ₹5.16 ($0.061 ), an increase of 2.0% QoQ. 

9. Operating cash flows at 177.3% of Net Income for the quarter was at ₹47.9 billion ($575.7 million ). 

10. Voluntary attrition6 has continued to moderate QoQ, coming in at 10-quarter low of 12.3% in Q3’24. 

11. Interim dividend declared of ₹1 ($0.0121 ) per equity share/ADS.

“Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments. The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle. Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation and positive job data, which tempered expectations for an imminent rate cut by the US Fed.”

Bhansali Engineering Polymers has executed Contract with Toyo Engineering India Private Limited for Front End Engineering Design (FEED) and CAPEX Cost Estimation for Brown Field ABS Expansion project enhancing overall ABS production capacity from 75000 TPA to 145000 TPA at Company’s existing plants at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh). Bhansali Engineering Polymers stock rises by 3.01% on the BSE, trading at ₹114.60.

Quess Corp Ltd’s shares were up 0.41 per cent after the company reported signing a Memorandum of Understanding (MoU) with the Department of Gujarat Technical University (GTU), the state’s public technical university under the Government of Gujarat. 

The collaboration is focused on contributing to the state’s skill development and employment generation initiatives to align with Gujarat’s Sustainable Vision for 2030.

Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors, India’s leading automobile company, today announced the start of production of passenger vehicles from its new factory in Sanand, Gujarat.

Situated in the industrial hub, GIDC Sanand with access to a strong network of suppliers, this new facility was acquired from Ford India, on January 10, 2023. Spread across 460 acres, it will be Tata Motors’ second plant in Gujarat to manufacture ICE and EV models. The plant houses four main shops - Stamping, Body construction, Paint and Final assembly shop and they are equipped with high level of automation and latest technology, to ensure precision manufacturing.

With existing capacities near saturation, this new facility will unlock an additional state-of-the-art manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.

Dabur International FZE has become a step-down wholly owned subsidiary of Dabur India Limited w.e.f. 07.12.2023. Further, the Share Capital of Dabur International FZE is 10,000 shares of AED 1000 each, 100% of which is held by Dabur International Limited (wholly owned subsidiary of Dabur India Limited) based out of Isle of Man.

Dabur India stock trades at ₹549.85 on the NSE. down by 0.39%.

Suzlon Energy has received an order from Additional Commissioner of Central GST, Chennai, Tamil Nadu, imposing penalty of ₹5,02,466. Suzlon stock rises by 3.33% on the NSE, trading at ₹45.05.

Ugro Capital board to consider and approve raising of funds by way of issuance of Non-Convertible Debentures through private placement basis at its meeting on January 17.

Ugro Capital stock rises by 1.51% on the NSE, trading at ₹285.80.

Stocks advanced on BSE at 3 pm on January 12, 2024, were 2,147 against 1,681 stocks that declined; 99 stocks remain unchanged. Total stocks traded were 3,927. The number of stocks that recorded a 52-week high was 523, and those that hit a 52-week low was 7.

Major gainers:

Infosys (7.68%); ONGC (5.43%); Tech Mahindra (4.78%); LTIMindtree (4.66%); TCS (4%)

Major losers:

Cipla (-1.32%); Apollo Hospitals (-1.16%); HDFC Life (-1.04%); Ultratech (-1.04%); Power Grid (-0.89%)

Sarveshwar Foods Limited announced the opening of its NIMBARK Organic Stores in Punjab and the Delhi NCR region. The company informed that these stores, operated by its subsidiary Himalayan Bio Organic Foods Limited, showcase their range of organic offerings from the Himalayas. Sarveshwar Foods now has a total of 15 retail stores.

Tata Teleservices (Maharashtra) has announced that Juhi Sinha, Head - Legal & Compliance, has resigned due to personal reasons. 

The stock trades at ₹94.25 on the NSE, up by 1.34%.

HDFC Life Insurance Company reported its profit after tax and extraordinary items for the quarter ended Decemnber 2023 at ₹365.06 crore, as against ₹315.22 crore in December 2022. 

The stock trades at ₹641.95 on the NSE, down by 0.32

Asian Energy Services Ltd (AESL), a leading player in the energy infrastructure sector, is delighted to announce its recent triumph in winning a pivotal contract (alongside JV parter) from Eastern Coalfields Limited (ECL), a subsidiary of Coal India Limited. The contract involves the construction of plough feeders and associated civil works at the existing coal handling plant in Rajmahal, located in the Godda district of Jharkhand. The esteemed project, valued at 21.9 crore rupees, is anticipated to take 8 to 9 months to complete.

This accomplishment marks a significant milestone for AESL, reinforcing its presence in the rapidly expanding energy infrastructure sector in India. The contract not only enhances the company’s financial outlook but also contributes to the nation’s growth trajectory in the energy sector.

Lunate Capital LLC, an Abu-Dhabi-based management company licensed by the Securities & Commodities Authority (SCA) and a subsidiary of Lunate Holding RSC Limited announced the launch of the Chimera S&P India Shariah ETF (Bloomberg: CHINDSHI), a physical, in-kind, liquid, and fully fungible exchange traded fund (“ETF” or the “Fund”) that will list on the Abu Dhabi Securities Exchange (“ADX”).

The Fund will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange. Investors can subscribe through the six Authorized Participants as well as the ADX eIPO portal from January 12 to January 17, 2024. 

The Chimera S&P India Shariah ETF, the ninth sub-fund under the Securities and Commodities Authority (“SCA”)-registered Chimera Umbrella Fund, will replicate the performance of the S&P India Shariah Liquid 35/20 Capped Index (Bloomberg: SPISLCAP) (“Index”). The Index is provided by the S&P Dow Jones Indices and tracks the performance of the 30 most liquid Shariah-compliant Indian stocks listed on the Bombay Stock Exchange. Current constituents include Reliance Industries, Infosys, and Tata Consultancy Services.

The Fund is an Income Share Class B which is planned for listing on the ADX on January 26. Dividends received by the Fund are intended to be distributed on a semi-annual basis.

Sherif Salem, Partner and Head of Public Markets at Lunate, commented: “The Chimera S&P India Shariah ETF offers investors on the ADX direct access to the world’s fifth-largest stock market and one of the fastest growing economies globally. This ETF is also Shariah-compliant which will appeal to a broader range of investors who prioritize adherence to Islamic financial principles. The Chimera S&P India Shariah ETF enhances the range of ETFs available to investors in the UAE, now giving them direct access to markets in eight different countries worldwide.

National Fittings Ltd has entered a Memorandum of Understanding (MOU) with Sandfits Foundries Private Limited Coimbatore, Tamilnadu. 

The stock declines by 1.06% on the BSE, trading at ₹148.75.

Libas Consumer Products informed about the appointment of Mohammed Shabbir Sakerwala as CFO of the Company with effect from January 12, 2024. The company also informed the change in designation of Riyaz Ganji from Wholetime Director to Joint Managing Director with effect from approval of shareholders.

Libas stock declines by 1.99% on the NSE, trading at ₹19.70.

Cyient has entered into a memorandum of understanding with SkyDrive Inc., a leading Japanese eVTOL aircraft manufacturer. As per the MoU, both companies have agreed to work in partnership across product development, engineering, manufacturing, and digital services.

Cyient stock surged 5.53% on the NSE, trading at ₹2,270.35.

Steelman Telecom Ltd informed the receipt of stock exchange’s approval for issuance of 10,00,000 fully convertible warrants, each convertible into, or exchangeable into equivalent number of fully paid-up Equity Shares of the Company at a face value of ₹10 each at a price not less than ₹171 each to Promoters and Non-promoters on a preferential basis. 

The stock trades at ₹160 on the BSE, down by 3.03%.

Alkem Laboratories announced the appointment of Nitin Agrawal as Chief Financial Officer of the company w.e.f. February 01, 2024. The stock trades at ₹5,062.30 on the NSE, up by 0.09%.

Suraj Industries has entered into loan grant agreement with Carya Chemicals and Fertilizers Private Limited. 

The stock is up 1.74% on the BSE, trading at ₹105.

Kolte-Patil Developers has reported highest-ever quarterly pre-sales, by value, in Q3 FY24 

o Pre-Sales at ₹746 crore, grew 18% QoQ 

o Realizations improved both YoY and QoQ due to increased contribution from the ‘24K’ premium luxury segment projects in Baner and Pimple Nilakh 

o KPDL’s flagship project, Life Republic Integrated Township, recorded sales volumes of 4.4 lakh sq. ft. during the quarter

The company’s stock rose 1.07% on the NSE, trading at ₹562.60.

CreditAccess Grameen has been conferred with “Best Small NBFC” 2023 at Mint BFSI Summit & Awards. The stock trades at ₹1,710.35 on the NSE, down by 1.03%.

​Shivalik Rasayan Limited​ announced the appointment of Dr. Vinod Kumar Singh as Vice President in R&D Centre, Bhiwadi. The stock declined 1.67% on the NSE, trading at ₹680.80.

GHCL has signed MoUs worth ₹3,450 crore for investments in Gujarat. The stock trades at ₹600.05 on the NSE, up by 0.60%.

Veranda XL Learning Solutions Private Limited, a subsidiary of Veranda Learning Solutions, has entered into definitive agreements/binding term sheets for the acquisition of Tapasya Educational Institutions Private Limited. 

The stock trades at ₹312.75 on the BSE, down by 0.92%.

Asian Energy Services Ltd has bagged a contract (alongside JV partner) from Eastern Coalfields Limited (ECL), a subsidiary of Coal India Limited. The contract involves the construction of plough feeders and associated civil works at the existing coal handling plant in Rajmahal, located in the Godda district of Jharkhand. The project, valued at ₹21.9 crore, is anticipated to take 8 to 9 months to complete. 

Asian Energy Services stock rose 2.77% on the NSE, trading at ₹278.05.

At 1:10 pm, BSE Sensex jumped 754.53 pts or 1.05% to 72,475.71 and NSE Nifty rose 203.00 pts or 0.94% to 21,850.20 pts.

Top losers of Nifty auto stocks:

Bharat Forge (-2.49%); Tube Investments (-1.96%); Motherson (-1.68%); Balkrishna Industries (-1.09%)

Sarveshwar Foods Limited has announced extension of its food-prints in Punjab and Delhi NCR region by opening its signature NIMBARK Organic Stores. 

The stock trades at ₹7.20 on the NSE, down by 0.69%.

Aptech Ltd has issued and allotted 3,000 equity shares consequent upon exercise of ESOPs, at the exercise price of ₹67 as determined under the “Aptech Limited - Employee Stock Option Plan 2016” by the eligible employees. 

The stock rose 1.31% on the NSE, trading at ₹282.60.

Tata Consultancy Services Ltd’s shares were up by 4.24 per cent after the company reinforced its commitment to build AI-ready workforces with the launch of an AI Experience Zone. The company informed that following the training of over 1,50,000 employees in Generative AI, TCS aims to provide hands-on experience in artificial intelligence (AI) and generative AI within this dedicated zone.

GHCL Textiles stock rose 1.36% on the BSE, trading at ₹82.79. The company had signed an MoU with the Government of Tamil Nadu for an investment of ₹535 crore.

Venus Remedies Limited is in receipt of new marketing authorisations for DOCETAXEL in concentrations of 160MG/8ML, 20MG/1 ML and 80MG/4ML(SingleVlal), as we MasGEMCITABINEIG from Malta, Europe. 

The stock rose 3.45% on the NSE, trading at ₹424.

Major gainers on the NSE at 12:08 pm:

Infosys (7.77%); Tech Mahindra (4.41%); Wipro (4.07%); ONGC (4.06%); TCS (3.98%)

Major losers:

Cipla (-1.27%); Bajaj Finserv (-1.21%); Apollo Hospitals (-1.12%); Coal India (-1.08%); M&M (-1.08%)

Stocks advanced on BSE at 12:08 pm on January 12, 2024, were 2,177 against 1,539 stocks that declined; 118 stocks remain unchanged. Total stocks traded were 3,834. The number of stocks that recorded a 52-week high was 462, and those that hit a 52-week low was 6.

Sinclairs Hotels informed the exchange that it has fixed January 29, 2024, as the ‘Record Date’ for the purpose of ascertaining the eligibility of Shareholders for the issuance of fully paid-up Bonus Shares in the ratio of 1:1, subject to approval of Shareholders. 

Sinclairs Hotels stock rose 1.62% on the BSE, trading at ₹232.

REC Limited has informed the exchange regarding issue of Yen-Denominated Green Bonds aggregating to Japanese Yen (JPY) 61.1 billion.

REC stock trades at ₹421.10 on the NSE, down by 0.43%.

The BSE Sensex jumped 612,87 pts or 0.85% to 72,334.05. The NSE Nifty rose 168.85 pts or 0.78% to 21,816.05. 

Capacite Infraprojects Limited has announced completion of its fund raise of ₹200 crore through a Qualified Institutional Placement (QIP). 

The stock trades at ₹284 on the BSE, down by 0.16%.

India’s third largest information technology firm HCL Technologies, is expected to deliver better third quarter (Q3) results compared to its peers.

Crude oil futures traded higher on Friday morning as the US-led forces attacked the military targets of the Houthis in Yemen on Thursday.

Major stocks that hit 52-week high:

Ashiana Housing (15.44%)

Palred Technologies (15.29%)

Zuari Agro Chemicals (12.96%)

TPL Plastech (11.79%)

Infibeam Avenues (11.78%)

Tata Consultancy Services (TCS) has launched an AI Experience Zone, to foster hands-on proficiency in Artificial Intelligence (AI) and Generative AI (GenAI) for its employees. The stock trades at ₹3,879.30 on the NSE, up by 3.85%.

Goldman Sachs: In our view, three key things for investors to look out for in the interim budget include: 

a) the government’s commitment to the medium-term fiscal consolidation path,

b) if capex growth can continue with fiscal consolidation, and 

c) the supply of government bonds that the market may be able to absorb.

We expect the government to meet the FY24 fiscal deficit target of 5.9% of GDP, as we expect a receipts upside of 0.2% of GDP. In fact, if spending remains muted in the current quarter, the deficit may end up at 5.8% of GDP.

In FY25, we think the government will try to consolidate the fiscal deficit to 5.2-5.4% of GDP (with 5.3% of GDP as our base case) given their medium term fiscal consolidation target of reaching 4.5% of GDP by FY26. We expect the focus on capex to continue, but at a slower pace (we expect ~10% yoy growth in capex as a base case) than what has been seen in the last few years (over 30% CAGR between FY21 to FY24 BE) given the fiscal constraints.

At 11:25 am, the BSE Sensex gained 665.38 pts or 0.93% to 72,386.56 and the NSE Nifty rose 185.00 pts or 0.85% to 21,832.20. 

Top gainers of Nifty IT stocks:

Infosys (7.08%); Mphasis (5.39%); Coforge (5.04%); Tech Mahindra (4.37%)

Infosys has clarified that the board has not declared any dividend in their meeting held on January 11, 2024. 

The stock surges by 7.14% on the NSE, trading at ₹1,600.90.

Major gainers on the BSE at 11 am:

Infibeam (12.52%); FSL (11.87%); DB Realty (9.94%); Kotak Bank (7.59%); NIIT (7.11%)

Major losers:

Alok Industries (-5.90%); Metropolis (-4.66%); Network 18 (-4.59%); Apar Industries (-3.67%); Ease My Trip (-3.01%)

Corporate Actions:

Dividend

12-Jan-24

INFRATRUST: Income Distribution (InvIT)

15-Jan-24

SUKHJITS: Interim Dividend - Rs. - 8.00

19-Jan-24

HCLTECH: Interim Dividend

TCS: Interim Dividend

IPO

Medi Assist Healthcare Services: Open: 15-Jan-24; Close: 17-Jan-24

Buyback

Dhampur Sugar Mills: Ex-Date: 17-Jan-24

Elegant Marbles Grani Industries: Open: 11-Jan-24; Close: 17-Jan-24

Bonus

Newgen Software Tech: Bonus Issue 1:1; Ex-Date: 12-Jan-24

Stock Split

Trishakti Industries: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 16-Jan-24

Right Issue

Grasim Industries: Open: 17-Jan-24; Close: 29-Jan-24

Ind Renewable Energy: Open: 18-Jan-24; Close: 29-Jan-24

Latim Metal And Industries: Open: 10-Jan-24; Close: 29-Jan-24

Genpharmasec: Open: 22-Jan-24; Close: 09-Feb-24

Quess Corp has signed an MoU with the Department of Gujarat Technical University (GTU) for Skill Development and Employment Generation in the State. The stock trades at ₹517.95 on the NSE, up by 0.65%.

ICRA Analystics on benchmark indices:

Indian equity markets rose for the third consecutive day amid positive global cues. The key benchmark indices gave up the early gains and witnessed a range-bound trading session, however, markets rebound and managed to close in positive territory ahead of U.S. inflation figure. Sell-off in information technology stocks on expectation of weak December quarter earnings, capped the gain.

Bond yields fell following easing in U.S. Treasury yields which stayed below 4% due to expectations of a favourable inflation print in the largest economy in the world.

Yield on the 10-year benchmark paper (7.18% GS 2033) fell by 2 bps to close at 7.16% as compared to the previous close of 7.18%.

Paisalo Digital’s board has approved 2,700 Non-Convertible Debentures each having a face value of ₹1 lakh, aggregating upto ₹27 crore, inclusive of Base Issue of ₹18 crore with an option to retain over-subscription (Green Shoe Option) upto ₹9 crore only.

Nifty 50 is trading higher. The index opened with a gap-up and is sustaining higher. Nifty is currently trading at 21,819, up 0.8 per cent. Support is now in the 21,730-21,680 region. 

Bank Nifty opened today’s session on the front foot at 47,572.70 versus yesterday’s close of 47,438.35. The index is now at 47,640, up 0.4 per cent.

Hindustan Zinc has received an order from Principal Commissioner, Central Excise & CGST Commissionerate confirming demand of GST for the period July 2017 to March 2018 on account of interpretational issue under the relevant provision of the CGST Act,2017: 

• GST amounting to Rs. 12,72,15,660. 

• 100% Penalty on GST demand and applicable interest.

Stock trades at ₹317.20 on the NSE, down by 0.03%.

Polycab India stock rose 3.12% on the NSE, trading at ₹3,999.55. . The Company said in a stock exchange filing on Jan 11, that it understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 (at 8:06 pm) by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search. As indicated above, the Company has made intimation from time to time in relation to the said search proceeding. While the post search proceedings will take its own course, the Company will continue to fully cooperate with the IT Department in this regard. There is no material adverse impact on the financial position of the Company.

Goldstone Technologies’ name shall be changed to Aion-Tech Solutions Ltd w.e.f. January 17, 2024.

The stock rose 1.80% on the NSE, trading at ₹170.

The BSE Sensex surged 574.67 pts or 0.80% to 72,295.85. The NSE Nifty jumped 156.20 pts or 0.72% to 21,803.40

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped two demand notices aggregating to about ₹3,529 crore on it.

Equitas Small Finance Bank Limited has informed the exchange regarding allotment of 8,29,882 equity shares under ESFB Employee Stock Option Scheme, 2019 (ESOP Scheme). The stock trades at ₹114.10 on the NSE, up by 0.44%.

The rupee breached its seven-day gaining streak and depreciated 4 paise to 83.05 against the US dollar in early trade on Friday as foreign investors rushed to withdraw funds amid a sharp rise in crude oil prices.

Prabhudas Lilladher on HDFC AMC:

We upgrade core earnings for by 10.5%/15.1% led by strong equity MAAuM growth in FY24 YTD (+46% for HDFC AMC vs +37% for industry). The company saw a good quarter yet again. QAAuM was a bit lower; revenue was in-line suggesting tad better realization at 48.7bps (49bps in Q2’24). Change in TER slabs for 61% of active equity was offset by increase in equity mix by 2.9% QoQ and fall in debt/liquid, protecting blended yields. Equity performance within 1-yr and 3-yr buckets remains best-in-class which has resulted in strong net flows’ market share of 23% over Apr-Nov’23 (vs 8.6% in FY23). Hence equity market share at 12.6% further expanded (+26bps QoQ). Over FY23-26E we see core PAT CAGR of 18.0% (earlier 12.5%). Stock is trading at 34.4x; rolling forward to FY26E core EPS we raise multiple to 39x from 35x (5yr avg. of 40x) since HDFC AMC should continue to deliver better than industry equity returns. Our TP rises to ₹3,900 from ₹3,000. Retain BUY

RateGain Travel Technologies has announced the appointment of Gomti Shankar as its Commercial Leader for the Asia Pacific, Middle East, and Africa Region’. 

The stock trades at ₹738.15 on the BSE, up by 1.95%.

Our Bureau/Mumbai 

Over 2.6 crore shares or just under 1 per cent of FSN E-Commerce Ventures changes hands on the BSE in early trades for a value of Rs 493 crore. 

The seller was Lexdale International which was to pare stake in the company, which operates beauty and fashion retailer Nykaa. The deal on the block deal window of the exchange was done at Rs 189.65. 

In the quarter to December, the company had said that it expected consolidated sales of its business to have grown at low to mid teens. 

The gross merchandise value (GMV) of its beauty and personal care business is expected to have grown in the mid-20s and the net sales value (NSV) around 20 per cent. It added that while the overall consumption story was strong in the economy, there was some impact on discretionary consumption due to short term pressures.

“The difference in GMV and NSV growth is primarily due to brand-led pricing and discounting, mainly in mass and masstige categories. The underlying order volume growth is healthy and consistent, reflecting strong customer demand,” it had said. 

Shares of Nykaa have risen around 10 per cent so far this year. At 9.50 am it was down 1.3 per cent at Rs 191.20 on the NSE.

JM Financial on Asset Management Industry:

Equity MF schemes (ex-arbitrage) inflows surged in Dec’23 to ₹215bn (vs. ₹198bn in Nov’23). Within equity, the inflows continue to be driven by small cap schemes (inflows of ₹38.6bn), while inflows in midcap schemes moderated (to ₹14bn) in Dec’23. Arbitrage funds saw net inflows of INR 106bn (vs net inflows of ₹94bn in Nov’23). SIP flows reached INR 176.1bn (vs ₹170.7bn in Nov’23) and SIP AUM increased to ₹9.9trn (+48% YoY, +7% MoM). Net new SIPs registered (new SIPs registered minus SIPs discontinued) stood at 1.95mn in Dec’23 (vs 1.41mn in Nov’23). Debt MF (ex-liquid) schemes witnessed net outflows of ₹205bn (vs outflows of ₹56bn in Nov’23); while liquid MF scheme net outflows were at ₹529bn (vs net outflows of ₹3bn in Nov’23). Total industry MF AUM reached ₹50.8trn (+27% YoY, +4% MoM) while equity MF AUM increased to ₹28.9trn (+40% YoY, +7% MoM). As of Dec’23, equity MF schemes contributed 56.5% (+483bps YoY) of total industry AUM while debt and liquid schemes contributed 17.5% (-164bps YoY) and 13.1% (-284bps YoY), respectively. For the AMCs under our coverage, equity AUM market share for HDFC AMC and NAM witnessed an improvement to 12.82% (+82bps YoY, +12bps MoM) and 6.79% (+45bps YoY, +5bps MoM) resp., while market share for UTI AMC stood at 4.14% (-48bps YoY, -4bps MoM).

Bhansali Engineering Polymers stock rose 2.74% on the BSE, trading at ₹114.30. The company had received, under the provisions of the EIA Notification 2006, Environmental Clearance from the State Level Environment Impact Assessment Authority, Rajasthan for expansion of acrylonitrile butadiene styreneResin up to 2,00,000 TPA and saleable SAN (Styrene Acrylonitrile) Resin upto 25000 TPA (Total 225000 TPA) for Company’s plant at Ambaji Industrial Area.

The BSE Sensex gained 296.25 pts or 0.41% to 72,017.43. The NSE Nifty rose 75.80 pts or 0.35% to 21,723.00.

Major gainers on the NSE at 9:30 am:

Infosys (6.18%); Tech Mahindra (3.70%); Wipro (3.65%); Tata Consumers (3.30%); TCS (3.14%) 

Major losers:

M&M (-1.30%); Bharti Airtel (-1.01%); Power Grid (-0.87%); Reliance (-0.85%); Nestle India (-0.82%)

On Friday, India’s key indices, Sensex and Nifty, commenced the day positively, with a focus on information technology stocks after TCS and Infosys reported restrained client spending. The 30-share BSE Sensex advanced by 268.22 points to reach 71,989.40 in early trading, while the NSE Nifty saw a gain of 97.05 points, reaching 21,744.25. 

Aditya Gaggar, Director of Progressive Shares, notes Nifty’s flat closure at 21,647.20, emphasizing a potential bullish flag pattern within the 21,470-21,800 range. Confidence in the auto, energy, and power sectors, including Hero Motocorp and heavyweight Reliance, persists. Bullish sentiments extend to IDFC First Bank and J&K Bank in banking. Pharma shows strength with IPCA Labs breakout, and promising stocks include Aarti Industries, BHEL, Dixon Technologies, Engineers India, JIO Fin, and JSW Energy.

Wall Street saw minimal changes after higher-than-expected CPI data, and Asian equities showed marginal gains. IT firms, dependent on U.S. revenue, face uncertainty amid persistent inflation and recession fears. Nifty and Sensex, down 0.29% and 0.42% this week, may see a second consecutive weekly decline post a robust two-month rally. Investors await domestic inflation data, crucial for RBI’s rate decisions, especially in inflation-sensitive sectors.

Indian markets could open flat to mildly higher, in line with mixed and range-bound Asian markets today and flat US markets on Jan 11

US stocks ended near unchanged Thursday, in a session that saw the S&P 500 briefly trade above its record close from around two years ago before slumping. U.S. stocks closed little changed on Thursday as news of hotter-than-expected inflation and signs of labor market strength dampened hopes for early interest rate cuts by the Federal Reserve this year. The U.S. federal budget deficit widened to $129 billion in December, up from $85 billion in the same month last year, the Treasury Department said Thursday. For the first three months of the fiscal year, the deficit widened to $510 billion, up from $421 billion in the same period last year.

On Friday, India’s key indices, Sensex and Nifty, commenced the day positively, with a focus on information technology stocks after TCS and Infosys reported restrained client spending. The 30-share BSE Sensex advanced by 268.22 points to reach 71,989.40 in early trading, while the NSE Nifty saw a gain of 97.05 points, reaching 21,744.25. Aditya Gaggar, Director of Progressive Shares, notes Nifty’s flat closure at 21,647.20, emphasizing a potential bullish flag pattern within the 21,470-21,800 range. Confidence in the auto, energy, and power sectors, including Hero Motocorp and heavyweight Reliance, persists. Bullish sentiments extend to IDFC First Bank and J&K Bank in banking. Pharma shows strength with IPCA Labs breakout, and promising stocks include Aarti Industries, BHEL, Dixon Technologies, Engineers India, JIO Fin, and JSW Energy. Wall Street saw minimal changes after higher-than-expected CPI data, and Asian equities showed marginal gains. IT firms, dependent on U.S. revenue, face uncertainty amid persistent inflation and recession fears. Nifty and Sensex, down 0.29% and 0.42% this week, may see a second consecutive weekly decline post a robust two-month rally. Investors await domestic inflation data, crucial for RBI’s rate decisions, especially in inflation-sensitive sectors.

HMA Agro Industries has entered into an agreement with Maharashtra Food Processing & Cold Storage, a Partnership Firm for providing facilities of Slaughtering, Chilling, Processing, Freezing and Packing of frozen halal boneless buffalo meat duly packed in food-grade polythene bags.

Nifty has witnessed resistance zone near 21700-21750 levels and has seen some rangebound movement between the 21750 and 21450 zone for quite some time and would need a decisive breach on either side of the band to confirm a directional move in the coming days. The index has indicated a rising channel pattern on the daily chart with support now maintained near 21500 level and upside potential of 21100 levels visible once a decisive breach above 21800 zone is confirmed. The support for the day is seen at 21500 while the resistance is seen at 21800 levels. 

BankNifty once again has been moving sideways with resistance visible near 47650 zone for the session and on the downside 47000 level is maintained as the crucial support zone. The index would need a decisive breach above the 48000–48200 zone decisively for confirmation of further fresh upward move. BankNifty would have a daily range of 47100–47800 levels.

Crude oil futures traded higher on Friday morning as the US-led forces attacked the military targets of the Houthis in Yemen on Thursday. At 9.16 am on Friday, March Brent oil futures were at $78.85, up by 1.86 per cent; and February crude oil futures on WTI (West Texas Intermediate) were at $73.47, up by 2.01 per cent. January crude oil futures were trading at ₹6105 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6006, up by 1.65 per cent; and February futures were trading at ₹6141 as against the previous close of ₹6035, up by 1.76 per cent.

Health insurance has emerged as the largest segment in the Indian general insurance industry, with premiums of INR907b/INR736b in FY23/ FY22. During FY19-FY23, the industry posted a 19% CAGR. However, notwithstanding such robust growth, we observe that only 4% of the population is covered under retail health insurance plan. 

Standalone health insurance companies (SAHIs) had an enviable 55% market share in retail health for 1HFY24 that surged from 39% in FY19. The inherent strengths in the business model – such as: 1) advantage in hiring of agents, 2) product innovation, 3) association with hospitals and 4) strong management focus – will ensure strengthening of their leadership position. From a profitability perspective, claim ratios would normalize as price hikes would offset medical inflation. 

We expect STARHEAL to report a strong 19% premium CAGR over FY23-26E driven by a 20% price hike, a strong push in the banca channel, sustained growth in specialized products, and deepening presence. We project the combined ratio to improve to 94.1% in FY26 from 95.3% in FY23. These should result in a PAT CAGR of 32% over FY23-26E and an RoE improvement to 15.4% in FY26 from 11% in FY23. Reiterate BUY with a one-year TP of INR730 (based on 30x FY26E EPS).

Aditya Gaggar, Director of Progressive Shares

The markets settled the weekly expiry day on a flat note at 21,647.20. In a well-defined range of 21,470-21,800, it appears that the Index is forming a Bullish Flag pattern and one can expect a sharp uptick after the pattern breakout. As mentioned yesterday, the Auto sector performed on expected lines which boosted our confidence to remain bullish on the same (Hero Motocorp). The same remarks go for the Energy and Power stocks particularly heavyweight Reliance and NLC India/PTC India. From the Banking segment, the technical set-up of a couple of stocks is impressive namely IDFC First Bank and J&K Bank. The direction of the IT space will depend on how the market participants decode the Q3 earnings of giant Infosys and TCS. From the Pharma sector, IPCA Labs looks strong as it has given a breakout from an Inverted Head and Shoulder formation. Some stocks look strong namely Aarti Industries, BHEL, Dixon Technologies, Engineers India, JIO Fin, and JSW Energy.

Income-tax findings on an “unnamed” company perceived to be Polycab Industries and the company’s clarification failed to convince analysts. The Polycab stock corrected 21 per cent to ₹3,905 on Thursday because of a Ministry of Finance release suggesting tax evasion by the group.

While retaining the “Add” rating on the stock, Axis Capital cut the target price to ₹4,300 from its previous target of ₹5,809.

Gold prices rose on Friday, supported by a softer dollar and escalating Middle East conflict lifting safe-haven appeal, but were set for a second weekly fall as traders reassessed hopes for early interest rate cuts in the United States. 

FUNDAMENTALS * Spot gold was up 0.3% at $2,034.06 per ounce. However, it has fallen 0.6% so far in the week.

* U.S. gold futures rose nearly 1% to $2,038.40. - Reuters 

Bhansali Engineering: Company gets environmental clearance for expansion of ABS resin up to 200000 TPA 

Infosys: Company to acquire Insemi for Rs 280 cr. FY24 revenue growth guidance is at 1.5-2% Vs poll of 1-2% 

TCS: Management said that strong deal momentum across markets resulting in a solid order book providing visibility into our long-term growth. 

Sundram Fasteners: Company signs MoU with Tamil Nadu Govt for investment of ₹1,411 cr 

Tata Power: Company signs accord for renewable energy projects of Rs 70000 crore with Gujarat government

Quess Corp: Company signs MoU with Gujarat Technical University for skill development, employment generation 

TARC: Company launches luxury residential project in New Delhi with GDV of Rs 4,000 crore 

HG Infra: Company declared L-1 bidder for project worth Rs 716 crore by Central Railway 

Oil upstream stocks: Oil jumps as US and UK launch airstrikes on Houthis in Yemen 

Bajel Projects: Company has received a LOI worth Rs 487.64 crore for supply of plant and installation services GIS substations project in Uttar Pradesh. 

Shalby: Arm Shalby Academy signs MoU with Kaushalya, the Skill University of Gujarat Government.

GHCL Textiles: Company signed a MoU with Tamil Nadu Government to invest Rs 535 crore 

Bharat Wire Ropes: Brinker Capital Destinations Trust bought 4.15 lakh shares 

KPI Green Energy: Company received an order for 2 MW solar power plant from Sanwariya Processors 

Tata Metaliks: The National Company Law Tribunal, Mumbai sanctioned the merger of Tata Metaliks with Tata Steel. 

IOB: Bank hikes lending rates on most tenures by 5-10 bps effective January 15, 2023.

Polycab Company reiterates that as on date, the company has not received any written communication from the IncomeTax Department regarding the outcome of the search

Container Corp: Exim volumes up 8.25% & domestic volumes down 1.25% YoY 

Infosys Q3: Net Profit at Rs 6106 crore versus poll of Rs 6043 crore, Rupee Revenue at Rs 38821 crore versus poll of Rs 38555 crore

TCS Q3: Net Profit at Rs 11058 crore versus poll of Rs 11345 crore, Rupee Revenue at Rs 60583 crore versus poll of Rs 59950 crore

UltraTech Cement: Company to acquire 26% stake in Amplus Ages for Rs 49 cr 

Mahindra & Mahindra: Company’s stake in Sustainable Energy Infra Trust diluted to 10.5% from 15.7% earlier. 

Strides Pharma: Company’s step-down subsidiary agrees to sell 100% stake in Eris Pharma for €200,000 

NYKAA: Lexdale International to sell shares via block. Block deal for 2.62 crore shares launched. Total block deal value at Rs 490 crores 

Bank Baroda: RBI waives off penalty worth Rs 5 crore. 

Polycab India: Small Cap World Fund Inc sold 8.51 lakh shares (0.56%) at Rs 3,955.87 apiece 

LIC: Company gets demand orders worth Rs 3,528.75 crore form Income Tax Authorities, Mumbai.

12 January 2024 (Today)

Derivative Segment 

• HCL Technologies Ltd. 

• HDFC Life Insurance Co Ltd. 

• Wipro Ltd. 

Cash Segment 

• Just Dial Ltd. 

13 January 2024 

Derivative Segment 

Nil 

Cash Segment 

• Avenue Supermarts Ltd. 

15 January 2024 

Derivative Segment 

Nil 

Cash Segment 

• Angel One Ltd. 

• PCBL Ltd. 

16 January 2024 

Derivative Segment 

• HDFC Bank Ltd. 

• ICICI Lombard General Ins Co 

• L&T Technology Services Ltd. 

• The Federal Bank Ltd. 

Cash Segment 

• CE Info Systems Ltd. 

• ICICI Securities Ltd. 

• Jindal Saw Ltd. 

• Bank Of Maharashtra 

• Network 18 Media & Inv Ltd. 

• TV18 Broadcast Ltd. 

17 January 2024 

Derivative Segment 

• Asian Paints Ltd. 

• ICICI Prudential Life Ins Co Ltd. 

• LTIMindtree Ltd. 

• Oracle Financial Serv Software 

Cash Segment 

• Happiest Minds Tech Ltd. 

• Alok Industries Ltd. 

• IIFL Finance Ltd. 

18 January 2024 

Derivative Segment 

• Polycab India Ltd. 

• Tata Communications Ltd. 

• IndusInd Bank Ltd. 

Cash Segment 

• 360 One Wam Ltd. 

• Poonawalla Fincorp Ltd. 

• Mastek Ltd. 

• Supreme Petrochem Ltd. 

• Shoppers Stop Ltd. 

• Finolex Industries Ltd. 

• Home First Fin Co India Ltd. 

19 January 2024 

Derivative Segment 

• Atul Ltd. 

• Ultratech Cement Ltd. 

• Hindustan Unilever Ltd. 

Cash Segment 

• CreditAccess Grameen Ltd. 

• One97 Communications Ltd. 

• Supreme Industries Ltd. 

• Hatsun Agro Product Ltd. 

• CESC Ltd. 

• Tejas Networks Ltd. 

20 January 2024 

Derivative Segment 

• ICICI Bank Ltd. 

• JK Cement Ltd. 

• Persistent Systems Ltd. 

• IDFC First Bank Ltd. 

• Kotak Mahindra Bank Ltd. 

• Can Fin Homes Ltd. 

Cash Segment 

• The Jammu & Kashmir Bank Ltd. 

• Union Bank Of India 

22 January 2024 

Derivative Segment 

• Coforge Ltd. 

• Colgate-Palmolive (India) Ltd. 

Cash Segment 

• Zensar Technologies Ltd. 

23 January 2024 

Derivative Segment 

• Axis Bank Ltd. 

• Indus Towers Ltd. 

• Pidilite Industries Ltd. 

• Granules India Ltd. 

• United Spirits Ltd. 

Cash Segment 

• Gujarat State Fert & Chem Ltd. 

• Tanla Platforms Ltd. 

• Sona BLW Precision Forgings 

24 January 2024 

Derivative Segment 

• Bajaj Auto Ltd. 

• Container Corp Of India Ltd. 

• Exide Industries Ltd. 

• Tech Mahindra Ltd. 

• TVS Motor Company Ltd. 

Cash Segment 

• Blue Dart Express Ltd. 

• Ceat Ltd. 

25 January 2024 

Derivative Segment 

• Cholamandalam Inv and Fin Co 

• Cipla Ltd. 

• JSW Steel Ltd. 

• Syngene International Ltd. 

• Shriram Finance Ltd. 

Cash Segment 

• Cyient Ltd. 

• Maharashtra Scooters Ltd. 

• Intellect Design Arena Ltd. 

• Equitas Small Fin Bank Ltd. 

27 January 2024 

Derivative Segment 

Nil 

Cash Segment 

• Capri Global Capital Ltd. 

• Craftsman Automation Ltd. 

• Yes Bank Ltd. 

29 January 2024 

Derivative Segment 

• Bajaj Finance Ltd. 

• Bharat Electronics Ltd. 

• Petronet LNG Ltd. 

• Marico Ltd. 

Cash Segment 

• CSB Bank Ltd. 

• Latent View Analytics Ltd. 

• Nippon Life India AMC Ltd 

• UTI AMC Ltd 

30 January 2024 

Derivative Segment 

• Bajaj Finserv Ltd. 

• Dr. Reddy’s Laboratories Ltd. 

• M&M Financial Services Ltd. 

Cash Segment 

• Bajaj Holdings & Investment Ltd. 

• Blue Star Ltd. 

• KPIT Technologies Ltd. 

• Star Health & Allied Ins Co Ltd. 

• Vaibhav Global Ltd. 

• Apar Industries Ltd. 

31 January 2024 

Derivative Segment 

• Dabur India Ltd. 

• IDFC Ltd. 

• Jubilant FoodWorks Ltd. 

• Shree Cement Ltd. 

• Godrej Consumer Products 

Cash Segment 

• Amara Raja Energy & Mobility 

• Motherson Sumi Wiring India Ltd. 

• Kalyan Jewellers India Ltd. 

01 February 2024 

Derivative Segment 

• Mphasis Ltd. 

• Titan Company Ltd. 

Cash Segment 

• Castrol India Ltd. 

• Sumitomo Chemical India Ltd. 

• V-Guard Industries Ltd. 

• Tube Investments of India Ltd. 

02 February 2024 

Derivative Segment 

Nil 

Cash Segment 

• Alkyl Amines Chemicals Ltd. 

• Bikaji Foods International Ltd. 

• Mahindra Holidays & Resorts 

• Mahindra Lifespace Dev Ltd. 

• Medplus Health Services Ltd. 

05 February 2024 

Derivative Segment 

Nil 

Cash Segment 

• Kansai Nerolac Paints Ltd. 

• Cholamandalam Fin Hldgs 

06 February 2024 

Derivative Segment 

• Max Financial Services Ltd. 

• Navin Fluorine International Ltd. 

Cash Segment 

• Endurance Technologies Ltd. 

• TTK Prestige Ltd. 

• Computer Age Mgmt Serv Ltd. 

07 February 2024 

Derivative Segment 

• Nestle India Ltd. 

08 February 2024 

Derivative Segment 

• Biocon Ltd. 

Cash Segment 

• Esab India Ltd. 

09 February 2024 

Derivative Segment 

Nil 

Cash Segment 

• Emami Ltd. 

12 February 2024 

Derivative Segment 

Nil 

Cash Segment 

• BASF India Ltd. 

• Glaxosmithkline Pharma Ltd. 

• HEG Ltd. 

• Lakshmi Machine Works Ltd. 

13 February 2024 

Derivative Segment 

• Bosch Ltd. 

• Hindalco Industries Ltd. 

14 February 2024 

Derivative Segment 

• Crompton Greaves Cons Ele 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

TCS

“TCS’ Q3 earnings and margins beat street estimates. We were expecting a flattish revenue growth in rupee terms while the company reported earnings that came above the expectations. The best thing is despite a seasonally weak quarter with macro-economic headwinds, TCS performed very well on most earnings parameters. Technically, TCS stock can cross its resistance above 3800 and stay above this level with an optimistic view for the short term.”

Infosys

“Infosys third quarter earnings came in line with street estimates, as December quarter is seasonally weak for the information technology sector. Infosys has revised and tightened its FY24 revenue guidance to 1.5-2.0% and operating margin guidance at 20-22%. December usually being a seasonally weak quarter with macro-economic headwinds INFY remained neutral. Technically, the expectation is being discounted in the price at Rs 1517, hence we expect a neutral opening on Friday with limited downside from here. We expect Rs 1500 to remain as support and expect to stay above this. Upside can be in the range of 1540-1560 in coming days.”

Dhruv Mudaraddi, Research Analyst, Stoxbox

Revenue rose 1.5% QoQ /4% YoY in rupee terms to Rs. 60,583 crores, exceeding the market estimates of Rs. 60,104 crores. This growth can be attributed to strong growth in the emerging markets led by India (+23.4%) and the Energy & Utilities vertical (11.8%).

# EBIT grew 4.6% QoQ and 6.1% YoY to Rs. 15,155 crores, above market expectations of Rs. 14,776 crores. The EBIT margin expanded to 25% (up 75 bps QoQ /up 48 bps YoY) on the easing of supply-side constraints, operating leverage, and currency exchange benefits.

# Net income stood at Rs. 11,058 crores (down -2.5% QoQ /up 2% YoY), below market estimates of Rs. 11497 crores. The PAT margin contracted to 18.3% (down 75 bps QoQ / down 37 bps YoY).

# LTM attrition trended downwards to 13.3% in Q3FY24 compared to 14.9% in Q2FY24.

# Order book recorded for Q3FY24 stood at $8.1 billion, with a book to bill ratio of 1.1.

# The board of directors has recommended a dividend of Rs. 27 per equity share, including a special dividend of Rs. 18.

# Net cash from operations at Rs 11,276 which is 102% of net profit.

# TCS reported a workforce of 603,305 employees as on December 31, 2023.

View:

In Q3FY24, TCS showed tepid revenue growth, attributed to subdued expansion due to ongoing challenges in discretionary spending and furloughs. However, this downturn is expected to be partially offset by the positive impact of previously secured deals that are now in the ramp-up phase. Margins underwent a slight QoQ expansion, driven by the alleviation of supply-side constraints and operational leverage. The sustained momentum in deal wins, particularly fueled by cost optimization initiatives, is expected to contribute positively. Examining the vertical performance, notable growth was led by the Energy, Resources, and Utilities sector, followed by Manufacturing and Life Sciences and Healthcare. Contrastingly, the Consumer Business Group, BFSI, Communications & Media, and Technology & Services faced challenges. Regionally, the United Kingdom demonstrated significant growth, while North America experienced a decline. India led the emerging markets with robust growth. Within services, TCS’s strategic focus on AI.Cloud, Cyber Security, and Cognitive Business Operations has driven growth. The demand for migration, modernization, and business transformation on cloud platforms, coupled with increased data on the cloud and Gen AI, has fueled the success of AI.Cloud. Strong growth in Cyber Security services across various industry verticals and the sustained demand for Cognitive Business Operations underline TCS’s adaptability to evolving client needs. The company’s continued investments, strategic partnerships, and innovation efforts are poised to strengthen its position and foster sustained growth in the foreseeable future. We will be keeping a close eye on management guidance for future performance and their outlook on the demand scenario in North America and signs of recovery in discretionary projects.

Dhruv Mudaraddi, Research Analyst, StoxBox

# Reported revenue declined 0.4% QoQ / up 1.3% YoY in rupee terms to Rs. 38,821 crores, beating market estimates of Rs. 38,694 crores owing to a challenging quarter primarily influenced by sustained weak demand, absence of certain one-time sales and the impact of furloughs.

# EBIT slumped 7.1% QoQ and 8.2% YoY to Rs. 8,274 crores, however beating market expectations of Rs. 7,934. The EBIT margin also contracted to 21.3% (down 153 bps QoQ / down 220 bps YoY) attributed to the impact of two months of wage hikes in the quarter and the absence of one-time sales in 2Q.

# Net income stood at Rs. 6,113 crores (down 1.6% QoQ / down 7.2% YoY), marginally below market estimates of Rs. 6,160 crores. The PAT margin inched down to 15.7% (down 19 bps QoQ / down 144 bps YoY).

# LTM attrition followed broader trends and declined 170bps to 12.9% in Q3FY24.

# Order book recorded for Q3FY24 stood at $3.2 billion with 71% of this as net new deals.

# The company is in the process of acquiring InSemi, a leading semiconductor design service provider, for Rs. 280 crores.

# Infosys reported a headcount of 322,663 employees as on December 31, 2023, with a net reduction of 6,101 employees in Q3FY24. Utilization ex-trainee improved by 90 bps QoQ to 82.7%.

View:

In Q3FY24, Infosys indicates a marginal decline in revenue QoQ, impacted by a challenging environment characterized by sustained weak demand, the absence of certain one-time sales, and the impact of furloughs. The absence of mega deals has slowed deal momentum during the quarter. Furthermore, a sequential decrease in EBIT margins can be attributed to the impact of two months of wage hikes and the absence of one-time sales observed in Q2FY24. Despite the challenging environment, Infosys showcased its execution capabilities, with operational efficiencies realized under ‘Project Maximus.’ Cash generation remained robust, with Free cash flow to net profit conversion for Q3 at 90.6%. The company reduced its FY24 revenue guidance to 1.5%-2.0% and retained the operating margin guidance at 20%-22%. Infosys’ strategic focus on generative AI, digital, cloud, cost efficiency, and automation positions the company for long-term value creation and market leadership. We will be keeping a close eye on the management guidance regarding the demand outlook in the BFSI and Hi-Tech verticals that are currently facing pressure, feedback on clients’ CY24 budgets, deal ramp-up visibility, and the strategies in place to manage margins effectively.

Tata Consumer Products Ltd (Transferee Company)

Symbol : TATACONSUM

Stock Price : 1119.70

Tata Coffee Ltd (Transferor Company)

Symbol : TATACOFFEE

Stock Price : 332.90

Last date of trading of Tata Coffee : 12/01/2024 (Today)

Record date: 15/01/2024

Ratio : 3:10 (For every 10 shares held in Tata Coffee, 3 shares of Tata Consumer Products will be given).

- INFO reported strong 3QFY24 revenue of USD4.66b, down 1.0% QoQ in CC terms, better than our estimated decline of 1.7% QoQ CC. The large deal TCV momentum remained intact at USD3.2b (down 3% YoY, net new at 71%). The management sees strong traction in the large deal pipeline, despite an adverse demand environment.

- Weakness was visible in parts of Financial, Comm, Retail and Hi-Tech, partially compensated by better demand in Manufacturing, ENU and Life Sciences. The company narrowed its FY24 revenue growth guidance band to 1.5%-2.0% YoY CC from 1.0%-2.5% YoY CC earlier, effectively keeping the mid-point unchanged.

- EBIT margin declined 70bp QoQ to 20.5%, marginally ahead of our estimate. Profitability was aided by a lower-than-expected wage hike impact of 70bp, partially due to another reduction in workforce (-6.1k, down 190bp QoQ). This was further helped by continued moderation in attrition (12.9% in 3Q) and improved utilization at 82.7%. We expect the company to deliver a stable margin in Q4, resulting in 20.8% EBIT margin in FY24, near the mid-point of its 20%-22% EBIT margin guidance.

Valuation and view

- INFO narrowed its FY24 revenue growth guidance while keeping the mid-point unchanged, leading to a muted 2HFY24E. Despite multiple guidance revisions, it has maintained its margin guidance, which is encouraging.

- We expect FY24 revenue growth to be at 1.9% CC QoQ, near to the upper band of the guidance.

- Despite near-term weakness, we expect INFO to be a key beneficiary of the acceleration in IT spending in the medium term. Based on our revised estimates, the stock is currently trading at 19x FY26E EPS. We value the stock at 22x FY26E EPS, implying a TP of INR1,750.

(TCS IN, Mkt Cap USD164.6b, CMP INR3736, TP INR4250, 14% Upside, Buy)

No change in spending commentary; reiterate BUY

- TCS reported revenue of USD7.28b in 3QFY24, up 1.0% QoQ in constant currency (CC) terms and 140bp above our estimates despite a weak demand environment and seasonal weakness. The growth was aided by strong India performance (up 26% QoQ, partially aided by BSNL deal execution). TCS reported deal wins of USD8.1b (down 28% QoQ but up 3% YoY, book-to-bill ratio at 1.1x), in line with our expectations.

Valuation and view

- Given its size, order book and exposure to long-duration orders and portfolio, TCS is well positioned to withstand the weakening macro environment and ride on the anticipated industry growth.

- Owing to its steadfast market leadership position and best-in-class execution, the company has been able to maintain its industry-leading margin and demonstrate superior return ratios.

- We maintain our positive stance on TCS. Our TP of INR4,250 implies 25x FY26E EPS, with a 14% upside potential. We reiterate our BUY rating

Nomura 

Neutral, TP Rs 1500 

Good execution & net new deal wins 

No signs of discretionary demand revival 

Strong execution in 3QFY24; tightens FY24F rev growth guidance band 

Project Maximus bears fruit on margins front 

Bernstein 

O-P, TP Rs 1740 

This qtr was less about results but set up for FY25 

Came out +ve on a rev beat (30 bps), inline margins (20.5%) & large deals ($3.2 Bn, 71% Net New). 

Expect 3QFY24 to be close to bottom 

Jefferies 

Buy, TP Rs 1740 

3Q growth & margins beat est. 

Net new order book of $2.2bn impressive. 

Co Revised growth guidance of 1.5-2.0% YoYcc 

Raise est. by upto 2% to factor beat 

Strong deal wins provide comfort on expectation of 13% EPS CAGR over FY24-26E

3Q started with a bit of positivity as both reported slight topline beat with decent deal wins 

TCS outperformed on margins, while INFY was in line with expectations; demand commentaries were noncommittal 

TCS –Hold, TP Rs 3630 

INFY–Buy, TP Rs 1620

Buy, TP raised to Rs 160 from Rs 130 

Raise FY24E-FY30E net income est. by up to 6% 

Forecast a 30% FY24E-27E adjusted rev CAGR 

Forecast online grocery & food delivery to be amongst largest TAMs within India internet, growing at 29% & 20% FY24E-30E CAGRs, respectively

HSBC 

Hold, TP Raised to Rs 3410 

Healthy operating performance in 3Q was supported by market share gains & strong industry tailwinds 

However, as income yields over FY25-26e remain under pressure, EPS growth is likely to be slower than AUM growth 

CLSA 

U-P, TP Raised to Rs 3440 

Strong net profit of Rs4.9bn in 3Q primarily driven by higher-than-expected other income 

AUM growth of 26% YoY strong with equity & ETFs delivering 46%-54% YoY growth. 

However, yield saw some compression (down 0.7bps QoQ)

Bernstein 

O-P, TP Rs 4170 

Delivered a strong qtr with all-around beat on rev (90 bps) & margins (25%, up 70 bps QoQ, excluding legal costs) 

Overall deal TCV moderated to $8.1 Bn but pipeline healthy 

Well positioned in a macro uncertain environment 

Nomura 

Reduce, TP Rs 3160 

Good execution in 3QFY24, deal wins weak 

Demand pickup visibility remains low 

Weak headcount addition persists, as attrition continues to moderate 

Not many levers exist for significant margin expansion 

Jefferies 

Hold, TP Rs 4000 

3Q broadly in line, however broad-based weakness continues, deal bookings were soft & sharp headcount decline suggest that demand recovery is not yet in sight 

TCS’ 70bps margin expansion was key +ve surprise in 3Q

Buzzing Stocks: LIC, M&M, Wipro, HDFC Life Insurance, Nykaa, Omaxe, Bhansali Engg, HG Infra, KPI Energy, Tata Powre, Fortis Healthcare, GHCL Textiles, Conart Engineers, Reliance Home Finance, Anand Rathi Wealth, Bharat Bijlee, Aditya Birla Money, Den Networks, Just Dial, Tata Metaliks 

- Health insurance has emerged as the largest segment in the Indian general insurance industry, with premiums of INR907b/INR736b in FY23/ FY22. During FY19-FY23, the industry posted a 19% CAGR. However, notwithstanding such robust growth, we observe that only 4% of the population is covered under retail health insurance plan.

- Standalone health insurance companies (SAHIs) had an enviable 55% market share in retail health for 1HFY24 that surged from 39% in FY19. The inherent strengths in the business model - such as: 1) advantage in hiring of agents, 2) product innovation, 3) association with hospitals and 4) strong management focus - will ensure strengthening of their leadership position. From a profitability perspective, claim ratios would normalize as price hikes would offset medical inflation.

- We expect STARHEAL to report a strong 19% premium CAGR over FY23-26E driven by a 20% price hike, a strong push in the banca channel, sustained growth in specialized products, and deepening presence. We project the combined ratio to improve to 94.1% in FY26 from 95.3% in FY23. These should result in a PAT CAGR of 32% over FY23-26E and an RoE improvement to 15.4% in FY26 from 11% in FY23. Reiterate BUY with a one-year TP of INR730 (based on 30x FY26E EPS)

Bernstein on TCS: Maintain Outperform on Company, target price at Rs 4170/sh 

MS on TCS: Upgrade to Overweight on Company, raise target price at Rs 4240/sh 

Jefferies on TCS: Maintain Hold on Company, target price at Rs 4000/sh 

Jefferies on Infosys: Maintain Buy on Company, target price at Rs 1740/sh 

Bernstein on Infosys: Maintain Outperform on Company, target price at Rs 1740/sh 

DAM on Infosys: Upgrade to Buy on Company, raise target price at Rs 1750/sh 

Incred on Infosys: Upgrade to Add on Company, raise target price at Rs 1668/sh 

Jefferies on Macrotech: Maintain Buy on Company, target price at Rs 1200/sh 

HSBC on HDFC AMC: Maintain Hold on Company, raise target price at Rs 3410/sh 

Citi on UPL: Maintain Buy on Company, target price at Rs 700/sh 

Citi on SRF: Maintain Buy on Company, target price at Rs 2675/sh 

Citi on PI Ind: Maintain Buy on Company, target price at Rs 4100/sh 

Jefferies on Zomato: Maintain Buy on Company, raise target price at Rs 190/sh 

Jefferies on Nykaa: Maintain Buy on Company, raise target price at Rs 230/sh 

Jefferies on DMart: Maintain Hold on Company, raise target price at Rs 4200/sh 

Citi on Oil and Gas Sector: Proffered Picks: GAIL, IGL and MGL 

Citi on Consumption Sector: Proffered Picks: Godrej CP, Britannia and Tata Consumers 

HSBC on Infosys: Maintain Buy on Company, cut target price at Rs 1620/sh 

Kotak on Infosys: Maintain Buy on Company, cut target price at Rs 1800/sh 

Nomura on Infosys: Maintain Neutral on Company, target price at Rs 1500/sh 

HSBC on TCS: Maintain Hold on Company, raise target price at Rs 3640/sh 

Nomura on TCS: Maintain Reduce on Company, target price at Rs 3160/sh 

Citi on TCS: Maintain Sell on Company, target price at Rs 3515/sh 

MS on HDFC AMC: Maintain Equal weight on Company, raise target price at Rs 3000/sh 

Jefferies on Titan: Maintain Hold on Company, raise target price at Rs 3650/sh 

Jefferies on Asian Paints: Maintain Underperform on Company, target price at Rs 2500/sh 

Sukhjit Starch & Chemicals Ltd.

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 585.2

Ex-Dividend 15 January 2024 (Monday)

Last date for Cum-Dividend Today

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Researchbytes Events Update

As of 08:10 AM Friday 12 January 2024

Can set alert for them at www.researchbytes.com 

2:00 PM 5paisacapital

(Investor/Analyst Presentation)

Weblink: http://tinyurl.com/2s43fhkn

3:30 PM HDFC life Insur

Dial: +91 22 6280 1406

Weblink: http://tinyurl.com/yc3jfaev

4:00 PM GTPL Hathway

(Results, Investor/Analyst Presentation, Press Release )

Dial: +91 22 6280 1325

Weblink: http://tinyurl.com/5fmtmymd

4:00 PM JTL Infra

Dial: + 91 22 6280 1123

Weblink: http://tinyurl.com/9xpeztaw

4:30 PM Hi Tech Pipes Limited

(Press Release )

Dial: +91 22 6280 1342 

7:00 PM Wipro

Dial: +91 22 6280 1120

Weblink: https://http://tinyurl.com/295mkf2b

7:30 PM HCL Tech

Dial: +91 22 7115 8020

Weblink: http://tinyurl.com/4289968n

HDFC AMC : (replay)

https://www.researchbytes.com/webcast.aspx?WID=292306

Delta Corp : (replay)

https://www.researchbytes.com/webcast.aspx?WID=292305

Jyoti CNC : (replay)

https://www.researchbytes.com/webcast.aspx?WID=292158

Shera Energy : (replay)

https://www.researchbytes.com/webcast.aspx?WID=292159

SHRI BALAJI VAL : (replay)

https://www.researchbytes.com/webcast.aspx?WID=292161

JB Chem : (replay)

https://www.researchbytes.com/webcast.aspx?WID=291922

Tarsons Product : (replay)

https://www.researchbytes.com/webcast.aspx?WID=291919

Allcargo : (replay)

https://www.researchbytes.com/webcast.aspx?WID=291914

Gati : (replay)

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

CARE Ratings : (replay)

https://www.researchbytes.com/webcast.aspx?WID=292166

Results today …

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Recent interviews …

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Bajel Projects: Company has received a LOI worth Rs 487.64 crore for supply of plant and installation services GIS substations project in Uttar Pradesh.

Polycab India: Small Cap World Fund Inc sold 8.51 lakh shares (0.56%) at Rs 3,955.87 apiece

The majority of portfolio management services (PMS) schemes outperformed the benchmark Nifty 50 and Nifty 500 in the calendar year 2023 amid a rally in mid- and small-cap stocks. 87 per cent, or 277 of the 318 PMS schemes, were able to beat the returns generated by the benchmark in CY23, data from PMS Bazaar show. The 318 schemes collectively delivered average returns of 35.3 per cent, far higher than the 20.1 per cent delivered by the benchmark Nifty50.

Incorporated in 2016, IKIO Lightning is an Indian manufacturer of light emitting diode (LED) lighting solutions. They are focused on sustainability and providing low energy LED products to help India meet its sustainability goals.

IKIO Lighting’s Revenue/EBITDA increased by 18/27 per cent CAGR from FY20 to FY23 on account of healthy product mix, operational efficiency and brand visibility. Over the years, company has strengthened its financial position through strong customers base and repeat orders, Post listing, company has repaid its borrowings which has enabled them to be a debt free entity and lower its working capital requirements in FY23.

The successful debt restructuring at Vedanta parentco Vedanta Resources (VRL) removes a major overhang on the stock. The restructuring comes at a higher cost, but gives Vedanta a two-year breather to focus on ongoing aluminium/zinc capex and monetisation of steel & iron ore assets, which would unlock incremental cash flows.

VEDL has been performing well operationally, and even financially, and has not been in a distress situation. The real issue of the stock’s underperformance has been the continuous overhang of parentco’s debt, whose repayment has now been deferred to FY27.

With Infosys trading at trailing PE of 25 times and TCS trading at 30 times, the risk reward is not favourable at all

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

Indraprastha Gas Limited’s (IGL) stock has been appreciating gradually since November last year. After moderating over the past few days, the stock witnessed a rebound on Wednesday. It bounced off the 20-day moving average. 

• BANDHANBNK 

• BHEL

• DELTACORP

• ESCORTS 

• HINDCOPPER 

• INDUSTOWER

• INDIACEM 

• NATIONALUM 

• PEL

• POLYCAB

• PVRINOX

• SAIL

• ZEEL

Annual CPI -0.3% [Est. -0.4% Prev. -0.5%] 

Monthly CPI 0.1% [Est. 0.2% Prev. -0.5%] 

Annual PPI -2.7% [Est. -2.6% Prev. -3.0%]

Monthly PPI -0.3% [Prev. -0.3%]

1) 7.84 HDB Financial 14-July-26 and 7.96 HDB financial Nov-2025 primary reissue, both dlt at 8.30 xirr, secured dual AAA, adding further, EBP on 12th Jan, payin on 15th Jan

2) 8.15 L&T Finance Holdings Ltd, reissue dlt at 8.20 xirr, adding further, EBP on 17th jan and payin on 18 Jan

3) Mahindra & Mahindra Finance 3y 2m, dual AAA secured dlt at 8.25, adding further

4) Toyota Fin services 3Y can do at 8.28

5) Tata Capital Housing 3y or 5y any bids?

PSU EBPS:

1) THDC 10Y 300+500 AA unsecured

2) NHB 7Y, 500 + 1500cr, EBP today 

3) REC 3Y, 500+500cr, EBP on 12th Jan and payin on 16th Jan

4) REC 10Y, 500+2500cr, EBP on 12th Jan and payin on 16th Jan

📌 Market Levels

BSE Sensex: 71721.18 (+63.47)

Nifty 50: 21647.20 (+28.50)

NIFTY MID CAP 100: 47337.30 (+230.15)

NIFTY SMALL CAP 100: 15476.45 (+89.75)

📌 Index PE & PBV

SENSEX PE / PBV : 25.39 / 3.70

NIFTY 50 PE / PBV : 

23.08 / 3.79

NIFTY MIDCAP 100 PE / PBV : 25.27 / 3.79

NIFTY SMALLCAP 100 PE / PBV : 29.37 / 3.82

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: (865.00 crs) / (270.93 crs)

DII Activity: 1607.08 crs / (3349.26 crs)

📌 Volatility Index

India VIX - 12.76

📌 Commodities

Brent Crude: $78.38

Gold USD Oz/10 gm: $2033.76 = INR 62162

Silver: INR 72315

📌 Currency

*Rs/$: 83.03

US Dollar Index (DXY) - 102.17

📌 10 Year Yield

7.26% GOI 2033: 7.20% (Old)

7.18% GOI 2033: 7.16% (New)

US 10 Yr Yield - 3.99%

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Ajmera Realty: Dhaval Ajmera, Director

We Will Launch 2 Projects In Q4 With A Potential Of Approx ?400 Cr: Ajmera Realty

https://www.youtube.com/watch?v=Ii86YI_1QLs

Aarti Ind: Rajendra Gogri, CMD

Impact Of Non-Renewal By EU For Key Product S-Metolachlor Will Be 3-4%: Aarti Ind

https://www.youtube.com/watch?v=LQhKEPGF1kU

BSE Limited: Sundararaman Ramamurthy, MD & CEO

BSE MD & CEO Sundararaman Ramamurthy As A ‘Guest Editor’

https://www.youtube.com/watch?v=F_6lA6Ltk1E

Ugro Capital: Shachindra Nath, Executive CMD

UGRO Capital Ltd Gets RBI Certificate Registration For Factoring Business

https://www.youtube.com/watch?v=bKng07qsoOw

Gensol Engineer: Anmol Jaggi, Managing Director

Gensol EV: Plans To Redefine Urban Mobility; Electric Car To Debut In March

https://www.youtube.com/watch?v=JK_V5vGfd5o

Keystone Realto: Boman Rustom Irani, CMD

Believe We Can Continue To Grow By 25%: Keystone Realtors

https://www.youtube.com/watch?v=aKF4NSuBhqo

MAS Financial S: Kamlesh Gandhi, CMD

MSME & SME Segments Contributed About 27% To AUM Growth: Mas Financial Services

https://www.youtube.com/watch?v=pktcRn-LTj0

RBZ Jewellers: Harit Zaveri,, Joint Managing Director

RBZ Jewellers: FY25 Growth Outlook

https://www.youtube.com/watch?v=OIGXjVH0KPM

TeamLease Ser.: Ramani Dathi, CFO

Decoding IT Hiring Trends With Teamlease CFO Romani Dati: Navigating Sluggishness And Uncertainty

https://www.youtube.com/watch?v=QafJ3TneUI8

BLS International Services : Shikhar Aggarwal, Joint Managing Director

Realisations Have Increased In Q3: BLS International Svcs

https://www.youtube.com/watch?v=XPGdoS9Og5g

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

Turnover: (NSE + BSE)

Cash Volume: 108283.56 + 8678 Total: 116961.56

F&O Volume: 444585.6 + 1216933.19 Total: 1661518.79

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -865 

(11619.68 - 12484.68) 

DII: NET BUY: 1607.08 

(12951.47 - 11344.39)

Infosys 3QFY24 Earnings

Financial Results

Link: https://www.infosys.com/investors/reports-filings/quarterly-results/2023-2024/q2/documents/q2-and-h1-fy24-financial-results-auditorsreports.pdf

Press Release

Link: https://www.infosys.com/investors/reports-filings/quarterly-results/2023-2024/q2/documents/ifrs-inr-press-release.pdf

Fact Sheet

Link: https://www.infosys.com/investors/reports-filings/quarterly-results/2023-2024/q2/documents/fact-sheet.pdf

Investor Sheet

Link: https://www.infosys.com/content/dam/infosys-web/en/investors/reports-filings/quarterly-results/2023-2024/q2/documents/q2fy24-investor-sheet.xls

TCS 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/70ed0afd-130a-4902-8462-4f01f3b347c0.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f5ae68f9-c286-479a-8cef-237c57a4dc06.pdf

Presentation

Link: https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2023-24/q3/Presentations/Q3%202023-24%20Fact%20Sheet.pdf

HDFC AMC 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/42d1229d-a668-4247-a9af-e2057bc9df3e.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c8bec481-ea9f-4065-95ec-986b20e8ac7f.pdf

07.00 CHINA CPI y/y (Expected: -0.4% versus Previous: -0.5%)

07.00 CHINA PPI y/y (Expected: -2.6% versus Previous: -3.0%)

12.30 U.K. GDP m/m (Expected: 0.2% versus Previous: -0.3%)

12.30 U.K. Industrial Production m/m (Expected: 0.3% versus Previous: -0.8%)

17.30 INDIA Inflation Rate y/y (Expected: 5.7% versus Previous: 5.5%)

17.30 INDIA Industrial Production y/y (Expected: 7.2% versus Previous: 11.7%)

19.00 U.S. PPI m/m (Expected: 0.1% versus Previous: 0.0%)

(On Monday 15th January, U.S. markets to remain shut on Holiday)

UnitedHealth Group Incorporated (Pre market) (Sector- Healthcare)

J P Morgan Chase & Co (Pre market) (Sector- Financial)

Bank of America Corporation (Pre market) (Sector- Financial)

Wells Fargo & Company (Pre market) (Sector- Financial)

BlackRock, Inc. (Pre market) (Sector- Financial)

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

The Bank Of New York Mellon Corporation (Pre market) (Sector- Financial)

Delta Air Lines, Inc. (Pre market) (Sector- Aviation)

(important day in terms of earnings of U.S. Financial companies)

Equity markets throughout Asia exhibited mixed trading on Friday, as US inflation data failed to influence rate cut predictions. Concurrently, oil prices surged following the UK’s authorization of military intervention in Yemen. 

Japanese stocks initiated the day with a positive trend on Friday, building on the momentum gained in the preceding session, where the Nikkei index surpassed 35,000 for the first time since 1990. The Nikkei 225 recorded a 1.17% increase, equivalent to 408.89 points, reaching 35,458.75 in early trading. Additionally, the broader Topix index saw a 0.37% uptick, adding 9.27 points to reach 2,492.14. Meanwhile, South Korea’s KOSPI experienced a decline of 0.52%, or 13.09 points, trading at 2,527.18, and the Hang Seng index slipped by 0.52%, or 85.07 points, hovering at 16,216.97. Australia’s S&P/ASX 200 index registered a 0.14% decrease, amounting to 10.40 points, to trade at 7,495.60.

The Dow Jones Industrial Average on Thursday saw a modest rise of 15.29 points, or 0.04%, reaching 37,711.02. Conversely, the S&P 500 experienced a marginal decline of 3.21 points, or 0.07%, closing at 4,780.24, while the Nasdaq Composite posted a modest gain of 0.54 points, reaching 14,970.19.