Share Market Highlights 19 January 2024: Indices rebound after three-day slump; Nifty settles above 21,600

The rupee gained 7 paise to settle at 83.06 (provisional) against the US dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas.

However, strengthening crude oil prices and foreign capital outflows capped the sharp gain in the domestic currency, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.15 and traded between the peak of 83.06 and the lowest level of 83.16 against the greenback.

The local unit finally settled at 83.06 (provisional) against the dollar, registering a gain of 7 paise against its previous close.

Equity benchmarks advanced around 0.7% each on Friday. While BSE Sensex gained 496.37 points or 0.70% to 71,683.23, NSE Nifty advanced 160.15 points or 0.75% to 21,622.40.

BSE Sensex rose 0.69 per cent (452.25 points) to 71,645.79, and NSE Nifty increased 0.72 per cent (157.90 points) to 21,623.40, at 3.08 pm.

A total of 3,896 stocks were actively traded, 2,490 advanced, while 1,293 declined and 113 stocks remained unchanged where 383 stocks hit a 52 week high and ten stocks hit a 52 week low at 5 pm on the BSE.

Indusind Bank: -3.35%

HDFC Bank: -0.86%

Kotak Mahindra Bank: -0.56%

Divis laboratories: -0.15%

State Bank of India: -0.08%

Bharti Airtel: 3.50%

Oil and Natural Gas Corporation: 3.40%

Ntpc: 2.87%

Tata Steel: 2.52%

SBI Life: 2.46%

Home First Finance reported a robust Q3 FY24, achieving a disbursement milestone of ₹1000 crores, reflecting a 29.1 per cent year-on-year growth. Shares on the BSE rose by 3.19 per cent to ₹1013.30.

Hindustan Zinc Ltd (HZL) on January 19 posted a six per cent decline in consolidated net profit to ₹2,028 crore during the quarter ended December 2023, dragged by lower income.

It had clocked ₹2,156 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

On a quarter-on-quarter basis, the profit grew 17 per cent as against ₹1,729 crore in the July-September quarter.

During the quarter under review, the company’s total income reduced to ₹7,606 crore from ₹8,214 crore a year ago.

Crude oil prices on January 19 increased ₹16 to ₹6,173 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for February delivery traded higher by ₹16, or 0.26 per cent, at ₹6,173 per barrel in 12,064 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Silver prices on January 19 climbed ₹202 to ₹71,817 per kilogram in futures trade as participants widened their bets on a firm spot demand, according to a PTI report.

On the Multi Commodity Exchange, silver contracts for March delivery increased ₹202, or 0.28 per cent, to ₹71,817 per kg in 27,629 lots.

Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.

The state-owned Central Bank of India on January 19 posted a 57 per cent increase in its profit at ₹718 crore in the third quarter ended December 2023, a PTI report said.

The bank had earned a net profit of ₹458 crore in the same quarter a year ago.

Total income increased to ₹9,139 crore during the quarter under review against ₹7,636 crore in the same period last year, the Central Bank of India said in a regulatory filing.

Coal India Ltd. witnessed a 1.37% increase in its shares on the BSE, reaching ₹381. The company’s units received approval from the cabinet for equity investment in thermal power plants.

JK Cement gets assessment order worth ₹175.47 crore for AY22 from the Income Tax Department, according to an exchange filing.

Indian stock exchanges -- the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) -- are scheduled to conduct special trading sessions on January 20, 2024. 

These sessions form a disaster recovery (DR) drill required by the Securities and Exchange Board of India (SEBI) to validate the resilience of the financial market’s infrastructure.

Investors do well to note that the trading dynamics on January 20 will be different for a variety of reasons, said Anand James, Chief Market Strategist, Geojit Financial Services.“For one, a shorter time frame as well the truncated nature of the session would mean that traders would not have enough time to get their eyes in. Volatility may be limited, as daily operating range would be restricted to 5% for all stocks and derivatives for the day while those already in the two per cent band will continue to remain so. Also important to note that pending orders from the first session would be flushed out before the start of the second session,” he said.

Sebi Chairperson Madhabi Puri Buch on January 19 said the capital markets regulator has found that three merchant bankers are frequently indulging in inflating subscriptions during share sales, and promised action against them.

Speaking at an annual convention organised by a lobby grouping of investment bankers here, Buch said the Sebi also has data and evidence on “mule accounts”, wherein the credentials of an innocent person are used to typically front-run on stocks by those wanting to not leave a trace of trades.

• Silver Spot (in Rs per kilo): 71073.00
• Standard Gold (99.5): 61958.00
• Pure Gold (99.9): 62207.00

) Suzuki Motorcycle India Pvt Ltd on Friday said it has partnered with SMFG India Credit Co Ltd (formerly Fullerton India Credit Co) to provide financing on purchase of its two-wheelers.

The two companies have entered into an MoU for the same, Suzuki Motorcycle India Pvt Ltd (SMIPL) said in a statement.

SMFG India Credit is registered as a Non-Banking Financial Company-Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and a member of Sumitomo Mitsui Financial Group (SMFG), it added. - PTI

Deal values in India more than halved in 2023 to USD 66 billion despite high growth, as investors took a wait-and-watch approach, a report said on Friday.

From a volume perspective, there were 1,641 deals -- a drop of more than 20 per cent over 2022 -- the report by consultancy firm Grant Thornton Bharat said. - PTI

The country’s wheat production is expected to be good this year amid higher coverage, according to Agriculture Minister Arjun Munda.

The sowing of wheat, the main (winter) crop, that began in October has been completed. Uttar Pradesh, Madhya Pradesh, and Punjab are the top three states having the maximum area under wheat coverage.

“As per the sowing data, wheat has been covered in more area and we expect good production this year,” Munda told PTI.

Shree Digvijay Cement Co. Limited reported Q3FY24 results, with an EBITDA of ₹5,110 lakhs compared to ₹1,700 lakhs in Q3FY22. The EBITDA per ton surges to ₹1,556 PMT from ₹484 PMT. shares were up by 5.62% to ₹119.51 on the BSE.

Kotak Institutional Equities. 

India fiscal: Managing the undercurrents

Over the medium term, the central government has to aim for a sharp fiscal consolidation, while improving spending quality amid large committed expenditures. The FY2025 interim budget could additionally include few populist measures, while targeting slower capex growth, sharper-than-usual fiscal consolidation and keeping borrowings in check. We pencil in FY2025E GFD/GDP at 5.4%.

BofA on Budget expectation

Concerns surrounding fiscal slippage in an election year are understandable. However, we expect the Centre to meet their fiscal deficit target of 5.9% of GDP in FY24. For FY25, we see Centre’s fiscal deficit to consolidate further to 5.3% of GDP, despite poll pressure. We have previously argued that the current government’s intent is to consolidate fiscal deficit through capital expenditure driven growth instead of expenditure compression. We expect this strategy to continue in FY25 union budget as well. Digitization led formalization of the economy is a blessing in disguise aiding tax buoyancy on one side and reducing wasteful expenditure (subsidy leakage) on the other

JMD Ventures Ltd. announced the approval of the formation of a subsidiary and an investment plan of approximately ₹400 lakh for the expansion of their business on the OTT platform. The new platform will be named “JMD Cineplax.”

SEBI Chairperson Madhabi Puri Buch launched two multi-lingual initiatives of Central Depository Services Ltd aimed at increasing inclusivity and accessibility in the capital market.

CDSL has introduced an upgrade in investor CAS through the ‘Apka CAS – Apki Zubaani’ initiative, enabling investors to receive their statements in their preferred language.

A total of 3,823 stocks were actively traded on BSE, 2,512 advanced, while 1,195 declined and 116 stocks remained unchanged where 350 stocks hit a 52 week high and 8 stocks hit a 52 week low at 12.22 pm

Top gainers among Nifty 50 pack 12.15 pm include - Bharti Airtel (3.96%), Tata Steel (2.18%), Ntpc (2.27%), Ongc (2.21%), Britannia Industries (1.96%)

Top losers include- IndusInd bank (-3.35%), Divis laboratories (-0.73%), DR. Reddy’s laboratories (0.63%), Reliance industries (-0.43%) Sun Pharmaceutical industries (-0.28%)

Retail shareholders of LIC can smile now as the stock moved up above their IPO price of Rs 904. LIC is now ruling at Rs 910 after hitting all time high of Rs 915

CE Info Systems Ltd.’s shares were up by 3.32% to ₹2031 on the BSE, after the company secured a contract valued at approximately ₹400 crore for the Hyundai and Kia Cars OEM Business in India.

Tiger Logistics (India) Ltd has signed a memorandum of understanding (MoU) with PowerPac Holdings Ltd, a concern of the Sikder Group, Bangladesh, to establish a joint venture (JV) in the logistics sector for global trade. 

The joint venture is aimed at establishing an international freight forwarding and logistics business, Tiger Logistics said in its statement.

Ultratech Cement’s consolidated net profit is expected to jump 73 per cent to ₹1,840 crore, against ₹1,063 crore logged in the same period last year, on the back of higher volume.

The company will announce its financial results on Friday.

It may report a 8 per cent rise in revenue from operations at ₹16,749 crore (₹ 15,521 crore) in the quarter under review.

Hindustan Adhesives Ltd.’s shares were up by 8.42% to Rs 347 on the BSE. Investor Ashish Chugh & Associates name appears in Hindustan Adhesives Ltd. With 1.02%

Route – Tender 

Buyback Price: 300/- 

Current Market Price: 257.10 /-

Market Cap: Rs 1,706 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

Obligation Date - 05 Febrauary 2024

Settlement Date - 06 Febrauary 2024

Route – Tender 

Buyback Price: 210/- 

Current Market Price: 198/- 

Market Cap: Rs 1,218 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

Ex-Date – 31 January 2024

Buyback Record Date: 31 January 2024

Buyback Schedule: Not Yet Announced

NSE Nifty was up by 0.61 per cent or 131.50 points to 21,591.65 points, while the BSE Sensex was at 71,736.25 up by 0.61 per cent or 397.47 points at 11.11 a.m today, January 19.

Bank Nifty began today’s session with a gap-up at 46,103, as against yesterday’ close of 45,713. The index is now hovering around 46,200, up 1.1 per cent.

Supporting the bullish bias, the advances/ declines ratio of the index stands at 11/1. Punjab National Bank, up 3.4 per cent, is the top gainer, whereas IndusInd Bank, down 2.2 per cent, is the top loser.

Nifty PSU bank and Nifty Private bank indices are up 0.8 per cent each so far today.

Tata Consumer Products Ltd (TCPL) Tata Consumer Products plans to raise ₹3,000 crore through a rights issue and an additional ₹3,500 crore through commercial papers to fund its ₹7,000-crore acquisitions of Capital Foods and Organic India, according to a report.

Ultratech Cement’s consolidated net profit is expected to jump 73 per cent to ₹1,840 crore, against ₹1,063 crore logged in the same period last year, on the back of higher volume. 

The company will announce its financial results today, January 19.

It may report a 8 per cent rise in revenue from operations at ₹16,749 crore from ₹15,521 crore) in the quarter under review.

It has already reported a consolidated sales volume growth of six per cent year-on-year.

Lupin: Company gets US FDA approval For Febuxostat Tablets that are used for the chronic management of hyperuricemia 

Coal India: Company’s units get cabinet nod for equity investment in thermal power plants. 

Power Finance Corporation: Company incorporates two SPVs for developing transmission projects in Gujarat and Rajasthan.

Indian Bank: Gets RBI approval for setting up a new wholly-owned operations supportof subsidiary 

Mahindra Holidays: Company to invest Rs 800 crore in Tamil Nadu to build three Greenfield resorts. 

Aether Industries: Company and collaborates with Novoloop for setting up pilot plant in Hojiwala industrial estate in Gujarat. 

Poonawalla: Net Profit up 76.3% at ₹265.1 Cr Vs ₹150.4 Cr, Revenue up 52.1% at ₹762.6 Cr Vs ₹501.4 Cr (YoY) 

Shalby: Company to acquire 87.26% stake in PK Healthcare for Rs 102 crore. 

Dynamatic Tech: Company signs long-term contract with Dassault Aviation 

REC: Company designated as the overall implementation agency for rooftop solar program of the Renewable Energy Ministry.

Supreme Petrochem: Company has acquired 96.35 acres of land in Haryana to establish new plants for manufacturing Polystyrene and Expandable Polystyrene. 

Uttam Sugar: Company has increased its “Distillery Capacity (Ethanol)“ from 150 KLPD to 250 KLPD at the Barkatpur plant. 

Ujjivan: Big Bull Investor Dolly Khanna Enters With 1.13% Stake as per Latest Share Holding Pattern 

Hindustan Adhesives: Investor Ashish Chugh & Associates name appears in Hindustan Adhesives Ltd. With 1.02% 

Sanghi Ind: Rajasthan Global Securities bought 2,215,580 @ Rs. 121.00 of Sanghi Industries Ltd.

Home First Finance: Company had a strong Q3 FY24 with Rs 1000 Crs disbursement milestone, 29.1% y-o-y growth. 

Innova Captab: Rev at Rs.283 cr vs 242.2cr, up16.8%. EBITDA 40.5cr vs 31cr, up 30.6% 

EMS Limited: Company has emerged as the L1 in a tender at Vikas Nagar, Dehradun, Uttarakhand, with an estimated order value of approximately Rs. 478.93 Crores 

Shoppers Stop: Net profit down 41.2% at ₹36.7 cr vs ₹62.7 cr, Revenue up 8.8% at ₹1,237.5 cr vs ₹1,137.1 cr (YoY) 

Bandhan Bank: RBI approves appointment of Rajinder Kumar Babbar as whole-time director of the bank 

Indusind Bank: NII at Rs 5295.0 crore versus Poll of Rs 5237.0 crore, Net Profit at Rs 2301.0 crore versus Poll of Rs 2296.0 crore. 

Wipro: Company to acquire 14% stake in Huoban Energy 11 for enhancing renewable energy usage. 

SBIN: Bank raises Rs 5,000 crore through 10-year AT-1 bonds. 

NMDC: Sources Say Indian Govt rejects proposal for iron ore exports to China 

Metro Brands: Q3 FY24 cons PAT at Rs.97.8 cr vs Rs.112 cr, down 12.6% YoY 

Dixon: Company reported a search by the Directorate of Revenue Intelligence at a subsidiary’s manufacturing facility

Gold imports in India increased by 3 per cent in 2023, reaching 734.2 tonne, driven by a recovery in physical demand during the festival and wedding seasons in the last quarter of the year. The rise in imports was also attributed to record high domestic prices, which have kept imports below the 10-year average. In value terms, gold imports rose by 16.4 per cent to $42.58 billion. China remains the largest gold importer, with 1,241 tonne imported as of October 2023.

Glenmark Life Sciences inked a Master Supply Agreement with a Japanese pharmaceutical company. The collaboration is valued at approximately $5 million. Shares were up by 1.71% to ₹770.30 on the BSE.

Avantel Limited received a supply order worth ₹5.30 crore from Naval Headquarters, Ministry of Defence. The shares were up by 0.91% to ₹122.50 on the BSE.

Zydus Lifesciences Ltd. and Synthon BV entered a licensing and supply agreement for Palbociclib Tablets in the US market. The collaboration aims to provide access to therapy for patients with breast cancer. Shares up by 0.42% to ₹711.80 on the BSE.

Coforge Limited signed a share purchase agreement for the transfer of 83.2% equity shares of its wholly-owned subsidiary, Coforge SF India Private Ltd, to Coforge DPA Private Limited. It is for a consideration of ₹43.93 crore. Stocks trade at ₹6450 down by 0.31% on the BSE.

Jonjua Air Private Limited announced a bonus issue in the ratio of 1:5. Shares were down by 2.36% to ₹12 on the BSE.

Issue Period:- 18- January-24 to 19- January-24

For Non- Retail ( QIB +HNI ) open & close date - 18-January -24 

For Retail open & close date – 19 –January-24 (Today)

Floor Price: INR “66”

Closing Price on date of announcement: Rs.73.06\u0009

Current Market Price: 71.06

Base Issue size: 25.11 Crs Shares – 2.50% of O/S Capital

Green Shoe Issue size: 10.05 Crs Shares – 1.00% of O/S Capital

Total Issue Size: 35.16 Crs equity shares (INR 2320 Cr) – 3.50% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 18-January -24 

Total Issue Size: 31.64 Crs shares (INR 2088.36 Cr)

Non-Retail Clearing Price: Rs. 69.10

Retail Portion - 10% of Offer Size - Bidding on 19 January, 2024 (Today)

Total Issue Size: 3.51 Crs equity shares (INR 232.04 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 69.10.

7(Nirmal Bang Retail Research)

Result is below expectations

Revenue from Operations came at Rs. 1237.5 Cr (19.1% QoQ, 8.8% YoY) vs expectation of Rs. 1279.3 Cr, QoQ Rs. 1039.1 Cr, YoY Rs. 1137.1 Cr

EBIDTA came at Rs. 217.5 Cr (35.2% QoQ, 2.2% YoY) vs expectation of Rs. 240.2 Cr, QoQ Rs. 160.9 Cr, YoY Rs. 212.8 Cr

EBITDA Margin came at 17.6% vs expectation of 18.8%, QoQ 15.5%, YoY 18.7%

Adj. PAT came at Rs. 36.9 Cr vs expectation of Rs. 50.4 Cr, QoQ Rs. 7.6 Cr, YoY Rs. 62.7 Cr

Quarter EPS is Rs. 3.4

Stock is trading at P/E of 56.9x FY24E EPS

NSE nifty was up by 0.85% or 183.15 points to 21,645.50 while the BSE Sensex was at 71,816.74 up by 0.88% or 629.88 points at 9.38 am

Top gainers among Nifty 50 9.30 am include - Coal India (2.22%), Titan company (2.20%), Tata Consultancy Services (1.93%), Tech Mahindra (1.93%), Upl (1.26%)

Top losers - Indusind bank (-1.05%), Apollo Hospitals (-0.18%)

Political capital is no longer as compromised around the election cycles as perceived, thereby reducing economic dead-weight loss, according to a study of the political economy over the last 2.5 decades by Emkay Global Financial Services Ltd (EGFSL)..

“It is generally argued that ahead of election cycles, policymakers’ political capital to address the economic efficiencies tends to be compromised. This is not surprising, as voters and interest groups have a powerful impact on virtually every possible economic policy. 

“While this has largely held true in India’s case as well, we establish in our study that the changing political landscape has implied that the tendency of policymakers to be pro-cyclical around election cycles has become more efficient. This has helped in reducing the economic deadweight loss with relatively better allocation of resources,” said Madhavi Arora, Lead Economist, EGFSL. 

EGFSL’s analysis of the last five election cycles since FY04 shows that regardless of political affiliation, and barring the GFC (global financial crisis) year, the Centre has generally been committed to fiscal consolidation in the year just preceding an election—mostly also true at an aggregate (Centre+State/ C+S) level.

Despite geopolitical tensions and good demand forecasts by different organisations, crude oil futures traded lower on Friday morning due to concerns over slow economic growth in China and its impact on the demand for the crude oil. At 9.29 am on Friday, March Brent oil futures were at $78.89, down by 0.27 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $73.87, down by 0.11 per cent. January crude oil futures were trading at ₹6144 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6152, down by 0.13 per cent; and February futures were trading at ₹6149 as against the previous close of ₹6157, down by 0.13 per cent.

impact Fast-Moving Consumer Goods major Hindustan Unilever Limited(HUL) is expected to see muted revenue.

According to analysts, negative pricing growth could impact the company and lead to a oneper cent growth in the consolidated revenue of the company.

HUL is expected to post 3.5 per cent growth in its Profit After Tax(PAT) year/on-year. 

After a three-day decline, India’s benchmark indices, Sensex and Nifty, opened higher on Friday, tracking gains in Asian markets. Positive economic data has fuelled expectations of a gentle landing for the U.S. economy. The 30-share BSE Sensex climbed 572.24 points to 71,759.10 in early trade. The NSE Nifty gained 160.70 points to 21,622.95. 

Both the Nifty 50 and Sensex have retreated approximately 3% from Tuesday’s peak, influenced by a dip in HDFC Bank’s shares due to weak December-quarter margins and growing uncertainty about early U.S. rate cuts. This week, the blue-chip indexes have each recorded losses nearing 2%, marking a potential worst weekly performance since October’s end.

Wall Street closed higher as labor market data signaled resilience, but also raised doubts about an impending rate cut in the Federal Reserve’s March meeting. Asian markets have opened on a positive note. Investors are now awaiting results from Nifty 50 constituents Reliance Industries and Ultratech Cement, due on Friday. Foreign institutional investors sold Indian shares worth a net Rs 9,902 crore on Thursday, while domestic institutional investors purchased shares worth Rs 5,977 crore.

19 January 2024 (Today)

Derivative Segment

• Atul Ltd.

• Hindustan Unilever Ltd.

• RBL Bank Ltd.

• Reliance Industries Ltd.

• Ultratech Cement Ltd.

Cash Segment

• Central Bank Of India

• CESC Ltd.

• CreditAccess Grameen Ltd.

• Hatsun Agro Product Ltd.

• Hindustan Zinc Ltd.

• One97 Communications Ltd.

• Sunteck Realty Ltd.

• Supreme Industries Ltd.

• Tejas Networks Ltd.

20 January 2024

Derivative Segment

• Can Fin Homes Ltd.

• ICICI Bank Ltd.

• IDFC First Bank Ltd.

• JK Cement Ltd.

• Kotak Mahindra Bank Ltd.

• Persistent Systems Ltd.

Cash Segment

• IDBI Bank Ltd.

• Rossari Biotech Ltd.

• Jammu & Kashmir Bank Ltd.

• Union Bank Of India

22 January 2024

Derivative Segment

• Coforge Ltd.

• Colgate-Palmolive Ltd.

• Oberoi Realty Ltd.

Cash Segment

• Lloyds Metals & Energy Ltd.

• Mangalore Refinery & Petrochem

• Tamilnad Mercantile Bank

• VST Industries Ltd.

• Zensar Technologies Ltd.

23 January 2024

Derivative Segment

• Axis Bank Ltd.

• Granules India Ltd.

• Havells India Ltd.

• Indus Towers Ltd.

• L&T Finance Holdings Ltd.

• Mahanagar Gas Ltd.

• Pidilite Industries Ltd.

• REC Ltd.

• United Spirits Ltd.

Cash Segment

• CG Power & Industrial Solns Ltd.

• Hitachi Energy India Ltd.

• Infibeam Avenues Ltd.

• JSW Energy Ltd.

• KEI Industries Ltd.

• Route Mobile Ltd.

• Sona BLW Precision Forgings

• Tanla Platforms Ltd.

• Tata Elxsi Ltd.

• Karnataka Bank Ltd.

24 January 2024

Derivative Segment

• Bajaj Auto Ltd.

• Balkrishna Industries Ltd.

• Birlasoft Ltd.

• Canara Bank

• Container Corp Of India Ltd.

• Dalmia Bharat Ltd.

• DLF Ltd.

• Exide Industries Ltd.

• Indian Oil Corporation Ltd.

• Laurus Labs Ltd.

• Tata Steel Ltd.

• Tech Mahindra Ltd.

• TVS Motor Company Ltd.

Cash Segment

• Aarti Drugs Ltd.

• Bharat Dynamics Ltd.

• Blue Dart Express Ltd.

• Ceat Ltd.

• Chalet Hotels Ltd.

• Indian Bank

• Indian Overseas Bank

• Laxmi Organic Industries Ltd.

• MAS Financial Services Ltd.

• Motilal Oswal Fin Services Ltd.

• PNB Housing Finance Ltd.

• POWERGRID InVIT.

• Rainbow Children’s Medicare Ltd.

• UCO Bank

• Ujjivan Small Finance Bank Ltd.

• Vardhman Textiles Ltd.

25 January 2024

Derivative Segment

• ACC Ltd.

• AU Small Finance Bank Ltd.

• Cholamandalam Inv & Fin Co Ltd.

• Cipla Ltd.

• Indian Energy Exchange Ltd.

• Indraprastha Gas Ltd.

• JSW Steel Ltd.

• SBI Cards & Pymt Serv

• SBI Life Ins Company Ltd.

• Shriram Finance Ltd.

• Syngene International Ltd.

Cash Segment

• Asahi India Glass Ltd.

• Cyient Ltd.

• Equitas Small Finance Bank

• India Grid Trust

• Intellect Design Arena Ltd.

• Maharashtra Scooters Ltd.

• Privi Speciality Chem Ltd.

• Sterlite Technologies Ltd.

27 January 2024

Derivative Segment

• Hindustan Petroleum Corp Ltd.

Cash Segment

• APL Apollo Tubes Ltd.

• Capri Global Capital Ltd.

• Craftsman Automation Ltd.

• Yes Bank Ltd.

29 January 2024

Derivative Segment

• Bajaj Finance Ltd.

• Bharat Electronics Ltd.

• Bharat Petroleum Corp Ltd.

• GAIL (India) Ltd.

• ITC Ltd.

• Marico Ltd.

• Petronet LNG Ltd.

Cash Segment

• Aditya Birla Sun Life AMC

• CSB Bank Ltd.

• Latent View Analytics Ltd.

• Nippon Life India AMC

• Nuvoco Vistas Corp Ltd.

• Tata Investment Corp Ltd.

• UTI AMC

30 January 2024

Derivative Segment

• Bajaj Finserv Ltd.

• Dr. Reddy’s Laboratories Ltd.

• Larsen & Toubro Ltd.

• M&M Financial Services Ltd.

• Voltas Ltd.

Cash Segment

• Apar Industries Ltd.

• Bajaj Holdings & Inv Ltd.

• Blue Star Ltd.

• Gillette India Ltd.

• Jubilant Ingrevia Ltd.

• Kaynes Technology India Ltd.

• KPIT Technologies Ltd.

• Piramal Pharma Ltd.

• SIS Ltd.

• Star Health & Allied Ins Co

• Vaibhav Global Ltd.

• ZF CV Ctrl Systems India Ltd.

31 January 2024

Derivative Segment

• Ambuja Cements Ltd.

• Bank Of Baroda

• Dabur India Ltd.

• Godrej Consumer Products Ltd.

• IDFC Ltd.

• Jubilant FoodWorks Ltd.

• Maruti Suzuki India Ltd.

• Shree Cement Ltd.

• Sun Pharma Industries Ltd.

Cash Segment

• Amara Raja Energy & Mobility 

• IRB Infrastructure Developers 

• Jyothy Labs Ltd.

• Kajaria Ceramics Ltd.

• Kalyan Jewellers India Ltd.

• Mankind Pharma Ltd.

• Motherson Sumi Wiring India 

• P&G Hygiene & Health Care Ltd.

• Swan Energy Ltd.

• Great Eastern Shipping Co Ltd.

• Westlife Foodworld Ltd

01 February 2024

Derivative Segment

• Aditya Birla Capital Ltd.

• Bata India Ltd.

• Mphasis Ltd.

• Titan Company Ltd.

Cash Segment

• Aether Industries Ltd.

• Aptus Value Housing Finance

• Castrol India Ltd.

• Deepak Fert & Petrochem Corp 

• Five-Star Business Finance Ltd.

• Gujarat Alkalies & Chem Ltd.

• HFCL Ltd.

• Raymond Ltd.

• Rites Ltd.

• Sumitomo Chemical India 

• Tube Investments of India 

• V-Guard Industries Ltd.

02 February 2024

Derivative Segment

• LIC Housing Finance Ltd.

• Torrent Pharma Ltd.

Cash Segment

• Alkyl Amines Chem Ltd.

• Bank Of India

• Bikaji Foods International 

• Mahindra Holidays & Resorts

• Mahindra Lifespace Dev Ltd.

• Medplus Health Services Ltd.

• Tata Motors Ltd. - DVR 

• Ujjivan Financial Services

03 February 2024

Derivative Segment

• State Bank Of India

Cash Segment

• Clean Science & Tech Ltd.

05 February 2024

Derivative Segment

Nil

Cash Segment

• Alembic Pharma Ltd.

• Avanti Feeds Ltd.

• Cholamandalam Fin Hldgs 

• Kansai Nerolac Paints Ltd.

• Orient Cement Ltd.

06 February 2024

Derivative Segment

• Godrej Properties Ltd.

• Max Fin Services Ltd.

• Navin Fluorine International

Cash Segment

• Computer Age Mgmt Services 

• Endurance Technologies Ltd.

• Gujarat State Fert & Chem Ltd.

• Procter & Gamble Health Ltd.

• Timken India Ltd.

• TTK Prestige Ltd.

07 February 2024

Derivative Segment

• Cummins India Ltd.

• Manappuram Finance Ltd.

• Nestle India Ltd.

• Tata Consumer Products Ltd.

Cash Segment

• Varroc Engineering Ltd.

08 February 2024

Derivative Segment

• Apollo Hospitals Enterprise

• Biocon Ltd.

• Escorts Kubota Ltd.

• Page Industries Ltd.

Cash Segment

• Esab India Ltd.

09 February 2024

Derivative Segment

• Tata Power Company Ltd.

Cash Segment

• Emami Ltd.

• Indigo Paints Ltd.

10 February 2024

Derivative Segment

• MCX Ltd.

12 February 2024

Derivative Segment

• Samvardhana Motherson Int

Cash Segment

• BASF India Ltd.

• Glaxosmithkline Pharm Ltd.

• Gujarat Pipavav Port Ltd.

• HEG Ltd.

• JM Financial Ltd.

• Lakshmi Machine Works Ltd.

• TCI Express Ltd.

13 February 2024

Derivative Segment

• Bosch Ltd.

• Hindalco Industries Ltd.

Cash Segment

• RHI Magnesita India Ltd.

14 February 2024

Derivative Segment

• Crompton Greaves Cons Ele

Cash Segment

• Gland Pharma Ltd.

20 February 2024

Derivative Segment

• ABB India Ltd.

23 February 2024

Derivative Segment

Nil

Cash Segment

• Rain Industries Ltd.

Citi on IGL: Maintain Buy on Company, raise target price at Rs 510/sh 

DAM on JK Tyre: Maintain Buy on Company, raise target price at Rs 615/sh 

Emkay on Aarti Ind: Initiate Buy on Company, target price at Rs 750/sh 

Emkay on Deepak NTR: Initiate Add on Company, target price at Rs 2600/sh 

CLSA on Tata Comm: Maintain Outperform on Company, target price at Rs 2045/sh 

MS on Home First: Maintain Overweight on Company, raise target price at Rs 1250/sh 

CLSA on Titan: Maintain Buy on Company, target price at Rs 4494/sh 

HSBC on Indusind Bank: Maintain Buy on Bank, target price at Rs 2040/sh 

Macquarie on Indusind Bank: Maintain Buy on Bank, target price at Rs 1900/sh 

DAM on Indusind Bank: Maintain Buy on Bank, raise target price at Rs 1925/sh 

Nomura on Indusind Bank: Maintain Buy on Bank, raise target price at Rs 1880/sh 

Kotak on Indusind Bank: Maintain Buy on Bank, raise target price at Rs 1800/sh 

Jefferies on Indusind Bank: Maintain Buy on Bank, raise target price at Rs 2070/sh 

Citi on Indusind Bank: Maintain Buy on Bank, target price at Rs 2010/sh 

JP Morgan on Indusind Bank: Maintain Neutral on Bank, target price at Rs 1450/sh 

CLSA on HDFC Bank: Maintain Buy on Bank, target price at Rs 2025/sh 

MS on Aarti Ind: Maintain Overweight on Company, target price at Rs 575/sh 

Axis Cap on Rallis: Initiate Reduce on Company, target price at Rs 230/sh 

CLSA on ICICI Pru: Maintain Buy on Company, target price at Rs 630/sh 

Gold prices were set on Friday for their worst week in more than a month, as the dollar and Treasury yields strengthened after U.S. central bankers pushed back against expectations of early rate cuts amid signs of resilience in the economy.

FUNDAMENTALS

* Spot gold edged 0.1% higher to $2,023.52 per ounce by 0158 GMT. However, it has fallen 1.2% so far in the week.

* U.S. gold futures rose 0.2% to $2,025.40.

Grasim, the flagship holding company of Aditya Birla Group, has announced a rights issue to raise ₹4,000 crore, which is a 3.4 per cent dilution. The cements-to-finance holding entity has a viscose yarn and chemicals business in the standalone operation and is looking at ambitious paints business expansion, within the standalone entity.

Passive mutual fund schemes performed much better than most actively managed schemes such as equity, hybrid, debt and solution-oriented schemes last year, largely due to record-breaking spree of most popular indices.

The assets under management of passively managed mutual fund schemes have rallied 31 per cent to ₹8.74 lakh crore last month against ₹6.65 lakh crore logged in January, largely driven by new fund offers and increased inflows into index funds.

Mas Financial Services Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 970.5

Ex-Dividend 22 January 2024 (Monday)

Last date for Cum-Dividend Today

Trigger for TP increase:

1. Increase in FY25E target EV multiple for Ali to 6.5x (vs 5.5x) in line with rise in global/domestic peers

2. BofA’s bullish view on aluminium and Vedanta’s focus on backward integration and reduction of energy costs/

Investor focus to remain on:

1. Progress on demerger scheme

2. Timing and nature of refinancing /redemption of parent company’s debt

Indusind Bank Q3FY24–Core PPoP in-line but NII higher, slight blip on asset quality

◼️NII was ahead at Rs52.96bn (PLe Rs52.03bn) +17.8% YoY while credit growth was 3.7% QoQ/19.9% YoY

◼️NIM was a beat at 4.8% (PLe 4.7%) mainly driven by lower funding cost

◼️Deposit growth was 13.4% YoY and 2.5% QoQ. RTD gree by 5% QoQ while CASA ratio declined by 81bps QoQ to 38.5%

◼️Other income was higher at Rs23.96bn (PLe Rs22.94bn) mainly driven by high treasury income; fees were a slight miss

◼️Opex was a slight miss at Rs36.9bn (PLe 36.2bn) due to tad more staff cost

◼️Core PPoP was largely in-line at Rs37.7bn. PPoP at Rs40.0bn was 3% higher to PLe due to treasury

◼️Asset quality was a drag since GNPA was 1.93%/0.57% led higher net slippages at Rs9.27bn. Provisions were lower at Rs9.34bn (PLe Rs11bn)

◼️PAT was higher at Rs22.98bn while core PAT at Rs21.25bn was 5.7% higher to PLe due to lower provisions

◼️At CMP stock is valued at P/ABV of 1.9x/1.7x on FY25/26E ABV.

-- Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd

Strong E-2W player; entering the next growth phase

We interacted with the management of Ather Energy and visited its battery pack assembly and vehicle assembly facilities in Hosur, Tamil Nadu. KTAs:

Expanded distribution (~3.5x by FY25) and new family scooter launch (opens up ~5x addressable market vs. current) are likely to drive the next growth phase; capacity to grow to ~1.4mn/year by FY26 vs. ~430K/year currently.

Subsidy cut has accelerated consolidation in the E-2W industry; Ather is gross margin-positive despite the recent price reduction.

The company would continue to focus on its core business and would not enter cell manufacturing

We believe Ather would benefit from E-2W consolidation; however, i) growth in higher price brackets and ii) response to the upcoming family scooter launch would need to be watched. HMCL has 40% stake in Ather [contributes Rs60 to our Rs4,800 SoTP target (valued at 20% discount to investment value)]; upcoming Ola Electric listing potentially poses upside risk of ~Rs240/share).

Dhunseri Ventures: Company infused an amount of USD 1 million in DYL USA Inc., amounting to a total investment of USD 3 million till date and resulting in a holding of 79.68% in DYL USA Inc.

EMS Limited: Company has emerged as the L1 in a tender at Vikas Nagar, Dehradun, Uttarakhand, with an estimated order value of approximately Rs. 478.93 Crores

Emkay Global

TCom reported broadly in-line revenue and margin beat in Q3, supported by Kaleyra turning EBITDA positive. Switch has seen ~Rs250mn QoQ reduction in its losses. Management commentary on healthy funnel is positive, despite the longer conversion cycle of funnel. The acquisition of Switch and Kaleyra gives the company greater access to US/European markets. Moving Kaleyra, DIGO, and InstaCC in one customer interaction suite and Switch and TCom’s media being led by one business leader can help drive scale and synergies. Management is focusing on scale and synergies that can help improve margin to 23% by FY26 from 20.1% in Q3FY24. Our TP increases to Rs2,000/share (10.5x Dec-25E EBITDA) from Rs1,900 earlier, as we increase our FY24-FY26 margin by 30-70bps on margin beat. We retain our ADD rating on the stock

Steiner AG, the wholly-owned subsidiary of Hindustan Construction Company (HCC), on Friday said it has concluded the sale of its construction business subsidiary, Steiner Construction SA, to Demathieu Bard for approximately CHF 98 million (Rs 928 crore).

Demathieu Bard is an international construction group headquartered in France.

HCC in a statement said for 2022-23, Steiner Construction posted a turnover of CHF 347 million (Rs 3,076 crore) and was operating 30 projects.

(INMART IN, Mkt Cap USD1.8b, CMP INR2489, TP INR3000, 21% Upside, Buy)

Motilal Oswal Financial

Underlying fundamentals remain intact; reiterate BUY

- IndiaMART (INMART) delivered a weak 3QFY24 performance, with five-quarter low collection growth of 17% (last four-quarter average of 24%) as its paying supplier addition moderated to only 1.8k QoQ (vs. ~2k in 2Q and quarterly average of 8.5k in FY23). INMART reported in-line 3Q revenue of INR3.05b, up 21% YoY, aided by continued strength in deferred revenue (up 24% YoY to INR12.3b). On the other hand, EBITDA margin expanded by a strong 90bp QoQ to 27.9% and ARPU jumped 11% YoY (vs. 10% in 2Q) to INR55.1k.

- Weak paying supplier addition is a near-term concern for INMART’s business growth as it would hurt collections (and subsequently revenue) over the next few quarters. But we take comfort in the fact that the impact is mainly seen among some Silver customers, which form only 25% of the company’s revenue base. Moreover, the management remains confident that the supplier addition trajectory (impacted by price hikes few quarters ago) should return to over 5k per quarter in the next few quarters, helping INMART return to its long-term collection growth target of 20-25% YoY.

- Moreover, we continue to view INMART as a long-term play on MSMEs transitioning to the online model, and see the low penetration (<3% overall and 4-5% in Tier 1 cities) as a key growth driver. With gross additions now close to last year’s levels – implying that new customers are ready to pay higher pricing, the churn should start moderating in the next 2-3 quarters. We estimate INMART to deliver a 21.5% CAGR in INR revenue over FY23-26.

- With its sales investments behind, INMART has started delivering better profitability and reported 30% EBITDA margin in its core business (ex of Busy). We continue to see an upward trajectory in profitability in the medium term as employee cost management and higher ARPU should aid margins. We estimate consolidated EBITDA margin of 28.2%/30.6% in FY25/ FY26 and a PAT CAGR of 30% (excluding one-time gain) over FY23-26.

- We adjust our FY24/FY25/FY26 earnings estimates by +3.3%/-2.5%/+4.7% as we bake in longer recovery time for margins and higher other income. We value INMART on a DCF basis to arrive at a TP of INR3,000, assuming 12.5% WACC and a 6.5% terminal growth rate. We retain our BUY rating on the stock.

Motilal Oswal FInancial

(IIFL IN, Mkt Cap USD2.9b, CMP INR639, TP INR800, 25% Upside, Buy)

- IIFL’s 3QFY24 PAT (post-NCI) grew 30% YoY/3% QoQ to ~INR4.9b, while its 9MFY24 PAT increased by ~28% YoY to INR13.9b. 3QFY24 RoA/RoE stood at 3.8%/19.7%.

- NII grew 45% YoY to ~INR15.7b. Non-interest income stood at INR1.1b (down ~40% QoQ/~55% YoY) due to lower assignment and fee income. PPoP stood at INR9.6b, up ~25% YoY.

- Credit costs declined to ~2.1% (PQ and PY: 2.4%), which included ~INR400m provisions on investments in AIF. IIFL has also taken a charge of ~INR1.6b (impact of the RBI AIF circular) on the capital of its HFC subsidiary.

Motilal Oswal Financial

(POONAWAL IN, Mkt Cap USD4.5b, CMP INR490, TP INR580, 18% Upside, Buy)

- Poonawalla Fincorp (PFL)’s 3QFY24 NII grew 63% YoY to INR4.9b (6% miss), while PPOP jumped 125% YoY to INR3.5b (in line). 3Q PAT surged 76% YoY to ~INR2.65b (in line), while 9MFY24 normalized PAT grew 72% YoY to ~INR6.95b. 

- Opex declined 2% YoY to ~INR2b (~6% lower than estimate), while the C/I ratio remained broadly stable QoQ at ~36% (PY: ~57%). Provision write-backs stood at INR65m (vs. estimated credit costs of ~INR300m)

- PFL is dedicated to enhancing productivity, aided by digitization. It is gearing up for expansion with new products such as co-branded credit card, EMI cards, and dropline flexi products.

- PFL has laid down a robust foundation for sustainable profitability through initiatives that will lead to lower operating costs (as a % of AUM), higher business volumes, and robust asset quality. We model a CAGR of ~42%/51% for AUM/PAT over FY23-FY26 and expect PFL to deliver an RoA/RoE of ~5.0%/~20% in FY26. Reiterate BUY with a TP of INR580 (premised on 4x FY26E BVPS).

MOTILAL OSWAL FINANCIAL

(TCOM IN, Mkt Cap USD6.1b, CMP INR1770, TP INR1750, 1% Downside, Neutral)

- Tata Communications (TCOM) reported 16% QoQ growth in revenue (in line) and 12% QoQ growth in EBITDA (9% beat). Cost synergies after the integration of the Kaleyra acquisition led to a beat in EBITDA. Adjusting for the acquisitions, revenue/EBITDA were flat QoQ.

- The management’s endeavor to drive growth has diluted margins, including the loss-making acquisitions. However, the company has reiterated its long-term focus on margin-accretive growth. We have raised our estimates to factor in a higher EBITDA run rate from the acquisition and now expect revenue/EBITDA CAGRs of 15%/16% over FY24-26. At P/E of 23x and EV/EBITDA of 8.5x on FY26E EPS, we see limited upside. We reiterate our Neutral rating on the stock.

MOTILAL OSWAL FINANCIAL

(IPRU IN, Mkt Cap USD8.4b, CMP INR485, TP INR580, 20% Upside, Buy)

Guides for a double-digit growth in 4QFY24

- ICICI Prudential Life Insurance (IPRU) reported a 4.7% YoY growth in APE (9.5% higher than estimated) to INR19.1b in 3QFY24. In 3QFY24, protection/ULIP segments rose 5.3%/8.9% YoY but the group segment declined 15.5% YoY.

- VNB declined 29% YoY to INR5.4b (15% miss), due to a moderation in margins. VNB margin for the quarter stood at 22.9% (-510bp QoQ) vs. our estimate of 29.5%. For 9MFY24, APE stood at INR54.3b and VNB was at INR14.5b, with a VNB margin of 26.7%.

- Considering the 3QFY24 performance, we have cut our APE/VNB margin for FY24E and FY25E. We expect IPRU to deliver a 6% CAGR in VNB over FY23-26. Going forward, premium growth and expansion of VNB margin will be the key drivers for the re-rating of the stock. We note that the 1-year forward P/EV for IPRU has declined to 1.5x currently from 1.8x in Jun’23. We reiterate our BUY rating with a TP of INR580 (based on 1.5x Sep’25E EV

MOTILAL OSWAL FINANCIAL

(IIB IN, Mkt Cap USD15.1b, CMP INR1615, TP INR1900, 18% Upside, Buy)

Contingency buffer moderates; slippages set to improve

- IndusInd Bank (IIB) reported an in-line 3QFY24 performance with PAT growing 17% YoY at INR23b (in line), aided by healthy revenue growth and lower provisions (aided by drawdown of INR2.2b of contingent provisions).

- Loan growth was healthy at 20% YoY to INR3.3t, with healthy traction in both Corporate and Consumer Finance books. Deposits grew 13.4% YoY to INR3.7t, led by term deposits. CASA ratio moderated 92bp QoQ to 38.5%.

- Fresh slippages rose ~20.5% QoQ to INR17.7b, primarily driven by a rise in slippages in the corporate book to INR3.12b (INR1.4b pertaining to one large account) and elevated slippages from the Vehicle Finance book of INR6b.

GNPA/NNPA ratios remained stable at 1.92%/0.57%, aided by ARC sale of INR3.1b. Restructured book declined 6bp QoQ to 0.48%.

- We estimate IIB to deliver a ~21% earnings CAGR over FY24-26, leading to RoA/RoE of 2.0%/16.2% by FY25. We reiterate our BUY rating on the stock with a TP of INR1,900

(Nirmal Bang Retail Research)

Result is in line with expectation

NII came at Rs. 134.4 Cr vs YoY Rs. 110.6 Cr, QoQ Rs. 132.1 Cr

NIM came at 5.7% vs QoQ 6.0%

PBP came at Rs. 109.7 Cr vs expectation of Rs. 109 Cr, YoY Rs. 81.7 Cr, QoQ Rs. 104.4 Cr

Provision came at Rs. 7 Cr vs expectation of Rs. 9 Cr, YoY Rs. 6 Cr, QoQ Rs. 8 Cr

PAT came at Rs. 78.8 Cr vs expectation of Rs. 76.8 Cr, YoY Rs. 58.7 Cr, QoQ Rs. 74.3 Cr

AUM came at Rs. 9013.7 Cr vs YoY Rs. 6751.2 Cr, QoQ Rs. 8365.4 Cr

Disbursements came at Rs. 1007.2 Cr vs YoY Rs. 780.4 Cr, QoQ Rs. 959.1 Cr

Gross NPA (%) came at 1.7% vs QoQ 1.7%

Net NPA (%) came at 1.2% vs QoQ 1.2%

1+ DPD came at 4.5% vs QoQ 4.5%

30+ DPD came at 3.0% vs QoQ 2.9%

Bounce rates came at 15.1% vs QoQ 14.2%

Quarter EPS is Rs. 8.9

Stock is trading at 4.3x trailing P/BV

(Nirmal Bang Retail Research)

Result is in-line with expectations

NII came at Rs. 538.9 Cr vs expectation of Rs. 541.5 Cr, YoY Rs. 342.1 Cr, QoQ Rs. 522.6 Cr

PBP came at Rs. 350.2 Cr vs YoY Rs. 155.8 Cr, QoQ Rs. 335.6 Cr

Provision came at Rs. -6.5 Cr vs expectation of Rs. 37 Cr, YoY Rs. -45.2 Cr, QoQ Rs. 28.1 Cr

PAT (After MI) came at Rs. 265.1 Cr vs expectation of Rs. 268.5 Cr, YoY Rs. 150.4 Cr, QoQ Rs. 1258.9 Cr

Loan disbursed came at Rs. 8730 Cr vs YoY Rs. 3369 Cr, QoQ Rs. 7807 Cr

O/s Loan Book came at Rs. 21850 Cr vs YoY Rs. 13929 Cr, QoQ Rs. 20215 Cr

Gross NPA (%) came at 1.33% vs QoQ 1.36%

Net NPA (%) came at 0.7% vs QoQ 0.72%

Quarter EPS is Rs. 3.4

Stock is trading at P/E of 28.2x FY25E EPS & 4.7x trailing P/BV

(Nirmal Bang Retail Research)

Result is marginally below expectations

Revenue from Operations came at Rs. 4340.5 Cr (2.9% QoQ, 16.8% YoY) vs expectation of Rs. 4393.6 Cr, QoQ Rs. 4217.7 Cr, YoY Rs. 3715.2 Cr

EBIDTA came at Rs. 569.5 Cr (-6.5% QoQ, 13% YoY) vs expectation of Rs. 608.9 Cr, QoQ Rs. 608.9 Cr, YoY Rs. 503.8 Cr

EBITDA Margin came at 13.1% vs expectation of 13.9%, QoQ 14.4%, YoY 13.6%

Adj. PAT came at Rs. 412.9 Cr vs expectation of Rs. 419.9 Cr, QoQ Rs. 425.6 Cr, YoY Rs. 357.6 Cr

Quarter EPS is Rs. 27.5

Stock is trading at P/E of 33.9x FY25E EPS

The National Stock Exchange of India Ltd. has emerged as the world’s largest derivatives exchange in 2023—retaining the position for the fifth consecutive year—in terms of the number of contracts traded, according to the Futures Industry Association.

Additionally, the exchange is ranked third in the world in the equity segment by number of trades (electronic order book) in 2023, according to the statistics maintained by the World Federation of Exchanges.

In Numbers

The number of unique registered investors on the exchange surpassed 8.5 crore at the end of the calendar year 2023, the bourse said in a statement. In 2023, the bourse also witnessed record-high turnover on a single day in the equity segment of Rs 1,67,942.47 crore on Nov. 30, 2023, and of Rs 3,81,623 crore on Dec. 2, 2023, in the equity derivatives segment.

The equity derivatives-to-cash market turnover ratio marginally declined this year from 2.86 in calendar year 2022 to 2.64 in the said period. This happened in a year, which also witnessed the Nifty 50 surpassing the 20,000-index levels for the first time. The equity segment also completed its transition for settlement of all securities on a T+1 basis.

In the commodity derivatives segment, the exchange launched 21 new commodity derivatives contracts, including commodity options on futures contracts on underlying assets such as WTI crude oil, natural gas, gold, silver, and base metals.

It also commenced its full-scale operations of the NSE IX-SGX GIFT Connect on July 3, 2023, at the GIFT IFSC. The GIFT Nifty contracts are available for trading for almost 21 hours, which overlaps Asia, Europe, and the U.S. trading hours.

The exchange has sought approval from the Securities and Exchange Board of India for 6 p.m. to 9 p.m. trading sessions in the equity derivatives segment, for which the market regulator is seeking feedback from consultants before allowing the extension of trading hours.

Buzzing Stocks: Wipro, HUL, NHPC, REC, Lupin, Bandhan Bank, Shalby, Choice International, Central Bank of India, CESC, CreditAccess Grameen, Hindustan Zinc, Paytm, RBL Bank, Reliance Industries, Sunteck Realty, UltraTech Cement 

CE Info Systems (MapMyIndia) reported inline financial performance for the quarter. Both, the sequential revenue growth and EBITDA margin were as per expectation. It reported sequential revenue growth of one per cent q-o-q (up 36 per cent y-o-y) led by C&E Market Segment which was up 8.8 per cent q-o-q (up 70.9 per cent y-o-y) and A&M Market Segment which was down 5.8 per cent q-o-q (up 12.5 per cent y-o-y).

Federal Bank Ltd’s (FBL) loan book stood at about ₹2.1 lakh crore, which grew by 21 per cent on y-o-y and sixper cent on a q-o-q basis during the quarter, with the retail loan book growing ahead of the overall loan book at 24 per cent on a y-o-y and sixper cent on a q-o-q basis. The wholesale segment grew by 17 per cent on a y-o-y and sixper cent on a q-o-q basis.

Turnover : (NSE + BSE) 

Cash Volume : 127190.81 + 10003.67 Total : 137194.48

F&O Volume : 57924644.41 + 1567767.48 Total : 59492411.89

Provisional Cash Rs. In Crs. 

FII/FPI: NET SELL: -9901.56 

(14934.98 - 24836.54)

DII: NET BUY: +5977.12

(15637.89 - 9660.77)

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d12113e3-264c-4744-970a-a042eb765ac3.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/fd9b1ba5-ab18-4585-b7c6-c342826aed87.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/239439b8-76b5-4c15-ab17-064dce040186.pdf 

• Sensex: 71186.86(-313.90) 

• Nifty 50: 21462.30( -109.70) 

• Nifty Bank: 45713.60(-350.80) 

Nifty top 5 Gainers: 

• Sunpharma: 1,335.75(+36.75) 

• Cipla: 1,322.95 (+28.95) 

• Tech Mahindra: 1,355.15 (+28.40) 

• Tata Motors: 819.05 (+13.50) 

• Axis Bank: 1,097.50(+15.20) 

Nifty top 5 losers:

• LTI mindtree: 5,603.00(-672.60) 

• HDFC Bank: 1,486.15 (-51.35 ) 

• NTPC: 299.30 (-10.00 ) 

• Titan Company: 3,734.70 (-95.35 ) 

• Asian Paints: 3,163.85 (-78.45)

12.30 U.K. Retail Sales m/m (Expected: -0.5% versus Previous: 1.3%)

15.30 ECB President Lagarde Speaks

20.30 U.S. Prelim UoM Consumer Sentiment (Expected: 69.3 versus Previous: 69.7)

20.30 U.S. Existing Home sales (Expected: 3.83M versus Previous: 3.82M)

• ABFRL

• ASHOKLEY

• BALRAMCHIN

• BANDHANBNK

• DELTACORP

• HINDCOPPER

• IEX

• METROPOLIS

• NATIONALUM

• POLYCAB

• PVRINOX

• SAIL

• ZEEL

--SBI sets 8.34% coupon on Tier-I bonds, 10yr call option, raises 50 bln rupees

--NABARD raises 44.90 bln rupees via Mar 2027 bond reissue at 7.77% yield

-- Toyota Fincl Svcs raises 4.75 bln rupees through two bonds of different maturities

--Bajaj Finance plans to raise up to 30 bln rupees via five-year bonds; seeks bids on Fri

--ONGC Petro additions plans to raise up to 9 bln rupees via three-year bonds; seeks bids on Fri

--Kotak Mahindra Bank to mull issuing NCDs on Sat

--Bank of Baroda plans to raise up to 50 bln rupees via 10-year infrastructure bonds; seeks bids on Mon

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

The short-term outlook is bullish for Century Plyboards (I). The stock has risen 1.7 per cent on Thursday marks the end of the sideways consolidation that was in place since the last week of December. It also indicates that a fresh leg of upmove has begun. 

Schlumberger N.V. (Pre market) (Sector- Energy)

The Travelers Companies, Inc. (Pre market) (Sector- Financial)

State Street Corporation (Pre market) (Sector- Financial)

Fifth Third Bancorp (Pre market) (Sector- Financial)

Regions Financial Corporation (Pre market) (Sector- Financial)

Discover Financial Services (Pre market) (Sector- Financial)

12.30 U.K. Retail Sales m/m (Expected: -0.5% versus Previous: 1.3%)

15.30 ECB President Lagarde Speaks

20.30 U.S. Prelim UoM Consumer Sentiment (Expected: 69.3 versus Previous: 69.7)

20.30 U.S. Existing Home sales (Expected: 3.83M versus Previous: 3.82M)

Stocks in Asia saw an increase on Friday as investors drew inspiration from a Wall Street rally driven by tech firms. 

In Japan, shares rose at the opening, with the Nikkei 225 index rallying 1.56%, or 552.18 points, reaching 36,018.35, while the broader TOPIX gained 0.66%, or 16.52 points, reaching 2,508.61. South Korea’s KOSPI traded firmer by 1.14%, or 27.92 points, reaching 2,467.96. Australia’s S&P/ASX 200 index gained 0.9%, or 66.10 points, closing at 7,412.60.

On the preceding Thursday, U.S. stocks concluded with significant gains, as the S&P 500 approached record highs driven by AI optimism, resulting in increased gains for Nvidia and other chipmakers. The S&P 500 climbed by 0.88%, closing the session at 4,780.94 points. The Nasdaq saw a gain of 1.35%, reaching 15,055.65 points, while the Dow Jones Industrial Average rose by 0.54% to 37,468.61 points.

U.S. stocks ended sharply up on Thursday, with the S&P 500 approaching record highs as AI optimism drove gains in Nvidia and other chipmakers.

U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSMC) soared nearly 10% after the world’s largest contract semiconductor maker projected 2024 revenue growth of more than 20% on booming demand for high-end chips used in artificial-intelligence applications. 

Heavyweight chipmaker Nvidia rose 1.9% to a record high, and it was the most-traded company on Wall Street, with almost $28 billion worth of shares exchanged. Rival Advanced Micro Devices rose 1.6% and also notched a record high. 

Broadcom, Qualcomm and Marvell Technology gained more than 3% each. The Philadelphia SE semiconductor index rallied 3.4% and approached its December 2023 record high. 

“AI has caused this industry to have a ‘rip your face off’ rally, and I don’t think it’s stopping anytime soon,” said Jake Dollarhide, CEO of Longbow Asset Management. 

Apple jumped 3.3% after BofA Global Research upgraded the iPhone maker’s stock to “buy” from “neutral.” That helped the S&P 500 information technology index rise 2% and hit a record high. 

The S&P 500 climbed 0.88% to end the session at 4,780.94 points. The benchmark is down just 0.3% from its record-high close in January 2022. 

The Nasdaq gained 1.35% to 15,055.65 points, while the Dow Jones Industrial Average rose 0.54% to 37,468.61 points. 

Data showed the number of Americans filing new claims for unemployment benefits fell last week to a late-2022 low, suggesting solid job growth in January. 

Wall Street has wavered in recent sessions as investors became less sure the Federal Reserve will begin cutting interest rates in March. 

The S&P 500 lost ground on Tuesday and Wednesday following strong December retail sales data and after policymakers talked down expectations for an early start to rate cuts. 

Traders now see a 56% chance for a 25-basis-point rate cut in March, compared with a chance above 80% a month ago, according to the CME Group’s FedWatch Tool. -- Reuters