Share Market Highlights: Nifty hits all-time high: Global rally propels benchmark indices, led by Reliance and Infosys surge

“Nifty surpassed the 22,000 mark during the first half of the Friday session but subsequently formed a double top on the hourly chart. Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified around 22,125. Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond.” - Rupak De, Senior Technical Analyst, LKP Securities.

Mukand Limited’s shares ended higher at 11.18 per cent on NSE after the company reported entering into a Power Delivery Agreement (PDA) with Amplus Phoenix Energy Pvt Limited (APEPL), a member of the PETRONAS Group. 

Coal India Limited’s shares were up 3.45 per cent after the company reported its performance, for records in both coal production and supplies. The coal output for the month reached 78.4 million tonnes (MTs), showcasing a year-on-year growth of 9.1 per cent. The company informed, that despite the challenging target of 780 MTs for the fiscal year 2024, CIL produced 610.3 MTs until January, marking a growth of 10.8 per cent. 

Alicon Castalloy Ltd has entered into an agreement with Clean Max Enviro Energy Solutions Pvt Ltd and Clean Max Uno Pvt Ltd for subscribing 26 per cent of the Equity Capital of Clean Max Uno Pvt Ltd. 

The company has also entered into a Power Purchase Agreement with the Clean Max Uno Pvt Ltd for the purchase of solar power on captive consumption at the company’s plant located at Binola. 

The Alicon Castalloy stock traded at ₹1,005.75 on the NSE, up by 1.35%.

The Optiemus Infracom board has approved its glass supply and trademark licence agreement with Corning Incorporated, a company incorporated under the laws of Delaware, USA, for the manufacture and sale of Screen Glass protectors. Stock trades at ₹307.80 on the NSE, up by 2.19 per cent.

Engineers India Ltd reported a standalone net profit of ₹50.22 crore in the quarter ended December 2023, as against ₹47.78 crore in the corresponding quarter. The company has declared interim dividend of ₹2 per equity share.

The stock jumped 6.88 per cent on the NSE, and is trading at ₹253.20.

JSW Infrastructure reported a standalone net profit of ₹93.73 crore for the quarter ended Dec 2023 as against ₹34.01 crore in the December 2022 quarter. The stock trades at ₹227.95 on the NSE, up by 4.68 per cent.

Major gainers: BPCL (9.77%); Power Grid (3.82%); ONGC (3.76%); Adani Ports (3.63%); Coal India (3.57%)

Major losers: Eicher Motors (-2.70%); HDFC Life (-1.38%); Axis Bank (-1.37%); HDFC Bank (-1.23%); Hindustan Unilever (-0.82%)

A total of 2,066 stocks advanced on the BSE at 3 pm on Feb 2, 2024, against 1,747 stocks that declined; 101 stocks remain unchanged. The total stocks traded were 3,914. The number of stocks that recorded a 52-week high was 481, and those that hit a 52-week low was 23.

Zee has incurred a cost of ₹700 crore to satisfy the conditions set by Sony, legal documents accessed by businessline showed. In the upcoming proceedings at the National Company Law Tribunal, Zee plans to argue that, “It has incurred/provided for in books of account approximately ₹700 crores towards divestment of businesses, settlement of frivolous claims (against which Zee had a strong legal case), settlement of guarantees, procuring tail insurance to Sony’s satisfaction, discontinuing several businesses on Sony’s instructions and more.” Read more

Gujarat Ambuja Exports has reported standalone net profit for the quarter ended Dec 2023 at ₹100.66 crore as against ₹81.92 crore in Dec 2022 quarter. 

Stock trades at ₹415.15 on the NSE, up by 4.23%.

​Century Plyboards (India)​ reported a standalone net profit at ₹64.60 crore for the quarter ended December 2023, as against ₹81.36 crore in the corresponding quarter. Shares were down 1.91 per cent on the NSE, trading at ₹774.50.

Bikaji Foods International has reported standalone net profit for the quarter ended December 2023 at ₹49.09 crore, as against ₹37.74 crore in December 2022. Stock rose by 1.05 per cent on the NSE, trading at ₹590.35.

RateGain Travel Technologies Ltd has reported standalone net profit for the quarter ended December 2023 at ₹16.63 crore, as against ₹3.23 crore in the corresponding quarter. The stock jumped 7.61 per cent on the NSE, trading at ₹855.90.

Tata Power Solar Systems Ltd’s shares were up 0.20 per cent after the company reportedly facilitated over ₹3,500 crore in customer financing for solar projects over the past 4.5 years. Read more

Nava Ltd reports standalone net profit of ₹45.11 crore in the quarter ended December 2023, as against ₹23.84 crore in the corresponding quarter. The stock surged 4.93 per cent on the NSE , trading at ₹512.80.

Stock trades at ₹1,357.35 on the NSE, up by 0.93%.

Stock trades at ₹2,499 on the NSE, down by 0.54%.

Mahindra Holidays & Resorts India has reported its standalone net profit for the quarter ended Dec 2023 at ₹68.03 crore as against ₹62.78 crore in Dec 2022.

The company had also announced the resignation of Kavinder Singh as the Managing Director and Chief Executive Officer with effect from close of May 16, 2024.

Manoj Bhat has been appointed as the Managing Director and Chief Executive Officer of the Company for a period of 5 (five) years with effect from May 17, 2024 to May 16, 2029.

Shares surge by 5.32% on the NSE, trading at ₹426.95.

Alkyl Amines Chemicals has informed that the new Ethyl Amines plant at Kurkumbh site in Maharashtra is fully operational. To meet the growing demand for products, the company has said that the old Ethyl Amines production facility shall be utilised for manufacturing of M Amines, thereby enhancing the production capacity of Methyl Amines.

Kaveri Seed’s stock declined by 4.09% on the NSE, trading at ₹685.15.

Century Textiles and Industries’ stock up by 1.66% on the NSE, trading at ₹1,541.

Alkyl Amines Chemicals’ stock declined by 1.83% on the NSE, trading at ₹2,320.05.

Tata Power Solar Systems Ltd, a wholly-owned subsidiary of Tata Power Renewable Energy Ltd, has facilitated over ₹3,500 cr of customer financing for solar projects during the last 4.5 years.

Adani Enterprises has received an order from CGST Authority imposing penalty under Section 74 of Central Goods and Services Tax (CGST) Act, 2017, in respect of denial of transitional credit of erstwhile Clean Energy Cess. 

The Company is taking appropriate steps to appeal against the Order imposing the penalty before the appropriate authority, it said in a regulatory filing.

Stock trades at ₹3,159.70 on the NSE, up by 0.20%.

Panama Petrochem reported its standalone net profit for the quarter ended Dec 2023 at ₹30.61 crore as against ₹39.91 crore in Dec 2022.

Stock declined by 1.48% on the NSE, trading at ₹356.50.

Major gainers of Nifty Oil & Gas stocks:

BPCL (9.14%)

IOC (7.51%)

Castrol India (5.67%)

Hindustan Petroleum (5.29%)

ONGC (3.33%)

Aegis Logistics reported its standalone net profit for the quarter ended Dec 2023 at ₹107.76 crore as against ₹86.71 crore in Dec 2022 quarter.

Stock inched up by 0.62% on the NSE, trading at ₹391.30.

Bayer CropScience Ltd has reported a 31 per cent decline in net profits for the December quarter on erratic monsoons impacting its sales of agrochemicals.

The agrochemical major reported a net profit of ₹93.1 crore for Q3FY24 as compared to profit ₹134.5 crore in the same period last year. Revenues from operations were down by eight per cent at ₹954.9 crore during December 2023 over same period last year’s ₹1,037.9 crore.

Prism Johnson has informed about a delay in setting up of the captive wind power project aggregating 24 MW for supply to the Cement Plant of the Company at Satna, Madhya Pradesh (‘Project’) by the Company through a Special Purpose Vehicle i.e. Renew Green (MPR Two) Private Limited. 

The Company expects to implement and commission the project by March 2025.

Stock trades at ₹169.75 on the NSE, down by 0.76%.

Hester Biosciences has reported its standalone net profit for the quarter ended Dec 2023 at ₹6.47 crore as against ₹10.72 crore in Dec 2022 quarter.

The stock declined 3.73% on the NSE, trading at ₹1,470.

Goodluck India Ltd reported a 72.54 per cent surge in standalone net profit, reaching ₹31.75 crore for the quarter ending December 31, 2023. 

The company informed that this growth, compared to ₹18.40 crore in the same quarter last year, is attributed to higher sales and robust performance across diverse sectors.

The shares were up by 0.50 per cent to ₹1,073.80 at 11.42 am on the BSE.

Asian Paints has received an order from Additional Commissioner, Central Goods and Services Tax, Kolhapur, Maharashtra. The Order passed under relevant provisions of the Central Excise Act, 1944 (Act), read with the CENVAT Credit Rules, 2004, for the period from February 2016 to June 2017, raised a demand amounting to ₹22,29,572 w.r.t disallowance of CENVAT credit on outdoor catering service and real estate agent service and imposing a penalty of ₹2,22,957.

Shares trade at ₹2,956.50 on the NSE, up by 0.93%.

Reliance Industries’ stock currently trades at ₹2,934 on the NSE, up by 2.83%.

BEML Land Assets (20%)

Punjab & Sind Bank (16.50%)

NBCC (India) (16.10%)

India Tourism Development Corporation (10%)

BPCL (8.79%)

The interim Budget does not significantly change the sovereign credit profile of India even as the government has aimed at slightly faster pace of deficit reduction, international credit ratings agency Fitch Ratings has said.

India’s fiscal deficit and government debt ratio are high relative to peer medians, but the government’s emphasis on deficit reduction helps to stabilise the debt ratio over the medium term, Jeremy Zook, Director, Sovereign Ratings, said.

Major gainers on the NSE at 12:

BPCL (7.88%); Power Grid (5.46%); Adani Ports (5.20%); ONGC (3.55%); Infosys (3.40%)

Major losers:

Eicher Motors (-1.30%); HDFC Life (-0.39%)

The number of stocks that recorded a 52-week high was 445, and 19 stocks hit 52-week low.

Devyani International’s shares trade at ₹176.10 on the NSE, down by 0.98%.

Nifty Oil & Gas (+3.17%)

Nifty IT (+2.96%)

Nifty PSU Bank (+2.91%)

Nifty Media (+1.89%)

Nifty Realty (+1.85%)

SRF’s board had earlier intimated capital expenditure for setting up of four new plants and capacity enhancement of an existing plant to produce various speciality chemicals at an estimated cost of ₹604 crore and commissioning and capitalization of two out of four plants at an aggregate cost of ₹225 crore (approx.) respectively.

Stock trades at ₹2,318.25 on the NSE, up by 0.42%.

Goodluck India stock trades at ₹1,073.25 on the NSE, up by 0.45%.

Union Budget 2024-25: Government stays focused on long-term macro stability; Committed to achieving fiscal deficit of 4.5% of GDP by FY26

- The Interim Union Budget 2024 was presented on 1st Feb’24. Although the Finance Minister had already informed that no “spectacular announcements” are forthcoming, the market participants had some expectations.

- However, notwithstanding the general elections, the ability of the government to resist any populist schemes or incentives is extremely commendable. Not only this, the fact that the government has budgeted a fiscal deficit of 5.1% of GDP for FY25 (and lower than budgeted in FY24RE), it is extremely serious about its (tall) task of achieving 4.5% of GDP by FY26.

- This clearly shows that the government is totally committed towards the long-term macro-economic stability, even if it comes at the sacrifice of growth in the short-term

“The bull market at Dalal Street is thriving, fuelled by positive developments such as Wall Street’s surge, a 3% drop in WTI Oil prices, and the promising Interim Union Budget. With a focus on sectors like consumption, defence, railways, hotels, services, and electronics, the goal of India’s $5 trillion economy is in sight. Technical analyses suggest a potential FOMO-driven surge in Nifty to its all-time high, supported by favourable indicators. Bank Nifty outperformed, and stocks like SBI, Bank of Baroda, and others show breakout potential. Q3 results are anticipated today. The preferred trade suggests buying Nifty and Bank Nifty, with bullish sentiments on IndiGo, State Bank of India, Bank of Baroda, Adani Enterprises, and RBL Bank. The top stock to buy is IndiGo, with targets at 3100 and 3147, emphasising a rebound play.”

Star Paper Mills has received show cause notice from Asstt. Commissioner, GST Dept, Saharanpur for FY 2018-19 proposing demand of GST, interest and penalty aggregating ₹95.62 lakh for FY 2018-19 related to reversal of input tax credit and GST on sale of vehicle. 

Stock trades at ₹272 on the NSE, down by 0.93%.

“We cut FY24/25/26 EPS by 2/1.6/1.4% following margin pressure across segments indicating some softness in demand and higher competition. TTAN 3Q24 PAT missed on estimates, led by 200bps lower share of studded jewellery, muted demand in Q3 amid high gold prices & higher completion from smaller and unorganized players (more consumer offers). Watch margins suffered due to higher investments behind wearables/ Fastrack and higher sales of margin dilutive online channel.”

“In line with CARE Ratings expectations, Government’s capital investment outlay for infrastructure to be maintained at 3.4% of GDP (2024-25), which is in sync with 3.3% of GDP (2023-24). Incremental focus on economic corridors to gain logistic efficiency; green energy initiatives through roof top solarisation and VGF support for off-shore wind projects augur well in the pursuit of transforming the nation into USD 26 trillion economy by 2047.”

Robust loan growth; spreads decline more for PSUs in Dec’23

(1) System non-food loans grew 2.2% MoM and 20% YoY (16% ex. HDFC merger) in Dec-23. QoQ growth was led by service, MSMEs and vehicle loans. Unsecured loan growth though moderating, still remains strong at 28% YoY. We forecast overall loan growth to ease to 13-14% in FY25 due to deposit constraints (12.5% YoY). 

(2) Incremental loan yield for PSU banks declined 12 bps QoQ vs 2 bps rise for Private bank, partly due to higher corporate loan growth for PSUs. 

(3) MCLR increased by 5-10 bps for PSU banks as well as a few private banks (RBL, Kotak, ICICI and HDFC).

(4) Wtd avg. TD rate on fresh deposits inched up 17 bps QoQ, largely similar for both Private and PSU banks.

(5) Incremental spreads declined more for PSU banks (31 bps QoQ) vs. Private banks (14 bps). 

(6) We expect modest loan yield improvement led by recent price hikes (MCLR led, personal loans and NBFC exposure), but divergent residual deposit-repricing and NIM trends among banks in the near-term. 

Prefer Axis, HDFC and IIB. 

The stock of Fonebox Retail Limited has been listed on NSE Emerge. The company is engaged in multi-brand retail selling of smart phones, allied accessories and consumer durable electronics goods.

The public Issue was of ₹20 crore at an issue price of ₹70 per share.

The FSN E-Commerce’s board had approved the proposal of investment by Nessa International Holdings Limited, a subsidiary of the company into Nysaa Beauty LLC, a wholly owned subsidiary of Nessa International Holdings, for first investment of an amount up to $2.5 million, in one or more tranches.

The Bank Nifty February Futures (46,833) is up 0.85 per cent. Immediate support is at 46,700 which is holding well as of now. As long as the contract trades above 46,700 the outlook will remain bullish. A rise to 47,200 is possible.

The February futures of Nifty 50 opened today’s session higher at 21,880.20 versus yesterday’s close of 21,751.45. It is now trading around 22,050, up 1.4 per cent.

Since Nifty futures has crossed over 22,000, the intraday outlook is bullish. Given the current momentum, the contract is likely to hit 22,280. 

Major gainers on the BSE at 11 am:

NBCC (14.82%); SCI (12.11%); SJVN (10.94%); AB Capital (9.67%); Castrol India (9.35%)

Major losers:

Paytm (-20%); Max Health (-4.70%); Bayer Crop (-4.36%); GMM Pfaulder (-4.21%); RITES (-3.99%)

NBCC (India) currently trades at ₹164.25, up by 15.95% on the NSE.

Lodha (4.48%)

Phoenix Mills (4.01%)

Godrej Properties (2.08%)

Swan Energy (1.73%)

Concord Biotech had informed that Brazilian Health Regulatory Agency (ANVISA) conducted inspection of its Unit 1 (API facility), located at Trasad Road in Ahmedabad between January 29, 2024 and February 01, 2024.

The stock of Mahindra and Mahindra advanced ₹12.20 or 0.74% to ₹1,663.35 on NSE.

”City Union Bank saw a mixed quarter; while core PPoP missed PLe by 2.7% due to lower NIM, asset quality was better led by controlled slippages/strong recoveries. NIM miss was due to one-time interest reversal of ₹25 crore related to a FITL. 

Loan growth continues to remain weak (+2.2% YoY) although management expects credit flow to pick up in upcoming quarters given (1) bulk of the KCC book has been run-down (2) focus on digital lending and (3) abating asset quality risks. 

Led by BCG tie-up, transformation journey is progressing well with (1) reduction in TAT (2) better underwriting and (3) start in digital lending for MSME loans below ₹3 crore. While CUB expects newer segments (retail and unsecured) to contribute 15% to loans in 5 years, execution remains a key due to competitive intensity. We trim multiple from 1.4x to 1.3x on Sep’25E ABV and keep TP unchanged at ₹160. Retain ‘ACCUMULATE’.”

Driven by higher net pricing and growth in the passenger vehicle segment, Tata Motors is expected to see strong growth in consolidated revenue in Q3.

Analysts expect to see 23 per cent growth in year-on-year consolidated revenue, with a higher sales mix of the Range Rover.

PAT could surge 195 per cent over the year-ago quarter and 37 per cent sequentially.

Tata Motors share surged ₹9.25 or 1.05% to ₹887.75 on NSE.

Exxon Mobil Corporation (Pre market) (Sector- Energy)

AbbVie Inc. (Pre market) (Sector- Healthcare)

Chevron Corporation (Pre market) (Sector- Energy)

Regeneron Pharmaceuticals, Inc. (Pre market) (Sector- Healthcare)

Bristol-Myers Squibb Company (Pre market) (Sector- Healthcare)

The Cigna Group (Pre market) (Sector- Healthcare)

Charter Communications, Inc. (Pre market) (Sector- Telecom)

Mizuho Financial Group, Inc. (Pre market) (Sector- Financial)

W.W. Grainger, Inc. (Pre market) (Sector- Capital Goods)

Imperial Oil Limited (Pre market) (Sector- Energy)

Church & Dwight Company, Inc. (Pre market) (Sector- Consumer Staples)

Brookfield Renewable Partners L.P. (Pre market) (Sector- Power)

Saia, Inc. (Pre market) (Sector- Logistics)

Banco Santander Chile (Pre market) (Sector- Financial)

Southern Copper Corporation (TENT) (Sector- Metal)

POSCO Holdings Inc. (TENT) (Sector- Metal)

Shares trade at ₹1,665.50 on the NSE, up by 0.87%.

Now that the two big events are behind us the market is likely to consolidate. The non-populist Budget focused on fiscal consolidation is a big positive. The big allocation for rural housing will benefit all construction-related segments like cement, steel, paints etc. Another important budget takeaway is the sharp decline in bond yields consequent to the net market borrowing kept low at ₹11.75-lakh crore. This is beneficial for banks.

Global cues are better since the mother market US is appreciating the favourable trends in the US economy after the brief disappointment with the cautious Fed message. It is evident that the US is heading for a soft landing and rate cuts are coming. Correction in the dollar index to 103 and the US 10-year falling to 3.88% may restrain the FIIs from selling.

The near-term risk in the market is the high valuation which can trigger corrections on some negative news. Expect high volatility in the near-term.

Nifty outlook:

The 21790 region refrained from giving, but as maintained yesterday as well, the odds of a break of the same appears higher. It is continuity that we are unsure of. That said, we will open the day, expecting positivity with 22400 appearing in the radar. Slippage past 21640/600 could bring 21200-20900 into the radar, and we would also be watchful of the same event should rejection trades appear on approach to 21900-950. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 21700 for Calls and 21700 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21700 for Calls and 21700 for Puts in weekly and at 23000 for Calls and 21000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.65%, decreased future index shorts by 2.64% and in index options by 24.59% increase in Call longs, 12.22% increase in Call short, 3.56% increase in Put longs and 2.51% decrease in Put shorts. - Read more

USD-INR outlook:

The 83-82.9 region is likely to hold for a swing higher. Alternate scenario sees 82.78, but falls beyond the same is less expected. Upsides may be limited to 83.06-83.14

As anticipated, this vote-on-account budget presented no major surprises for equity markets. However, it infused enthusiasm into the bond market and all interest rate sensitives with its announcements regarding fiscal prudence and subsidy reductions. The fiscal deficit is on a consolidation path with a projection of 5.1% in FY25 vs 5.8% for FY24, which is commendable. 

Coupled with net borrowings of ₹11.75-lakh crore, which is less than market expectations, the bond markets have much to rejoice. The overall borrowing figures were lower than the previous year, another positive from a fixed-income perspective. 

A drop in subsidies from 1.48% to 1.25% of the GDP reflects a commitment to fiscal responsibility. While there is a slight cause for concern in the market regarding the marginally lower-than-expected overall capital expenditure, it still represents a substantial commitment to key developmental initiatives. 

Overall, with its focus on building upon the current economic trajectory, the budget retains the growth roadmap.

Hero MotoCorp is currently trades at ₹4,713.45, up by 2.76%. The company had sold 433,598 lakh units in January 2024, registering a 22% growth.

“We anticipate the market to quickly discount the budget and shift focus to the trajectory of corporate earnings growth, which has remained resilient so far in 9M FY24 (albeit, witnessing some challenges with downgrades outweighing upgrades in 3Q FY24). We continue to expect over 20% earnings growth for Nifty in FY24. 

Valuations for Nifty remain in line with its LPA at 19.5-20x one- year forward earnings. We prefer PSU Banks, Industrials (Capital Goods, Cement), Real Estate, Consumer Discretionary and NBFCs, while we are UW on IT, and Metals. We recently upgraded Energy to Neutral and downgraded Auto and Pharma to Neutral”

Nifty Realty at 863.95, up by 1.86%

Nifty PSU at 6,565.70 (1.53%)

Nifty IT at 37,062.50 (1.45%)

The share price of One 97 Communications Ltd, which operates Paytm, slumped 20% to ₹487.20 on NSE. The RBI on Wednesday has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024.

The overall auto wholesales have registered an increase in volumes in January 2024 on a monthly basis. The recovery appears to have been significantly high in the passenger vehicles (PV) segment due to a low base, strong growth in SUV volumes, and a revival in the entry-level segment for Maruti Suzuki India Ltd. 

Post the festive season, the OEMs had focused on cutting down dealer inventory in November and December, and hence there was adequate room to replenish dealer stock from January 2024 onwards. Two-wheeler OEMs showed robust growth owing to the premiumisation trend and an uptick in rural sales driven by the wedding season. 

On the other hand, the CV wholesales have declined across OEMs primarily due to the underperformance of the MHCV segment. The Red Sea issue impacted the export performance across all OEMs, except for Maruti Suzuki. 

The shipments to the Europe have been impacted more than the shipments to the Americas. Further, several OEMs have announced price hikes effective from January-February 2024, citing an increase in input costs which we believe would be absorbed as demand in the higher-end segment is relatively better and entry-level products are supported by promotional schemes.

Ex-Dividend 05 February 2024 (Monday)

Last date for Cum-Dividend Today

Apcotex Industries Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 483.15

CG Power And Industrial Solutions Ltd

Dividend Per Share Rs.1.3

Previous day Closing Price – Rs. 456.1

Coforge Ltd

Dividend Per Share Rs.19

Previous day Closing Price – Rs. 6170.7

Mahanagar Gas Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 1461.7

Sona Blw Precision Forgings Ltd

Dividend Per Share Rs.1.53

Previous day Closing Price – Rs. 628.15

Tanla Platforms Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1015.75

Texmaco Rail: Revenue at 896 Cr Vs 625 Cr, +43.3%. EBITDA 82 Cr Vs 56 Cr, +46.4% (YoY) 

Jupiter Wagons: Revenue at Rs.896 cr vs 644 cr, +39%, EBITDA at Rs.124 cr vs 79 cr, +57% 

Castrol: Net Profit up 25.1% at Rs 241.9 cr vs Rs 193.3 cr, Revenue up 7.5% at Rs 1,264 cr vs Rs 1,176 cr (YoY) 

Pricol: Net Profit up 26.9% at Rs 34 cr vs Rs 26.8 cr, Revenue up 20.8% at Rs 572.6 cr vs Rs 474.2 cr (YoY) 

Indian Hotels: Net Profit up 18.2% at Rs 476.9 cr vs Rs 403.6 cr, Revenue up 16.5% at Rs 1,963.8 cr vs Rs 1,685.8 cr (YoY)

Abbott: Net profit at Rs 311.0 cr, up 26 percent, Revenue at Rs 1437 cr, up 9 percent (YoY) 

UFO: Net Profit at Rs 5.0 cr vs loss Rs 0.3 cr, Revenue at Rs 118.0 cr vs Rs 110.0 cr (YoY) 

Bandhan Bank: Bank appoints Former CEO of HDFC Sales Pvt Ltd, Santosh Nair as Head-Consumer Lending & Mortgages 

NMDC: January production up 8.1% at 4.54 mt vs 4.20 mt (YoY). 

Aviation stocks: Domestic and international air traffic witnesses growth.

Apollo Micro: Company received contract worth of Rs 25.6 crore 

Eicher Motors: January total sales at 76187 units Vs estimate of 74510 units

Mahanagar Gas: City gas distributor on Thursday said it has acquired a 100% stake in Unison Enviro Pvt 

Minda Corp: Profit up 4% at Rs 52.5 cr vs Rs 52.3 cr , Revenue up 9.1% at Rs 1,165.8 cr vs Rs 1,068.3 cr (YoY)

Bata: Net Profit down 30.1% at Rs 58 cr vs Rs 83 cr, Revenue up 0.4% at Rs 903.4 cr vs Rs 900 cr (YoY) 

MPhasis: Net Profit down 4.7% at Rs 373.6 cr vs Rs 391.9 c, Revenue up 1.9% at Rs 3,337.9 cr vs Rs 3,276.5 cr (QoQ) 

City Union Bank: Net Profit up 16.2% at Rs 253 cr vs Rs 217.8 cr, NII down 7.2% at Rs 515.9 cr vs Rs 555.7 cr (YoY)

Godrej Agro: Net Profit down 27.6% at Rs 83 cr vs Rs 114.6 cr, Revenue up 0.9% at Rs 2,345.2 cr vs Rs 2,323.5 cr (YoY) 

Sonata Soft: Net Loss at Rs 46.2 cr Vs profit of Rs 124.2 cr (QoQ) >>Revenue (GU)30.4% at Rs 2,493.3 cr Vs Rs 1,912.6 cr (QoQ)

Nestle: Varun Sethuraman to succeed Gopichandar Jagatheesa as BEO of Cereals Business 

Paytm: Company on Thursday said that the RBI’s actions are a big speed bump and that there will be a requirement to have some operational change for which work has started 

Ashok Ley: January total sales at 15,939 units Vs estimate of 16,800 units 

TVS Motors: January total sales at 339513 units Vs estimate of 346010 units

Hero MotoCorp: January total sales at 433598 units Vs estimate of 450000 units

Panacea Biotec: The USFDA has classified the inspection of Baddi, Himachal Pradesh facility of the company’s subsidiary Panacea Biotec Pharma as Official Action Indicated. 

TNPL: Net Profit at Rs 16 cr versus profit Rs 113 crore; revenue declines 1% to Rs 1240.0 crore

Shares of Adani Ports and SEZ Ltd jumped over 4.6% in early trade to ₹1,275. The company reported a 65 per cent rise in consolidated net profit in the December quarter. The company’s revenue increased 45 per cent year-on-year on the back of higher cargo volumes.

The port operator reported net profit of ₹2,208 crore on revenue of ₹6,920 crore. The volume of cargo handled was 44 per cent higher at 108.6 million tons.

Major gainers on the NSE at 9:30 am:

Adani Ports (4.28%); BPCL (2.74%); Hero MotoCorp (2.43%); Reliance (2.15%); ICICI Bank (2.08%)

Major losers:

Eicher Motors (-2.33%); HDFC Life (-0.27%); Axis Bank (-0.19%); Maruti (-0.02%); L&T (-0.01%)

At 9.09 am on Friday, April Brent oil futures were at $79.27, up by 0.72 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $74.31, up by 0.66 per cent. February crude oil futures were trading at ₹6172 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6206, down by 0.55 per cent; and March futures were trading at ₹6191 as against the previous close of ₹6204, down by 0.21 per cent.

Mahindra Lifespace Developers Ltd has informed the exchange regarding the appointment of Avinash Bapat as Chief Financial Officer of the company w.e.f. May 01, 2024; following the resignation of Vimal Agarwal on April 30.

Meanwhile, silver as a safe haven asset remains underpinned by escalating geopolitical risks in Middle East. Fed Chair Jerome Powell said the US central bank is unlikely to have enough confidence about inflation to cut rates as soon as March. The global silver deficit is expected to ease by 9% to 176 million troy ounces in 2024, with a 4% recovery in mine output expected to offset rising demand.

Gold gains as the US labour market appears to be losing momentum as the number of workers applying for first-time unemployment benefits jumps. After the Federal Reserve left interest rates unchanged, Chair Jerome Powell used his press conference to push back against market expectations for rate cuts as early as the March meeting. India’s gold demand is expected to be subdued in the first quarter of 2024 due to lower jewellery sales, but annual demand is anticipated to rise as consumers adjust to higher prices, the World Gold Council (WGC) said. 

Key economic data slated for release includes French Industrial Production m/m, Spanish Unemployment Change from Euro Zone and Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate from US Zone.

02 February 2024 (Today)

Derivative Segment

• Interglobe Aviation Ltd.

• LIC Housing Finance Ltd.

• Metropolis Healthcare Ltd.

• Torrent Pharmaceuticals Ltd.

• UPL Ltd.

Cash Segment

• Aegis Logistics Ltd.

• Alkyl Amines Chemicals Ltd.

• Bank Of India

• Bikaji Foods International Ltd.

• Century Plyboards (India) Ltd.

• Century Textiles & Industries Ltd.

• Dalmia Bharat Sugar & Industries

• Delhivery Ltd.

• Devyani International Ltd.

• Embassy REITs

• Engineers India Ltd.

• Fine Organic Industries Ltd.

• Gujarat Ambuja Exports Ltd.

• Jash Engineering Ltd.

• Jubilant Pharmova Ltd.

• Mahindra Holidays & Resorts

• Mahindra Lifespace Developers 

• Medplus Health Services Ltd.

• MOIL Ltd.

• Quess Corp Ltd.

• Sundram Fasteners Ltd.

• Tata Motors Ltd. - DVR

• Ujjivan Financial Services Ltd.

• Whirlpool Of India Ltd.

03 February 2024

Derivative Segment

• State Bank Of India

Cash Segment

• Affle (India) Ltd.

• Archean Chemical Industries

• Clean Science And Technology 

• Grindwell Norton Ltd.

• Gujarat Alkalies & Chem Ltd.

• Krishna Institute of Medical Sci

05 February 2024

Derivative Segment

• Ashok Leyland Ltd.

• Bharti Airtel Ltd.

• Tata Chemicals Ltd.

Cash Segment

• Alembic Pharmaceuticals Ltd.

• Avanti Feeds Ltd.

• BSE Ltd.

• CCL Products (India) Ltd.

• Cholamandalam Fin Hldgs Ltd.

• K.P.R. Mill Ltd.

• Kansai Nerolac Paints Ltd.

• Linde India Ltd.

• Orient Cement Ltd.

• Prince Pipes and Fittings Ltd.

• Sun Pharma Adv Research Co

• Suven Pharmaceuticals Ltd.

• Triveni Turbine Ltd.

• Varun Beverages Ltd.

06 February 2024

Derivative Segment

• Britannia Industries Ltd.

• Chambal Fertilisers & Chem

• Godrej Properties Ltd.

• Max Financial Services Ltd.

• Navin Fluorine International 

Cash Segment

• Akzo Nobel India Ltd.

• Birla Corporation Ltd.

• Brigade Enterprises Ltd.

• Computer Age Mgmt Services 

• E.I.D. - Parry (India) Ltd.

• EIH Ltd.

• Endurance Technologies Ltd.

• FSN E-Commerce Ventures Ltd.

• Gujarat State Fert & Chem Ltd.

• JB Chemicals & Pharma Ltd.

• JK Tyre & Industries Ltd.

• Lemon Tree Hotels Ltd.

• NLC India Ltd.

• PNC Infratech Ltd.

• Procter & Gamble Health Ltd.

• Radico Khaitan Ltd.

• Redington Ltd.

• Sheela Foam Ltd.

• Tata Teleservices (Maha) Ltd.

• Timken India Ltd.

• Trident Ltd.

• TTK Prestige Ltd.

• Usha Martin Ltd.

• V-Mart Retail Ltd.

• Welspun Corp Ltd.

07 February 2024

Derivative Segment

• Apollo Tyres Ltd.

• Cummins India Ltd.

• GNFC Ltd.

• Lupin Ltd.

• Manappuram Finance Ltd.

• Nestle India Ltd.

• Power Grid Corp Of India Ltd.

• Tata Consumer Products Ltd.

• Trent Ltd.

Cash Segment

• AIA Engineering Ltd.

• Borosil Renewables Ltd.

• EPL Ltd.

• FDC Ltd.

• Firstsource Solutions Ltd.

• Fortis Healthcare Ltd.

• General Insurance Corp of India

• Gujarat Fluorochemicals Ltd.

• Jamna Auto Industries Ltd.

• JK Paper Ltd.

• Kalpataru Projects Int Ltd.

• Religare Enterprises Ltd.

• Sobha Ltd.

• Solar Industries India Ltd.

• Star Cement Ltd.

• UNO Minda Ltd.

• Varroc Engineering Ltd.

08 February 2024

Derivative Segment

• Aarti Industries Ltd.

• Apollo Hospitals Enterprise

• Balrampur Chini Mills Ltd.

• Biocon Ltd.

• Escorts Kubota Ltd.

• Grasim Industries Ltd.

• Page Industries Ltd.

• Power Finance Corp Ltd.

• The Ramco Cements Ltd.

• United Breweries Ltd.

Cash Segment

• AIA Engineering Ltd.

• Borosil Renewables Ltd.

• EPL Ltd.

• FDC Ltd.

• Firstsource Solutions Ltd.

• Fortis Healthcare Ltd.

• General Insurance Corp of India

• Gujarat Fluorochemicals Ltd.

• Jamna Auto Industries Ltd.

• JK Paper Ltd.

• Kalpataru Projects Int Ltd.

• MMTC Ltd.

• Religare Enterprises Ltd.

• SKF India Ltd.

• Sobha Ltd.

• Solar Industries India Ltd.

• Star Cement Ltd.

• UNO Minda Ltd.

• Varroc Engineering Ltd.

• Zomato Ltd.

09 February 2024

Derivative Segment

• Alkem Laboratories Ltd.

• MRF Ltd.

• PI Industries Ltd.

• Tata Power Company Ltd.

• Zydus Lifesciences Ltd.

Cash Segment

• Campus Activewear Ltd.

• Caplin Point Laboratories Ltd.

• Emami Ltd.

• Godrej Industries Ltd.

• HUDCO Ltd.

• Indian Railway Finance Corp Ltd.

• Indigo Paints Ltd.

• Mishra Dhatu Nigam Ltd.

• Pfizer Ltd.

• Sapphire Foods India Ltd.

• Shipping Corporation Of India 

• Shree Renuka Sugars Ltd.

• SJVN Ltd.

• The New India Assurance Co

10 February 2024

Derivative Segment

• Divi’s Laboratories Ltd.

• MCX India Ltd.

• Aurobindo Pharma Ltd.

Cash Segment

• Amber Enterprises India Ltd.

12 February 2024

Derivative Segment

• Bharat Forge Ltd.

• Coal India Ltd.

• Hindustan Aeronautics Ltd.

• Samvardhana Motherson Int

Cash Segment

• BASF India Ltd.

• Cera Sanitaryware Ltd.

• Elgi Equipments Ltd.

• Glaxosmithkline Pharma Ltd.

• Gujarat Pipavav Port Ltd.

• HEG Ltd.

• JM Financial Ltd.

• Lakshmi Machine Works Ltd.

• Mazagon Dock Shipbuilders

• NHPC Ltd.

• TCI Express Ltd.

13 February 2024

Derivative Segment

• Bharat Heavy Electricals Ltd.

• Bosch Ltd.

• Deepak Nitrite Ltd.

• Gujarat Gas Ltd.

• Hindalco Industries Ltd.

• IRCTC Ltd.

• Info Edge (India) Ltd.

• Oil & Natural Gas Corp Ltd.

Cash Segment

• ITI Ltd.

• Jindal Worldwide Ltd.

• NBCC (India) Ltd.

• Oil India Ltd.

• RHI Magnesita India Ltd.

14 February 2024

Derivative Segment

• Aditya Birla Fashion and Retail 

• Crompton Greaves Cons Electricals

• Glenmark Pharmaceuticals Ltd.

• Ipca Laboratories Ltd.

• Mahindra & Mahindra Ltd.

• Muthoot Finance Ltd.

• NMDC Ltd.

Cash Segment

• Gland Pharma Ltd.

• Gujarat State Petronet Ltd.

• NMDC Steel Ltd.

20 February 2024

Derivative Segment

• ABB India Ltd.

23 February 2024

Derivative Segment

Nil

Cash Segment

• Rain Industries Ltd.

• Sanofi India Ltd.

Indian Hotels Company Limited posted 18 per cent year-on-year growth in consolidated net profit in Q3 FY24 on the back of strong revenue growth.

Net profit for the December ended quarter stood at ₹452 crore against ₹382 crore in same period last year. Revenue grew 15 per cent to ₹2,004 crore while earnings before interest, tax depreciation and amortisation rose by 18 per cent to ₹772 crore on a year-on-year basis. This was led by growth in revenue per available room and occupancy.

India’s equity benchmarks BSE Sensex and NSE Nifty are likely to open higher on Friday, tracking the gains in Asian peers after the US labour market data indicated a cooling economy, providing support to the Federal Reserve to combat inflation. India’s GIFT Nifty was trading at 21,912 points as of 8:20 a.m., suggesting the NSE Nifty 50 will open above its Thursday close of 21,697.45. 

Shares of companies related to the electric vehicle segment ended mostly higher on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged.

JBM Auto climbed 2.48 per cent to settle at ₹1,963.20 on the BSE. During the day, it jumped 4.96 per cent to hit its one-year peak of ₹2,010.80.

Greaves Cotton advanced 0.95 per cent to settle at ₹165.05 after rising 3 per cent to the day’s high of ₹168.55.

The stock of Olectra Greentech, however, declined 0.69 per cent to ₹1,729 amid profit-taking. During the day, it jumped 6.21 per cent to reach its 52-week high of ₹1,849.25.

Indian government bond yields are expected to continue their slide on Friday, mirroring Treasury yields, a day after the federal budget’s tepid targets triggered aggressive purchases.

Traders will also gauge the demand for fresh debt, with New Delhi set to raise 390 billion rupees ($4.70 billion) via bond sales later in the day.

India’s benchmark 10-year yield is expected to hover in the 7.02%-7.08% range, a trader with a primary dealership said, following its previous close at 7.0583%.

That close was the lowest since July 18, following the yield’s biggest single-session fall since May 3 after the government set lower-than-expected fiscal deficit and gross borrowing targets for next financial year. (Reuters)

The Indian economy has witnessed great transformation in the last 10 years in terms of declining current account deficit as a per cent of GDP, fall in headline inflation, increased tax collections, rising volume of digital transactions, and declining unemployment rate, says Arun Misra.

With a balanced interim Budget declared today focusing on good expenditure, the government has set a tone for ‘Viksit Bharat’ reflecting a visionary stride towards holistic development, firmly anchored in sustainability and economic growth, he added.

Finance Minister Nirmala Sitharaman expressed confidence on Thursday in meeting the fiscal deficit target of 4.5 per cent or even less by FY26. For the next fiscal, she surprised the markets by keeping the deficit target at 5.1 per cent, which also means lower borrowing for the next fiscal.

Fiscal deficit for the current fiscal has been revised to 5.8 per cent, against 5.9 per cent announced in the Budget last year.

Centre is all set to once again miss the disinvestment target this fiscal too, but the rich flow of public sector dividends and record surplus transfer from RBI in 2023-24 has helped comfortably cover the expected shortfall in disinvestment receipts, latest interim budget documents for 2024-25 showed. 

“Disinvestment and dividends are opposite sides. Non tax revenue (dividends and profits) jump this fiscal by ₹75,000 crore is a bigger story playing out. Next year we have in budget estimate added ₹1 lakh crore of non tax revenues (BE over BE). Dividend plays a crucial role in non tax revenues and one has to look at both disinvestment and dividends and profits taken together to assess performance”, Tuhin Kanta Pandey, Disinvestment Secretary said on Thursday after the Finance Minister’s Budget speech in the Lok Sabha. 

Tata Motors, Policybazaar, Bank of India, Delhivery, Indigo, MOIL, Medplus, Panacea Biotech, Nykaa, Apollo Micro Systems, Gokaldas Exports, Concord BIotech and JSW Infra are some of the stocks which will be in focus today.

8:00 AM Indian Hotels

Dial: +91 22 6280 1405

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9:00 AM AAVAS Financier

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9:30 AM Data Patterns India

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10:00 AM MphasiS

(Press Release )

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10:00 AM Tube Investment

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10:00 AM SPENCER

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10:00 AM Five Star Business F

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10:30 AM CARBORUNDUM UNIVERSAL

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11:00 AM Minda Corp

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11:00 AM Texmaco Rail

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11:00 AM RITES

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11:30 AM TD Power System

Dial: +91 22 6280 1309

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11:30 AM Gokaldas Export

Dial: +91 22 6280 1523

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12:00 PM MANKIND PHARMA

(Investor/Analyst Presentation)

Dial: +91 22 6280 1102

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12:00 PM Arvind SmartSpaces

Dial: +91 22 6280 1227

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12:00 PM Praj Industries

Dial: +91 22 6280 1341

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12:00 PM UFO Moviez

Dial: 044 7126 1320

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12:15 PM Castrol

Dial: +91 22 6280 1164

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2:00 PM Hester Bios

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2:00 PM Sterling Tools

Dial: +91 22 6280 1309

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2:00 PM KUANTUM PAPERS

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2:30 PM IFB Industries

(Results, Investor/Analyst Presentation)

Dial: +922 6280 1304

2:30 PM Welspun Enter

Dial: +91 22 6280 1309

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3:00 PM Allcargo Termin

Dial: +91 22 6280 1455

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3:00 PM Foods and Inns

Dial: +91 22 7115 8057

3:30 PM Raymond

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3:30 PM Devyani Internt

Dial: +91 22 6280 1141

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3:30 PM v-guard industries

Dial: +91 22 6280 1224

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3:30 PM Avalon Technolo

Dial: +91 22 62801384

Weblink: https://http://tinyurl.com/msmnrdv9

3:30 PM NIIT

Dial: +91 22 7195 0000

Weblink: http://tinyurl.com/ycpacpxp

3:30 PM Deepak Fert

Dial: 91226280 1143

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3:40 PM Torrent Pharma

Dial: +91 22 6280 1439

4:00 PM Poly Medicure

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4:00 PM HFCL

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4:00 PM DCM Shriram

Dial: + 91 22 6280 1141

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4:00 PM Aptus Value Housing

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4:00 PM Orient Electric

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4:00 PM JSW Infrastructure Ltd

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4:00 PM Century

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4:00 PM Amara Raja Batt

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4:00 PM RateGain Travel

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4:00 PM Somany Ceramics

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4:00 PM Pricol

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4:00 PM DHANUKA

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4:00 PM Mahindra Holida

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4:30 PM Nava Bharat Ven

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5:00 PM eClerx Services

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5:00 PM Divgi TorqTrans

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5:00 PM CEBBCO

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5:00 PM Aegis Chemicals Inds. .

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5:00 PM EngineersInd

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5:00 PM UPL

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6:00 PM Satin Creditcare Network

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6:30 PM TML-D

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6:30 PM Tata Motors

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Oil headed for the biggest weekly loss since early November as negotiations advance for an agreement to pause the Israel-Hamas war in what could be a crucial step toward ending the conflict, per a Bloomberg report.

West Texas Intermediate rose above on $74 a barrel Friday, but was still down almost 5% for the week. Brent was also on track for a weekly drop, the report added.

A key rub-off of the positivity around the fiscal path set out by the Finance Minister in her Budget speech has been on the bond markets. Conservatively placing fiscal deficit at 5.8 per cent for the current year was fine. 

But a healthy 5.1 per cent in FY25 surprised most in the fixed-income markets. More so after the gross and net borrowing numbers of the government were placed quite moderate at ₹14.13 lakh crore and ₹11.75 lakh crore.

Stocks of fertilizer makers fell 1-5 per cent in trade on Thursday after the Budget announcements. However, Coromandel International was the only exception, gaining two per cent. Top loser among the pack was Deepak Fertilisers, which shed six per cent, followed by RCF (5 per cent), National Fertilisers Ltd (4.2 per cent ) and GSFC (3.6 per cent). 

While the reasons for the lukewarm market reaction may be many including profit booking and consolidation given the strong rally in Indian equities over the last few months, the fall in fertilizer stock prices is possibly more an overreaction.

The Interim Budget 2024 largely turned out to be a non-event for the stock markets. Sensex (71,645) and Nifty 50 (21,697) closed the day marginally lower by 0.15 per cent and 0.13 per cent respectively.

However, among the sectors, the public sector banks (PSB) and housing finance stocks seem to have benefited from this Budget. The Nifty PSU Bank index surged over 3 per cent.

Capital expenditure outlay by the government for FY24-25 has been announced at ₹11.11-lakh crore. This is a 11 per cent increase over previous year’s budget announcement of ₹10-lakh crore or a ₹16 per cent over ₹9.5-lakh crore revised estimates. This marks a return to normalised growth in spending after a stellar period when capital expenditure by the central government has grown at 26 per cent CAGR in FY19-24.

Budget announcement for FY24-25 continues with its green focus, first introduced last year. Last year’s plan indicated that a green, sustainable and circular economic development will be a strategic pillar for the government. This emphasis has been extended in the interim Budget as well.

Even as the FAME II incentive scheme for electric vehicles (EVs) is fast moving towards its March 31, 2024 deadline, the FM reserved any concrete announcements on extension/FAME III as well as outlays for the future. However, ​the budget speech made it clear that the government’s focus in the EV space ​is on public transport, encouraging greater adoption of e-buses.

Conservatism. Continuity. Confidence. These three words sum up Finance Minister Nirmala Sitharaman’s interim Budget for 2024-25. The Finance Minister’s sixth budget speech was notable not just for its brevity (57 minutes) but also for the cool confidence that it conveyed on the return to power of her party in the upcoming general elections.

There were no election-eve handouts, nothing to please the all-important constituencies of farmers and voters from the poorer sections, but there were several promises made for the future. Click here to read businessline’s take on interim Budget 2024.

Turnover: (NSE + BSE)

Cash Volume: 135499.38 + 17736.7 Total: 153236.08

F&O Volume: 422283.78 + 1481483.77 Total: 1903767.55

Provisional Cash:

FII/FPI: NET SELL: -1879.58

(19287.92 - 21167.5) 

DII: NET BUY: +872.49 

(12991.07 - 12118.58)

Stock markets in Japan opened higher on Friday on the back of Wall Street rallies. The benchmark Nikkei 225 index was up 0.61% or 218.77 points, at 36,230.23 in early trade, while the broader Topix index advanced 0.29% or 7.39 points to 2,541.43. In the US, Dow finished up 1.0% at 38,519.84, the S&P 500 rose 1.3% and the Nasdaq jumped 1.3% percent to 15,361.64.