Share Market Highlights 08 February 2024: Sensex and Nifty tank after RBI’s decision to hold repo rate for sixth consecutive time

The Indian rupee strengthened 0.02 per cent versus the U.S. dollar, and quoted at ₹82.9550 per dollar after the RBI kept its benchmark policy rates unchanged, with focus shifting to U.S. economic data and remarks from a U.S. Federal Reserve official due later in the day.

The benchmark BSE Sensex fell 723.57 points, or 1%, to 71,428.43, while the broader NSE index lost 211.3 points, or 0.96%, to 21,719.2, dragged by rate-sensitive sectors, following the Reserve Bank of India’s (RBI) decision to keep its key interest rate and stance unchanged.

PTC Industries Limited and HAL: Accessories Division, Lucknow, have entered into a Memorandum of Understanding (MoU) to collaborate on the indigenization of aviation-grade materials and components. 

The partnership is focused on boosting capabilities in the aerospace sector and fostering self-sufficiency in manufacturing vital components for aircraft and helicopters. Following this announcement, shares surged by 5.96 per cent to reach ₹9412.75 on the BSE.

A total of 3,930 stocks were actively traded, 1,619 advanced, while 2,200 declined and 111 stocks remained unchanged where 519 stocks hit a 52 week high and 20 stocks hit a 52 week low at 3.12 pm on the BSE.

Reserve Bank Governor Shaktikanta Das on Thursday said there are no systemic worries and the action on Paytm was driven by a “lack of compliance” at Paytm.

At 3.05 p.m., the share price of One 97 Communications, which operates the Paytm brand, declined ₹49.60 or 9.99% to trade at ₹446.65 on NSE.

Top gainers on the NSE:-

State Bank of India (3.70%), Power Grid corporation (3.36%), Bharat petroleum corporation (3.16%), Hindalco industries (1.54%), Coal India (1.49%)

Top losers:-

Britannia Industries (-4.37%), Kotak Mahindra Bank (-3.49%), Axis Bank (-3.19%), ICICI Bank (-3.16%), Nestle India (-3.12%)

Zydus Lifesciences Ltd received final approvals from the USFDA for Dexamethasone Tablets, shares up by 1.31% to Rs 801.65 on the BSE.

Alpex Solar Ltd, India’s leading manufacturer of solar systems, has successfully completed its Anchor book subscription, raising Rs. 21.22 crore from the sale of 18.45 lakh equity shares at Rs. 115 each. Marquee investors, including Persistent Growth Fund – Varsu India Growth Story Scheme – I, Astorne Capital VCC Arven, Beacon Stone Capital VCC – Beacon Stone – I, Craft Emerging Market Fund PCC – Elite Capital Fund, Acintyo Investment Fund PCC – Cell I, Finavenue Capital Trust – Finavenue Growth Fund, India Max Investment Fund Limited and Capri Global Capital Limited subscribed to the anchor book.

While Persistent Growth Fund – Varsu India Growth Story Scheme – I contributed to 32.50% of the total anchor book subscription, Astorne Capital VCC Arven subscribed 21.72%, Beacon Stone Capital VCC – Beacon Stone – I and Craft Emerging Market Fund PCC – Elite Capital Fund subscribed 10.86% each, Acintyo Investment Fund PCC – Cell I subscribed 9.42%; Finavenue Capital Trust – Finavenue Growth Fund, India Max Investment Fund Limited and Capri Global Capital Limited subscribed 4.88% each of the anchor book.

The IPO of the Greater Noida-based company begins today, February 8, and will conclude on Monday, February Monday, 2024. As many as 18.45 lakh equity shares have been reserved for anchor portion, 3.24 lakh equity shares for Market Maker, 9.24 lakh equity shares allocated for NIIs, 12.31 lakh shares for QIBs, and Retail (RII) portion accounts for 21.55 lakh equity shares.

Alpex Solar intends to utilise Rs. 19.55 crore of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW in the existing manufacturing unit; Rs. 12.94 crore to set up a new manufacturing unit for its solar module’s aluminium frame for its solar module; Rs. 20.49 crore to meet its working capital requirements and the remaining capital to be used for general corporate expenses.

The price band of the issue is Rs. 109-115 per equity share with a face value of Rs. 10 apiece. The company’s IPO comprises a fresh issue of 64.8 lakh Equity Shares (Face Value Rs. 10/-) through the book-building route. The company has appointed Corporate Capital Ventures Private Limited as the Issue’s Book Running Lead Manager.

Alpex Solar was incorporated in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal – each one being an engineer turned entrepreneur. Ashwani is also the President of the Indian Solar Manufacturers Association (ISMA) for the past 11 years. The company forayed into Solar panel manufacturing in 2007 and built a state-of-the-art plant spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure. Owing to its R&D prowess, manufacturing excellence and a deep talent pool, the company has emerged among the preferred suppliers of PV panels. The company has 196 employees – including celebrated professionals from within and beyond the solar sector experience.

ASK Automotive Limited formed a partnership with LIOHO Machine Works Limited, Taiwan, for technical assistance. With plans to commence production in Q4 FY25, ASK aims to deliver alloy wheels. ASK Automotive reported Q3 FY24 growth with a 19.4% YoY increase in consolidated total income. Shares were down 1.43% to ₹321.50 on the BSE.

Tribhuwan Adhikari, MD & CEO, LIC Housing Finance on MPC’s policy decision:

“The RBI’s decision to maintain the repo rate at 6.5% is as expected. The rate-hike cycle pause coupled with the projected 7% GDP growth for FY25 gives an outlook of positivity. The effects of Government led infrastructure initiatives are visible nationwide and impacting housing demand positively, particularly in Tier-2 and Tier-3 cities. The Budget announcements on PMAY are going to give further impetus to the affordable housing segment. It will definitely aid in home loan business growth for lenders”.

Gensol Engineering has announced the appointment of Ravindra Goyal as its Group Chief Procurement Officer. Goyal will spearhead the company’s supply chain management, encompassing all entities in the clean energy and electric mobility domains.

Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd on MPC’s decision:

“MPC has delivered ‘Complementary Policy’ in the backdrop of a prudent fiscal budget and largely comfortable global narrative. The policy verdict continues to demonstrate its key focal point being policy stability and achieving inflation target of 4% on a durable basis. MPC remains sanguine on growth and hence continues to remain vigilant on achieving its inflation target. From liquidity standpoint as well, MPC reiterates its tight liquidity stance to ensure better transmission of prior rate hikes. Overall, MPC continues to reprioritize inflation target head-on and distinctly indicates rate change in the near term is unlikely, given that growth likely to remain resilient and inflation though benign, would still be above the target.”

Reaction on Today’s RBI Monetary Policy by Industry Leaders:

Ms. Anitha Rangan, Economist, Equirus:

“In the last policy for this fiscal year, RBI has kept policy unchanged as expected. However the decision is not unanimous with a 5-1 vote. No change in stance. The policy estimates a strong revision in growth for FY25 to 7% from 6.5% (Q1-Q3FY25) in the previous policy. Alongside, inflation is moderately revised downwards to 4.5% from 4.6% in the same period. The governor in his speech noted that “job is not yet finished” with 4% target in mind. While batting for India’s resilience amidst global volatility, it appears that RBI is not in discussion for rate cuts as a) 7% growth is very strong and does not require rate support b) Inflation is subject to food price risks and 4.5% is not 4% on a durable basis. Also no giveaways on liquidity. In the quest to preserve the strength and bat for long term growth, RBI will rather look to maintain vigil and not in any rush to cut rates. The 7% growth does not seem to be needing central bank’s nudge”.

Aalesh Avlani, Executive Director & Co- Founder, Credit Wise Capital:

“The RBI MPC’s decision to uphold the repo rate at 6.5% underscores a prudent stance towards economic stability. Amidst this backdrop, digital lending emerges as a catalyst for stimulating consumer expenditure and supporting the automotive sector. This trend was evident in the last few quarters too, including the festive period, where enhanced affordability in financing options spurred sales growth. We remain optimistic about the future as we navigate these favorable conditions and continue to drive forward”

RBI Monetary Policy by Vikrant Mehta, Head - Fixed Income, ITI Mutual Fund

“Today’s MPC decision holding the policy rate and the stance was on expected lines and we found the tone of the MPC to be balanced. The post policy statement and comments from the Central Bank indicate that a meaningful softening of policy stance and/or policy rate is perhaps a couple of meetings away, but we draw comfort from the commentaries related to liquidity viz. the RBI’s objective to keep the overnight rate around the repo rate and the Central Bank’s commitment to remain nimble and flexible on liquidity management. We remain overweight on duration and particularly the long end.”RBI Monetary Policy by Vikrant Mehta, Head - Fixed Income, ITI Mutual Fund

“Today’s MPC decision holding the policy rate and the stance was on expected lines and we found the tone of the MPC to be balanced. The post policy statement and comments from the Central Bank indicate that a meaningful softening of policy stance and/or policy rate is perhaps a couple of meetings away, but we draw comfort from the commentaries related to liquidity viz. the RBI’s objective to keep the overnight rate around the repo rate and the Central Bank’s commitment to remain nimble and flexible on liquidity management. We remain overweight on duration and particularly the long end.”

Pyramid Technoplast Ltd acquired 10 acres of land in Palghar, Maharashtra, aiming to expand production capacity across Polymer Drums and Intermediate Bulk Containers (IBC). The phased implementation over 4-5 years, with Phase 1 Capex of Rs 40-45 crore, is projected to yield an annual revenue potential of Rs 400 crore. Shares were down by 3.44% to Rs 171.25 on the BSE.

​Garware Hi-Tech Films Limited​ reported quarterly revenues and profitability, with Q3FY24 consolidated revenue soaring by 40% YoY to Rs 454 crore, and PAT jumping by 84% YoY to Rs 56 crore. Shares surged 17.06% to Rs 1857.95 on the BSE.

Greaves Cotton Limited reported Q3, FY24 earnings with a standalone PBT of Rs112 crore, showcasing a 74% YoY profit growth. The company expanded into the USA and EU markets, alongside diversification into mechatronics and electronics. Shares were up by 6.69% to Rs 170.70 on the BSE.

Nish Bhatt, Founder & CEO, Millwood Kane International on MPC Announcement:

“The Reserve Bank of India (RBI) retained the key lending rate, repo, at 6.5% marking it the sixth consecutive policy review of no rate action. There was no change in stance of ‘withdrawal of accommodation’, indicating that the RBI is not yet ready to lower the guard against the retail inflation till it aligns with the committed target of 4 percent in a timely and sustainable manner. The CPI for FY24 is projected at 5.4%, while its likely to be at 4.5% in FY25. While, RBI has pegged real GDP growth for FY25 at 7%. 

As the expectation is that headline inflation will moderate in the coming months, and there are concerns around continued high systemic liquidity deficit, while money markets continue to remain elevated and moderation happening in global inflationary pressure from last year’s high, we may likely see some rate cuts actions by RBI in the latter half of CY24”

Vikas Garg – Head of Fixed Income, Invesco Mutual Fund, on MPC’s policy decision:

“Largely a non-event policy as MPC maintained status quo on policy rates and stance as ‘withdrawal of accommodation’. FY25 inflation guidance at 4.5% reflects continued moderation even as global factors and food inflation remain uncertain. Robust growth expectation at 7% in FY25. No meaningful announcement to immediately ease systematic liquidity. External factors remain healthy with FPI / ECB inflow & adequate FX reserve. Overall, it doesn’t disrupt the expectation of rate cuts in 2HCY2024 in line with the global rate cut cycle, as also the first split appears with a 5:1 vote on the policy rate. It re-affirms our view that market focus will remain on demand-supply dynamics, which is looking extremely favorable for longer tenor G-Sec, especially after the Government’s aggressive fiscal consolidation.”

Sutlej Textiles and Industries Limited reported a 12% decline in consolidated total income, amounting to Rs 612 crore, with a decline in EBITDA. Shares were down by 4.85% to R 61.77 on the BSE.

PTC Industries Limited and HAL – Accessories Division, Lucknow, signed a MoU to cooperate on indigenization of aviation-grade materials and components. The company reported, the collaboration aims to enhance aerospace sector capabilities and promote self-reliance in manufacturing critical components for aircraft and helicopters. Shares up by 5.96% to Rs 9412.75 on the BSE.

Perspective by Mr. Colin Shah, MD, Kama Jewelry on RBI Monetary Policy:

“RBI’s decision to keep the repo rate unchanged at 6.5% is a welcome move which comes as per the industry expectations. With the urban consumption remaining consistently robust along with rural demand gaining momentum, this scenario will act as an enabler in boosting jewellery sales in Indian markets. However, the growing geopolitical tensions remains a concern that could impact the supply chain and put pressure on commodity prices, which will eventually hamper the exports. Further, RBI’s decision to allow resident entities to hedge price of gold in OTC segment in IFSC will help entities to safeguard themselves against the price fluctuations and the adverse currency movements.

In terms of pricing of the yellow metal, it is expected to remain volatile in the near future which will further be guided by factors like inflation trajectory, strength of the USD, geo-political scenario and any economic development in the West.”

Mindteck India Limited reported Q3 performance with a 16% year-over-year growth in consolidated revenue, reaching Rs 95.75 crore, alongside appointing Harish A. Nair as Chief Sales Officer effective immediately. Shares were down by 3.44% to Rs 232.65 on the BSE.

Kalyani Steels Ltd’s shares were up 4.52% to ₹765.80 after the company said that it has paid the balance cash of ₹425.24 crore for the acquisition of the assets of Kamineni Steel & Power India. Earlier, this year, the company was declared a successful bidder for the acquisition of the assets of Kamineni Steel & Power India under the Insolvency and Bankruptcy Code, 2016.

Choice Finserv Pvt Ltd, a subsidiary and NBFC arm of Choice International Ltd, has announced a ₹100 crore investment towards solar financing.

Mankind Pharma’s shares were up by 6.24% to Rs 2260.90 after the company reported that its promoters, on Wednesday, announced their plans to reduce their shareholding in the company between February 8 and February 15, to meet the minimum public shareholding requirements. The promoter group members - Sheetal Arora, Arjun Juneja and Puja Juneja - will be divesting a portion of their shareholding to decrease their stake from the current 76.5 per cent to 74.88 per cent, it said in a notice to the exchanges.

NSE nifty was down by 0.67% or 147.70 points to 21,783.80 points, while the BSE Sensex was at 71,607.71 down by 0.77% or 547.19 points at 1.27 pm

CarTrade Tech Limited reported growth in Q3FY24 with a 31% increase in total Income and 56% growth in Profit from Continuing Operations. Shares down by 0.69% to Rs 703 on the BSE.

Choice International Limited committed Rs 100 crore to solar financing in Rajasthan under Pradhan Mantri Suryoday Yojana. The move aims to promote sustainable development and reduce carbon footprint in Rajasthan through extensive support for rooftop solar projects. Shares down by 0.99% to Rs 547.35 on the BSE.

LIC market cap crosses Rs 7 lakh crore ahead of results announcement

The stock after hitting a high of Rs 1,144.45, is currently ruling at Rs. 1,108, up 6 per cent over previous day’s close.

Akhil Chaturvedi, Chief Business Officer, Motilal Oswal Asset Management Company. 

Despite slight volatility in January, the market closed flat on a month-to-month basis. Equity schemes experienced a surge in inflows, reaching approximately ₹21,780 crores in Jan’24, compared to ₹16,997 crores in Dec’23. Sectoral/thematic and small-cap oriented funds were the primary contributors, with contributions of ₹4,804 crores and ₹3,256 crores, respectively. However, this was lower than the previous month’s flows. Multi-cap category funds also witnessed a significant increase, reaching ₹3,038 crores in Jan’24 from approximately ₹1,852 crores in Dec’23. Large caps demonstrated positive contributions this month, reversing the net outflows experienced in December 2023. This shift in trend is in line with valuation differentials among large v/s mid and small caps, suggesting that large caps/flexi caps oriented schemes may attract higher flows in the future. In the Hybrid category, MAF observed notable inflows of ₹7,079 crores, a significant increase from ₹2,420 crores in the previous month.

Overall, investor sentiment remained bullish, supported by the market’s persistent strength. Market and investor sentiment leading up to the general elections year remain positive. 

Inflows into equity mutual fund schemes was up 28 per cent last month at Rs 21,781 crore against Rs 16,997 crore logged in December, largely due to new fund offers. 

NFO of three each in equity and hybrid schemes have collected Rs 5,214 crore in January.

Including other NFOs, fund houses collected Rs 6,817 crore through 20 NFOs, said the Association of Mutual Funds in India data released on Thursday.

Except for an outflow of Rs 202 crore from focused funds, all the equity schemes have registered an inflow with thematic funds and small cap funds receiving Rs 4,804 crore and Rs 3,257 crore.

Overall asset under management of the industry increased to Rs 52.75 lakh crore against Rs 50.78 lakh crore recorded in December as overall inflows rising by Rs 1.24 lakh crore.

“The Reserve Bank of India (RBI) Governor delivered a well-balanced policy, aligning largely with the market expectations. RBI’s GDP growth projection of 7% for FY25 is quite bullish and reflects the Central Bank’s confidence in sustenance of the growth trajectory. While overall inflation is projected at average of 4.5% for FY25, it is important to note that the disinflationary trend is not being sustained, with marginal increase in inflation in the third and fourth quarter of FY25. 

“Going forward, we feel that RBI would remain cautious given the risk posed by high food inflation. Healthy economic growth gives room to the Central Bank to maintain status quo for some more time. However, in the second half of the year, as domestic inflationary concerns recede and the US Fed starts cutting rates, we can expect a shallow rate cut by RBI. On the liquidity front, RBI will continue to intervene through appropriate tools as required.”

Zydus Wellness Ltd reported Q3 net sales of Rs 400 crore, with profit after tax of Rs 30 lakhs highlighting performance of brands like Glucon-D, Nycil, and Everyuth. Sugar Free maintains leadership in the sugar substitute category with 96% market share, while Glucon-D retains the number one position with 60% market share in the Glucose powder category. Shares were down by 1.88% to Rs 1595.55 on the BSE.

Raghvendra Nath, MD, Ladderup Wealth Management

“The outcome of the three-day Monetary Policy Committee meeting aligns with our expectations, as the repo rate remains unchanged at 6.5% and a continued effort towards reducing money supply in the economy is maintained. The cumulative effect of policy repo rate increases is still working its way through the economy through gradual decline in inflation numbers, but geopolitical events and their impact on supply chains and commodity prices are key sources of upside risks to inflation. Although no specific timeline has been indicated for reducing repo rates, it is anticipated that the Reserve Bank of India will initiate this process only after observing a similar move by the United States, aiming to mitigate the risk of capital outflows from India.”

Palka Arora Chopra. Director, Master Capital Services Ltd.

This is the sixth straight halt in the past year. Since the April monetary policy in 2023, the RBI has maintained the repo rate at 6.5%. The Reserve Bank of India’s policy decision was mostly based on market expectations and will have little influence on the domestic market. The status quo in policy rates is a non-event for the common man because banks are likely to take a wait-and-see strategy, waiting for further policy cues in the coming months before adjusting their rates. RBI keeps the FY24 inflation forecast unchanged at 5.4% but lowered it for the last quarter of this fiscal. And, for FY25, Consumer price inflation is seen at 4.5%

The market may not respond significantly, and investors may choose to wait and watch strategy. Banking, finance, and consumer durables are likely to profit from stable interest rates, while technology, healthcare, and utilities would be less affected.

DBS Bank India has successfully supported Louis Dreyfus Company India Pvt Ltd (LDC) in securing sustainable financing for the procurement of palm oil certified by the Roundtable on Sustainable Palm Oil (RSPO).

LDC is a global merchant and processor of agricultural goods, with a diversified portfolio covering the entire value chain, from origination to distribution, working towards a safe and sustainable future.

This milestone was achieved through the implementation of the bank’s innovative Supplier Payment Services (SPS) solution.

The SPS solution enables the bank to make early payments on behalf of clients to their suppliers, allowing them to preserve liquidity and while reducing cash flow pressures on the suppliers. The solution is entirely digital and tailored to meet the client’s specific needs.

Lead futures (February contract) on the Multi Commodity Exchange (MCX) was witnessing a moderate downswing in January. But since the beginning of this month, the selling has gained momentum. On Wednesday, the contract closed at ₹179.35.

Benchmark indices trade in red, dragged by bank sector stocks after RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent. 

BSE Sensex was down by 472.66 pts or 0.66 per cent at 71,679.34 as of 12.45 pm, and Nifty 50 was down by 132.40 pts or 0.6 per cent to trade at 21,798.10

As of 12.23 pm, Nifty Private Bank fell 1.52 per cent at 22,935.85, Nifty FMCG by 1.57 per cent at 53,912, Nifty Bank slipped by 0.86 per cent at 45,424, and Nifty Financial Services stock down by 1.04 per cent at 20,222.25. However, Nifty PSU Bank gained 2.67 per cent, at 6,923.65.

Suraj Estate Developers Limited introduced ‘Suraj Lumina’ in Mumbai, offering 35 units of 2BHK and 3BHK configurations with a total saleable area of 22,376 sq ft, valued at approximately ₹100 crore. The project is expected to be completed by December 2028. Shares were up by 0.2% to ₹332.60 on the BSE.

While SMS-based One Time Password has been the primary way for authenticating digital transactions, the Reserve Bank of India is looking at other mechanisms in line with technological advancements.

Over the years, the Reserve Bank has prioritised the security of digital payments, in particularly the requirement of an Additional Factor of Authentication (AFA). Though RBI has not prescribed any particular AFA, the payments ecosystem has largely adopted SMS-based One Time Password (OTP).

The Reserve Bank of India will undertake a review regulatory framework for electronic trading platforms (ETPs) to enable market makers access offshore ETPs offering permitted Indian Rupee (INR) products.

In October 2018, the Reserve Bank had put in place a regulatory framework for electronic trading platforms (ETPs) for executing transactions in financial instruments regulated by it. Under the framework, which aimed to ensure fair access through transparent, safe, and efficient trading processes, robust trading infrastructures and prevent market abuse, thirteen ETPs operated by five operators have since been authorised.

Resident entities allowed to hedge price of gold in OTC segment in IFSC. RBI MPC has decided to allow resident entities to hedge price of gold in OTC segment in IFSC. Das noted that the exchange rate of Indian Rupee is market determined and that it has been the least volatile in 2023-24.

State Bank of India stock had hit a 52-week high today at ₹718.90 on the NSE. It currently trades at ₹704.70, higher by 4.36 per cent as of 12.07 pm on Thursday.

The stock had hit a 52-week low on March 27, 2023, at ₹501.55.

The bank’s board had earlier approved the acquisition of a 100 per cent stake held by SBI Capital Markets Limited in SBICAP Ventures Limited. 

SBI had reported a net profit for Q3FY24 at ₹9,164 crore after accounting for a one-time exceptional item of ₹7,100 crore.

Airtel expanded its retail in Bhopal with the launch of five new company-owned stores. The stores are located in neighborhoods including Aura Mall and Katara Hills, aims to offer services like Xstream and 5G Plus. Shares down by 0.14% to Rs 1133 on the BSE.

NSE nifty was down by 0.67% or 146 points to 21,783 points, while the BSE Sensex was at 71,645.62 down by 0.70% or 506.38 points at 12.11 pm

Major gainers on the NSE at 12:06 pm include - Power Grid corporation (5.22%), State Bank of India (4.37%),Bharat petroleum corporation (3.76%), Hindalco industries (2.14%), Tata consultancy services (0.99%).

Major losers include - Britannia industries (-3.31%), Tata consumer products (-2.95%), Axis Bank (-2.45%), ICICI Bank (-2.27%), Kotak Bank (-2.18%)

A total of 3,848 stocks were actively traded, 1,696 advanced, while 2,024 declined and 123 stocks remained unchanged where 465 stocks hit a 52 week high and 13 stocks hit a 52 week low at 12.03 pm on the BSE

Debopam Chaudhuri, Chief Economist at Piramal Group

“RBI has effectively addressed emerging concerns around continued high systemic liquidity deficit. The deficit since December is due to a confluence of seasonal and adhoc macro factors, and should ease on a sustainable basis over the next 2-3 months. With RBI’s continued intervention in managing call money rates at close to the repo rate, I don’t expect deficit to rise up to the highs of Rs 3 lakh crore+, on a durable basis, once again during the rest of 2024. A union budget focused on fiscal consolidation followed by RBI’s assurance to maintain comfortable liquidity levels should provide a breather to our debt markets, till the actual shift in monetary policy occurs during Q1 FY25.”

Atishay Ltd. secured contract worth ₹1.32 crore from The Jaipur Central Co-operative Bank for PACS digitization, marking expansion into Rajasthan post projects in Madhya Pradesh and Himachal Pradesh. The initiative involves supplying MicroATM devices to enhance agricultural sector financial services accessibility and efficiency. Shares up by 0.94% to ₹73.95 on the BSE.

The Reserve Bank of India (RBI) has projected FY25 GDP growth and CPI inflation at 7.0 per cent and 5.4 per cent, respectively.

Governor Shaktikanta Das said: “Looking ahead, recovery in rabi sowing, sustained profitability in manufacturing and underlying resilience of services should support economic activity in 2024-25.” 

Among the key drivers on the demand side, household consumption is expected to improve, while prospects of fixed investment remain bright owing to an upturn in the private capex cycle, improved business sentiments, healthy balance sheets of banks and corporates; and government’s continued thrust on capital expenditure.

Bank Nifty opened today’s session with a gap-up at 45,973 versus yesterday’s close of 45,819. It is now hovering around 45,400, down 0.9 per cent.

The advance/decline ratio stands at 4/8. State Bank of India, up 4 per cent, is the top gainer whereas Axis Bank, down 2.7 per cent, is the top loser.

The RBI has kept monetary policy unchanged, as broadly expected, with no change in interest rates or policy stance (Both with 5-1 voting). Further, the Governor again emphasized the importance of achieving a 4% inflation target.

The Bank forecasts real GDP growth at 7% in FY25, with inflation at 4.5% vs. 7% and 5.4%, respectively in FY24. (FY25 growth forecast has been revised up, keeping inflation broadly unchanged.)

Overall, there were no major announcements, hinting at an imminent easing. The RBI has been managing daily liquidity with overnight infusion, as and when required. We don’t see easy monetary policy anytime soon, especially with such strong growth.

Siemens Energy India Limited, a new subsidiary of Siemens, has been incorporated with an authorized share capital of Rs. 100,000 divided into 50,000 equity shares of Rs. 2 each. The entity, yet to commence operations, will focus on the energy business, potentially aligning with Siemens’ demerger plans as indicated earlier. Shares up by 0.26% to Rs 4257 on the BSE.

Tata Consultancy Services Ltd partners with Enento Group to modernise its IT infrastructure and digital workplace to enhance business agility and customer experience. TCS will utilise cloud and DevOps solutions to transform Enento’s IT applications, cloud, digital workplace, and IT security. Shares up by 0.55% to ₹4105 on the BSE.

The company has received a Letter of Intent from MG Motor India Pvt Ltd for opening a dealership in Mumbai, Maharashtra.

This business will include Sales and After Sales of MG Cars. This will be the Fifth MG Motor dealership of the Company within 6 months after Goa, Indore & Bhopal in Madhya Pradesh and Ahmedabad, Gujarat.

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We believe Landmark Cars is an excellent proxy play for the growing premiumization trend in the Indian passenger vehicle (PV) market. This recent inclusion aligns seamlessly with the company’s strategy to expand its footprint. 

We continue to hold a positive view on the stock with a target price of ₹950, an upside of 11% from current levels. 

In December 2023, the annual retail price inflation in India increased to 5.7%, as opposed to the 4.9% recorded in October. Headline inflation is still impacted by food price uncertainty. The MPC is still committed to keeping inflation within the 4 percent target range.

The Gross Domestic Product (GDP) increased by 7.3%, marking the third successive year in a row. The Monetary Policy Committee has maintained the status quo on the repo rate as inflation moderates in a resilient growing economy. 

Since inflation is moderating, economic activity is steady and oil prices are lower and India is poised to be the growth engine for the global economy the markets were expecting the repo rate to be unchanged at 6.5%. We believe markets in the near term will now be driven by upcoming earnings season and 2024 elections.

Markets have touched new highs, especially with earnings for the Q3FY24 coming healthy supporting the trajectory. Investors are bullish as they are favouring rate cuts in 2024 which will unanimously boost the equity markets. The banking sector is the most sensitive to changes in rate cycles and has been a major reason for incremental earnings in FY23 and in H1 of FY24 benefitting from the hikes and credit growth being robust and persistent. Prolonged rate cuts will eventually lead to narrowing NIM but we expect rate cuts to begin in the last quarter and hence the trend in the banking sector is likely to continue in FY24. NBFCs will be best positioned to benefit from cuts in rates as credit growth will improve followed by banks. Also, credit-sensitive sectors like auto and real estate will see higher demand.

As we had expected, the central bank has kept the repo rate unchanged maintaining the status quo. This has come following the global cues as food inflation stays high but overall inflation remains stable. 

The GDP forecast has been raised for the first quarter of FY25 to 7.2% following how the Indian economy has been growing beyond expectations. 

An unchanged repo gave way for some fleeting enthusiasm for the markets but we don’t see much significant impact, particularly in the long run. Equity investors should remain cautious as markets are volatile and this volatility is expected to continue.

In today’s monetary policy announcement, the Governor of the Reserve Bank of India emphasized two critical points. First, he highlighted the optimistic outlook for India, with robust growth projections and inflation being effectively managed. The decision to maintain a steady monetary stance is driven by a couple of strategic considerations. Firstly, with upcoming elections, it’s imperative to avoid inflationary pressures to ensure economic stability. Secondly, in light of the US Federal Reserve’s decision to maintain its current interest rates, any reduction in rates by India could lead to significant depreciation of the Indian Rupee. This careful approach underscores the RBI’s commitment to balancing growth aspirations with macroeconomic stability, particularly in the context of global financial dynamics.

With the decision to keep interest rates unchanged, the RBI aims to strike a balance between controlling inflation and supporting economic growth. This steady stance provides clarity and stability for investors and businesses, fostering an environment conducive to investment and planning.

For the financial markets, particularly the bond and equity markets, the unchanged interest rates signal continuity in borrowing costs, influencing investor sentiments. Equity markets may experience a boost as lower borrowing costs encourage corporate investments and consumer spending, potentially leading to higher stock valuations. However, bond markets might exhibit a subdued reaction as expectations for rate cuts are postponed.

In sectors sensitive to interest rate movements, such as real estate and automobiles, the unchanged policy could offer relief by maintaining affordability for borrowers. Additionally, sectors reliant on consumer spending, like retail and hospitality, may benefit from sustained consumer confidence resulting from stable borrowing costs.

Overall, the RBI’s policy decisions are anticipated to provide stability and support economic recovery, although the exact impact may vary across different segments of the economy. Investors and businesses alike will closely monitor subsequent developments to navigate their strategies in response to evolving market dynamics.

Nifty 50 opened today’s session higher at 22,010 versus yesterday’s close of 21,931. It is now hovering around 21,950, up 0.1 per cent.

While the benchmark Nifty 50 is now flat after beginning the session higher, the mid- and small-cap indices are in the green. Power Grid, up 5.2 per cent, is the top gainer in Nifty 50 whereas Britannia, down 2 per cent, is the top loser.

The MPC outcome is on expected lines only. RBI will continue to focus on aligning inflation towards its target of 4% which is expected to be attained by the June-August quarter. Inflation expectations for Q4 and Q1 have also been reduced. So the market may discount a rate cut possibility during the end of the 2nd quarter or 3rd quarter. The tight liquidity in the banking system may continue for some more time as the focus is on bringing down inflation towards 4%. Increased public debt globally has been cited as a concern and which is very important.

Ugro Capital Limited launched a public issue of secured NCDs, offering annualised yield up to 11.03% per annum, aiming to raise up to ₹20,000 lakhs. The issue, opening on February 8, 2024, and closing on February 21, 2024, seeks to strengthen the company’s lending capabilities in the SME and MSME sectors. Shares were up by 0.11% to ₹285.10 on the BSE.

NSE nifty was down by 0.27% or 59.65 points to 21,870.89 points, while the BSE Sensex was at 71,994.15 down by 0.23% or 157.05 points at 10.47 am

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

“The mother market US is setting new records and this provides the support to facilitate new records in India, too. The bulls are again on the front foot and will use any positive news to push the market forward.

The event which will be closely watched today would be what RBI says. No rate action is expected today, but the commentary from the central bank would be keenly watched. Positive comments on the economy and any signs of a dovish tone will be positive for the markets.

Even while enjoying this bull run in the market, investors should keep in mind the fact that market valuations are high and partial profit booking and moving some money to fixed income would be a safe strategy.”

Overweight Call, Target Rs 5,243

Volume Growth Improved To 5.5% In Q3 

Volume Growth As Management Took A 2-2.5% Price Cut During The Quarter 

Management Remained Focused On Driving High-single-digit To Low-double-digit Vol Growth

Buy Call, Target Rs 2,000 

Q3FY24 Sales/EBITDA/PAT Were In-line 

Domestic Business Delivered Strong Performance With 14% YoY Growth 

CDMO Sales Declined 7% YoY, But Mgmt Guided For Run Rate To Rebound In Q4 

EBITDA Margin Improved QoQ As Lower RM Prices Were Reflected In The Quarter 

Mgmt Guided For FY25 Margins At 25-27%

Neutral Call, Target Rs 679 

Q3 Saw Revenue Of Rs 3,520 Cr, Up 21% YoY, In-line 

EBITDA At `380 Cr Grew 12% YoY & Was A Marginal 1% Below Est 

EBITDA Margins Declined YoY At 10.8%, Marginally Below Est At 11% 

PAT Which Included Share Of Associates Grew 19% YoY To Rs 190 Cr 

Net Debt Increased Marginally To `1,290 Cr On Back Of Ongoing Growth Capex

Hold, TP Rs 2550 

Q4CY23 domestic sales grew by 8.9% y-o-y, largely in line with est., but sales growth has moderated sequentially 

While margin expansion led to an earnings beat, this was last qtr of a benign base; earnings growth to moderate now

Neutral, TP Rs 2500

4Q EBITDA broadly in line as gross margin beat was offset by higher other expenses (likely marketing spend). 

Raise CY24/25 EPS 1% 

See limited room for upside at current valuation (63x CY25E EPS)

EW, TP raised to Rs 3675 

3Q beat on top line & margins 

Believe unchartered execution on growth & profitability in F24 increases conviction in sustainability of growth, leading to upward earnings revisions 

Management commentary: Biz performance & growth momentum encouraging to continue with expansion agenda

HOLD, TP Rs3500 from Rs3050 

We sharply raise EPS forecasts again - admittedly, we underestimated the ramp-up in Zudio as well as mgmt execution 

We raise our FY24-26 EPS by 17-21% as we build in higher growth and margins 

The valuation keep us on the bay - maintain Hold 

Trent continues to surprise on the positive with significantly better than expected performance during 3QFY24 

Overall revenue growth came impressive on a normal base 

However, Ebitda margin came at an eight quarter high, partially led by better GM 

Consol GM saw a healthy ~90bps YoY increase to 44.1%, despite higher share of Zudio revenues (lower GM vs Westside), and was much better than estimates 

Zudio revenues more than doubled YoY on the back of ~40% YoY store adds and ~40% YoY growth in per-store revs. Zudio per-sqft rev is c.1.5x that of Westside and overall revenue pool is 1.3x, on our calculations. Zudio has a presence across 139 cities, with more than 4mt sqft of retail space across 460 stores.

O-P, TP Rs 1530 

3Q: All-round beat; Rev /EBITDA/PAT beat est. by 5%/23%/55% 

NA rev flat QoQ & grew 20% YoY in CC to $212m 

India formulations rev grew 13% YoY 

EMEA & RoW rev grew 36% & 26% YoY 

API biz revenue remained flat YoY

Buy, TP Rs 1900

Non deal road show takeaways 

1) Continued high focus on asset quality, profitable biz & market share gains in that order, 

2) Growth in core profitable biz likely to remain faster than industry 

3) Margin should gradually improve 

4) Branch expansion to continue at 10-20% on a rolling 12M basis, 

5) not targeting any loan growth number in near term, however plans to keep gaining market share over medium term

Neutral, TP Rs 1685

Management meet takeaways 

Intends to provide more clarity on outlook in April earnings call – by then, there should be better visibility into client budgets as well. 

Client sentiment hasn’t changed much so far 

Wants to be at top quartile on both growth & margins – management compensation is also designed with that in mind.

OW, TP Rs 1305 

Top line better than MSe across all three segments. 

Reported strong improvement in margins led by India branded F&B business. 

Growth businesses rose at 42% YoY & their share in India branded business rose to 17% vs. 13% in F3Q23

O-P, TP raised to Rs 285 

Key message from 3Q is that it has gained share in new bids in a much bigger market, driving its TBCB revenue win 68% YTD. 

Its rec. PAT grew 6% YoY in 3QFY24 

Expect its (RAC) equity Cagr to accelerate to 4% over FY24-26

Downgrade to hold, TP cut to Rs 860 from Rs 1140 

Soda ash fundamentals weaken & previously exceptional margins normalise; expect a brief period of rebalancing 

Like Co for its strong market positioning, FCF generation, & capacity expansion supporting growth

Downgrade to Reduce, TP Rs 3830 

Weak realizations owing to unfavorable mix; EBITDA/kg at Rs42, -18%/-15% y-y/q-q 

Delay in customer acquisitions impacting vol uptick 

HCMI penetration in mining industry at 20%; growth to come from metals 

Trading at 33.5x FY25F EPS

Buy, TP Rs 212 

Beat on higher yields, strong fee income; growth pick up in 4Q 

Co remains confident of delivering on 8-10% growth for gold biz in FY24 (YTD at 5.1%) 

In MFI biz, CE across key states (Bihar, Rajasthan) is yet to improve 

Buy, TP Rs 230 

In-line earnings; NIM expansion aided by higher yields 

Gold AUM growth remained muted, expected to recover in 4Q 

Co said it has answered all queries from SEBI & expects to receive approval for Asirvad MFI’s IPO soon 

The MPC outcome is on expected lines only. RBI will continue to focus on aligning inflation towards its target of 4% which is expected to be attained by the June-August quarter. Inflation expectations for Q4 and Q1 have also been reduced. So the market may discount a rate cut possibility during the end of the 2nd quarter or 3rd quarter. The tight liquidity in the banking system may continue for some more time as the focus is on bringing down inflation towards 4%. Increased public debt globally has been cited as a concern and which is very important.

The Reserve Bank of India on Thursday decided to keep the policy rate unchanged for the sixth time in a row as it maintains a tight vigil on inflation.

The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das on Thursday said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent.

He said MPC will remain watchful of food inflation so that the benefits gained are not frittered away.

RBI MPC 2024 Updates: Headline CPI remains high and has seen considerable volatility. Recurring food prices shocks could interrupt the ongoing disinflation process with risks that it could lead to de-anchoring of inflation expectations and generalisation of price pressures

The six-member monetary policy committee voted by 5:1 majority to keep the repo rate unchanged at 6.50 per cent in its last meeting of FY24 as retail inflation continues to be above its target of 4 per cent.

This is the sixth meeting on the trot that the MPC has maintained a status quo on the repo rate (the interest rate at which banks draw funds from RBI to overcome short-term liquidity mismatches).

Landmark Cars Ltd. secured a Letter of Intent from MG Motor India Pvt Ltd in Mumbai to establish a dealership through its subsidiary, Aeromark Cars Pvt Ltd, to expand its MG dealership network to five locations in six months. Shares were up by 0.82% to ₹854.40 on the BSE.

Yes Bank clarifies tie-up with LeRemitt for MSME cross-border transactions as part of normal business operations, stating the arrangement is at a nascent stage with no significant impact on business volumes or revenues. Shares up by 6.34% to ₹31.72 on the BSE.

Karur Vysya Bank receives RBI approval to exercise call option for Basel III Compliant Tier II Bonds worth ₹487 crore, with a coupon rate of 11.95% and a tenure of 10 years. Shares up by 1.60% to ₹187.60 on the BSE.

Representatives of Russia and the United Nations may meet this month for another round of talks on facilitating Russian agricultural and fertilizer exports, the RIA news agency cited Russian United Nations envoy, Gennady Gatilov, as saying.

Moscow blames last year’s collapse of the Black Sea grain deal that enabled the export of grains from Ukrainian ports on a lack of progress in clearing the way for its own exports.

Gatilov, who represents Russia at UN institutions based in Geneva, said Moscow insisted sanctions be lifted from companies and banks involved in Russian agricultural commodity exports, enabling them to work with insurers and purchase spare parts. - Reuters

Inox Wind Ltd. signed a binding framework agreement with CESC Limited for 1,500 MW capacity over 3-4 years. The deal encompasses turnkey execution for 1,000 MW and equipment supply with limited scope EPC for 500 MW, with post-commissioning O&M services provided by Inox Green Energy Services. Shares up by 2.24% to Rs 554.30 on the BSE.

NSE nifty was up by 0.25% or 53.30 points to 21,988.80 points, while the BSE Sensex was at 72,336.07 up by 0.26% or 174.57 points at 9.38 am

The Indian rupee gained on Thursday, aided by better risk appetite amid a pause in the dollar’s recent rally, with traders awaiting cues from the Reserve Bank of India’s (RBI) monetary policy decision.

The rupee was at 82.9025 as of 09:35 a.m. IST, up by 0.08% compared with its close of 82.9675 in the previous session.

The dollar index was little changed at 103.98 while most Asian currencies were rangebound save for the Indonesian rupiah, which rose 0.6%. - PTI

Major gainers on the BSE at 9.30 am include - Power Grid corporation (4.61%), Bharat petroleum corporation (2.24%), Indusind bank (1.52%), hindalco industries (1.41%), HCl technologies (1.27%)

Major losers include - Maruti Suzuki India (-1.29%), Tata consumer products (-0.40%), Britannia industries (-0.59%), Eicher motors (-0.41%), Asian paints (-0.90%)

Crude oil futures traded higher on Thursday morning as Israel rejected the ceasefire offer from Hamas. At 9.15 am on Thursday, April Brent oil futures were at $79.52, up by 0.39 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $74.11, up by 0.34 per cent. February crude oil futures were trading at ₹6152 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6131, up by 0.34 per cent; and March futures were trading at ₹6186 as against the previous close of ₹6162, up by 0.39 per cent.

Indian benchmark indices, namely the Sensex and Nifty, initiated the day on a positive note ahead of the RBI policy meeting. The 30-share BSE Sensex ascended by 227.35 points to reach 72,379.35 during early trading, while the NSE Nifty saw an increase of 65.45 points, reaching 21,995.95. 

Despite the global stock market surge, analysts predict a subdued market opening in anticipation of the RBI meeting, widely anticipated to maintain current interest rate levels. The focus remains on the RBI’s liquidity measures, with analysts expecting a continued stance of “withdrawal of accommodation” in the monetary policy. Additionally, attention is on companies releasing their results amid the backdrop of record US stock closures, which have spurred Asian market upswings, particularly in Chinese markets.

“Investors would continue to take cues from the earning season. Insurance giant LIC will announce results on Thursday where new business premium growth is expected to remain healthy,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

According to Ruchit Jain, Lead Research, 5Paisa.com, Around 63 per cent of FPI positions are still on the short side.

“The reaction post the RBI policy will be important to watch as a breakout on either side of the above mentioned range will signal the next directional move. Traders are advised to stay cautious for now and trade in the direction of the breakout,” he said.

(Nirmal Bang Retail Research)

Pre Sales came at Rs.1951.6cr vs QoQ Rs.1723.8cr YoY Rs.1424.7cr

Result improved

Revenue from Operations came at Rs. 684.9 Cr (-7.6% QoQ, -21.1% YoY) vs expectation of Rs. 942.9 Cr, QoQ Rs. 741.2 Cr, YoY Rs. 868.2 Cr

EBIDTA came at Rs. 74.1 Cr (-1.7% QoQ, -16.5% YoY) vs expectation of Rs. 104.2 Cr, QoQ Rs. 75.4 Cr, YoY Rs. 88.8 Cr

EBITDA Margin came at 10.8% vs expectation of 11.1%, QoQ 10.2%, YoY 10.2%

Adj. PAT came at Rs. 15.1 Cr vs expectation of Rs. 44.6 Cr, QoQ Rs. 14.9 Cr, YoY Rs. 31.8 Cr

Quarter EPS is Rs. 1.6

Stock is trading at P/E of 59.4x FY24E EPS

The Bengaluru-headquartered Jana Small Finance Bank’s public issue was subscribed 0.88 times on Day 1 of opening on Wednesday. The IPO received bids for 89.39 lakh shares as against an offer of 1.01 crore shares (net of anchor portion).

The IPO, which comes out with a price band of ₹393-414, will close on Friday. The lot size is 36 shares.

The public issue of Capital Small Finance Bank was subscribed 0.50 times, or 50 per cent, on Day 1 of the issue.

The ₹523-crore initial public offering of Capital Small Finance Bank, with a price band of ₹445-468, received bids for 40.83 lakh shares against an offer of 81.43 lakh shares (net off anchor investors). The issue will close on February 9 and the minimum lot size is 32 shares.

MS on Trent: Maintain Equal weight on Company, raise target price at Rs 3675/sh (Positive) 

Jefferies on Trent: Maintain Hold on Company, raise target price at Rs 3500/sh (Positive) 

MOSL on Trent: Maintain Buy on Company, raise target price at Rs 4200/sh (Positive) 

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

MOSL on Nestle: Maintain Buy on Company, target price at Rs 2400/sh (Positive) 

Jefferies on JB Pharma: Maintain Buy on Company, raise target price at Rs 2000/sh (Positive) 

UBS on HDFC Bank: Maintain Buy on Company, target price at Rs 1900/sh (Positive) 

MS on Tata Consumer: Maintain Equal weight on Company, raise target price at Rs 1305/sh (Positive) 

Citi on Power Grid: Maintain Buy on Company, raise target price at Rs 300/sh (Positive) 

Citi on Endurance: Maintain Buy on Company, raise target price at Rs 2300/sh (Positive) 

MOSL on Birla Corp: Maintain Buy on Company, target price at Rs 1800/sh (Positive) 

CLSA on January Life Insurance Data; Max life fastest followed by ICICI Pru Life (Positive) 

CLSA on Nazara Tech: Maintain Sell on Company, cut target price at Rs 570/sh (Neutral) 

Citi on Infosys: Maintain Neutral on Company, target price at Rs 1685/sh (Neutral) 

Emkay on Uno Minda: Maintain Reduce on Company, target price at Rs 650/sh (Neutral) 

Macquarie on Lupin: Maintain Outperform on Company, target price at Rs 1530/sh (Neutral) 

MS on Britannia: Maintain Overweight on Company, target price at Rs 5243/sh (Neutral) 

MS on Nestle: Maintain Underweight on Company, target price at Rs 1981/sh (Neutral)

07.00 China CPI y/y (Expected: -0.5% versus Previous: -0.3%) 

07.00 China PPI y/y (Expected: -2.6% versus Previous: -2.7%) 

10:00 India RBI Interest Rate Decision (Expected: 6.5% versus Previous: 6.5%) 

12:00 India RBI Press Conference

19:00 U.S. Unemployment Claims (Expected: 220K versus Previous: 224K)

S&P Global Inc. (Pre market) (Sector- Financial)

Philip Morris International Inc (Pre market) (Sector- FMCG)

Astrazeneca PLC (Pre market) (Sector- Healthcare)

Duke Energy Corporation (Pre market) (Sector- Energy)

Intercontinental Exchange Inc. (Pre market) (Sector- Financial)

Thomson Reuters Corp (Pre market) (Sector- Financial)

Transdigm Group Incorporated (Pre market) (Sector- Defence)

Brookfield Corporation (Pre market) (Sector- Financial)

Apollo Global Management, Inc. (Pre market) (Sector- Financial)

Ares Management Corporation(Pre market) (Sector- Financial)

BCE, Inc. (Pre market) (Sector- Telecom)

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

Zimmer Biomet Holdings, Inc. (Pre market) (Sector- Healthcare)

T. Rowe Price Group, Inc. (Pre market) (Sector- Financial)

DTE Energy Company (Pre market) (Sector- Energy)

ArcelorMittal (Pre market) (Sector- Metal)

Baxter International Inc. (Pre market) (Sector- Healthcare)

Kellanova (Pre market) (Sector- FMCG)

Dynatrace, Inc. (Pre market) (Sector- Technology)

Snap-On Incorporated (Pre market) (Sector- Capital Goods)

Kimco Realty Corporation (Pre market) (Sector- Realty)

Advanced Drainage Systems, Inc. (Pre market) (Sector- Service)

ITT Inc. (Pre market) (Sector- Capital Goods)

Motorola Solutions, Inc. (Post market) (Sector- Telecom)

DexCom, Inc. (Post market) (Sector- Healthcare)

Cloudflare, Inc. (Post market) (Sector- Technology)

Pinterest, Inc. (Post market) (Sector- Technology)

Illumina, Inc. (Post market) (Sector- Healthcare)

Expedia Group, Inc. (Post market) (Sector- Hotel)

FirstEnergy Corp. (Post market) (Sector- Energy)

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Ex-Dividend 09 February 2024 (Tomorrow)

Last date for Cum-Dividend Today 

Advani Hotels & Resorts (India) Ltd. 

Dividend Per Share Rs.2 

Previous day Closing Price – Rs. 159 

Aptus Value Housing Finance India Ltd 

Dividend Per Share Rs.2 

Previous day Closing Price – Rs. 371.35 

Bharat Electronics Ltd. 

Dividend Per Share Rs.0.7 

Previous day Closing Price – Rs. 181.7 

Dolat Algotech Ltd 

Dividend Per Share Rs.0.1 

Previous day Closing Price – Rs. 85.24 

GPT Infraprojects Ltd. 

Dividend Per Share Rs.1 

Previous day Closing Price – Rs. 184.45 

Greenpanel Industries Ltd 

Dividend Per Share Rs.1.5 

Previous day Closing Price – Rs. 387.45 

IB Infotech Enterprises Ltd. 

Dividend Per Share Rs.0.5 

Previous day Closing Price – Rs. 144.3 

Jubilant Ingrevia Ltd 

Dividend Per Share Rs.2.5 

Previous day Closing Price – Rs. 446.85 

KPIT Technologies Ltd 

Dividend Per Share Rs.2.1 

Previous day Closing Price – Rs. 1655.15 

MOIL Ltd. 

Dividend Per Share Rs.3.5 

Previous day Closing Price – Rs. 341.85 

Procter & Gamble Hygiene & Health Care Ltd. 

Special Dividend Per Share Rs.60 

Dividend Per Share Rs.100 

Previous day Closing Price – Rs. 16735.45 

PH Capital Ltd. 

Dividend Per Share Rs.0.25 

Previous day Closing Price – Rs. 160.1 

QGO Finance Ltd 

Dividend Per Share Rs.0.15 

Previous day Closing Price – Rs. 69.35 

Rites Ltd 

Dividend Per Share Rs.4.75 

Previous day Closing Price – Rs. 799.05 

Shanthi Gears Ltd. 

Dividend Per Share Rs.3 

Previous day Closing Price – Rs. 531.55 

Sun Pharmaceutical Industries Ltd. 

Dividend Per Share Rs.8.5 

Previous day Closing Price – Rs. 1496.15 

Transport Corporation Of India Ltd. 

Dividend Per Share Rs.2.5 

Previous day Closing Price – Rs. 950.7 

Triveni Engineering & Industries Ltd. 

Special Dividend Per Share Rs.2.25 

Dividend Per Share Rs.2.25 

Previous day Closing Price – Rs. 362.2 

Nestle India Ltd.: Net Revenue at Rs. 4600.4 crore, +8.1% YoY, and-8.7% QoQ. EBITDA at Rs. 1095.1 crore, +12.5% YoY and -10.6% QoQ. EBITDA Margin at 23.8%, +95 bps YoY and -51 bps QoQ. Net Profit at Rs. 655.6 crore, +4.4% YoY and -27.8% QoQ.

Power Grid Corporation Of India Ltd.: Net Revenue at Rs. 11549.8 crore, +2.6% YoY, and+2.5% QoQ. EBITDA at Rs. 10212.9 crore, +3.2% YoY and +3.1% QoQ. EBITDA Margin at 88.4%, +58 bps YoY and +48 bps QoQ. Net Profit at Rs. 3917.8 crore, +14.8% YoY and -0.6% QoQ. 

Trent Ltd.: Net Revenue at Rs. 3466.6 crore, +50.5% YoY, and+16.2% QoQ. EBITDA at Rs. 628.5 crore, +94.5% YoY and +37.7% QoQ. EBITDA Margin at 18.1%, +410 bps YoY and +282 bps QoQ. Net Profit at Rs. 370.6 crore, +139.4% YoY and +62.5% QoQ.

Tata Consumer Products Ltd.: Net Revenue at Rs. 3803.9 crore, +9.5% YoY, and+1.9% QoQ. EBITDA at Rs. 572.4 crore, +26.2% YoY and +6.6% QoQ. EBITDA Margin at 15%, +199 bps YoY and +66 bps QoQ. Net Profit at Rs. 301.5 crore, -17.3% YoY and -17.1% QoQ. 

Solar Industries India Ltd.: Net Revenue at Rs. 1429.1 crore, -21.1% YoY, and+6.1% QoQ. EBITDA at Rs. 356.2 crore, +1.9% YoY and +6% QoQ. EBITDA Margin at 24.9%, +564 bps YoY and -2 bps QoQ. Net Profit at Rs. 221.9 crore, +1.1% YoY and +6.2% QoQ.

Gujarat Fluorochemicals Ltd.: Net Revenue at Rs. 991.7 crore, -30.1% YoY, and+4.7% QoQ. EBITDA at Rs. 206.2 crore, -60.6% YoY and +26.4% QoQ. EBITDA Margin at 20.8%, -1611 bps YoY and +357 bps QoQ. Net Profit at Rs. 80.1 crore, -75.8% YoY and +51.9% QoQ. 

UNO Minda Ltd.: Net Revenue at Rs. 3522.9 crore, +20.8% YoY, and-2.7% QoQ. EBITDA at Rs. 379.6 crore, +12.2% YoY and -5.5% QoQ. EBITDA Margin at 10.8%, -83 bps YoY and -31 bps QoQ. Net Profit at Rs. 205.1 crore, +17.9% YoY and -13.7% QoQ.

AIA Engineering Ltd.: Net Revenue at Rs. 1169.2 crore, -4.7% YoY, and-9.7% QoQ. EBITDA at Rs. 311.2 crore, -14.9% YoY and -18.6% QoQ. EBITDA Margin at 26.6%, -319 bps YoY and -289 bps QoQ. Net Profit at Rs. 279.9 crore, -20.6% YoY and -13.6% QoQ. 

Manappuram Finance Ltd.: NII at Rs. 1556.6 crore, +35.4% YoY and +6.1% QoQ. Net Profit at Rs. 575.3 crore, +46.2% YoY and +2.6% QoQ.

Firstsource Solutions Ltd.: Net Revenue at Rs. 1596.6 crore, +6.1% YoY, and+3.7% QoQ. EBITDA at Rs. 237.1 crore, +13.1% YoY and +3.6% QoQ. EBITDA Margin at 14.9%, +92 bps YoY and -1 bps QoQ. Net Profit at Rs. 128.7 crore, -18.5% YoY and +1.8% QoQ. 

HBL Power Systems Ltd.: Net Revenue at Rs. 599.3 crore, +80.2% YoY, and+7.7% QoQ. EBITDA at Rs. 113.2 crore, +194.8% YoY and +12.2% QoQ. EBITDA Margin at 18.9%, +734 bps YoY and +77 bps QoQ. Net Profit at Rs. 79.0 crore, +235.6% YoY and +15.5% QoQ.

Kalpataru Projects International Ltd.: Net Revenue at Rs. 4896.0 crore, +22.3% YoY, and+8.4% QoQ. EBITDA at Rs. 424.0 crore, +13.4% YoY and +14.6% QoQ. EBITDA Margin at 8.7%, -68 bps YoY and +47 bps QoQ. Net Profit at Rs. 144.0 crore, +32.1% YoY and +60% QoQ. 

Sobha Ltd.: Net Revenue at Rs. 684.9 crore, -21.1% YoY, and-7.6% QoQ. EBITDA at Rs. 74.1 crore, -16.5% YoY and -1.7% QoQ. EBITDA Margin at 10.8%, +59 bps YoY and +64 bps QoQ. Net Profit at Rs. 15.1 crore, -52.6% YoY and +0.9% QoQ. 

Safari Industries (India) Ltd.: Net Revenue at Rs. 388.3 crore, +28.3% YoY, and+4.9% QoQ. EBITDA at Rs. 68.2 crore, +24% YoY and +7.5% QoQ. EBITDA Margin at 17.6%, -61 bps YoY and +41 bps QoQ. Net Profit at Rs. 42.9 crore, +24.5% YoY and +7.9% QoQ.

Varroc Engineering Ltd.: Net Revenue at Rs. 1884.6 crore, +9.4% YoY, and-0.1% QoQ. EBITDA at Rs. 173.1 crore, +28.7% YoY and -7.5% QoQ. EBITDA Margin at 9.2%, +138 bps YoY and -73 bps QoQ. Net Profit at Rs. 383.9 crore, +1662.8% YoY and +589% QoQ. 

Electronics Mart India Ltd.: Net Revenue at Rs. 1788.7 crore, +20.7% YoY, and+36.2% QoQ. EBITDA at Rs. 115.3 crore, +58.4% YoY and +19.3% QoQ. EBITDA Margin at 6.4%, +153 bps YoY and -91 bps QoQ. Net Profit at Rs. 45.8 crore, +108.9% YoY and +22.4% QoQ.

Star Cement Ltd.: Net Revenue at Rs. 651.4 crore, +5.5% YoY, and+11.3% QoQ. EBITDA at Rs. 148.8 crore, +37.2% YoY and +50.9% QoQ. EBITDA Margin at 22.8%, +527 bps YoY and +600 bps QoQ. Net Profit at Rs. 73.5 crore, +39% YoY and +80.8% QoQ.

Religare Enterprises Ltd.: Net Revenue at Rs. 1510.6 crore, +29.6% YoY, and-4.7% QoQ. EBITDA at Rs. 55.8 crore, -61.5% YoY and -45% QoQ. EBITDA Margin at 3.7%, -875 bps YoY and -270 bps QoQ. Net Profit at Rs. 33.6 crore, Rs. -95.5 crore YoY and -16.8% QoQ. 

FDC Ltd.: Net Revenue at Rs. 458.2 crore, +11.9% YoY, and-5.8% QoQ. EBITDA at Rs. 83.8 crore, +70.2% YoY and +9.6% QoQ. EBITDA Margin at 18.3%, +626 bps YoY and +257 bps QoQ. Net Profit at Rs. 79.2 crore, +94.5% YoY and +13.4% QoQ.

Bharti Airtel Q3-FY24 revenue grew at a moderate pace of 5.9 per cent y-o-y/2.3 per cent q-o-q to ₹37,900 crore, mainly driven by the Indian businesses. Mobile Service India grew by 11.8 per cent y-o-y accounting for 57.1 per cent of its overall revenue; Mobile Services Africa revenue declined by 7.1 per cent y-o-y and accounted for 27.2 per cent of its consolidated revenue while the remaining 15.7 per cent was from non-mobile business. It’s Adj. PAT after minority interest grew by 53.8 per cent y-o-y to ₹2,442 crore.

We initiate coverage on Pricol with Buy and about 32 per cent upside at 25x Dec-25E PER; we believe the stock price can potentially double in three years. Pricol’s strong market position in Driver Information Systems (DIS; about 65 per cent, revenue mix; 50/70/90 per cent market share in 2Ws/CVs/off-highway) with strong global and local digitization trends (democratisation of TFT screens) offers an attractive play on the multi-year premiumisation theme.

Revenue down 30.77% at Rs 150.68 crore vs Rs 217.64 crore.

Ebitda down 28.93% at Rs 33.07 crore vs Rs 46.53 crore. 

Margin expands 56 bps at 21.94% vs 21.37%. 

Net profit down 31.02% at Rs 23.99 crore vs Rs 34.78 crore. 

Revenue up 16.78% at Rs 2,509.79 crore vs Rs 2,148.99 crore (Bloomberg estimate: Rs 2,281.45 crore).

Ebitda up 35.5% at Rs 510.92 crore vs Rs 377.05 crore (Bloomberg estimate: Rs 366.65 crore). 

Margin expands 281 bps to 20.35% vs 17.54% (Bloomberg estimate: 16.10%). 

Net profit up 20.56% at Rs 498.91 crore vs Rs 413.8 crore (Bloomberg estimate: Rs 359.15 crore). 

Revenue down 13.51% at Rs 203.86 crore vs Rs 235.69 crore (Bloomberg estimate: Rs 261.40 crore).

EBIT loss at Rs 9.27 crore vs profit of Rs 71.6 crore. 

Net profit down 53.53% at Rs 15.23 crore vs Rs 32.78 crore (Bloomberg estimate: Rs 33.10 crore). 

Revenue up 55.88% at Rs 191.9 crore vs Rs 123.1 crore.

Ebitda up 95.55% at Rs 34.3 crore vs Rs 17.54 crore. 

Margin up 362 bps at 17.87% vs 14.24%. 

Net profit up 548.69% at Rs 44.89 crore vs Rs 6.92 crore. 

Revenue up 35.85% at Rs 2,657.12 crore vs Rs 1,955.82 crore (Bloomberg estimate: Rs 1,752.60 crore).

Ebitda up 21.93% at Rs 596.98 crore vs Rs 489.6 crore (Bloomberg estimate: Rs 166.50 crore). 

Margin contracts 256 bps to 22.46% vs 25.03% (Bloomberg estimate: 9.50%). 

Net profit down 20.64% at Rs 109.81 crore vs Rs 138.37 crore (Bloomberg estimate: Rs 87.50 crore). 

Revenue up 2.68% at Rs 6,595.36 crore vs Rs 6,422.75 crore.

Ebitda up 32.26% at Rs 1,208.1 crore vs Rs 913.37 crore. 

Margin expands 409 bps to 18.31% vs 14.22%. 

Net profit up 78.13% at Rs 496.63 crore vs Rs 278.79 crore. 

Revenue down 6.09% at Rs 353.56 crore vs Rs 376.47 crore.

Ebitda up 14.74% at Rs 94.54 crore vs Rs 82.39 crore. 

Margin up 485 bps at 26.73% vs 21.88%. 

Net profit up 36.71% at Rs 46.62 crore vs Rs 34.1 crore. 

Revenue up 34.3% at Rs 330 crore vs Rs 245.8 crore.

Ebitda up 8.2% at Rs 20.24 crore vs Rs 18.71 crore. 

Margin down 148 bps at 6.1% vs 7.6%. 

Net loss at Rs 15.89 crore vs profit at Rs 5.84 crore. 

Revenue down 21.89% at Rs 2,088 crore vs Rs 2,673 crore.

Ebitda down 80.87% at Rs 84 crore vs Rs 439 crore. 

Margin down 1240 bps at 4.02% vs 16.42%. 

Net profit down 70.24% at Rs 97 crore vs Rs 326 crore.

Revenue down 4.9% at Rs 448.7 crore vs Rs 471.6 crore.

Ebitda up 10.9% at Rs 95.68 crore vs Rs 86.25 crore. 

Margin expands 303 bps to 21.3% vs 18.3%. 

Net profit up 10.6% at Rs 52.76 crore vs Rs 47.69 crore. 

Revenue up 22.3% at Rs 4,896 crore vs Rs 4,004 crore.

Ebitda up 13.4% at Rs 424 crore vs Rs 374 crore. 

Margin down 68 bps at 8.7% vs 9.3%. 

Net profit up 32.1% at Rs 144 crore vs Rs 109 crore. 

Total income up 31.5% at Rs 1,537.2 crore vs Rs 1,168.6 crore.

Net profit at Rs 33.58 crore vs loss at Rs 95.55 crore. 

Other income includes interest income tax refund of Rs 25.94 crore.

Revenue up 3.2% at Rs 975.1 crore vs Rs 944.9 crore (Bloomberg estimate: Rs 1,030.56 crore).

Ebitda up 23.1% at Rs 183.4 crore vs Rs 149 crore (Bloomberg estimate Rs 192.20 crore). 

Margin expands 303 bps to 18.8% vs 15.8% (Bloomberg estimate: 18.70%). 

Net profit up 38.6% at Rs 87.3 crore vs Rs 63 crore (Bloomberg estimate: Rs 67.85 crore). 

Total income up 34.1% at Rs 2,326.7 crore vs Rs 1,734.5 crore.

Net profit up 46.2% at Rs 575.3 crore vs Rs 393.5 crore (Bloomberg estimate: Rs 467.30 crore).

Revenue up 5.5% at Rs 651.4 crore vs Rs 617.2 crore (Bloomberg estimate: 649.7 crore).

Ebitda up 37.2% at Rs 148.8 crore vs Rs 108.4 crore (Bloomberg estimate: Rs 129.6 crore). 

Margin expands 527 bps to 22.8% vs 17.6%. 

Net profit up 39.1% at Rs 73.52 crore vs Rs 52.87 crore (Bloomberg estimate: Rs 64 crore).

Revenue up 2.55% at Rs 11,549.8 crore vs Rs 11,261.8 crore (Bloomberg estimate: Rs 11,438.44 crore).

Ebitda up 3.22% at Rs 10,212.9 crore vs Rs 9,893.5 crore (Bloomberg estimate: Rs 9,950.12 crore). 

Margin expands 57 bps to 88.42% vs 87.85% (Bloomberg estimate: 87%). 

Net profit up 10.5% at Rs 4,028.3 crore vs Rs 3,645.3 crore (Bloomberg estimate Rs 3,731.65 crore). 

Revenue down 21.1% at Rs 684.9 crore vs Rs 868.2 crore (Bloomberg estimate: Rs 942.92 crore).

Ebitda down 16.5% at Rs 74.08 crore vs Rs 88.75 crore (Bloomberg estimate: Rs 104.20 crore). 

Margin expands 59 bps to 10.8% vs 10.2% (Bloomberg estimate: 11.10%). 

Net profit down 52.6% at Rs 15.08 crore vs Rs 31.81 crore (Bloomberg estimate Rs 44.62 crore). 

Revenue up 20.24% at Rs 5,197.41 crore vs Rs 4,322 crore (Bloomberg estimate: Rs 4,861.11 crore).

Ebitda up 94.85% at Rs 1,037.94 crore vs Rs 532.67 crore (Bloomberg estimate: Rs 872.67 crore). 

Margin expands 764 bps to 19.97% vs 12.32% (Bloomberg estimate: 18%). 

Net profit up 299.5% at Rs 613.12 crore (Bloomberg estimate: Rs 433.29 crore). 

ADVERTISING Revenue up 9.47% at Rs 3,803.9 crore vs Rs 3,474.6 crore (Bloomberg estimate Rs 3,811.86 crore).

Ebitda up 26.13% at Rs 572.4 crore vs Rs 453.8 crore (Bloomberg estimate: Rs 549.46 crore). 

Margin expands 198 bps to 15.04% vs 13.06% (Bloomberg estimate: 14.40%). 

Net profit down 17.26% at Rs 301.5 crore vs Rs 364.4 crore (Bloomberg estimate: Rs 349.84 crore). Profit miss on back of loss of Rs 91.53 crore exceptional item. 

3M India, Aarti Industries, Apollo Hospitals Enterprise, Aster DM Healthcare, Astra Microwave Products, AstraZeneca Pharma India, Balmer Lawrie, Balrampur Chini Mills, Black Box, Mrs. Bectors Food Specialities, BEML, Biocon, Bombay Dyeing, Car Trade Tech, Concord Biotech, DCX Systems, Electrosteel Castings, ESAB India, ESAF Small Finance Bank, Escorts Kubota, Gabriel India, Grasim Industries, Greaves Cotton, Garware Hi-tech Films, GTL Infrastructure, Harsha Engineer, Hindustan Construction, Healthcare Global Enterprise, Hikal, HMA Agro Industries, Hindustan Foods, Honeywell Automation,

IKIO Lighting, Imagicaaworld Entertainment, Indian Shelter Finance Corp, Ircon International, ITD Cementation, Jai Corp, JK Lakshmi Cement, KNR Construction, Life Insurance Corp, Global Health, MMTC, MSTC, Mukand, NCC, Neuland Laboratories, Orchid Pharma, Page Industries, PaTANJALI foods, Power Finance Corp, Precision Wire, The Ramco Cements, Ratnamani Metals and tubes, Rattanindia Enterprises, Rail Vikas Nigam, Saksoft, Sandhar Technologies, Sandhur Manganese and Iron ores, Schneider Electric Infrastructure, Sharda Motors, Shipla Medicare, Siyaram Silk Mills, SKF India, Surya Roshni, Thermax, Torrent Power, United Breweries, Uniparts India, Venky’s India, Wonderla Holidays, Zomato, and Zydus Wellness. 

Rate-sensitive stocks: The RBI will announce the decision of its Monetary Policy Committee meeting on Thursday. Banking and finance, auto, housing and real estate stocks will be in focus. 

Welspun Enterprise: The company emerged as the lowest bidder for the development of a 2,000 million-litre per-day water treatment plant from the Brihanmumbai Municipal Corp.

Bharat Petroleum Corp: The company’s joint venture, Petronet LNG, executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA of liquified natural gas on a long-term basis. 

Zomato: The company intimated the liquidation of two step-down subsidiaries

in Vietnam and the Czech Republic.

ONGC: The company formed a joint venture pact with NTPC Green for renewable energy, 

Indraprastha Gas: The company signed a Memorandum of Understanding with two technology partners during India Energy Week 2024 to establish CBG plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh.

Ashoka Buildcon: The company received a Letter of Award worth Rs 520 crore from the National Highways Authority of India for a project in Bihar. 

Piramal Pharma: The U.S. FDA conducted a pre-approval inspection of the company’s U.S.-based facility from Jan. 29 to Feb. 6 and found three observations.

Action Construction Equipment: The company will purchase land worth Rs 82 crore for further capacity and business expansion. 

SJVN: The company received a Letter of Intent from Gujarat Urja Vikas Nigam for a 200 MW solar power project.

Bajaj Alliance: The company reported a total new business premium of Rs 951 crore in January and a gross direct premium of Rs 1,975 crore. 

Mangalore Chemicals & Fertilizers Ltd: The company’s board has approved merger with the Paradeep Phosphate Ltd.

Rashi Peripherals: The public issue was subscribed to 1.09 times on day 1. The bids were led by non-institutional investors (1.87 times), retail investors (1.36 times), and a portion reserved for employees (5.42 times) and institutional investors (0.01 times).

Jana Small Finance Bank: The public issue was subscribed to 0.88 times on day 1. The bids were led by non-institutional investors (1.22 times), retail investors (1.20 times), and institutional investors (0.14 times). 

Capital Small Finance Bank: The public issue was subscribed to 0.5 times on day 1. The bids were led by non-institutional investors (0.38 times), retail investors (0.67 times), and institutional investors (0.29 times). 

Apeejay Surrendra Park Hotels: The public issue was subscribed to 59.66 times on day 3. The bids were led by institutional investors (75.14 times), non-institutional investors (52.41 times), and retail investors (30.35 times). 

BSE: Marshall Wace Investment Strategies - Systematic Alpha Plus Fund sold 0.88 lakh shares (0.06%), while Societe Generale bought 0.88 lakh shares (0.06%) at Rs 2,469.35 apiece. 

Indus Tower: Artisan International Value Fund sold 3.33 crore shares (1.23%) at Rs 215.1 apiece.

Knowledge Marine and Engineering Works: Kanak Sujay Kewalramani sold 3.4 lakh shares (3.14%) at Rs 1,572.03 apiece and Saurabh Mukesh Daswani sold 0.75 lakh shares (0.69%) at Rs 1,602.19 apiece. 

Dhanlaxmi Bank: Agnus Capital LLP sold 17.98 lakh shares (0.71%) at Rs 47.98 apiece.

Inox Green Energy Services: Promoter Inox Wind revoked a pledge of 11 lakh shares on Feb. 7.

Price band revised from 20% to 10%: UCO Bank, Indian Overseas Bank. 

Price band revised from 10% to 5%: Man Industries, Shakti Pumps. 

Ex/record date dividend: Shree Cement, Vaibhav Global, Gillette India, Ajanta Pharma, IRB Infrastructure Developers, ITC. 

Moved into short-term ASM framework: Swelect Energy Systems.

Moved Out of short-term ASM framework: Allcargo Terminals, Infibeam Avenues.

1 ASHOKLEY

2 BALRAMCHIN

3 DELTACORP

4 HINDCOPPER

5 INDIACEM

6 INDUSTOWER

7 NATIONALUM

8 SAIL

9 UPL

10 ZEEL

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 603.7 Cr (-8.9% QoQ, -12.8% YoY) vs QoQ Rs. 662.5 Cr, YoY Rs. 692.7 Cr

EBIDTA came at Rs. 57.7 Cr (26.2% QoQ, 18.1% YoY) vs QoQ Rs. 45.8 Cr, YoY Rs. 48.9 Cr

EBITDA Margin came at 9.6% vs QoQ 6.9%, YoY 7.1%

Adj. PAT came at Rs. 38.6 Cr vs QoQ Rs. 32.3 Cr, YoY Rs. 16.8 Cr

Quarter EPS is Rs. 5.1

Stock is trading at P/E of 20.7x TTM EPS

3M India Ltd. (3M IN) 3Q

Aarti Industries Ltd. (ARTO IN) 3Q 1.09b (13)

Apollo Hospitals Enterprise Lt (APHS IN) 3Q 2.56b (13)

Aster DM Healthcare Ltd. (ASTERDM IN) 3Q 734m (2)

AstraZeneca Pharma India Ltd. (ASTR IN) 3Q

Balrampur Chini Mills Ltd. (BRCM IN) 3Q 643m (3)

Biocon Ltd. (BIOS IN) 3Q 1.53b (8)

Esab India Ltd. (ESAB IN) 3Q

Escorts Kubota Ltd. (ESCORTS IN) 3Q 2.72b (10)

Global Health Ltd/India (MEDANTA IN) 3Q 1.16b (5)

Grasim Industries Ltd. (GRASIM IN) 3Q 1.99b (4)

Honeywell Automation India Ltd. (HWA IN) 3Q 1.4b (4)

Ircon International Ltd. (IRCON IN) 3Q

JK Lakshmi Cement Ltd. (JKLC IN) 3Q 1.27b (10)

KNR Constructions Ltd. (KNRC IN) 3Q 976m (11)

Life Insurance Corp. of India (LICI IN) 3Q

MMTC Ltd. (MMTC IN) 3Q

NCC Ltd/India (NJCC IN) 3Q 1.92b (7)

Page Industries Ltd. (PAG IN) 3Q 1.6b (12)

Patanjali Foods Ltd. (PATANJAL IN) 3Q

Power Finance Corp. (POWF IN) 3Q

Rail Vikas Nigam Ltd. (RVNL IN) 3Q

Ramco Cements Ltd. (TRCL IN) 3Q 1.34b (13)

Ratnamani Metals & Tubes Ltd. (RMT IN) 3Q

SKF India Ltd. (SKF IN) 3Q

Thermax Ltd. (TMX IN) 3Q 1.54b (9)

Torrent Power Ltd. (TPW IN) 3Q

United Breweries Ltd. (UBBL IN) 3Q 1.13b (6)

Zomato Ltd. (ZOMATO IN) 3Q 861m (13)

Zydus Wellnes Ltd. (ZYWL IN) 3Q 210m (6)

In January 2024, China’s consumer prices decreased by 0.8% year over year, which was the longest decline since October 2009. This was the fourth consecutive month of declines. The data indicated the steepest decline in over 14 years, which was worse than the 0.5% decline predicted by the market. The CPI increased by 0.3% on a monthly basis, marking the second consecutive month of growth and reaching its highest point since August of last year. Consumer prices increased by 0.2% in 2023.

The board of directors of Mangalore Chemicals and Fertilizers Limited and Paradeep Phosphates Limited have approved a composite scheme of arrangement for the merger of MCFL with and into PPL, marking a strategic move of consolidation for both the companies. This proposed merger transaction aims at taking their respective businesses to the next level of growth by consolidating the business operations of both the companies to become a larger entity. The merger transaction is inter alia subject to the approval of the National Company Law Tribunal(s), shareholders and creditors of MCFL and PPL, and the Competition Commission of India. Upon the scheme of arrangement becoming effective, all shareholders of MCFL (as of a particular record date) will be issued shares of PPL in the ratio of 187 equity shares of PPL for every I 00 equity shares of MCFL. The new shares of PPL so issued to the shareholders of MCFL will be listed on both, the National Stock Exchange of India Limited and the BSE Limited.

NPS assets soar to ₹11.26-lakh crore, marking a 29% y-o-y growth, fuelled by market momentum

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

Apollo Tyres’ stock has been on an uptrend since November last year. Back then, it bounced off the support at ₹370 and established a rally. After some consolidation towards the end of last month, the scrip has resumed moving up over the last week. Even though there was an intraday price correction on Wednesday, there is no threat for the uptrend.

Ashok Leyland: Shenu Agarwal, MD CEO

Medium-Term Outlook Is Positive, Have Incremental Orders Of 1000+ EV Buses: Ashok Leyland

https://www.youtube.com/watch?v=UFC3jkB3ODo

Azad Engineeri: Vishnu Malpani, Whole-Time Director

Azad Engineering Q3 Fineprint; Aerospace, Defence Segments lead Growth

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

Guj Flourochem: Bir Kapoor, MD

Planning To Invest Close To ?6,000 Cr In The Battery Chem Space In Next 4-5 Yrs: Gujarat Fluoro

https://www.youtube.com/watch?v=-sJgCq7shEg

Godrej Prop: Gaurav Pandey, CEO

Our Focus Will Shift From Asset Acquisition To Execution In Near Term: Godrej Properties

https://www.youtube.com/watch?v=7yeb9SbwnNs

Go Fashion (India): Gautam Saraogi, ED & CEO

Will Sustain Gross Margin Between 61-62% Going Forward & EBITDA Margin Will Be 31%: Go Fashion

https://www.youtube.com/watch?v=175zuzoI7-M

HSIL: Sandeep Sikka, CFO

Demand Fluctuation Should Moderate, Margin At 24% Will Sustain: AGI Greenpac

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

Akzo Nobel: Rajiv Rajgopal, MD

Akzo Nobel Q3: Crosses ?1 Cr Revenue For The 1st Time

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

Insecticides: Rajesh Aggarwal, MD

Aim To Grow By 15% In FY24 & Will Continue To See Momentum In FY25: Insecticides Ltd

https://www.youtube.com/watch?v=5qXBeS_DLI8

Jana Small Fin: Ajay Kanwal, MD

Working Hard To Get CASA From 20.5 To A Higher Number: Jana Small Fin Bank

https://www.youtube.com/watch?v=tlj5Yy4K_Xg

JK Tyre and Indu: Anuj Kathuria, President

JK Tyre Q3: Volume Expansion Boost PAT

https://www.youtube.com/watch?v=zGV4zpzVjm8

Events today…

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

Results today…

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

Replays available at www.researchbytes.com

07/02/24

📌 Market Levels

BSE Sensex: 72152.00 (-34.09)

Nifty 50: 21930.50 (+1.10)

NIFTY MID CAP 100: 49352.05 (+367.40)

NIFTY SMALL CAP 100: 16566.20 (+116.85)

📌 Index PE & PBV

SENSEX PE / PBV : 24.71 / 3.66

NIFTY 50 PE / PBV : 

22.66 / 3.84

NIFTY MIDCAP 100 PE / PBV : 26.13 / 3.95

NIFTY SMALLCAP 100 PE / PBV : 30.25 / 4.09

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: (1691.02 crs) / (2888.51 Crs)

DII Activity: 327.73 crs / 3570.96 crs

📌 Volatility Index

India VIX - 15.50

📌 Commodities

Brent Crude: $79.26

Gold USD Oz/10 gm: $2031.06 = INR 62401

Silver: INR 70204

📌 Currency

Rs/$: 82.97

US Dollar Index (DXY) - 104.08

📌 10 Year Yield

7.26% GOI 2033: 7.10% (Old)

7.18% GOI 2033: 7.07% (New)

US 10 Yr Yield - 4.13% 

Nifty top 5 Gainers:

• SBI: 675.25 (+25.00) 

• Grasim: 2,111.50 (+45.50) 

• JSW Steel: 836.60 (+17.85) 

• HDFC Life: 605.15 (+12.40) 

• Axis Bank: 1,069.10 (+19.05) 

Nifty top 5 losers:

• TechM: 1,318.00(-33.05 ) 

• Power Grid Corp: 267.95 (-6.30) 

• Infosys: 1,693.75(-35.70 ) 

• Adani Ports: 1,255.65 (-17.45 ) 

• TCS: 4,083.40 (-52.60)

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

Asian markets opened on a positive note Thursday, buoyed by the S&P 500’s fresh record close, edging closer to the significant milestone of 5,000. 

In early trading, Japan’s Nikkei 225 surged by 0.72%, or 258.41 points, to 36,378.33, while the broader Topix index saw a marginal decline of 0.09%, shedding 2.41 points to reach 2,547.54. South Korea’s KOSPI rose by 0.43%, adding 11.33 points to trade at 2,620.91, and Australia’s S&P/ASX 200 index gained 0.31%, or 23.30 points, reaching 7,639.10.

Wednesday’s session on Wall Street witnessed a rise in major indexes, with the S&P 500 notching a new closing high, reflecting investor optimism over robust U.S. earnings and Federal Reserve signals on interest rates. The Dow Jones Industrial Average climbed by 156.00 points, or 0.40%, closing at 38,677.36, while the S&P 500 surged by 40.83 points, or 0.82%, reaching 4,995.06. The Nasdaq Composite also gained by 147.65 points, or 0.95%, closing at 15,756.64. Although the S&P set another record high, the Nasdaq remained approximately 2% below its peak close of 16,057.44 from November 2021.