Share Market Highlights 13 February 2024: Sensex climbs 482 pts; Nifty settles above 21,700; banking stocks shine

Benchmark indices Sensex and Nifty rebounded on Tuesday on buying in banking, financial services and IT sector stocks.

The BSE Sensex surged 482.70 points or 0.68 per cent to settle at 71,555.19. The gauge moved between the day’s high of 71,662.74 and a low of 70,924.30 during intra-day.

The NSE Nifty also soared 127.20 points or 0.59 per cent to close at 21,743.25.

As many as 25 stocks of the 30-share barometer settled in green while 11 constituents of Nifty50 closed the session with losses.

ICICI Bank, Axis Bank, Wipro, Kotak Mahindra Bank and NTPC were among the major gainers in the Sensex pack.

The rupee settled flat at 83 against the US dollar on Tuesday, as the support from a rally in domestic equities was negated by a strong greenback overseas and rising crude oil prices.

At the interbank foreign exchange, the rupee opened at 83 against the dollar, and touched an intraday high of 82.98 and a low of 83.02.

The rupee finally settled at 83.00 (provisional), unchanged from its previous close.

Earlier today the shares traded slightly higher on the bourses after data showed India’s retail inflation softened to a three-month low of 5.1% in January on moderating food price growth. A separate data revealed that India’s industrial output rose at a faster-than-expected pace of 3.8% on annual basis in December after easing sharply in the previous month. The benchmark S&P BSE Sensex rose 245 points, or 0.4%, to 71,320 in early trade, while the broader NSE Nifty index was up 48 points, or 0.2%, at 21,664. Coal India rose over 5% after reporting an increase in Q3 consolidated net profit. Hindalco Industries plunged nearly 12% ahead of its earnings results due later in the day. Oil edged up slightly after ending roughly flat on Monday amid demand worries and uncertainty about the pace of potential U.S. interest-rate cuts. The dollar held steady ahead of U.S. CPI data later in the day that could provide more clues on the timing of interest rate cuts in the U.S.

The 50 index witnessed a jittery start to the trading session and marked the day’s low at 21543 within the opening minutes. The price action witnessed a pullback allowing not only to close in the upper quartile of the trading range but also reclaiming the 20DMA on relatively higher volume. On the sectoral front, all other indices closed in the green, barring metals and media. The market breadth stood stronger as 36 Nifty stocks closed in the green.

“The domestic market largely recovered from yesterday’s losses, driven by gains in the banking sector. Improved sentiment stemmed from a decline in domestic inflation, which is expected to boost rural demand. Despite this, broader markets continued to underperform compared to frontline indices due to high valuations. However, investors remained cautious ahead of U.S. inflation data, anticipating a moderation, pivotal for the Fed’s interest rate trajectory.”

NTPC has declared commercial operation of the first part capacity of 14 MW out of 40 MW Ayodhya Solar PV Project (Uttar Pradesh) of NTPC Green Energy Limited, a wholly-owned subsidiary of NTPC Limited, w.e.f. January 27, 2024.

Thejo Engineering has reported its standalone net profit for the quarter ended Dec 2023 at ₹11.54 crore as against ₹7.64 crore in Dec 2022 quarter.

Stock surges 5% on the NSE, trading at ₹1,894.90.

Shaily Engineering Plastics has reported its standalone net profit for the quarter ended Dec 2023 at ₹6.22 crore as against ₹4.46 crore in Dec 2022 quarter

Stock rose by 1.36% on the NSE, trading at ₹400.10.

Infosys has announced its collaboration with Pacific International Lines (PIL), Singapore-based shipping company, to accelerate PIL’s digital transformation initiative.

Infosys stock trades at ₹1,684.80 on the NSE, up by 0.28%.

Lupin has launched Bromfenac Ophthalmic Solution, 0.075% in the US. 

Lupin stock trades at ₹1,610.10 on the NSE, up by 0.98%.

Career Point Ltd has declared interim dividend of ₹1 per equity share. The stock trades at ₹252.65 on the NSE, up by 4.99%.

DCM Shriram Industries (9.72%)

HDFC AMC (3.58%)

Deccan Cements (3.50%)

Sanghvi Movers (3.15%)

Hindalco Industries Ltd. Q3FY24 Result First Cut

Hindalco Industries Ltd. Q3FY24 Result First Cut - Impressive net profit backed by strong operating performance

Consolidated Revenue from Operations stood at ₹52,808 crores in Q3FY24, down 2.5% y-o-y / down 0.6% q-o-q on account of revenue from Novelis which fell 6% y-o-y to $3.9 billion in the reporting period, impacted by lower average aluminium prices.

EBITDA for Q3FY24 stood at ₹5,865 crores, up 4.5% y-o-y/ up 65.3% q-o-q, driven by the copper business which had strong volume growth. EBITDA margin for Q3FY24 stood at 11.1% in Q3FY24, up 75bps y-o-y / up 443bps q-o-q.

Net Profit for Q3FY24 stood at ₹2,331 crores, up 71.1% y-o-y / up 6.1% q-o-q. The PAT margin was 4.4% versus 4.1% in the previous quarter.

Novelis’ revenue stood at $4.1 billion which was flat q-o-q and was supported by higher shipments.

Upstream revenue was ₹7,971 crores in Q3FY24 vs ₹8,046 crores in Q3FY23. Aluminium Upstream EBITDA stood at ₹2,443 crores in Q3FY24 compared to ₹1,591 crores in Q3FY23, driven by lower input costs. Upstream EBITDA margins were at 30.7% and continue to be one of the best in the global industry.

Downstream third quarter revenue was ₹2,547 crores vs ₹2,647 crores in Q3FY23. Sales of Downstream Aluminium stood at 90 Kt vs 91 Kt in Q3FY23. Downstream EBITDA was ₹103 crore in Q3FY24 compared to ₹157 crore for Q3FY23, majorly impacted by unfavourable product mix and lower realizations.

Revenue from the copper business stood at ₹11,954 crores, up 16% y-o-y, driven by higher sales volumes and prices. EBITDA for the copper business was at an all-time high of ₹656 crore in Q3FY24 compared to ₹546 crores in Q3FY23, backed by higher shipments and robust operations. Copper metal sales were 119 Kt vs 109 Kt. Copper Continuous Cast Rod (CCR) sales were at 93 Kt vs 88 Kt, supported by growing market demand for value-added products and increased utilization of its rod mills.

Hindalco commenced work on India’s first copper and e-waste recycling project in Dahej, Gujarat for which the land is already acquired.

India’s first Copper Inner Grooved Tubes (IGT) plant is on track to be commissioned by the end of CY24. IGT for air conditioners and specialty copper rods for railways will help the nation achieve self-sufficiency in critical components under the government’s Make in India initiative.

Shreyansh V.Shah, Research Analyst, StoxBox

Major gainers on the NSE at 3 pm:

UPL (4.40%), Coal India (4.27%), SBI Life (2.47%), ICICI Bank (2.29%), HDFC Life (2.03%)

Major losers:

Hindalco (-12.43%), Grasim (-3.97%), BPCL (-1.15%), Ultratech Cement (-1.10%), M&M (-1.08%)

Stocks advanced on BSE at 3 pm on Feb 13, 2024, were 1,643 against 2,174 stocks that declined; 105 stocks remain unchanged. Total stocks traded were 3,922. The number of stocks that recorded a 52-week high was 218, and those that hit a 52-week low was 66.

The top five states and union territories including Maharashtra, New Delhi, Karnataka, Gujarat and West Bengal witnessed an average growth of around 27-30 per cent in mutual fund AAUM (Average Assets under Management) in January 2024 on a year-on-year basis, according to data compiled by ICRA Analytics, a wholly owned subsidiary of ICRA Ltd

In terms of contribution to AAUM, the top five states accounted for nearly 68.46 per cent of the total AAUM of ₹52.89 lakh crore in January 2024, marginally down from a contribution of 69.43 per cent in January 2023. 

Interestingly, the smaller states and union territories beyond the top 10 states have been witnessing a steady surge in investments into mutual funds, ICRA Analytics said.

“In terms of existing penetration, the per capita penetration in Maharashtra is highest at ₹1,69,300, with its Average Assets under Management (AAUM) accounting for nearly 77 per cent of the GDP while it is lowest in Manipur at ₹3,270 accounting for 3 per cent of GDP. The number of AMC branches in Maharashtra is 246 while that in Manipur stands at 1,” the analytics firm said .

Marksans Pharma has reported standalone net profit for the quarter ended Dec 2023 at ₹28.28 crore as against of ₹25.62 crore in the Dec 2022 quarter.

Stock trades at ₹156.40 on the NSE, up by 6.72%.

Eicher Motors has reported its standalone net profit for the quarter ended Dec 2023 at ₹913.73 crore as against ₹680.70 crore in the Dec 2022 quarter.

Stock trades at ₹3,904.90 on the NSE, up by 0.85%.

Info Edge (India) / Naukri has reported standalone net profit for the quarter ended Dec 2023 at ₹213.53 crore as against loss of ₹84.26 crore in the Dec 2022 quarter.

Stock trades at ₹5,327.35 on the NSE, down by 1.11%.

Berger Paints (I) has informed that Odisha Industrial Infrastructure Development Corporation (Government of Odisha Undertaking) has recently allotted a piece of land measuring about 80 acres in Mouza Kalibeti under Khordha Tahasil in the District of Khordha, Odisha for setting up a manufacturing unit by Berger Paints for paints, intermediates, and allied products with annual capacity of approximately 4, 10,000 KL/MT. 

Berger plans to put up a modern technology - based environmentally sustainable unit for manufacture of paints, coatings, construction chemicals, intermediates including emulsions, resins and related products in the allotted land.

Berger Paints stock rose by 1.04% on the NSE, trading at ₹556.75.

PG Electroplast has reported its standalone net profit for the quarter ended Dec 2023 at ₹21.68 crore as against ₹9.59 crore in Dec 2022 quarter.

Shares trade at ₹1,899.85 on the NSE, higher by 3.22%.

Coal India has received notice for one day all-India strike in all subisidiaries on Feb 16.

Stock trades at ₹452.90 on the NSE, up by 4.64%.

Siemens Ltd has reported a standalone net profit at ₹463.4 crore for the quarter ended December 2023, as against ₹437.6 crore in the corresponding period ended December 2022. 

The stock trades at ₹4,221 on the NSE, up by 0.06 per cent.

Hindalco Industries has reported a standalone net profit of ₹838 crore for the quarter ended December 2023, as against ₹498 crore in the corresponding period ended Dec 2022. 

Stock slumps 12.44% on the NSE, trading at 510.

India Nippon Electricals reported its standalone net profit for the quarter ended Dec 2023 at ₹12.15 crore as against ₹13.44 crore in Dec 2022 quarter.

Stock rose 3.27% on the NSE, trading at ₹3,494. Company has declared interim dividend of ₹10.25 per equity share of ₹5 each for the FY23-24.

Stock trades at ₹667.45 on the NSE, up by 0.73%.

Nalwa Sons Investments reported its standalone net profit for the quarter ended Dec 2023 at ₹8.43 crore as against ₹4.20 crore in Dec 2022 quarter.

Stock rose 3.27% on the NSE, trading at ₹3,494.

Deccan Cements has reported its net profit for the quarter ended Dec 2023 at ₹15.38 crore as against ₹12.15 crore in December 2022 quarter.

Stock rose by 2.67% on the NSE, trading at ₹629.85.

Trading in MCX resumed at 1 pm. The delay was attributed to the slow processing and generation of backend files for the members. The trading in the exchange was to start at 10 am. Last October, the exchange was allowed by SEBI to launch new software developed by Tata Consultancy Services after a prolonged delay.

Hartek Power on Tuesday said it has bagged an order of Rs 113 crore from state-owned SJVN in Jamui, Bihar.

The project entails developing, implementing, and maintaining a 75 MW (AC) grid-connected solar PV power plant, along with a 132 kV sub-station, Hartek Power said in a statement.

The scope of work also includes land development, design, engineering, equipment procurement, testing at the manufacturer’s works, packing, forwarding, and transportation, the company said.

“Our expertise and dedication will ensure the successful implementation and seamless operation of the 75MW solar project in Jamui,” Sanjeev Gupta, CEO of Hartek Power, said. -- PTI

Hartek Power, the power infrastructure arm of Hartek Group, is one of the leading EPC companies in India in the power system sector.

Sterlite Power has secured ₹2,400 crore funding from state-owned REC Power Development and Consultancy Ltd (RECPDCL) for its Beawar transmission project in Rajasthan. - PTI

HPL Electric & Power Limited has received an order of worth ₹181 crore (inclusive of tax) from leading AMISP client for the supply of smart meters in the normal course of business. 

The stock surges 5.08% on the NSE, trading at ₹308.

Bharti Airtel has launched ten new stores in the city of Vadodara. The new stores have come up in Khodiyar Nagar, Susan Tarsali, Tarsali, Vasna Bhayli, Bhyali Road, Abhilasha Cross Road, Maneja, Soma Talav, Sama Savli, and Gowra. 

Stock trades at ₹1,112.15 on the NSE, down by 0.59%.

Prakash Pipes recorded its net profit for the quarter ended Dec 2023 at ₹23.14 crore as against ₹13.43 crore in the corresponding quarter previous year.

Stock trades at ₹419.90 on the NSE, up by 0.97%.

According to a study conducted by Forrester Consulting, commissioned by Experian, a leading global information services provider, India has recently experienced a significant upswing in fraudulent activities. The study reveals that a staggering 64% of respondents acknowledged experiencing an increase in fraud losses over the past year. This concerning trend is compounded by the fact that 67% of these respondents are currently grappling with the challenges of keeping pace with the rapidly evolving landscape of fraud threats.

The study underscores that the future of effective fraud prevention lies in the realm of artificial intelligence (AI) and machine learning (ML) technologies. These cutting-edge solutions possess the capability to rapidly analyse extensive datasets, promptly identify anomalies, and unveil fraudulent patterns. This proactive approach not only safeguards businesses from substantial losses but also represents a crucial step forward in fortifying the integrity of financial ecosystems.

Notable surge in fraud losses for financial services 

The findings reveal that year-on-year fraud losses are increasing for nearly two-thirds (64%) of respondents, with financial services organisations reporting the biggest increase in losses. There are several factors driving this surge in fraud attacks, such as persisting financial pressure on consumers, numerous data breaches leaking sensitive information onto the dark web, and the arrival of publicly accessible Generative AI – which has lowered the technical skills required to conduct fraud.

The volume of fraud attacks has gone up in almost every category. Synthetic identity attacks, where real and fake information are combined to form new identities, are on the rise, particularly in financial services sector. This is closely followed by identity theft attacks and account takeover attacks. In the eCommerce sector, friendly fraud attacks, where customers dispute legitimate charges, have grown the most for merchants, followed by synthetic identity attacks.

Fraud prevention hurdles: fingerprinting and referral surge

According to the study, the biggest challenge limiting businesses’ ability to prevent fraud is a lack of device fingerprinting for fraud identification (62%). The second is an increasing number of referrals, causing increased delays and costs (56%). Recognising the urgency, businesses emphasize the crucial role of device data in passive customer screening. 

The top fraud-related priority is improving the explainability of ML models (65%), which shows how important ML has become to fraud prevention. Transparent ML models allow for human oversight so that unintentional bias can be identified. This capability is essential to ensure ethical AI use and to comply with a future AI regulatory framework. 

AI/ML: shaping the future of fraud prevention

Nearly two-thirds (67%) of businesses believe that the future of fraud prevention will be driven by AI/ML-powered solutions. The main benefits of using ML fraud solutions are an increase in acceptance rates, reduced losses through greater fraud detection accuracy and a decrease in the volume of manual reviews and false positives. This is critically important, considering that 73% of businesses find that false positives cost their business more than fraud losses.

The research shows that the most crucial factor when considering AI/ML-based fraud prevention – for 88% of respondents – is continual automatic model retraining to stay at pace with an evolving fraud threat. As Generative AI heightens the fraud risk, this capability is critical for businesses to rapidly respond to changing fraud patterns and stay at the forefront of fraud prevention. 

“As technology advances, the landscape of fraud undergoes shifts, creating new complexities. The rise of advanced technology transforms fraud dynamics, challenging established securities, and breaking down barriers. Addressing this challenge requires a potent solution – Artificial Intelligence (AI). Unlike traditional methods, AI excels in swift adaptation and real-time analysis, actively defending against ever-changing threats. Unlocking the power of data and machine learning, AI becomes a custodian at digital gateways, ensuring consumer protection and preventing substantial losses for businesses. It plays a pivotal role in fortifying security, protecting businesses from significant financial risks, and building a robust credit ecosystem.” says Manish Jain, Country Managing Director, Experian India.

Experian’s study is based on the survey gathered insight from 308 fraud managers in the financial services, telco, and eCommerce sectors across ten countries in the EMEA and APAC regions: India, Denmark, Germany, Australia, Italy, New Zealand, the Netherlands, South Africa, Spain, and Turkey.

Surya Roshni has secured ₹94.75 crore worth order for supply of MS Coated pipes (Spiral welded) from domestic undertakings.

Shares trade at ₹632.75 on the NSE, higher by 3.30%.

Vibhor Steel Tubes IPO has been subscribed 9.68 times as of 12:36 pm on Feb 13, 2024. The QIB portion has been subscribed 0.01 times, NII 11.58 times, retail 14.31 times, and those reserved for employees 14.44 times. The issue closes on Feb 15.

Cineline India has reported its standalone net profit for the quarter ended Dec 2023 at ₹1.40 crore as against the loss of ₹3.57 crore in the corresponding quarter last year.

Stock rises by 2.09% on the NSE, trading at ₹126.95

After soaring this fiscal, airlines to land >20% operating profit growth next fiscal, CRISIL Ratings report

Debt doubles, but debt metrics will improve on strong accruals, equity infusion

The domestic airline industry will see operating profit1 rise more than 20% next fiscal, after a near-tripling this fiscal (see chart 1), fuelled by a strong recovery in passenger traffic, ability to pass on volatile fuel prices to flyers, and reduced fluctuation in foreign exchange rates.

This will support their credit metrics despite significant increase in debt (including lease liabilities)2 expected through this and next fiscals to fund fleet additions.

An analysis of three airlines, which account for two-thirds of India’s air traffic, indicates as much.

Passenger traffic should ascend 18–20% this fiscal (on-year), comfortably surpassing the pre-pandemic level, with business and leisure travel soaring. This trajectory is expected to sustain next fiscal, too, given economic growth.

The rise in passenger traffic has strengthened the ability of airlines to pass on fuel costs (comprising 40-50% of the total cost) to flyers. This is reflected in the gross margin, which remained stable3 despite fuel prices more than doubling in the last three fiscals.

Another factor supporting improvement in profitability is lower foreign exchange (forex) losses compared with last fiscal, driven by a relatively steady exchange rate4. Forex volatility impacts the profitability of airlines as two-thirds of their total debt (including lease liabilities) and about a third of their total costs are denominated in foreign currency.

Says Mohit Makhija, Senior Director, CRISIL Ratings, “Next fiscal, operating profit growth is expected to be in the vicinity of 20% from Rs 18,000-20,000 crore estimated this fiscal, even as technical issues in some engine types could ground some aircraft and limit the increase in operational fleets. The impetus to passenger traffic growth should continue next fiscal, though growth in operating profits will normalise given high base of this fiscal.”

Shiju Koothupalakkal - Technical Analyst, Prabhudas Lilladher Pvt. Ltd, comments on Asian Paints stock

The stock after witnessing a decent correction has once again attained the long term trendline support zone at 2900 levels where it has shown signs of bottoming out and has indicated a pullback with bias improving. Previously, on two occasions, it had indicated a decent trend reversal from the trendline support zone, and currently, in a similar manner, we anticipate further rise in the coming days with the RSI, hovering near the highly oversold zone has indicated a trend reversal to signal a buy. With the risk-reward favorable and the chart looking very attractive, we suggest a buy in the stock for an upside target of 3340 keeping the stop loss at 2860 level.

Super Sales India has informed about the appointment of C V Venkatesh as Chief Financial Officer of the Company with effect from March 5, 2024, following the retirement of S Ravindran from March 4, 2024

IndusInd Bank and Bharat Financial Inclusion Limited (100% subsidiary of IndusInd Bank) have signed a Memorandum of Understanding (MoU) with the State Government of Uttar Pradesh to focus on livestock healthcare management and welfare in the Western Uttar Pradesh region through their social initiative, Bharat Sanjeevani Program. 

Through this association, the companies will extend comprehensive operational support for the newly established Cow Sanctuary in Muzaffarnagar and a doorstep tele-medicine and mobile veterinary service under the CSR umbrella - Sattvam.

IndusInd stock trades at ₹1,435.95 on the NSE, down by 0.77%.

CRISIL Ltd has informed that Pooja Mirchandani has been elevated as President - Human Resources with effect from February 13, 2024.

Stock trades at ₹4,506.45 on the NSE, down by 0.54%.

Major gainers on the NSE at 12:

Coal India (4.61%), UPL (3.83%), ICICI Bank (1.93%), HDFC Life (1.91%), Reliance (1.59%)

Major losers:

Hindalco (-13.08%), Grasim(-3.05%), Adani Enterprises (-1.08%), Divi’s Lab (-0.69%), Wipro (-0.69%)

Stocks advanced on BSE at 12 noon on Feb 13, 2024, were 1,532 against 2,155 stocks that declined; 130 stocks remain unchanged. Total stocks traded were 3,817. The number of stocks that recorded a 52-week high was 186, and those that hit a 52-week low was 57.

Maruti Suzuki India Ltd has received a show cause notice from Assistant Controller, Legal Metrology Department, Pulwama, Jammu & Kashmir. 

Shares trade at ₹10,794 on the NSE, up by 0.79%.

NHPC stock surges by 5.74% on the NSE, trading at ₹85.65. The company’s board had declared an interim dividend of ₹1.40 per equity share.

Tata Motors’ electric vehicle (EV) unit on Tuesday, said, it reduced prices of its cars by up to ₹1,20,000 ($1,445.54) to pass on battery price reduction benefits to its customers. 

-Reuters

“The Chinese stock market has underperformed severely, particularly over the past three years. This is similar to the ‘lost decade’ that their Japanese counterparts experienced in the 1990s, with stability enticing following a recent upturn. Through Q1CY24, China’s real estate and banking industries may continue to reverberate throughout the economy, counterbalancing the moderate expansion observed in numerous consumer sectors. The lowest daily average turnover on the stock market since 2019 was 790 billion yuan in 2023*, and leading emerging markets (EM) funds are still avoiding the Chinese stock market. Insufficient new credits point to a sluggish economic rebound and reduced Chinese oil consumption, while low industrial production and Purchasing Managers’ Index (PMI) data could limit power output in 2024.

If significant EM funds continue to pull out, China’s equity risk could prolong stagnation. Top EM funds’ average holdings of Chinese stocks have fallen to a five-year low, and very few have increased their positions.

In the MSCI Emerging Markets Index, India has the second-largest country weight (18%), behind China (23%). India’s weight was 8% five years ago, while China’s was 31%. India, on the other hand, has been performing extremely well, as evidenced by the country’s market, corporate earnings, and macro growth. Over the past year, MSCI China has declined by 25%, while MSCI India has increased by 31%. The figures for the previous five years are -28% and +116%, respectively*.

With the outlook continuing to be strong for India, we expect India to attract more money on its own merits, but China’s failures would only add fuel to the fire.”

​Apollo Pipes​ board, has approved the proposal, for strategic investment in ​Kisan Mouldings​ of up to ₹120 crore, by way of acquiring equity shares of the said company by way of preferential issue.

Apollo Pipes stock, trades at ₹745 on the ​NSE​, up by 0.22%. Kisan Mouldings stock rose by 4.96% on the ​BSE​, trading at ₹23.90.

Major gainers: 

Times Technoplast (13.43%), IRFC (11.02%), RVNL (9.51%), Aptech (8.81%), IRCON (8.38%)

Major losers:

Hindalco (-12.72%), Elgi Equipments (-8.36%), Glaxo (-7.85%), Paytm (-7.50%), Amber Industries (-6.47%)

Hindalco (-13.07%), JSL (-3.47%), SAIL (-2.24%), Jindal Steel (-1.39%)

Crude oil futures, traded marginally higher on Tuesday morning, as the market awaited data on US inflation. This data will be factored into the interest rate cut decision of the US Fed Reserve.

At 9:53 a.m. on Tuesday, April Brent oil futures, were at $82.05, up by 0.06 per cent, and March crude oil futures on WTI (West Texas Intermediate), were at $77.03, up by 0.14 per cent.

JSW Steel has announced the establishment of a 50:50 JV with JFE Steel Corporation, Japan for the production of Grain Oriented Electrical Steel in India. The new company JSW Electrical Steel Private Limited to be renamed JSW JFE Electrical Steel Private Limited will have its manufacturing base in District Bellary, Karnataka and will be set up with a planned investment of Rs 5500/- crores. JSW Steel stock trades at ₹808.45 on the NSE, down by 0.38%.

Larsen & Toubro (L&T)‘s hydrocarbon business has secured a significant onshore order worth ₹1,000 crore to ₹2,500 crore, from a client in the Middle East.

L&T stock trades at ₹3,324.45 on the NSE, up by 0.75%.

Detailed note with charts on key quarterly trends: https://bit.ly/3HXr7qT

IIFL covered banks reported 1.5% YoY core PPOP and 16% YoY PAT growth. However, earnings trend were divergent for Private (core PPOP 12%; PAT 22%) vis-a-vis PSU banks (core PPOP -17%; PAT 5% ex. SBI one-off). We prefer Private over PSU banks, as the latter’s earnings momentum is slowing and valuations are no longer cheap. Axis, HDFC and IIB are our top picks.

Loan growth healthy, but should slow down

- Loans for IIFL covered banks grew 3-5% QoQ and 15-22% YoY vs. 5% QoQ and 16% YoY for the system.

- System corporate loan growth picked up to 8%, but still remains tepid given the weak pricing power. Retail and SME growth remains strong at 4-6% QoQ.

- Unsecured loan growth slowed QoQ from the elevated levels, but still remains high at 17-60% YoY.

- HDFC is growing unsecured loans the slowest at 9% CAGR since FY20 vs. 19-33% for the peers, resulting in 6pp decline in the share in overall loan mix to 11% vs. 2-5pp increase for the peers.

- We expect loan growth run-rate to slow down to 13-14% in FY25E, but become more broad based.

No signs of deposit competition ebbing

- Deposit growth of 2-3% QoQ continues to lag loan growth, except for Axis (5% QoQ led by bulk deposits).

- In 9MFY24, deposit mobilisation was better for Private vs. PSU banks. HDFC’s CASA growth is better than the peers, in-line for overall deposits and weaker for retail.

- Deposit competition has aggravated and is reflected in: (1) Time deposit interest rate hike of 10-100 bps in last nine months (mainly in short-tenure and bulk deposits recently). (2) Select mid-sized Private banks’ peak savings ROI now higher than larger banks’ peak TD rates. (3) 18% YoY increase in the banks’ certificate of deposit (CD) issuances as the banks tap short-duration funds. (4) Increase in the bond issuances. (5) Drawdown of excess liquidity (LCR down 2-14 pp QoQ).

Divergent NIM outcomes to continue

- Asset yield expanded 5-15 bps QoQ on the back of drawdown in excess liquidity and faster growth in unsecured loans. Banks took rate hikes on personal loan and NBFC exposure following the increase in risk-weights.

- COF rose 5-20 bps QoQ as deposits continue to reprice with a lag, and resulted in divergent margins. While NIMs are declining since last few quarters, they are still 10-50 bps ahead of 4QFY22 level.

- Basis our analysis of the potential residual loan and deposit re-pricing, we expect spreads to decline further by 5-35 bps for select banks. ICICI and Kotak should see higher NIM compression; lower for Axis and Federal; stable for SBI and HDFC; and improvement for RBL, BOB and IIB.

Unsecured loan slippages inch-up, credit costs remain low

- Led by loan waiver in northern India and floods in TN, MFI slippages have inched up 10-300 bps. Delinquencies also rose for credit card and KCC (seasonal) loans.

- With increase in gross slippage and moderation in recoveries, net slippage ratio inched up QoQ (save for HDFC, Axis and BOB). However, overall AQ still remains benign with stressed loan ratio improving 20 bps QoQ.

- Credit costs remain low at 40 bps (flat QoQ and 83 bps in 3QFY23), mainly due to reversal in standard provisions for the PSU banks. We forecast credit costs to increase 20-40 bps over FY25-26E as the asset quality environment normalises.

Asian Paints: Amit Syngle, MD & CEO

Asian Paints Can Be A ?1 Lakh Crore Revenue Company In The Next Decade: MD & CEO Amit Syngle

https://www.youtube.com/watch?v=6S_zkogskj0

Anupam Rasayan India: Vishal Thakkar, Deputy CFO

Anupam Rasayan Q3 Margin Contract

https://www.youtube.com/watch?v=btq0CVczCqs

Bharat Forge: Amit Kalyani, ED

See Moderation In Growth Across Many Of Our Export Sectors: Bharat Forge

https://www.youtube.com/watch?v=_Wt6Lzlt_O8

BANDHAN BANK: Chandra Shekhar Ghosh, MD&CEO

Majority Of The Gross NPA Is From Emerging Entrepreneurs Business: Bandhan Bank

https://www.youtube.com/watch?v=UwNJm2fJydg

Caplin Point Lab: Vivek Partheeban, COO

Will See Higher Revenue From The US Biz From FY25 & Beyond: Caplin Point

https://www.youtube.com/watch?v=mSvMZx2VJyA

Cello World: Pradeep Rathod, CMD

Q3 Writing Products Volume Growth Came In At 12%: Cello World

https://www.youtube.com/watch?v=1nC4Jq39jCc

Escorts: Bharat Madan, CFO

Impact Of JVs On Margins; Exports To Bottom Out?

https://www.youtube.com/watch?v=7FgJSdOkC8k

Endurance Techn: Ramesh Gehaney, ED & COO

Our Q3 Growth Has Been Better Than Industry Levels: Endurance Technologies

https://www.youtube.com/watch?v=VZzLRTxoO9E

Inox Wind: Devansh Jain, Director

The Company Has Turned Profitable In Q3 With Revenue Rising 123% YoY: Inox Wind

https://www.youtube.com/watch?v=j6jbI7z6yMY

Indigo Paint: Hemant Jalan, CMD

Expect EBITDA Margin To Continue To Expand 100-150 Bps: Indigo Paints

https://www.youtube.com/watch?v=Wybx2wZdsR4

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

Buy, TP cut to Rs 1240 from Rs 1370 

3Q in line with est.; EBITDA margin at 21.8% grew 234bp q-o-q mainly on gRevlimid 

Production halt at Eugia 3 plant to result in a loss of $20m in sales in 4Q, per ARBP; timely FDA resolution key ahead 

Buy, TP Rs 4165 

Rev in line, driven by volume growth in CSM with firm Ebitda margin leading to beat on JEFe. 

A portfolio of early stage molecules in growth phase should keep growth steady over FY24-25 

Domestic formulation below est & likely remains weak in 4Q

Outperform Call, Target Rs 3,225 

Key Message From Q3 Was The Wait For Its Biggest Engine Order Of $3.6 Bn 

The Order Has Lengthened With Hopes Now Pinned On Q4FY24 

Co Reported Q3 EBITDA- Up 6%, But Its Margin Saw A 31 bps Decline 

PAT Was Supported By A 44% Rise In Treasury Income 

Its Cash Pile Swelled To $2.6 Bn, +27% YoY Along With Lower Depreciation Charges 

Co’s Backlog Remained Flat YoY In Q3 

Its Decadal Pipeline Remains At $45 Bn 

A Shift In Key Aerospace Programs To PPP Mode Would Be A Risk 

OW, TP Rs 254 

Notes from Management Call 

Incremental production of 5+mntoe in next three years; higher gas ASP 

Capex outlay of US$4bn annually F2025-26, 60% focused on development capex 

Plan to pay around 40% as dividend & continue to be good dividend paying co

Buy, TP Rs 725 

Novelis’ 3Q EBITDA rose 33% YoY (down 6% QoQ) & inline 

Vol fell 2% QoQ while EBITDA/t down 4% QoQ to $499 

Expects facility to now cost $4.1bn, 64% higher than initial est. & expected to start in 2HCY26

Buy, TP raised to Rs 550

3Q cash EBITDA rose 6% YoY, up 34% QoQ, & 30% above JEFe; PAT grew 17% YoY to a new high. 

Vol growth trajectory has improved 

Upgrade FY24-26E EPS by 4-9% 

Its 8.3x FY25E PE is reasonable

Sell, TP Rs 72.5

Q3 adj. PAT of Rs1.6bn, missed consensus est. by 45%, on a/c of weaker than expected hydro generation 

Mgmt. expects to recover this shortfall by approaching CERC for relief 

At 2.6x P/BV FY26E, find risk reward unfavorable 

Sell, TP Rs 2410

Slightly weak Qtr. rev 2% below GSe & EBIT (pre-exceptional) 4% below 

Mgt attributed miss to execution on a large de-sulphurization projects with profitability across most segments otherwise improving 

Stk trading @48X FY26E P/E 

Buy, TP Rs 3820 

3Q below expectations with topline decline -4% yoy (18% below GSe) & disappointment broad-based across segments 

Margins improved 30 bps yoy, but below est. 

Co acquired 60% stake in Ascent Circuits & entered into a JV with Titagarh

Sell, TP Rs 977

3Q above est. but growth momentum to slow 

Management expects growth momentum to moderate in both domestic & export markets across industries. 

Subsidiaries continue to be in red, which is dragging down consolidated profit growth. 

OW, TP Rs 1346 

Stock Reaction Overdone 

Standalone revenue 3% ahead of MSe & Domestic & export auto biz in line 

Management has guided for moderation in growth momentum across industries in F4Q & F25

U-P, TP cut to Rs 950 

3Q consolidated EBITDA rose 56% YoY (+8% QoQ), but was 5% below JEFe. 

BHFC gave a cautious outlook 

Concerned on cyclical headwinds in exports & Indian trucks, as well as rich valuations 

Cut FY24-26E EPS by 7-10%

Strong rebound in Odisha DISCOMs and TPSSL

We continue to like Tata Power Company (TPWR) for three critical reasons:

1.\u0009CGPL, even under section 11, continues to break even because FC is INR 0.9/kWh, restricting the scope of higher PBT; however, post section-11, a revised SPPA can turnaround profitability; 

2.\u0009Consolidated RE can deliver INR 100 bn EBITDA by FY27 as against INR 34 bn in FY24E; and 

3.\u0009Lowest capital outlay/MW for pumped hydro entails higher platform valuation. By including the option value of selling 30% of CGPL in the spot, or supplementary PPA with Gujarat and Maharashtra at higher FC/unit, there is a case for CGPL’s re-rating. 

We maintain our TP of INR 450/share and reiterate BUY.

Coal India (COAL IN) reported higher than estimate EBITDA ex OBR at Rs119bn (CentrumE: Rs109.5bn), up 6.2% YoY/ up 34% QoQ and EBITDA/t declined by 2.4% YoY at Rs624/t (CentrumE: Rs573/t). The YoY increase is primarily due to increase in sales volume (up 8% YoY) partially offset by 6% YoY fall in blended realisation. The FSA and e-auction sales volume increased by 9% YoY and 8% YoY, while, realisation declined by 6.4% YoY and 34% YoY respectively due to higher premium in base year. Employee cost remain steady YoY at Rs115bn; however, on per tonne basis, declined by 9% YoY. Hence, overall CoP/t declined by 7.1% YoY. We incorporate higher volume by 3.5%/4.5% as well as lower CoP resulting in 23%/28% increase in FY25/FY26 EBITDA, respectively. Hence, our target price is revised upwards to Rs458/sh, valuing at 5x average FY25E/FY26E EV/EBITDA. We maintain ADD rating.

Man Industries stock fell 3.43% on the BSE, trading at ₹395. The company had secured pipe supply orders worth ₹525 crore in the domestic and international markets.

NSE Nifty was down by 0.07 per cent or 15.85 points to 21,600.20 points, while the BSE Sensex was at 71,125.11 up by 0.11 per cent or 93.57 points 

A total of 3,076 stocks were actively traded, 766 advanced, while 2,245 declined and 65 stocks remained unchanged, where 103 stocks hit a 52 week high and 49 stocks hit a 52 week low, at 9.30 a.m. on the BSE.

Suzlon Energy stock declines by 4.78% on the NSE, trading at ₹42.85. The company had appointed Vivek Srivastava as CEO – WTG Division

Nifty 50 trades at 21,706.30, up by 90.25 pts or 0.42% as of 10:09 am and BSE Sensex rose 401.39 pts or 0.56% trading at 71,473.88 as of 10:10 am.

Sterling and Wilson Renewable Energy (SWRE) has placed a repeat order for supply of solar trackers with Nextracker.

“Nextracker was selected by SWRE to supply its flagship solar trackers for phase-two (1.5 GWdc) and phase-three (375 MWdc) solar projects at NTPC Renewable Energy’s (NREL) solar park in Khavda, Rann of Kutch, Gujarat,” the company said.

Allcargo Logistics slumps 6.21% on the NSE, trading at ₹70.95 after the company reported its financial results for the quarter ended Dec 2023.

RateGain Travel Technologies Limited (RateGain) has announced that HotelKey, a hospitality platform, has selected RateGain to enhance its distribution capabilities.

RateGain stock inches up by 0.45% on the NSE, trading at ₹776.95.

Coal India Ltd. Q3FY24 Result First Cut - Stellar performance beating market expectations

# Consolidated Revenue from Operations stood at Rs. 36,154 crores (up 10.3% QoQ / up 2.8% YoY) in Q3FY24, surpassing market estimates of Rs. 35,652 crores.

# EBITDA inched upwards to Rs. 11,373 crores in Q3FY24 compared to Rs. 8,137 crores in Q2FY24 and Rs. 10,389 crores in Q3FY23, surpassing market expectations pegged at Rs. 9,874 crores. The EBITDA margin stood at 31.5% in the quarter compared to 24.8% in Q2FY24 and 29.5% in Q3FY23.

# Profit After Tax in Q3FY24 stood at Rs. 9,094 crores, registering a growth of 33.5% QoQ / up 17.8% YoY and surpassing market estimates of Rs. 7,740 crores. The PAT margin stood at 25.2% (up 436 bps QoQ / up 320 bps YoY).

# The company’s coal output rose 11% YoY to 199.0 MT in Q3FY24. Coal supplies increased to 191.3 MT during the quarter against 175.8 MT in the same period last year.

# The Board approved a second interim dividend of Rs. 5.25 per share. With this, the total interim dividend for FY24 stands at Rs. 20.50 per share.

View:

Coal India Ltd. reported a stellar performance in Q3FY24, surpassing market expectations. This growth can be attributed to the company maintaining consistent growth in its production levels over the year. With the volume growth trajectory showing signs of improvement to feed the rising power demand and the company’s operations becoming increasingly efficient, the company’s fundamentals remain on a strong footing. Also, Coal India’s margin is expected to see improvement going ahead as the fall in e-auction prices seems behind and the wage hike impact has already been accounted. Going forward, our focus continues to remain on various factors affecting the coal sector and its direct/indirect impact on the company and will continue to monitor the production level trajectory of the company.

Shreyansh V.Shah, Research Analyst, StoxBox

Organic Recycling Systems Ltd (ORSL) enters into partnership with SB Infowaves to develop an advanced predictive modelling tool leveraging Artificial Intelligence (AI) and Machine Learning (ML) capabilities.

Stock declines by 2.33% on the BSE, trading at ₹234.40

Major gainers on the NSE at 9.30 am:

Hero Motocorp (2.50%), Divi’s Lab (1.65%), Coal India (1.43%), NTPC (1.03%), ICICI Bank (0.88%)

Major losers:

Hindalco (-10.83%), JSW Steel (-2.08%), Power Grid (-1.74%), Adani Enterprises (-1.66%), Tata Steel (-1.56%)

Krsnaa Diagnostics board has approved incorporation of a wholly owned subsidiary of the company. 

Shares trade at ₹667.50 on the NSE, down by 3.57%.

The passenger vehicle segment achieved a new all-time high in January 2024, retailing 3,93,250 vehicles and surpassing the previous record set in November 2023. However, a persistent concern lies in high inventory levels, which still hover in the 50-55-day range, posing a challenge for auto dealers, says FADA. 

FADA is of the view that the commercial vehicle segment might experience a slight demand taper in the 4th quarter due to a high base effect and upcoming elections. However, long-term fundamentals remain positive, with expectations of a post-election rebound as underlying industries resume tender processes.

HFCL Ltd has secured a purchase order aggregating to ₹141 crore (Capex ₹119 crore + AMC ₹22 crore) for supply of indigenously designed and manufactured Unlicensed Band Radios (UBRs) and other associated services to Bharat Sanchar Nigam Limited (BSNL).

January 2024 witnessed strong growth across all vehicle categories, with the overall auto retail market expanding by 15%. Two-wheelers led the charge with 15% growth, followed by three-wheelers at 37%, passenger vehicles at 13%, tractors at 21% and commercial vehicles (CV) at a modest 0.1%, says The Federation of Automobile Dealers Associations (FADA).

FADA says 2W demand remained strong in January 2024, fuelled by continued strength in the rural market. This segment is likely to benefit from the government’s good crop production estimates and continued support for the rural economy.

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

“An important ongoing trend in the market is the weakness in the broader market with sharp cuts in many mid and small caps. Many such stocks driven up by speculative buying without consideration for the fundamentals are correcting. This trend is likely to continue since many such stocks are excessively valued. The explosive growth in the number of demat accounts and the newbies chasing mid and small caps influenced by recency bias have contributed to this froth in the broader market. A correction in this segment is inevitable and desirable. Correction will give opportunities to buy fairly valued stocks in this segment like PSU Banks.

Anand James, Chief Market Strategist, Geojit Financial Services

The defence launched in the closing hour of yesterday calls for a few positive moments early in the day. The 21690-720 region poses the first challenge to such attempts and it would require 21835 to be overcome to signal upside momentum. Inability to scale 21720 or a direct fall below 21580 could eye 21500-250 as the initial downside objectives.\

Devarsh Vakil - Deputy Head, of Retail Research, HDFC Securities

Nifty closed below its 20 DMA and closed on a weak wicket on Monday. Next supports for the Nifty are seen at 21448 and 21137, derived from the previous swing lows. The band of 21800-21850 will act as a strong hurdle for Nifty and unless it is surpassed trend should remain bearish.

Chief Minister of West Bengal Mamata Banerjee has inaugurated the drinking water treatment Plant in Uttarpara, Hooghly, West Bengal, with a capacity of 55 MGD, which has been designed, built and commissioned for Kolkata Metropolitan Development Authority (KMDA) by VA TECH WABAG LIMITED (WABAG).

Global cues are muted as most of the Asian markets are closed for this week on account of the Lunar New Year holidays, which kept global investors on the sidelines. The choppy trading on Wall Street came as traders took a breather following recent strength, which lifted the S&P 500 above 5,000 for the first time. A lack of major U.S. economic data also kept some traders on the sidelines ahead of the release of several key reports in the coming days. Coming on to the commodity front, Oil edged up slightly after ending roughly flat on Monday amid demand worries and uncertainty about the pace of potential U.S. interest-rate cuts. On the domestic economic front, India’s retail inflation eased to a three-month low of 5.10% in January from 5.69% in the previous month, helped by a slower rise in prices of some food items. On the domestic side, the selloff in shares of public sector companies aggravated on Monday as disappointing third-quarter results of a few prompted traders to liquidate bullish bets. The benchmark Sensex and Nifty indices are likely to open higher on February 13 as trends in the GIFT Nifty indicate a positive start for the broader index.

The 50 index witnessed a muted opening. However, it succumbed to selling pressure immediately and continued to trend lower throughout the trading session. The price action traded on relatively lower volume for the day, escaping a distribution day; however, it closed in the lower quartile of the trading range below the 20DMA. The index holds immediate support near 21450, and sustenance above it will be crucial - Avdhut Bagkar Technical and Derivatives Analyst, StoxBox.

Gold Price Update – Gold slipped marginally to $2019/ounce with bond yields falling to 4.16% and the dollar wavering ahead of crucial US economic data due this week.

Oil Price Update –.Oil was steady at $82/bbl after a six-day rally ahead of a market outlook from OPEC, and as traders also monitored developments in the Israel-Hamas war.

BANK NIFTY led the negative momentum in broader markets and PSU banks followed through the action with sharp profit booking down by 4.5% for the day reversing last week gains. f The key support is at the 200 day average at 44,500 levels would push the index further lower and witness the next round of sell off. f We believe if it breaks the 200 day average then PSU banks would start declining higher from current levels which is being an outperformer till date. f Bank Nifty highest call OI is at 46,000 levels while on the downside put OI will has moved lower to 44,500 levels. - Vikas Jain, Senior Research Analyst at Reliance Securities

NIFTY-50 has broken on the downside from its inside range and we expect further profit booking if we sustain below the 50 day average placed at 21,450 levels f The positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,100 will be next support levels. f RSI is being trending lower below the average line and other key technical indicators are also piercing downwards on longer time frame charts. f Highest call OI is at with 22,000 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry. - Vikas Jain, Senior Research Analyst at Reliance Securities

Indian benchmark indices, Sensex and Nifty, began Tuesday on an upward trajectory, mirroring gains in Asian markets amidst anticipation over a pivotal U.S. inflation report. The buoyant mood was fueled by easing domestic inflation and optimism surrounding potential inflows, spurred by the inclusion of five Indian stocks in a significant MSCI index. Early trading witnessed the 30-share BSE Sensex climbing 169.68 points to reach 71,242.17, while the NSE Nifty advanced 37.90 points to reach 21,653.95.

Retail inflation tapered to a three-month low of 5.10% in January, buoyed by a deceleration in the price hike of certain food items, as revealed by Monday’s data. Additionally, industrial output surged 3.8% year-on-year in December, surpassing expectations, primarily driven by the manufacturing sector, underscoring robust macroeconomic fundamentals.

In a historic move, index provider MSCI elevated India’s weightage in its Global Standard (Emerging Markets) index to 18.2% following its February review, incorporating five new stocks. Nuvama Alternative & Quantitative Research estimated a potential passive inflow upwards of $1.2 billion from foreign institutional investors (FIIs) post-index reshuffling.

Asian equities commenced on a positive note ahead of U.S. inflation data, crucial for gauging the Federal Reserve’s monetary policy stance, while most Wall Street equities registered gains in the previous session.

Both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) exhibited net buying of Indian equities on Monday, with FIIs acquiring shares worth Rs. 127 crore and DIIs purchasing Rs. 1,712 crore.

Ashok Leyland, a leading truck and bus market, has announced a further investment of about Rs.537 crore in its electric vehicle arm Switch Mobility through the holding company Optare Plc. In early December 2023, the company made an investment of about Rs. 662.5 crore in Optare Plc. UK in the first tranche.

Silver recovered amid short-covering and demand is anticipated to pick up during the Lunar New Year holiday while Chinese authorities implement fresh policies to support demand and stimulate the economy. According to updated government data, monthly consumer prices in the United States increased less than first predicted in December. Thomas Barkin, President of the Federal Reserve Bank of Richmond, stated that the bank has time to determine the course of monetary policy going forward while it waits for additional confirmation that inflation is, in fact, returning to target. The most recent report from the Silver Institute predicted that industrial offtake would lead to global silver demand reaching 1.2 billion ounces in 2024—the second-highest level ever.

Total income up 18.8% at Rs 393.2 crore vs Rs 330.9 crore.

Net profit up 23.1% at Rs 99.44 crore vs Rs 80.76 crore.

Revenue up 17.37% at Rs 1,324.65 crore vs Rs 1,128.61 crore.

Ebitda up 26.29% at Rs 190.57 crore vs Rs 150.89 crore. 

Margin expands 101 bps to 14.38% vs 13.36%. 

Net profit up 48.66% at Rs 93.11 crore vs Rs 62.63 crore. 

Revenue up 47.45% at Rs 481.7 crore vs Rs 326.68 crore.

Ebitda up 41.54% at Rs 22.86 crore vs Rs 16.15 crore. 

Margin narrows 19 bps to 4.74% vs 4.94%. 

Net profit up 42.56% at Rs 17.92 crore vs Rs 12.57 crore. 

Revenue up 44.19% at Rs 986.09 crore vs Rs 683.85 crore (Bloomberg estimate: Rs 936.7 crore).

Ebitda up 43.51% at Rs 551.81 crore vs Rs 384.49 crore (Bloomberg estimate: Rs 533.5 crore). 

Margin narrows 26 bps to 55.95% vs 56.22% (Bloomberg estimate: 57%). 

Net profit up 61.96% at Rs 343.99 crore vs Rs 212.39 crore (Bloomberg estimate: Rs 261.8 crore). 

CFO Anuraag Srivastava resigns effective March 18. 

Revenue down 2.64% at Rs 2,134.01 crore vs Rs 2,191.87 crore.

Ebitda down 14.66% at Rs 507.59 crore vs Rs 594.84 crore. 

Margin narrows 335 bps to 23.78% vs 27.13%. 

Net profit down 24.95% at Rs 242.87 crore vs Rs 323.65 crore. 

Revenue down 13.33% at Rs 940.49 crore vs Rs 1,085.12 crore (Bloomberg estimate: Rs 970 crore).

Ebitda down 26.98% at Rs 112.49 crore vs Rs 154.06 crore (Bloomberg estimate: Rs 126.2 crore). 

Margin narrows 223 bps to 11.96% vs 14.19% (Bloomberg estimate: 13%). 

Net profit down 32.8% at Rs 71.37 crore vs Rs 106.21 crore (Bloomberg estimate: Rs 78.6 crore). 

Revenue up 6.39% at Rs 821.83 crore vs Rs 772.4 crore (Bloomberg estimate: Rs 839 crore).

Ebitda up 13.11% at Rs 129.53 crore vs Rs 114.51 crore (Bloomberg estimate: Rs 140 crore). 

Margin expands 93 bps to 15.76% vs 14.82% (Bloomberg estimate: 16.70%). 

Net profit up 4.77% at Rs 83.88 crore vs Rs 80.06 crore (Bloomberg estimate: Rs 99.8 crore). 

Revenue down 17.62% at Rs 768.2 crore vs Rs 932.4 crore.

Ebitda up 22.11% at Rs 119.51 crore vs Rs 97.87 crore. 

Margin expands 506 bps to 15.55% vs 10.49%. 

Net profit up 66.63% at Rs 68.07 crore vs Rs 40.85 crore. 

Revenue down 0.63% at Rs 1,213.97 crore vs Rs 1,221.58 crore (Bloomberg estimate: Rs 1,298.30 crore).

Ebitda down 5.83% at Rs 117.86 crore vs Rs 125.16 crore (Bloomberg estimate: Rs 136.3 crore) 

Margin at 9.7% vs 10.24%, narrows 53 bps (Bloomberg estimate: 10.50%). 

Net profit down 12.58% at Rs 98.77 crore vs Rs 112.99 crore (Bloomberg estimate: Rs 110.2 crore). 

Total income up 33.27% at Rs 1,261 crore vs Rs 946.1 crore.

Net profit up 34.16% at Rs 322.4 crore vs Rs 240.3 crore. 

Revenue up 6.05% at Rs 562.4 crore vs Rs 530.27 crore (Bloomberg estimate: Rs 558.8 crore). 

Ebitda down 34.42% at Rs 86.64 crore vs Rs 132.12 crore (Bloomberg estimate: Rs 110.4 crore). 

Margin narrows 951 bps to 15.4% vs 24.91% (Bloomberg estimate: 19.70%). 

Net profit down 58.28% at Rs 43.67 crore vs Rs 104.69 crore (Bloomberg estimate: Rs 87.5 crore). 

Revenue up 44.23% at Rs 184.12 crore vs Rs 127.65 crore.

Ebitda up 305.63% at Rs 32.37 crore vs Rs 7.98 crore. 

Margin expands 1,132 bps to 17.58% vs 6.25%. 

Net profit up 207.18% at Rs 27.8 crore vs Rs 9.05 crore. 

Revenue up 23.87% at Rs 2,876.84 crore vs Rs 2,322.44 crore. 

Ebitda up 127.12% at Rs 357.04 crore vs Rs 157.2 crore. 

Margin expands 564 bps to 12.41% vs 6.76%. 

Net profit up 2.38% at Rs 112.87 crore vs Rs 110.24 crore. 

Revenue up 13.9% at Rs 1,390.1 crore vs Rs 1,220.44 crore.

Ebitda up 33.3% at Rs 256.65 crore vs Rs 192.53 crore. 

Margin expands 268 bps to 18.46% vs 15.77%. 

Net profit up 1.4% at Rs 89.39 crore vs Rs 88.15 crore. 

Revenue up 80.17% at Rs 801.6 crore vs Rs 444.9 crore.

Ebitda up 69.86% at Rs 77.1 crore vs Rs 45.39 crore. 

Margin narrows 58 bps to 9.61% vs 10.2%. 

Net profit up 115.56% at Rs 20.5 crore vs Rs 9.51 crore. 

Revenue down 6.77% at Rs 23,348.6 crore vs Rs 25,042.1 crore.

Ebitda up 3.07% at Rs 2,142.5 crore vs Rs 2,078.6 crore. 

Margin expands 87 bps to 9.17% vs 8.3%. 

Net profit down 21.99% at Rs 422.92 crore vs Rs 542.18 crore. 

Board declares interim dividend of Re 1 per share. 

Revenue up 0.36% at Rs 805.26 crore vs Rs 802.3 crore (Bloomberg estimate: Rs 970 crore).

Ebitda down 4.66% at Rs 218.06 crore vs Rs 228.7 crore. (Bloomberg estimate: Rs 126.2 crore). 

Margin narrows 142 bps to 27.07% vs 28.5% (Bloomberg estimate: 13%). 

Net profit down 72.21% at Rs 45.72 crore vs Rs 164.56 crore (Bloomberg estimate: Rs 78.6 crore). 

Revenue up 2.79% at Rs 36,154 crore vs Rs 35,169.3 crore (Bloomberg estimate: Rs 35,651.70 crore).

Ebitda up 9.47% at Rs 11,373.12 crore vs Rs 10,388.73 crore (Bloomberg estimate: Rs 9,873.90 crore). 

Margin expands 191 bps to 31.45% vs 29.53% (Bloomberg estimate: 27.70%). 

Net profit up 17.8% at Rs 9,093.69 crore vs Rs 7,719.11 crore (Bloomberg estimate: Rs 7,740 crore). Board declares second interim dividend of Rs 5.25 per share. 

Siemens, Hindalco Industries, Eicher Motors, Bharat Heavy Electricals, Bosch, Indian Railway Catering and Tourism Corporation, Zee Entertainment Enterprises, Ahluwalia Contracts (India), Arvind Fashions, Bombay Burmah Trading, Bengal & Assam, Borosil, Bosch, Deepak Nitrite, Dynamatic Technologies, Eris Lifesciences, Genus Power Infrastructures, Garden Reach Shipbuilders and Engineers, Gujarat Gas, Hindustan Copper, HLE Glascoat, Indiabulls Real Estate, Innova Captab, Inox India, Isgec Heavy Engineering, ITI, Jindal Worldwide, Kama Holdings, Kaushalya Infrastructure Development, KIOCL, KP Energy, KRBL, La Opala RG , Lumax Auto Technologies, Marksans Pharma, Magellanic Cloud , Medi Assist Healthcare Services, MTAR Technologies, Mahanagar Telephone Nigam, National Aluminium, Info Edge (India), NBCC (India), Nesco, NRB Bearings, Nuvama Wealth Management, Oil India, Prime Focus, PG Electroplast, Pilani Investment and Industries, Power Mech Projects, Prestige Estates Projects, PTC Industries, Rashtriya Chemicals & Fertilizers, RHI Magnesita India, Senco Gold, SEPC, Sequent Scientific, Sindhu Trade Links, Sula Vineyards, Tarsons Products, Tasty Bite Eatables, Techno Electric & Engineering, Tide Water Oil (India), Technocraft Industries (India), TVS Srichakra, and West Coast Paper Mills.

MSCI Index Rejig: Global index aggregator MSCI will announce its February 2024 restructuring on Tuesday. Companies that are included and excluded in the index will be in focus. 

One 97 communication: The company is awaiting government approval for investment in its material subsidiary, Paytm Payments Services.

Life Insurance Corp: The company has increased its stake in SBI Cards and Payments Serveices to 5.02% from 4.99%. 

Mahindra and Mahindra: The company reported total production at 1.01 lakh units vs 76,421 units, year-on-year. Total sales stood at 72,198 units vs 61,326 units and total exports at 1,746 units vs 3,009 units for the month of January.

RVNL: The company emerged as the lowest bidder from Madhya Pradesh Paschim Kshetra Vidyut Vitran Co. for the supply, installation, testing and commissioning of the new 11 KV line. The size of the order is Rs 106 crore. 

V Guard Industries: The company’s unit started commercial production of inverter batteries at the Hyderabad plant. The company had invested Rs 35 crore in the project via internal accruals. 

JSW Energy: The company’s unit received a Letter of Acceptance for 500 MW wind capacity from Solar Energy Corp. 

Entero Healthcare Solutions: The public issue was subscribed 0.19 times on day 2. The bids were led by non-institutional investors (0.09 times), retail investors (0.88 times), with no bids by institutional investors and reserved for employees (0.77 times).

Vibhor Steel Tubes: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 141 to Rs 151 per share apiece. The 72.17 crore IPO is completely a fresh issue. The company has raised Rs­­ 21.51 crore from anchor investors. 

Hindustan Foods: Sixth Sense India Opportunities 11 sold 6 lakh shares (0.53%) at Rs 552.9 apiece.

Ion Exchange: Promoter Mahabir Prasad Patni sold 20,000 shares between Feb. 6 and 7. 

Som Distilleries and Breweries: Promoter group Jagdish Kumar Arora bought 5,000 shares on Feb. 12. 

Steel Strips Wheels: Promoter Dheeraj Garg released the pledge of 18.86 lakh shares on Feb. 9. 

Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge of 65 lakh on Feb. 9.

Price band revised from 10% to 5%: BEML Land Assets, D.B.Corp, Shipping Corp., Tourism Finance Corp. 

Price band revised from 20% to 10%: Schneider Electric Infrastructure. 

Ex/record date dividend: Steelcast, Tube Investments of India, Orient Electric, Sundaram Finance Holdings, Dr. Lal Path Labs, Gulf Oil Lubricants India, Tamil Nadu Newsprint & Papers.

Moved out of short-term ASM framework: Sindhu Trade Links. 

Moved into short-term ASM framework: Visaka Industries

1 ABFRL

2 ASHOKLEY

3 AUROPHARMA

4 BALRAMCHIN

5 BANDHANBNK

6 BIOCON

7 DELTACORP

8 HINDCOPPER

9 INDIACEM

10 INDUSTOWER

11 PNB

12 SAIL

13 ZEEL

Gold remained stable as investors refrained from placing large bets ahead of an inflation report from the United States that may provide new insight into the timing and magnitude of an interest rate cut by the Federal Reserve this year. As local prices eased, physical gold dealers in India saw a pick-up in purchases that led to the first premium charges in four months. Meanwhile, the approaching Lunar New Year festival boosted activity in China and other regions. Dealers were charging up to $2 per ounce more than official domestic prices, as opposed to the $4 reductions from last week, due to the increase in demand. As per LSEG’s Interest Rate Probability app, IRPR, traders anticipate a roughly 62% probability of a rate cut by the Fed in May.

Key economic data slated for release includes ZEW Economic Sentiment, German ZEW Economic Sentiment from Euro Zone and Core CPI m/m, CPI m/m, CPI y/y from US Zone

ICRA Analytics has launched IRS 3.0, which is an upgraded version of its Internal Rating Solution (IRS), to help banks and NBFCs better identify, assess, mitigate, and monitor credit risk. IAL has been serving more than 15 banks and NBFCs over the last two decades through its proprietary credit risk management software IRS, which is essentially a workflow-based solution enabled with integration facility. With this upgraded version of IRS, it is hopeful of onboarding more lending institutions thereby helping them to improve efficiency by better utilization of capital.

An Internal Rating Solution is required by lenders to enable them to migrate from Standardized Approach to Internal Ratings Based Approach, in which lenders are required to use their own internal estimates of some or all the credit risk components for calculating capital charge on exposures. This is particularly important for the lenders to ensure better utilization of capital and for higher efficiency.

“The mild upside surprise on CPI inflation has come on the back of higher-than-expected food inflation, led by higher sequential momentum in eggs, meat & fish and pulses, while cereals remained under pressure despite rising materially in 2023. Vegetable inflation has also remained elevated with sequential contraction being less than the usual seasonal behaviour. Factors like delayed sowing amid patchy monsoons and consequent delayed kharif harvest have been impeding a higher correction in their prices. The truckers’ strike earlier in the month may have also contributed to the disruption to supply of fruits and vegetables. Nonetheless, core disinflation has continue, with core inflation ex-intoxicants printing the lowest print in nearly four years.

We expect the 4QFY24inflation to average ~5.0%, in line with the revised forecast of the RBI, and see core CPI inflation to average ~3.45%. However, the central bank will remain on the sidelines ahead. The RBI Governor argued in the last policy that the last mile of disinflation is the trickiest to achieve, and to that extent, the current stance should be viewed in the context of incomplete transmission and inflation still being above 4%. We have long maintained that the RBI’s policy has been somewhat pegged to the Fed, specifically in the last two years, even as it formally targeted inflation. We understand that shifting debates on global narratives requires the RBI to be flexible as well. We maintain that the RBI will not precede the Fed in any policy reversal in CY24 and policy management will have to stay vigilant amid fluidity of global narratives.”

In a momentous step aimed at enhancing financial inclusion in India, Paisalo Digital Limited has partnered with the Bank of India (BOI) as its National Business Correspondent partner. The collaboration is underscored by formalizing a Service Level Agreement, establishing a strong alliance between the leading financial entities. 

This partnership will enable Paisalo to extend essential banking services such as the enrollment of customers (Account Opening) through digital eKYC solutions, the opening of all Saving Accounts, Deposit / Withdrawal of money in an account of any bank (Interoperable Banking), Balance Enquiry / Mini Statement of Account and Social Security Scheme viz PMSBY (Pradhan Mantri Suraksha Bima Yojana), PMJJBY(Pradhan Mantri Jeevan Jyoti Bima Yojana) & APY (Atal Pension Yojana). This collaboration will also lead to self-employment generation and promise an inclusive financial ecosystem for the under-banked sections of society.

“Industrial output for Dec’23 has surprised slightly on the upside with annualized growth of 3.8% YoY and a solid sequential output growth of 7.4% MoM. Both the mining and the manufacturing sectors were in a higher gear while power generation growth has been quite modest at 1.2% YoY. After a lacklustre sequential outturn in Oct and Nov, the manufacturing output saw a significant sequential recovery of 8.2%. Consumer goods production improved after a weak performance in Nov’23.

On a cumulative basis, industrial output growth in the Apr-Dec’23 period stood at 6.1% and we expect that figure to moderate slightly by the year-end. While we have revised our GDP growth forecasts for FY24 to 6.8%, we expect the growth trajectory to slow down gradually over the next few quarters.”

“The Consumer Price Index (CPI) has experienced a decline attributed to the moderation in food inflation. In December 2023, a surge in prices occurred due to irregular monsoons; however, there has been a positive trend in subsequent months, marked by notable reductions in prices of vegetables, fruits, and pulses. Should this trajectory persist, the Reserve Bank of India (RBI) may find increased confidence in implementing rate cuts, particularly in alignment with similar actions by the Federal Reserve.”

Emkay Global 

NIFTY 50: 21,616 

Management commentary on demand setting remains muted, where expectations (hopes) are now on gradual demand recovery (with no material tailwinds in sight). Competitive intensity remains firm in the mass end, while premium segments are observing a slowdown. Urban demand has decelerated, which is concerning, given the sustained slowdown in rural areas. Assessing the performance of 17 listed FMCG companies, we see food companies with price levers had a better show and smaller players are seeing faster growth on distribution expansion. Benign raw-material cost helped in steady gross margin recovery, but similar actions needed for A&P spend limit EBITDA margin expansion. Earnings delivery remains margin-dependent, which continues to aid valuations. Baring selects large players (like ITC and HUL), listed FMCG companies have sustained their double-digit earnings growth. Our preference remains for Dabur, ITC, and Emami. We continue to avoid Colgate with SELL.

Emkay Global 

TARGET PRICE (Rs) : 1,050 

Techno Electric (TEEC)’s enviable track record in the power EPC space, presence across the entire power value chain, technocrat promoters, and timely foray into the data-center industry provides a multi-year opportunity to play the power revolution theme. GoI’s focus on reducing AT&C losses of DISCOMs (~Rs1trn annually) by deploying 250mn smart meters holds prospects (though transient) for TEEC, in terms of both—EPC business and monetizing the annuity business (~Rs7bn). TEEC’s entry into the data-center industry – leveraging its expertise in the EPC power industry at a time when India’s demand for data processing and computing is burgeoning – offers significant option value, in addition to its core EPC business (~Rs27bn). We initiate coverage on Techno Electric with a BUY and SoTP-based Mar-25 TP of Rs1,050/share, imputing a Mar-26E PER of 27x.

Emkay Global

TARGET PRICE (Rs) : 300 

ONGC stated largely in-line Q3FY24 SA revenue/EBITDA at Rs348/148bn; RPAT of Rs95bn came at a 13% beat, on higher Other Income. Production fell 3-4% YoY, while the expenditure profile was stable overall. Mgmt highlighted that output decline would reverse hereon, with KG-98/2 currently producing 12kbpd oil (3% of overall) with no SAED as of now; it guides to gas ramping-up from mid-CY24 onward. Gas pricing outlook is positive, with premium 12% oil-linked realizations from new well-interventions likely from FY25. We raise FY24-26E EPS 7% each, on higher Other Income. We retain BUY on ONGC, on 10%/5%+ FCFF/dividend yield and reasonable valuations (~6.5x adj. P/E), despite the recent stock run-up. We hoist-up Dec-24E TP by 20% to Rs300, raising value of OVL (better outlook from Mozambique, Sakhalin) and of the listed investments.

Emkay GLobal 

TARGET PRICE (Rs) : 925 

Anupam’s Q3 EBITDA at Rs0.6bn (-30% YoY/QoQ) was below consensus, but in-line with our estimates. Management guided for a challenging H2 on destocking-led impact in agrochemicals, and are now focusing on scaling up their pharma and polymers business (eventually targets to reach a revenue mix of 20% each for pharma and polymers). Expects broad-based recovery starting H1FY25, supported by contribution from their LOIs. Anupam has raised funds of Rs5.5bn (promoter preferential issue and warrants), which will be used to repay debt. Working capital days are still elevated on lower revenue base, and the company deferred its working capital reduction guidance of 180-200 days to FY25 (vs. FY24 earlier), owing to weak environment. We cut our FY24E/25E/26E numbers by ~42%/31%/18% to factor-in relatively slower growth. Maintain ADD with revised SoTP-based TP of Rs925/share

Emkay Global

TARGET PRICE (Rs) : 1,400 

TCIE reported a disappointing quarter, in-line with weak industry trends as revenue/EBITDA/PAT missed our estimates by 11%/18%/17%, respectively. Sustained concerns around growth posit a challenge, as management expects mid-single volume growth for FY24 on the back of weak discretionary spending impacting key verticals like lifestyle products and electronics. We expect strong competitive intensity to impede TCIE’s top-line growth in the near term. Sustained network investments in automation and margin-accretive new services provide comfort on margins as the asset-light business model lends agility to withstand such troughs. We cut our sales/EBITDA/PAT estimates for FY25E by 7%/10%/8%, factoring in the weak Q3 performance and maintain our ADD rating on account of TCIE’s efficient cost management and diverse customer base. Our Dec-24 TP stands revised at Rs1,400 (DCF methodology), implying FY26E EV/EBITDA of 21x and P/E of 29

(GAIL IN, Mkt Cap USD13.4b, CMP INR169, TP INR200, 18% Upside, Buy)

Motilal Oswal

- The Cabinet Committee on Economic Affairs (CCEA) recently approved equity investment by Coal India (CIL) in Coal-to-SNG (Synthetic Natural Gas) Project at ECL command area through a joint venture of CIL and GAIL (I). For GAIL, we see this as another step towards broadening the earnings base and as a building block towards eventually developing coal to chemical capabilities.

(TCIEXP IN, Mkt Cap USD0.6b, CMP INR1275, TP INR1425, 14% Upside, Buy)

MOtilal Oswal

- TCI Express (TCIE)’s 3QFY24 revenues stood flat YoY at ~INR3.1b (8% below our estimate). The volumes were adversely impacted by the weak macroeconomic environment, muted festive demand, and the long holiday season during the quarter. Volumes in 3QFY24 stood at 0.25m tonnes (-1% YoY), while realization stood at INR 12,474 per ton (flat YoY and down 2% QoQ).

- EBITDA for the quarter stood at INR456m with a margin of 14.6% (vs. our estimate of 16.3%). Margins were adversely impacted by lower volumes handled.

(INDIGOPN IN, Mkt Cap USD0.8b, CMP INR1449, TP INR1800, 24% Upside, Buy)

Motilal Oswal

- Indigo Paints delivered a sales growth of 25.8% YoY, and continued to surpass the industry growth (3x-4x of industry growth in 3Q). Sales growth in Tier1/2 cities continue to outpace the Tier3/4 cities and rural areas. Volume growth stood strong in double-digits across all segments.

- GM expanded 440bp YoY to 48.2%, driven by benign RM prices and mix. Reinvestment in team building, marketing, and distribution expenses has led to higher other operating expenses, which was up 30% YoY. EBITDA margin was up 320bp YoY to 17.6%; EBITDA grew 53.5% YoY (est. 42%). 

- Given the relatively small scale of Indigo Paints (INR 11b revenue in FY23) in the large Paints industry, the company has been able to grow much faster than the industry. Consumers’ rising acceptance of the brand and distribution expansion have been driving the outperformance. With the entry into the water proofing segment through Apple Chemie, the company has expanded its growth prospects. We forecast a 20% revenue CAGR during FY24-26, with EBITDA margins of 18-19% FY24-26 vs. 17% in FY23.

(MCX IN, Mkt Cap USD2.1b, CMP INR3489, TP INR3950, 13% Upside, Neutral)

Motilal Oswal 

- MCX reported a loss of INR54m, higher than our anticipated loss of INR37m. Despite this, overall volumes improved significantly, rising by 81% YoY to INR74t. Total revenue came in at INR 1.92b, registering a growth of 33% YoY (~8.5% beat). 

- Overall EBIT loss came in at INR 310m vs. our anticipated loss of INR 236m (~30.9% miss). This variance can be largely attributed to contribution to SGF of INR 131m in 3QFY24. 

- For 9MFY24, revenue increased 40% YoY to INR 5.02b, whereas the company reported a loss of INR48m as compared to a PAT of INR1.4b in 9MFY23. 

- We have raised our FY25 and FY26 EPS estimates to factor in stronger volume trajectory and higher-than-forecasted non-transaction revenues. On the other hand, we are building in sustained addition to SGF. We reiterate our Neutral rating with a one-year TP of INR3,950 (premised on 35x FY26E EPS).

(GLXO IN, Mkt Cap USD4.8b, CMP INR2340, TP INR2200, 6% Downside, Neutral)

Motilal Oswal

Efforts underway to enhance innovative products prospects

- GSK Pharma (GLXO) delivered operationally in-line 3QFY24 performance. While YoY sales growth was lower than expected, GLXO delivered better-than-expected margins for the quarter. GLXO continues to enhance marketing efforts toward innovative portfolio, comprising Shingrix, Nucala, and Trelegy. It is also implementing efforts to better industry in its base portfolio. 

- We raise our earnings estimate by 6%/3%/2% for FY24/FY25/FY26, driven by a) outperforming industry trends in the general medicines category, b) increased traction in the innovative portfolio, and c) leveraging benefits from lower raw material costs. 

- We value GLXO at 40x 12M forward earnings to arrive at a price target of INR2,200. 

- While GLXO faced headwinds on account of addition of products under National list of essential medicines (NLEM), it continues to implement efforts to improve business prospects. Having said this, GLXO trades at 54x FY25E EPS of INR43 and 50x FY26E EPS of INR47. We believe that the current valuation adequately captures the upside in earnings. We reiterate our Neutral stance on the stock.

(TMX IN, Mkt Cap USD4.8b, CMP INR3312, TP INR3060, 8% Downside, Neutral)

Motilal Oswal 

Thermax’s 3QFY24 result was below our estimate due to lower-than-expected margin and higher interest expense. The company reported revenue/EBITDA growth of 13%/16% YoY, while adjusted PAT declined 12% YoY for 3QFY24. Order inflows, which were weak until 1HFY24, have started improving, while large-sized order inflows will commence mainly from FY25. The prospect pipeline is improving fast, especially fueled by the power sector. Thermax is evaluating bids and will take a selective stance on thermal power bidding depending upon the margins and payment terms. We expect this to aid order inflows going forward. The company’s new product launches are in initial stages of testing and trial and will yield results over next few years. However, continued investments in equity and debt in the subsidiaries (TOESL and FEPL) will weigh on its balance sheet strength over the next few years. We tweak our estimates and reiterate our Neutral rating on the stock with a revised TP of INR3,060 (as we roll forward our valuation to Mar’26E).

(PI IN, Mkt Cap USD6.2b, CMP INR3403, TP INR4350, 28% Upside, Buy)

Motilal Oswal

Earnings beat our estimates 

- PI recorded a strong revenue growth in 3QFY24 (up 18% YoY), led by healthy growth in the CSM business (up 13% YoY) and incremental revenue from the Pharma business, which was not there in 3QFY23 (revenue mix ~7% in 3QFY24 vs. 3% in 2QFY24). However, the domestic business continued to witness subdued demand (revenue down 6% YoY). 

- EBITDA grew 33% YoY in 3QFY24, but it included a one-time impact of a recovery of theft materials worth INR0.4b. 

- We maintain our FY25/FY26 EPS estimates and increase our FY24 earnings estimate to factor in the strong performance in 3QFY24. We reiterate our BUY rating on the stock with a TP of INR4,350.

Motilal Oswal

(COAL IN, Mkt Cap USD32.1b, CMP INR433, TP INR490, 13% Upside, Buy)

Emkay Global

TARGET PRICE (Rs) : 1,100 

BHFC’s Q3FY24 results beat our estimates, with margins up by 232bps QoQ to 29.3% (~2% beat on our PAT). BHFC provided a mixed outlook: the European truck market and Oil & Gas exports are seen facing some weakness in coming times, while PVs and Defence are seen growing strongly. While we take cognizance of the ramp-up in Defence (build-in ~21% SA revenue contribution in FY26E vs. ~5% in FY23), we believe the growth outlook for domestic CVs is soft beyond FY24E and outlook for global exports, incl. industrials, is also muted (global OEMs have projected double-digit CV industry decline in developed markets, in 2024); this prompts a ~4.6%/4% cut in FY25E/26E EPS (build-in 12%/10% revenue/EPS CAGR over FY24E-26E). We maintain REDUCE, with unchanged TP of Rs1,100/share, at 18x FY26E standalone EV/EBITDA.

Mahanagar Gas: Company has entered into SSA with 3EV Industries Pvt Ltd || The acquisition, valued at Rs 96 crore

Adani Total Gas: Company received order from Rajkot Municipal Corporation to construct and operate bio-CNG plant for waste treatment and renewable energy generation.

Allcargo Logistics 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d7fa13ef-43e9-4c91-92a4-bc03c53545eb.pdf

Coal India 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b1081b33-0619-4b07-8511-0b7ed8d0d0b7.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/74907614-cdd5-453d-8866-eb2c857a3b52.pdf

The Phoenix Mills 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6370ca06-b08c-442b-b03b-8a5f515e737a.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/559c0c5e-6443-4fd7-a4c1-45df0dc39ea5.pdf

JM Financial 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3c178c21-44cf-408b-b183-d898e0bf92a6.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c4dba121-f711-4e8a-a2ff-c8308bc7dc1e.pdf

Presentation

Link: https://www.primeinfobase.in/z_JMFINANCIL/files/results_pdf/2023-24/JMFINANCIL_Q3_FY2023-24_Investor_PPT_12022024.pdf

Repco Home Finance 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c6ef43ff-3de1-4c76-bdfc-44843d69ecb1.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e735604d-f672-4c8a-9709-cf2239dbaa19.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/7fb8df76-36b9-4183-9e71-270ad313a311.pdf

Edelweiss Financial Services 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e7bf23ca-d11b-48b1-952c-c8b88d31c31f.pdf

Press Release & Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1284d631-ac09-4372-b6d5-e7f6f1192586.pdf

Bharat Forge 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d6715050-0358-4d45-8b07-e607dc60d41f.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/a0ef38fa-a2b5-41fe-97d4-743cf36425b4.pdf

Cera Sanitaryware 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8915e2e6-bd36-412b-b997-50cd0204f646.pdf

Mazagon Dock Shipbuilders 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1d54ba5f-ce4b-4fd5-8060-078f749b9f03.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f67bd628-940d-41ca-be0a-2d2e92c98b64.pdf

Hindustan Aeronautics 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/49a4cddb-82f3-4e88-a64a-180b03f628ac.pdf

Dilip Buildcon 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1354fff5-9439-4ef5-a460-9f3922bbb121.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/9dc2a378-0b39-4d90-9021-d13fd45aecd3.pdf

Zee Media Corporation 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/91c36af6-b5a1-42c9-ad01-ce0b8d8ec1a9.pdf

Rajapalayam Mills 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/40430fbe-6333-43f1-974d-65e4568ff5f2.pdf

Nitco 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/aedfbe09-117a-401a-a0ac-5ab502838da6.pdf

Lakshmi Machine Works 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1cf5dcab-d644-4f82-98bc-083a43a8d5f6.pdf

Khadim India 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/bef74708-7b89-47f5-8ddb-7c437e2355b1.pdf

Glaxosmithkline Pharmaceuticals 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f9583a0a-dce2-46ff-b201-4663b167c6a5.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8d5f64f5-6ca4-4fe4-a73a-155071fc7b39.pdf

Coromandel Agro Products & Oils 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c220760a-e7de-4bf0-a58f-db7083e4f815.pdf

Ami Organics 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/71ceb0a7-29a8-4589-98dc-ab573547ebdc.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/fada1183-d7e7-4bdc-9abf-2f5802e4b5fe.pdf

Dcm Shriram Industries 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/5ce0c153-9744-436a-a69b-c461d35ab038.pdf 

Buzzing Stocks: Paytm, Suzlon, JSW Energy, Ease My Trip, Man Industries, Aurionpro Solutions

(Nirmal Bang Retail Research)

Result marginally ahead of Expectation 

Revenue from Operations came at Rs. 2263.4 Cr (0.6% QoQ, 15.9% YoY) vs expectation of Rs. 2279.6 Cr, QoQ Rs. 2249.4 Cr, YoY Rs. 1952.1 Cr 

EBIDTA came at Rs. 663.2 Cr (7.6% QoQ, 23.9% YoY) vs expectation of Rs. 620.1 Cr, QoQ Rs. 616.3 Cr, YoY Rs. 535.1 Cr 

EBITDA Margin came at 29.3% vs expectation of 27.2%, QoQ 27.4%, YoY 27.4% 

Adj. PAT came at Rs. 377.8 Cr vs expectation of Rs. 353.1 Cr, QoQ Rs. 348.1 Cr, YoY Rs. 284.9 Cr 

Quarter EPS is Rs. 8.1 

Stock is trading at P/E of 50.7x FY24E EPS

(Nirmal Bang Retail Research)

Result inline with Expectation 

Revenue from Operations came at Rs. 2571.1 Cr (5.9% QoQ, 8.1% YoY) vs expectation of Rs. 2552.2 Cr, QoQ Rs. 2427 Cr, YoY Rs. 2378.8 Cr 

EBIDTA came at Rs. 318.5 Cr (8.5% QoQ, 27.6% YoY) vs expectation of Rs. 314.9 Cr, QoQ Rs. 293.5 Cr, YoY Rs. 249.7 Cr 

EBITDA Margin came at 12.4% vs expectation of 12.3%, QoQ 12.1%, YoY 10.5% 

Adj. PAT came at Rs. 75 Cr vs expectation of Rs. 87.9 Cr, QoQ Rs. 83.3 Cr, YoY Rs. 32.8 Cr 

Quarter EPS is Rs. 5.1 

Stock is trading at P/E of 20.4x TTM EPS

(Nirmal Bang Retail Research) 

Result is above expectations 

Revenue from Operations came at Rs. 269.6 Cr (6.7% QoQ, 7.6% YoY) vs expectation of Rs. 250.9 Cr, QoQ Rs. 252.6 Cr, YoY Rs. 250.6 Cr 

EBIDTA came at Rs. 159.3 Cr (5.7% QoQ, 12.4% YoY) vs expectation of Rs. 147.7 Cr, QoQ Rs. 150.6 Cr, YoY Rs. 141.7 Cr 

EBITDA Margin came at 59.1% vs expectation of 58.9%, QoQ 59.6%, YoY 56.5% 

Adj. PAT came at Rs. 110.3 Cr vs expectation of Rs. 99.1 Cr, QoQ Rs. 104.1 Cr, YoY Rs. 93.7 Cr 

Quarter EPS is Rs. 2.3 

Stock is trading at P/E of 22.1x FY24E EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 2362.5 Cr (29.3% QoQ, 30.1% YoY) vs QoQ Rs. 1827.7 Cr, YoY Rs. 1815.9 Cr 

EBIDTA came at Rs. 539.2 Cr (205.3% QoQ, 82.3% YoY) vs QoQ Rs. 176.6 Cr, YoY Rs. 295.7 Cr 

EBITDA Margin came at 22.8% vs QoQ 9.7%, YoY 16.3% 

Adj. PAT came at Rs. 626.8 Cr vs QoQ Rs. 332.9 Cr, YoY Rs. 354.2 Cr 

Quarter EPS is Rs. 31.1 

Stock is trading at P/E of 35.9x FY24E EPS

(Nirmal Bang Retail Research) 

Result is above expectations 

Revenue from Operations came at Rs. 25697.6 Cr (9.5% QoQ, 27.1% YoY) vs expectation of Rs. 24748.9 Cr, QoQ Rs. 23473.8 Cr, YoY Rs. 20226.2 Cr 

EBIDTA came at Rs. 2369.6 Cr (25.5% QoQ, 50.4% YoY) vs expectation of Rs. 1998.8 Cr, QoQ Rs. 1888.8 Cr, YoY Rs. 1575.3 Cr 

EBITDA Margin came at 9.2% vs expectation of 8.1%, QoQ 8%, YoY 7.8% 

Adj. PAT came at Rs. 542 Cr vs expectation of Rs. 613.9 Cr, QoQ Rs. 451 Cr, YoY Rs. 454.9 Cr 

Quarter EPS is Rs. 0.8 

Stock is trading at P/E of 27.6x FY24E EPS

(Nirmal Bang Retail Research)

Result inline with expectation 

Company has declared interim dividend of Rs.22/ share 

Revenue from Operations came at Rs. 6060.9 Cr (7.5% QoQ, 7% YoY) vs expectation of Rs. 6448.9 Cr, QoQ Rs. 5635.8 Cr, YoY Rs. 5665.9 Cr 

EBIDTA came at Rs. 1434.1 Cr (-6.2% QoQ, 45.5% YoY) vs expectation of Rs. 1522.7 Cr, QoQ Rs. 1528.8 Cr, YoY Rs. 985.5 Cr 

EBITDA Margin came at 23.7% vs expectation of 23.6%, QoQ 27.1%, YoY 17.4% 

Adj. PAT came at Rs. 1253.5 Cr vs expectation of Rs. 1231.4 Cr, QoQ Rs. 1235.3 Cr, YoY Rs. 1154 Cr 

Quarter EPS is Rs. 18.7 

Stock is trading at P/E of 34.6x FY24E EPSrn ratios boost our outlook.

MCap: Rs.49.8bn; Rating: ACCUMULATE; Target Price: Rs.1000; CMP: Rs.881; Upside: 14%

We maintain ACCUMULATE and reiterate our TP of Rs.1000 as we roll over to Q3FY26E. We’re confident in the amusement park industry, with Wonderla leading the way. 

Despite COVID concerns affecting Kochi Park’s footfalls, Bangalore and Hyderabad parks maintain strong performance. 

Non-ticket revenue saw significant growth, demonstrating the resilience of this revenue stream. Early start of Bhubaneswar Park and on-track progress of Chennai Park (expected in Q1FY26) indicate promising growth prospects. 

Discussions with other states offer expansion opportunities The company’s asset-light strategy, in-house ride manufacturing, strong cash position, digital marketing, and solid return ratios boost our outlook.

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 128.4 Cr (-8.2% QoQ, 12.2% YoY) vs QoQ Rs. 139.8 Cr, YoY Rs. 114.4 Cr 

EBIDTA came at Rs. 30 Cr (-4.2% QoQ, 32.7% YoY) vs QoQ Rs. 31.4 Cr, YoY Rs. 22.6 Cr 

EBITDA Margin came at 23.4% vs QoQ 22.4%, YoY 19.8% 

Adj. PAT came at Rs. 20.2 Cr vs QoQ Rs. 21.7 Cr, YoY Rs. 13.9 Cr 

Quarter EPS is Rs. 20.4 

Stock is trading at P/E of 37.2x TTM EPS

(Nirmal Bang Retail Research) 

Result is below expectations 

Revenue from Operations came at Rs. 438.9 Cr (-5.3% QoQ, -4.1% YoY) vs expectation of Rs. 498.4 Cr, QoQ Rs. 463.7 Cr, YoY Rs. 457.8 Cr 

EBIDTA came at Rs. 61.4 Cr (-19.6% QoQ, -18.1% YoY) vs expectation of Rs. 81.8 Cr, QoQ Rs. 76.5 Cr, YoY Rs. 75 Cr 

EBITDA Margin came at 14% vs expectation of 16.4%, QoQ 16.5%, YoY 16.4% 

Adj. PAT came at Rs. 50.9 Cr vs expectation of Rs. 62 Cr, QoQ Rs. 58.5 Cr, YoY Rs. 56.4 Cr 

Quarter EPS is Rs. 39.1 

Stock is trading at P/E of 39.7x FY24E EPS

📌 Market Levels

BSE Sensex: 71072.49 (-523.00)

Nifty 50: 21616.05 (-166.45)

NIFTY MID CAP 100: 47675.80 (-1213.25)

NIFTY SMALL CAP 100: 15617.05 (-652.25)

📌 Index PE & PBV

SENSEX PE / PBV : 24.31 / 3.61

NIFTY 50 PE / PBV : 

22.38 / 3.79

NIFTY MIDCAP 100 PE / PBV : 24.97 / 3.82

NIFTY SMALLCAP 100 PE / PBV : 28.26 / 3.85

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: 126.60 crs / (7553.74 Crs)

DII Activity: 1711.75 crs / 10373.16 crs

📌 Volatility Index

India VIX - 16.06

📌 Commodities

Brent Crude: $81.15

Gold USD Oz/10 gm: $2021.37 = INR 62185

Silver: INR 71645

📌 Currency

Rs/$: 83.00

US Dollar Index (DXY) - 104.17

📌 10 Year Yield

7.26% GOI 2033: 7.12% (Old)

7.18% GOI 2033: 7.09% (New)

US 10 Yr Yield - 4.15%

9:30 AM Sansera Engineering

Dial: +91 22 6280 1309

Weblink: http://tinyurl.com/mv8nrffe

10:30 AM Cera Sanitaryware

(Results, Press Release )

Dial: +91 22 6280 1141

Weblink: http://tinyurl.com/ps56j372

11:00 AM Chemplast

Dial: +91 22 6280 1309

Weblink: https://Chemplast Sanmar

11:00 AM Phoenix Mills

Dial: +91 22 6280 1341

Weblink: http://tinyurl.com/mr2erb5a

11:00 AM Veerhealth Care

Dial: 91 22 6280 1239 

Weblink: http://tinyurl.com/4fhuy8ke

11:30 AM Tilaknagar

Dial: +91 22 6280 1550

Weblink: http://tinyurl.com/2hc298zf

12:00 PM Somany Home Inn

Dial: +91 22 6280 1326

Weblink: http://tinyurl.com/yc43x3by

12:00 PM Galaxy Surfacta

Dial: +91 22 6280 1309

Weblink: http://tinyurl.com/2nst3rtd

12:00 PM Nirlon

Dial: +91 22 6280 1341

Weblink: http://tinyurl.com/44nca3jj

( Hosted by Valorem )

12:30 PM India Pesticide

Dial: +91 22 6280 1116 

Weblink: http://tinyurl.com/bd2zsett

1:00 PM Oriental Aromatics

Dial: +91 22 6280 1341

Weblink: http://tinyurl.com/3mfr5zse

( Hosted by Valorem )

1:00 PM Krsnaa Diagnost

Dial: +91226280 1366

Weblink: http://tinyurl.com/mu2328ek

2:00 PM Electrosteel

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/3ssn8s8h

( Hosted by E & Y )

2:30 PM Eco Recycling

Dial: +91 22 6280 1239 

Weblink: http://tinyurl.com/bdh6pmhk

3:00 PM G R Infraprojects Limited

Dial: +91 22 6280 1144

Weblink: http://tinyurl.com/25t5dx2y

3:00 PM Skipper

Dial: +91 22 6280 1148

Weblink: http://tinyurl.com/39n599hf

3:00 PM PPAP Automotive

Dial: +91 22 6280 1309

Weblink: http://tinyurl.com/49c4xker

3:00 PM BLS International Services

Dial: +91 22 6280 1341

Weblink: http://tinyurl.com/366n2rnx

( Hosted by Adfactors )

3:00 PM Satia Ind

Dial: +91 22 6280 1535

Weblink: http://tinyurl.com/2waasvd4

3:00 PM Nucleus Softwar

Dial: 04447700326

4:00 PM Repco

Weblink: http://tinyurl.com/263t4d49

4:00 PM PG Electroplast

Weblink: http://tinyurl.com/kdww7yh7

4:00 PM Uflex

Weblink: http://tinyurl.com/mw8zpuzh

4:00 PM Uravi T and Wed

Weblink: http://tinyurl.com/2jw82ws6

4:00 PM Lakshmi Machine

Weblink: http://tinyurl.com/fzb39rnc

4:00 PM Bodal Chemicals

Weblink: http://tinyurl.com/5n7vdwnw

4:00 PM Ashiana Housing

Dial: +91 22 6280 1107

Weblink: http://tinyurl.com/uwfvmhmk

4:00 PM Sahyadri Inds

Dial: +91 22 6280 1309

Weblink: http://tinyurl.com/ycyww85w

4:00 PM Kirloskar Oil

Dial: +91 22 6280 1342

Weblink: http://tinyurl.com/38x2u7s2

4:00 PM BCL

Dial: +91 22 6280 1527

Weblink: http://tinyurl.com/55x9jc87

4:00 PM Time Techno

Dial: +91 22 62801143

Weblink: http://tinyurl.com/4pcvhbp4

4:00 PM ICRA

*Analyst Meet:*Webinar ID 961 1231 4934 Passcode 106734

4:30 PM Bosch

Weblink: tinyurl.com/3em4en4h

4:30 PM Eris Life

Weblink: http://tinyurl.com/43a4aasv

4:30 PM GE Power India

No Contact Available

Please check again for details @ www.researchbytes.com 

4:30 PM Everest Kanto

(Results, Investor/Analyst Presentation, Press Release )

Dial: + 91 22 6280 1141

Weblink: http://tinyurl.com/ycycce2r

4:30 PM Allcargo

Dial: +91 22 6280 1116

Weblink: http://tinyurl.com/4hv8znhz

4:30 PM Pitti Engineeri

(Results, Investor/Analyst Presentation, Press Release )

Dial: +91 22 6280 1570

Weblink: http://tinyurl.com/25yesnsd

5:00 PM Ent Network Ind

Weblink: http://tinyurl.com/3e5km3x2

5:00 PM Pearl Global In

Weblink: http://tinyurl.com/2c8vmxvs

5:00 PM Elgi Equipments

Weblink: http://tinyurl.com/mvfdz93p

5:00 PM G R Infraprojects Limited

Dial: +91 22 6280 1144

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

5:00 PM Inox India Ltd

Dial: +91 22 6280 1144

Weblink: http://tinyurl.com/343vuy4c

5:30 PM Info Edge

Weblink: http://tinyurl.com/3akv4v59

5:30 PM JK Lakshmi Cem

Dial: +91 22 6280 1143

Weblink: http://tinyurl.com/yxvj566t

6:00 PM Medi Assist

Weblink: http://tinyurl.com/2mhjww6c

6:30 PM Zee Entertain

Dial: +91 22 6280 1109

Patel Eng : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295250

Anupam Rasayan India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295247

TCI Express : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295251

DOMS Industries : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295249

Kiri Industries : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295248

Neogen : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295246

TAEL : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295241

Ami Organics : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295242

SMS Pharma : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295235

Flair Writing : (replay)

https://www.researchbytes.com/webcast.aspx?WID=295240

Results today …

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

Recent interviews …

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

Replays available at www.researchbytes.com

Turnover : (NSE + BSE) 

Cash Volume : 113821.69 + 12688.41 Total : 126510.1

F&O Volume : 28971729.92 + 8980762.86 Total : 37952492.78

Provisional Cash Rs. In Crs.

FII/FPI NET BUY: 126.6

(9156.97 - 9030.37) 

DII NET BUY: 1711.75

(11183.9 - 9472.15)

Here’s an interesting stock idea. The recommendation we have for you today is Apollo Hospitals

Asian stocks started the day on a positive note as Japan’s markets reopened following a long weekend. Japanese equities began with gains, mirroring the positive sentiment from Wall Street.

In early trading, the Nikkei 225 index surged by 1.66%, or 611.48 points, reaching 37,508.90, while the broader Topix index rose by 1.05%, or 26.82 points, to 2,584.70.

Meanwhile, Australia’s S&P/ASX 200 index remained relatively unchanged, dipping by 1.11%, or 8.40 points, to 7,606.50. On the other hand, South Korea’s KOSPI index saw an increase of 1.27%, or 33.19 points, reaching 2,653.51. Notably, markets in China, Hong Kong, Taiwan, and Vietnam were closed for public holidays.

Earlier in the U.S., the Nasdaq briefly dipped, approaching its record closing high set in November 2021, while the Dow saw moderate gains ahead of key inflation reports due later in the week, which could impact Federal Reserve policy.

The S&P 500 closed marginally lower but maintained its position just above the 5,000-point threshold achieved on Friday. Specifically, the S&P 500 dropped by 0.08%, or 4.12 points, to finish at 5,022.49 points, while the Nasdaq Composite fell by 0.27%, or 42.74 points, to 15,947.92. In contrast, the Dow Jones Industrial Average climbed by 0.35%, or 135.76 points, reaching 38,807.45.