Share Market Highlights 31 January 2024: Sensex climbs 612 pts; Nifty settles above 21,700; Dr Reddy’s, Eicher Motors top gainers

Benchmark equity indices climbed nearly 1 per cent on Wednesday on buying in HDFC Bank and Reliance Industries.

Investors are eyeing the two important events lined up ahead -- the interim budget and the US Fed interest rate decision -- to derive further cues from.

Recovering all the early lost ground, the 30-share BSE Sensex jumped 612.21 points or 0.86 per cent to settle at 71,752.11. During the day, it zoomed 711.49 points or 1 per cent to 71,851.39.

The Nifty climbed 203.60 points or 0.95 per cent to 21,725.70.

The rupee appreciated 6 paise to 83.04 (provisional) against the US dollar on Wednesday, supported by a firm trend in domestic equities.

Market participants remained cautious ahead of the interim Budget, scheduled to be presented on February 1, traders said, adding that a strengthening American currency in the overseas market also capped the sharp gain in the local unit.

At the interbank foreign exchange market, the rupee opened at 83.11 against the greenback. The unit hit an intraday low of 83.12 and a high of 83.01.

Dabur India on Wednesday announced that its Board of Directors has approved an investment of ₹135 crore to set up a new manufacturing facility in South India. This unit would manufacture a range of Dabur’s Ayurvedic Healthcare, Personal care and Home Care products like Dabur Honey, Dabur Red Paste and Odonil air fresheners. Sources said the company is scouting for possible locations for this new facility.

Dabur India’s share price closed ₹4.40 or 0.82 per cent higher at ₹540.35 on NSE.

Zinc futures (February contract) on the Multi Commodity Exchange (MCX) rebounded sharply on the back of the support at ₹220. While it made a high of ₹230.25, the contract moderated, and it closed at ₹227.65 on Tuesday.

The contract is facing a barrier between ₹228 and ₹230. Also, zinc futures is now trading around the 50-day moving average. For the trend to turn bullish, the resistance at ₹230 should be invalidated.

Infosys has signed a seven-year strategic collaboration with Musgrave, Ireland’s leading food retail, wholesale and food service company. As part of this collaboration, Infosys will help automate Musgrave’s IT operations by leveraging its industry leading AI and Cloud offerings, Infosys Topaz and Infosys Cobalt.

Paras Defence and Space Technologies Ltd (Paras) has won a contract from Instrument Research & Development Establishment (IRDE), Govt. of India, Ministry of Defence, DRDO, for Design, Optimization, Fabrication and Qualification of Optical Periscopes for ICS for Submarine Application (approx ₹53 crore)

Karur Vysya Bank has inaugurated three new branches – two in Tamil Nadu and one in Andhra Pradesh. 

Stock surged by 3.31% on the NSE, trading at ₹198.40

Sundaram Finance Holdings Limited has declared Interim Dividend of ₹2 per equity share.

Company reported its standalone net profit for the quarter ended Dec 2023 at ₹26.31 crore as against ₹2.77 crore in Dec 2022 quarter.

Stock rose by 1.55% on the NSE, trading at ₹193

The BSE Sensex gained 626.97 pts or 0.88% to 71,766.87. The NSE Nifty rose 201.05 pts or 0.93% to 21,723.15.

CreditAccess Grameen has strengthened its core banking solution by implementing Nagarro’s Temenos Solutions.

CreditAccess stock traded at ₹1,590 on the NSE, up by 1.95%.

Major gainers on the NSE at 3 pm:

Dr Reddy (4.73%); Sun Pharma (3.06%); Eicher Motors (3.25%); Divi’s Lab (3.05%); Tata Motors (2.69%)

Major losers:

L&T (-4.11%); Titan (-1.26%); BPCL (-0.74%); Tata Consumers (-0.70%); SBI Life (-0.14%)

Stocks advanced on BSE at 3 PM on January 31, 2024, were 2,429 against 1,369 stocks that declined; 98 stocks remain unchanged. Total stocks traded were 3,896. The number of stocks that recorded a 52-week high was 421, and those that hit a 52-week low was 20.

PVR Inox’s Q3 net profit fell 20.5 per cent to Rs 12.8 cr vs Rs 16.1 cr y-o-y.

Revenue up 64.5 per cent at Rs 1,545.9 cr vs Rs 940 cr y-o-y. Company says World Cup impacted first half of the quarter but December emerged as the highest grossing month of 2023

Vikas Lifecare Ltd announced Suresh Menon, a veteran from the Indian Entertainment Industry has been appointed as the Director of the Company.

Orderbook position strong but margins subdued (Add, TP: Rs3,750)

L&T reported marginally weak set of results for 3QFY24 as revenue came in 5% ahead of our expectations while margins were 90bps lower and PAT 10% below estimate. Order inflow and order backlog remains strong with strong contribution from international segment. However, margin recovery in core EPC business remained weak. The management has upped its order inflow and revenue growth guidance whereas margins guidance in P&M segment has been marginally reduced. Overall order inflow trend remained strong with 32% YoY growth in order inflow in P&M segment driven by large orders in infrastructure and hydrocarbon segment. 67% of incremental new orders were received from international segment. International orders now constitute 39% of total orderbook and Saudi represents almost 1/3rd of total orderbook of the company thereby increasing geographic concentration risk. We have maintained our estimates and ADD rating on the stock and believe that execution is expected to remain strong with favourable tailwinds from domestic government capex and strong outlook on middle east economy.

Dabur India board has approved the Capital Expenditure of around ₹135 crore for setting up a new plant in South India for capacity expansion of Red Toothpaste, Odonil and Honey.

Company reported consolidated net profit for Q3 at Rs 514.2 crore vs Rs 476.65 up 8 per cent crore y-o-y. Revenue from operations at Rs 3255.06 crore versus Rs 3043.17 crore

Shares trade at ₹545.15 on the NSE, up by 1.72%.

Suzlon Energy reported its consolidated net profit for the quarter ended Dec 2023 at ₹203.04 crore as against ₹78.28 crore in Dec 2022.

The stock rose by 4.57% on the NSE, trading at ₹45.80

Banka BioLoo Limited has informed the Exchange regarding resignation of Yogesh Sekhar as Chief Financial Officer of the company w.e.f. January 29, 2024. 

Banka BioLoo stock surged by 4.98% on the NSE, trading at ₹154.90

Sun Pharmaceutical reported its standalone net profit for the quarter ended Dec 2023 at ₹721.31 crore as against ₹486.73 crore in Dec 2022.

Stock surged 3.94% on the NSE, trading at ₹1,425.85. The company declares an Interim Dividend of ₹8.5 per equity share

Amara Raja Energy & Mobility’s share surged 6.93 percent on the Bombay Stock Exchange and is trading at 895.30. The Hyderabad-based Amara Raja is set to announce its Q3 numbers today.

Maruti Suzuki reported its standalone net profit for the quarter ended Dec 2023 at ₹3,130 crore as against ₹2,351.3 crore in Dec 2022.

Stock rose by 1.46% on the NSE, trading at ₹10,096.50

Hindustan Coca-Cola Beverage Pvt Ltd, one of India’ leading FMCG companies, on Wednesday announced that its bottling plant in the Bidadi Industrial Area in Ramanagara has been certified as carbon neutral. - PTI

Bank of Baroda (BoB) has reported 19 per cent year-on-year (yoy) increase in third quarter net profit at Rs 4,579 crore against Rs 3,853 crore in the year ago quarter

Carborundum Universal Limited has declared Interim Dividend of ₹1.50 per equity share.

Reported its net profit for the quarter ended Dec 2023 at ₹80.15 crore as against ₹72.29 crore in Dec 2022. 

Shares inch up by 0.87% on the NSE, trading at ₹1,120.60

Kajaria Ceramics board has approved investment in Kajaria Ultima Private Limited (KUPL) upto ₹30 crore and in Keronite Tiles Private Limited (KTPL) upto ₹50 crore, in one or more tranches, through subscription/acquisition of shares.

The company reported its stanadlone net profit for the quarter ended Dec 2023 at ₹94.96 crore as against ₹75.64 crore in the corresponding quarter.

Stock rose by 1.45% on the NSE, trading at ₹1,370.30

IDFC has reported standalone net loss for the quarter ended Dec 2023 at ₹10.72 crore as against the profit in Dec 2022 quarter at ₹22.34 crore.

Stock rose by 1.67% on the NSE, trading at ₹119

Adani Wilmar has reported its standalone net profit for the quarter eneded Dec 2023 at ₹247.33 crore as against ₹277.07 crore in Dec 2022 quarter.

Stock trades at ₹357.55 on the NSE, up by 0.13%.

Inox India jointly with Institute for Plasma Research has received Patent Rights from Patents Office, Government of India titled “DISPLACEMENT DECOUPLING ARRANGEMENT FOR PIPING SYSTEMS”.

Inox India stock rose by 3.07% on the NSE, trading at ₹922.80.

Bharti Airtel has launched five new, next-gen Company-owned stores in the city of Indore.

The company is in receipt of notice from Department of Telecommunications, Mumbai, imposing a penalty of ₹1,63,000 for alleged violation of subscriber verification norms.

Shares trade at ₹1,165.85 on the NSE, up by 0.62%

Infrastructure spending should be expected to continue. There should not be any reduction. The Modi government has launched some Very good schemes where money is spent wisely; like direct transfer. Some surprising schemes such as these are something we can expect that will help the farmers. Next, the government will be keen to provide a nurturing ground for start-ups. A new India requires innovation, and start-ups boost innovation. Many will come into profitability. The Government will give whatever start-ups need.

As for markets In the Short term, we must reflect that the economy is on a very strong footing. Budget is just one event. Our government has been predictable when it comes to policy. Economic policies will continue with some small short term corrections that will be healthy for the market. In the Long run we are heading for a 5-7 trillion economy. The market will give multi-fold returns. We are on a Tremendous growth path for 3 years. Sentiments are Highly exuberant. 

With respect to sectors, spending on defence will continue. Corruption is being removed and so are loopholes. Then there will be a tremendous focus on railways as they are important for goods transportation. The India to Europe railway will add to the trajectory. Capital allocation on road infrastructure will be high in addition to expenditure on Capital goods, infrastructure, manufacturing, automobile, healthcare and financial services. I am also very Bullish on the PSU theme. All sectors in PSU are doing well in terms of earnings with growth of 40-50%. For the last 2 years, PSUs have been giving earnings. With railway stocks, PSU banks, financial institutions, PSU is my biggest theme for the next 3-4 years.

UGRO Capital has raised ₹2,500 million through Non-Convertible Debentures (NCDs) from Asian Development Bank (ADB). Ugro stock rose by 1.30% on the NSE, trading at ₹280.05.

Sandhar Technologies Limited (STL), has executed and completed Share Purchase Agreement to acquire 12,05,000 equity shares equivalent to 20.08% of the total issued and paid up share capital of Sandhar Tooling Private Limited (“Investee Company”) in one or more tranches from the existing Shareholders of the Investee Company. 

Sandhar Tech stock rose by 1.36% on the NSE, trading at ₹481.

Jyothy Labs reported its net profit for the quarter ended Dec 2023 at ₹90.90 crore as againat ₹67.39 crore in the corresponding quarter.

Shares trade at ₹530 on the NSE, down by 1.05%.

Ambuja Cements has reported its standalone net profit for the quarter ended Dec 2023 at ₹513.68 crore as against ₹368.99 crore in the corresponding quarter.

Stock trades at ₹554.65 on the NSE, down by 2.84%.

KFin Technologies Limited (“KFin”) in partnership with Equalifi, hosted the first-ever Indian Alternative Investment Summit 2024. 

Kfin stock trades at ₹604.85 on the NSE, up by 0.87%.

Medinova Diagnostic Services has appointed Nikhil Rajmal Jain, as Chief Financial Officer (CFO) of the Company.

Jash Engineering clarified regarding news item about raising ₹500 crore by QIP issue. “We would like to state here that these are false rumors and we have no intention of raising any additional funding since we have recently started process for raising approx. ₹41.58 crore by way of preferential issue,” it said in a regulatory filing.

Stock trades at ₹1,757 on the NSE, up by 0.90%.

Paisalo Digital board has approved issue of Bonus Shares in the ratio of 1:1 i.e. 1 new bonus equity share of ₹1 each fully paid for every 1 existing share of ₹1 each fully paid up.

The company reported its standalone net profit for the quarter ended Dec 2023 at ₹75.53 crore as against ₹36.91 crore in December 2022 quarter.

The company’s stock jumps 13.87% on the NSE, trading at ₹134.20.

Kalyan Jewellers India Limited (Company) has extended Corporate Guarantee of USD 50 MM in favour of ‘LAM Trade Finance Group II LLC’ (Leucadia Asset Management, part of Jefferies Group USA) against the credit facilities sanctioned to KJFZE and other wholly owned subsidiaries of the Company in Middle East. The Company has also withdrawn/reduced Corporate Guarantee amounting to USD 40 MM during the quarter and is planning to further reduce the overall Corporate Guarantee by USD 15 MM by June 30,2024, taking the overall corporate guarantee amount lower than FY 2023 levels.

Marine Electricals (India) Limited has received an order amounting to ₹15.04 crore. The stock rose by 4.98% on the NSE, trading at ₹106.50

Major gainers of Nifty Bank stocks:

PNB (2.43%)

Axis Bank (2.05%)

IDFC First Bank (2%)

Bandhan Bank (1.77%)

India’s gold demand is expected to be subdued in the first quarter of 2024 due to lower jewellery sales, but annual demand is anticipated to rise as consumers adjust to higher prices, the World Gold Council (WGC) said on Wednesday.

Higher purchases in the world’s second-biggest gold consumer could support prices which are trading near record highs.

Rising demand for imports could also widen India’s trade deficit and put pressure on the rupee.

India’s gold demand has been stuck between 700 and 800 metric tons in the past five years, but it is expected to break out of this range and rise to between 800 and 900 tonnes in 2024, Somasundaram P.R., CEO of WGC’s Indian operations told Reuters. - Reuters

Kalyan Jewellers India has reported consolidated PAT for Q3 FY24 at ₹180 crore as against a PAT of ₹148 crore for the corresponding period in the previous year, a growth of 22%. 

The stock inched up by 0.93% on the NSE, trading at ₹370.80.

Swarnendu Bhushan - Co-Head of Research, Prabhudas Lilladher Pvt. Ltd.

Petronet LNG reported an EBITDA of Rs 17.1bn (up 40% QoQ, PLe: Rs 11.5bn) while PAT came in at Rs 11.9 bn (up 46% QoQ, PLe: Rs 7.5 bn). The company booked Use or Pay charges for CY23 during the quarter on account of lower capacity utilization by customers. Adj PAT post factoring in this income came in at Rs7.3bn. Total volume at 232 TBtu was up 4% QoQ. Going ahead, long term volume growth prospects remain weak for the company due to increasing competition from upcoming LNG terminals and increase in domestic gas production. Additionally, capex in petrochemical is margin dilutive. Owing to these reasons we downgrade our rating from ‘Reduce’ to ‘Sell’ with a TP of Rs 212 (previous Rs208) based on 10x FY26 EPS.

Tanla Platforms stock rose by 2.23% on the NSE, trading at ₹1,022.60. Its wholly owned subsidiary Tanla Mobile Asia Pacific Pte. Ltd. had incorporated a wholly owned subsidiary - Tanla Mobile Middle East LLC in Kingdom of Saudi Arabia.

Poly Medicure has reported its standalone net profit for the quarter ended Dec 2023 at ₹61.46 crore as against ₹47.53 crore in the corresponding quarter ended Dec 2022.

Company’s stock trades at ₹1,403.05 on the NSE, up by 0.90%.

Major gainers on the NSE at 12 p.m.

Dr Reddy’s (4.74%); Eicher Motors (3.22%); Sun Pharma (3.01%); Axis Bank (2.62%); Divi’s Lab (2.48%)

Major losers:

L&T (-4.09%); Titan (-1.17%); Tata Consumers (-0.35%); BPCL (-0.24%); NTPC (-0.22%)

Stocks advanced on BSE at 12 noon on January 31, 2024, were 2,432 against 1,253 stocks that declined; 125 stocks remain unchanged. Total stocks traded were 3,810. The number of stocks that recorded a 52-week high was 374, and those that hit a 52-week low was 17.

Major gainers of Nifty pharma stocks:

Dr Reddy’s Lab (4.50%)

Glaxo (2.84%)

Sun Pharma (2.74%)

Abbott India (2.72%

Kiran Kumar Atukuri, MD, Nova Agritech Limited along with Mr. Girish Joshi, Chief Listing and Trading Development, BSE and Others ringing the #BSEBell to mark the listing

Dolat Algotech has declared 2nd interim dividend of ₹0.10 per Equity shares of face value of ₹1 each of the Company for the FY 2023‐24. 

The company has reported standalone net profit for the quarter ended December 2023 at ₹41.44 crore as against ₹29.61 crore in December 2022. 

The company’s stock had hit a 52-week high on the NSE at ₹87.40. Currently trades at ₹86.85, up by 17.52%.

Vakrangee (19.88%)

PNB Gifts (13.97%)

Godfrey Phillips India (13.88%)

PTC Industries (10%)

KPI Green Energy (9.81%)

Dr. Reddy’s Laboratories (3.81%)

Pre-Budget Expectation from Gaurav Sahay, Practice Head (Technology & General Corporate), Fox Mandal & Associates:

Focus on PLI Scheme: The expectations underscore the ‘Make in India’ Initiative and emphasizes on increased R&D investments and expanding indigenous manufacturing of batteries. Production Linked Incentive (PLI) Scheme will incentivise and support startups in fostering innovation. Government has to introduce relaxations and incentives for affordability and innovation in sustainable mobility in India. Extending the PLI Scheme to battery recycling will also ensure that instead of exporting dead batteries, domestic recycling will help India become the hub of sustainability.

Demand from EV Sector: Subsidies in sub-assembly lines of EV vehicles will reduce the bill of materials cost and rationalising GST rates will create a cost-competitive environment. Lastly, the proposed battery swapping policy should ensure that start-ups and small-scale entrepreneurs are not affected due to the entry of big players in the industry calling for the requirement of standardization.

Expectation of MSME Sector: Since the introduction of ONDC and OCEN, MSMEs should be provided continued support and tax benefits. They should be given the easy opportunity to access credit by also incentivising FinTech companies. Further, the focus should also primarily be on digital payments in tier-2 cities and rural areas along with educating them about digital payments in order to curb cyber fraud. There has been a consistent call on standardizing the KYC framework to address the same.

Cybersecurity Infrastructure: In 2023, India was hit by 2,138 cyber-attacks per week per organisation. The Ministry of Electronics and Information Technology (MeitY) allocated a sum of Rs 625 crore to improve the country’s cybersecurity infrastructure in the Union Budget 2023. Analysts are wondering if the government will make a similar allocation this year as well.

Make AI in India: Interim Budget 2024 to focus on shaping the industry with more advanced technologies like artificial intelligence (AI). The Indian government’s involvement and framing of relevant policies is crucial. Therefore, it has become increasingly fundamental in Make AI in India and therefore the government should invest heavily, establish enabling mechanisms for its rapid growth.

Satellite Technology: Expectations for continued government investment in technology, with a rising trend in the space tech industry urges GST exemption expansion to satellites, launch vehicles, and ground equipment in the upcoming Interim Budget. Indian Space Association (ISpA) has represented 39 start-ups and major companies, and seeks tax exemptions for space sector firms. They have advocated for reducing tax rate to 5 percent on external commercial borrowings and lowering withholding tax on the satellite sector from 10 percent to 2 percent.

Sarveshwar Foods Limited is setting up 2 more SFL Chaupals (Procurement Facilitation Centre) for the procurement of Walnuts, Rajma, Apple, Black Morels (Gucchi), Kala Jeera and other authentic Himalayan delights directly from farmers in Kulgam and Doda.

Pre-Budget Expectation from Mr. Gaurav Sahay, Practice Head (Technology & General Corporate), Fox Mandal & Associates 

Focus on PLI Scheme: The expectations underscore the ‘Make in India’ Initiative and emphasizes on increased R&D investments and expanding indigenous manufacturing of batteries. Production Linked Incentive (PLI) Scheme will incentivise and support startups in fostering innovation. Government has to introduce relaxations and incentives for affordability and innovation in sustainable mobility in India. Extending the PLI Scheme to battery recycling will also ensure that instead of exporting dead batteries, domestic recycling will help India become the hub of sustainability.

Demand from EV Sector: Subsidies in sub-assembly lines of EV vehicles will reduce the bill of materials cost and rationalising GST rates will create a cost-competitive environment. Lastly, the proposed battery swapping policy should ensure that start-ups and small-scale entrepreneurs are not affected due to the entry of big players in the industry calling for the requirement of standardization.

Expectation of MSME Sector: Since the introduction of ONDC and OCEN, MSMEs should be provided continued support and tax benefits. They should be given the easy opportunity to access credit by also incentivising FinTech companies. Further, the focus should also primarily be on digital payments in tier-2 cities and rural areas along with educating them about digital payments in order to curb cyber fraud. There has been a consistent call on standardizing the KYC framework to address the same.

Cybersecurity Infrastructure: In 2023, India was hit by 2,138 cyber-attacks per week per organisation. The Ministry of Electronics and Information Technology (MeitY) allocated a sum of Rs 625 crore to improve the country’s cybersecurity infrastructure in the Union Budget 2023. Analysts are wondering if the government will make a similar allocation this year as well.

Make AI in India: Interim Budget 2024 to focus on shaping the industry with more advanced technologies like artificial intelligence (AI). The Indian government’s involvement and framing of relevant policies is crucial. Therefore, it has become increasingly fundamental in Make AI in India and therefore the government should invest heavily, establish enabling mechanisms for its rapid growth.

Satellite Technology: Expectations for continued government investment in technology, with a rising trend in the space tech industry urges GST exemption expansion to satellites, launch vehicles, and ground equipment in the upcoming Interim Budget. Indian Space Association (ISpA) has represented 39 start-ups and major companies, and seeks tax exemptions for space sector firms. They have advocated for reducing tax rate to 5 percent on external commercial borrowings and lowering withholding tax on the satellite sector from 10 percent to 2 percent.

Here is the Pre- listing view on Nova Agritech from Shivani Nyati, Head of Wealth at Swastika Investmart.

Nova Agritech’s IPO debut exceeded even the expectations, soaring a remarkable 34.15% above its issue price of Rs 41 to list at Rs 55. Nova Agritech had witnessed a significant oversubscription of 109.37 times during the offer period, hinting at robust investor confidence in the company’s prospects.

This stellar listing was fueled by multiple positive factors, including the company’s strong market position as a one-stop solution provider for crop and soil health through its diverse branded product portfolio. Its well-established geographical presence and effective marketing strategy further enhance its growth potential. Additionally, Nova Agritech’s consistent financial performance, impressive growth over the past three years, and ambitious expansion plans further bolstered investor sentiment.

For existing investors, holding their shares and closely monitoring the company’s performance and market conditions remains the recommended approach..

Sarveshwar Foods Limited is setting up of 2 more SFL Chaupals (Procurement Facilitation Centre) for procurement of Walnuts, Rajma, Apple, Black Morels (Gucchi), Kala Jeera and other authentic Himalayan delights directly from farmers in Kulgam and Doda.

Nova Agritech’s IPO debut exceeded even the expectations, soaring a remarkable 34.15% above its issue price of Rs 41 to list at Rs 55. Nova Agritech had witnessed a significant oversubscription of 109.37 times during the offer period, hinting at robust investor confidence in the company’s prospects.

This stellar listing was fuelled by multiple positive factors, including the company’s strong market position as a one-stop solution provider for crop and soil health through its diverse branded product portfolio. Its well-established geographical presence and effective marketing strategy further enhance its growth potential. Additionally, Nova Agritech’s consistent financial performance, impressive growth over the past three years, and ambitious expansion plans further bolstered investor sentiment.

For existing investors, holding their shares and closely monitoring the company’s performance and market conditions remains the recommended approach..

MICL Group has achieved ₹333 crore sales of its Uber-Luxurious project situated in Ghatkopar East - ‘Aaradhya OnePark’. 

Man Infraconstruction stock rose by 2.05% on the NSE, trading at ₹236.20

MICL Group has achieved ₹333 crore sales of its Uber-Luxurious project situated in Ghatkopar East - ‘Aaradhya OnePark’. 

Man Infraconstruction stock rose by 2.05% on the NSE, trading at ₹236.20

Major gainers on the BSE at 11 am:

Vakrangee (20%); Godfrey Phillips (16.76%); Policy Bazaar (12.94%); IFCI (10%); KPI Green(9.16%)

Major losers:

L&T (-5.02%); JP Associates (-4.96%); Tata Investment (-4.84%); VIP Industries (-4.03%); Cyient (-3.82%)

NSE Nifty was up by 0.36 per cent or 77.75 points at 21,599.85 points, while the BSE Sensex was at 71,410.40, up by 0.36 per cent or 265.83 points. 

A total of 3,675 stocks were actively traded; 2,341 advanced, while 1,182 declined, and 152 stocks remained unchanged, where 323 stocks hit a 52-week high, and 14 stocks hit a 52-week low at 10.30 am on Wednesday.

Lloyds Enterprises Limited has completed the acquisition of a 60.38% stake in Lloyds Realty Developers Limited (LRDL) (formerly known as Aristo Realty Developers Limited).

The stock trades at ₹37.75 on the BSE, up by 0.72%.

Suman Bannerjee, CIO, Hedonova a Paris-based hedge fund views: 

“As we eagerly await the Budget 2024 interim, our expectations resonate across key sectors. In railways, we anticipate a surge in investment, unveiling transformative projects and introducing 300-400 Vande Bharat trains. The commitment to new highways holds promise for enhanced connectivity and economic vitality. The manufacturing sector anticipates a visionary PLI scheme, fostering innovation and global competitiveness. Finance Minister Nirmala Sitaraman’s budget is poised to be a catalyst, propelling India towards a future of modernized infrastructure, efficient railways, robust highways, and a thriving manufacturing ecosystem.”

Cochin Shipyard stock rose 3.48% on the NSE, trading at ₹909.15.

The company had declared a 2nd interim dividend of ₹3.50 per equity share of ₹5 each fully paid-up (70%) for the financial year 2023-24.

Appended are the Pre-market views of Mr. Vikas Jain, Senior Research Analyst at Reliance Securities:

Focus today –– IMF raises India’s FY24 growth forecast to 6.7 per cent from 6.3%. US Fed rate decsion today (IST 12.30AM). ADR/GDR Update – Reliance, Axis Bank, Infosys and GAIL slipped up to 2%. L&T declined 3.5%. Dr Results and M&M Finance reported impressive Q3 results. L&T and Blue Star reported inline with expected Q3 results. SRF and Coromandel International reported lower than expected Q3 results. Results - Sun Pharma, Maruti , Godrej Consumer, BoB, Ambuja Cements, Shree Cements, Dabur , Jindal Steel, Kalyan Jewellers, Dixon Tech, Jubilant Foods, IRB Infras, Ajanta Pharma, Motherson Sumi.

Expects market to open on a flat note ahead of key events like US Fed interest rate decision ( today at IST 12.30AM) and Union Budget to be announced tomorrow. Positive sentiment in the domestic markets after the IMF raised India’s FY24 growth forecast to 6.7 per cent from 6.3%, highest among the emerging counters. Moreover, expectation of a favourable mid-term Union budget ahead of the Lok Sabha election in April-May. Gift Nifty is trading flat. Yesterday, Nifty slipped 1% due to profit booking ahead of major events. Expects rangebound market but stock specific action may continue. Among the global markets, overnight, the US market ended mixed bag. Nasdaq dropped 0.8% after poor earning guidance announced by Microsoft despite reported good quarterly results along with poor add revenue reported by Alphabet. Dow Jones gained 0.3% to record high due to fall in US 10-Year bond yield and impressive labor data. Nasdaq Future slipped over 0.5% on account of Microsoft, Tesla and Alphabet decline in the post market. The Federal Reserve is expected to hold interest rates steady on Wednesday. Market will be looking to Fed Chair Jerome Powell’s remarks for guidance on future rate cuts. In bond markets, the yield on the benchmark 10-year Treasury note ticked down to 4.03 Tuesday from 4.08% Monday. Traders focus on RAIL, PSU Banks, Infra and metal stocks.

Oil Price Update –. Brent Crude soared 2% to 2-month high at $83/bbl as an escalation of attacks on ships in the Red Sea spurred a diversion of tanker traffic and raised fears about a wider conflict in the Middle East.

Gold Price Update – Gold gained 0.5% to $2036/ounce ahead of a Federal Reserve meeting that may provide a steer on when the US central bank will start cutting interest rates. Results Today - Sun Pharma, Maruti Suzuk, Godrej Consumer, Bank Of Baroda, Ambuja Cements, Shree Cements, Dabur India, Mankind Pharma, Jindal Steel, Max Healthcare, Procter and Gamble, Kalyan Jewellers, Dixon Technologies, Jubilant Foodworks, IRB Infras, Ajanta Pharma, Motherson Sumi, Carborundum Universal, Kajaria Ceramics, Relaxo Footwears, Jyothy Labs, IDFC, Swan Energy, DCM Shriram, GE Shippin, Amara Raja Energy & Mobility, Poly Medicure, Westlife Foodworld, Fino Payments Bank, Atul Auto.

Lagnam Spintex has informed the exchanges that the commercial production of the expansion project of 41,472 spindles of 100% cotton “Compact Yarn” has started today, two months ahead of schedule. 

The stock declines by 1.78% on the NSE, trading at ₹88.45

The rupee was trading in a narrow range against the US dollar in early trade on Wednesday, as market participants remained cautious ahead of the interim budget that will be released on February 1.

Shares of India’s Larsen and Toubro fall as much as 5.4% on Wednesday, a day after it missed third-quarter profit estimates as government spending on infrastructure tapered ahead of a Lok Sabha election. - Reuters

Nifty 50 is attempting to bounce back. The index is trading at 21,574, up 0.24 per cent. 

The support in the 21,450-21,400 region is holding well for now. Immediate resistance is at 21,600. A break above it can take the Nifty 50 index up to 21,700 and 21,800 in the coming sessions.

Star Health and Allied Insurance Co. Ltd has reported a 38 per cent rise in profit after tax at ₹290 crore for the quarter ended December 30, 2023, as against a PAT of ₹210 crore in the year-ago period.

Operating profit increased to ₹277 crore (₹241 crore). Underwriting profit in Q3 of this fiscal was lower at ₹114 crore , when compared with ₹125 crore in the December 2022 quarter.

Swarnendu Bhushan - Co-Head of Research, Prabhudas Lilladher Pvt. Ltd

​Bharat Petroleum Corporation ​(BPCL) reported better than expected Q3FY24 results with an EBITDA of Rs 62.3 bn (down 52% QoQ, PLe: Rs 59.9 bn). Reported PAT came in at Rs 34 bn (down 60% QoQ, PLe: Rs29.5 bn). The company reported higher than estimated GRM at US$13.4/bbl. Going ahead, we build in GRMs of US$6/bbl and a gross marketing margin of Rs 4.1/ltr for FY25/26E. The stock is currently trading at 1.5/1.4x FY25/26 P/BV and 8.5/8.3x FY25/26 EV/EBITDA. Owing to the uncertainty over sustainability of strong Singapore GRM and marketing margins due to the upcoming elections we maintain ‘Sell’ rating with a TP of Rs 381(previous Rs371) based on 1x FY26 P/BV.

Tata Consultancy Services stock inches up by 0.56% on the NSE, trading at ₹3,821.95. The company had expanded its partnership with Aviva with a new 15-year agreement in the UK.

Dr Reddy’s Laboratories stock rose by 1.01% on the NSE, trading at ₹5,900.05.

The company reported standalone net profit for the quarter ended December 2023 at ₹1380.9 crore as against ₹1243.9 crore in December 2022 quarter.

KEC International stock rose by 4.11% on the NSE, trading at ₹654.60, after its financial results for the quarter ended Dec 2023.

Major gainers on the NSE at 9:30 am:

Tata Motors (2.29%); Adani Ports (2.11%); Adani Enterprises (1.29%); UPL (1.14%); Reliance (1.10%)

Major losers:

L&T (-5.24%); Titan (-1.20%); Kotak Bank (-1.07%); ICICI Bank (-0.93%); Hero Motocorp (-0.61%)

Nodwin Gaming International Pte. Ltd. (Nodwin Singapore), a wholly owned subsidiary of Nodwin Gaming Private Limited (Nodwin), material subsidiary of the Company, acquired 13.51% of Freaks 4U Gaming GmbH.

Coromandel International board has approved setting of new Phosphoric Acid and Sulphuric Acid Plants at Kakinada, Andhra Pradesh.

Crude oil futures traded lower on Wednesday morning as data showed that Chinese manufacturing activity contracted for the fourth straight month in January. At 9.16 am on Wednesday, April Brent oil futures were at $82.12, down by 0.46 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $77.47, down by 0.45 per cent. February crude oil futures were trading at ₹6438 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6478, down by 0.62 per cent; and March futures were trading at ₹6450 as against the previous close of ₹6485, down by 0.54 per cent.

AdaniConnex Private Limited (ACX), a joint venture of Adani Enterprises, has signed a Share Purchase Agreement with Adani Power Limited (APL)

Indian benchmark indices, namely Sensex and Nifty, commenced trading on a downward note due to persistent selling by foreign portfolio investors. In the early trading session, the 30-share BSE Sensex declined by 186.48 points, reaching 70,953.42, while the NSE Nifty witnessed a drop of 40.90 points, settling at 21,481.20.

As corporate earnings reports are mostly disclosed, attention has now turned towards key events, including the impending decision on the US Federal Reserve rate (expected later tonight) and the upcoming interim Budget scheduled for February 1.

“Though Investors expect the US Fed to maintain the status quo, the direction concerning rate cuts will hold importance. Overall, we expect the market to remain range-bound till the two large events (the US Fed meeting & India’s Interim Budget) unfold,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Cues from global markets are also negative, with most equities across the Asia-Pacific region in the red.

Ruchit Jain, Lead Research, 5paisa.com, said FIIs have about 75 per cent of the positions on the short side in the index futures segment and call writing was seen on Tuesday at 21700 strikes as the index corrected.

“Also, the technical momentum oscillator RSI has a negative crossover on the hourly charts, while it is already negative on the daily chart for the last couple of weeks. Thus, the data is not positive, and it indicates that until the index surpasses the 21800 mark, we are not out of the woods yet, and the volatility is likely to continue,” he added.

He further warned that traders are advised to stay cautious considering the above data and the technical setups and look to trade with a directional view only on breakout beyond the above-mentioned range.

The initial public offering of BLS E-Services received an overwhelming response from retail investors and high net worth individuals, with the offer getting subscribed 15.67 times on Day 1. The IPO has a price range of ₹129-135 per share and the market lot is 108 shares.

The issue received bids for 21.41 crore shares, against 1,37,02,904 shares on offer (net off anchor investor portion). The quota for retail investors was subscribed 49.40 times, while the category for non-institutional investors was bid 29.70 times. The portion for Qualified Institutional Buyers was also subscribed 2.19 times.

Shares of Nova Agritech will be listed on the bourses today. The issue that saw overwhelming response from all category investors with the issue being subscribed over 109 times, has fixed the price at ₹41.

The IPO, which came out with a price band of ₹39-₹41, received bids for 277.94 crore shares against 2.54 crore shares (net off anchor portion) on offer.

Listing Date : Wednesday, January 31, 2024 (Today) 

ISIN : INE02H701025

BSE : 544100 ‘T’ Group

NSE : NOVAAGRI

NSE Series : BE

IPO Price : ₹ 41/-

App. Min. Lot : 365 Shares

Route – Tender 

Buyback Price: 450/- 

Current Market Price: 358.30/-

Market Cap: Rs 14,912 crores 

Buyback Size: ₹700 Crs (Representing 9.82% and 9.52% of the aggregate of the Company’s fully paid-up equity capital and free reserves)\u0009\u0009

Buyback Size: 1,55,55,555 shares (Representing 3.74 % of O/s. shares)\u0009

Retail Quota: 23,33,333 Shares\u0009

Buyback Record Date: 18 January 2024

Entitlement:

General Category - 1 Equity Share for every 29 Equity Shares held on the Record Date

Retail Category - 1 Equity Share for every 14 Equity Shares held on the Record Date

Tender Period:

Start Date - 24 January 2024

Close Date - 31 January 2024 (Today)

Obligation Date - 06 Febrauary 2024

Settlement Date - 07 Febrauary 2024

Issue Open - 07-February-24

Issue Close - 13-February-24

Right issue Size: Rs. 3,693.40 Crs (24.62 Crs Shares)

Stock Price – 214.30 /-

Right issue Price: Rs. 150 /-

Payment Terms: Rs.150 /- (On application Rs. 50 and Balance will be called within 12 months from the date of allotment)

Rights Entitlement Ratio: 1 Rights Equity Shares for every 2 (Effectively 0.50 for every 1 share held).

Last Trade date (Cum Right): 31 January 2024 (Today)

Ex-Right Trading date: 01 February 2024

Record Date: 01 February 2024

Right Entitlement (RE) Trading Period:- 07 February 2024 to 08 February 2024

Last day of Renunciation of Rights Entitlements: 08 February 2024

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 21.43

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Tanla Platforms: The company has announced the incorporation of a unit named Tanla Mobile Middle East LLC in the Kingdom of Saudi Arabia.

M&M Fin– NIM guidance revised lower

SRF– Expects significantly better F4Q24 

L&T– Raises Rev & order inflow guidance 

DRL- Price erosion in US generics market remains benign & expects it to remain that way in near future 

#Sources- Brokerage notes

CITI

Neutral, TP Rs 315 

NIM & Credit Cost Booster; Cautious on Extrapolating Guidance 

With all levers at its disposal (opex, NIM), believe credit cost & NII could provide incremental delta. 

Revise earnings upwards by 5%/3% for FY24/25E 

CLSA

Buy, TP Rs 360 

Rebound in NIM & healthy improvement in asset quality 

PPOP/PAT beat est. by 8%/10%. 

After 2 qtrs. of decline, reported NIM improved 30bp QoQ to 6.8%. 

Loan growth remained healthy at 25% YoY, although some signs of a slowdown 

CLSA

Buy, TP Rs 4260 

FY24 guidance– raise inflows & execution; cut margins 

Key +ve in 3Q- 2 large Middle East gas & social infra capex orders driving new orders up 31% YoY & solid core execution up 25% YoY 

Has an improving outlook, with its $75bn pipeline 

MS

OW, TP Rs 4171 

Execution remains strong. 

Ordering activity may see some slowdown due to election, however prospects remain strong. 

Core margin guidance lowered due to timing difference (faster completion of legacy jobs & slower ramp up of new jobs) 

CITI

Sell, TP Rs 5290 

Another gRevlimid Driven Beat, Though Core Gx Profitability Underwhelming 

Another strong qtr with 28% EBITDA Margin (vs c24% expectations) 

gRevlimid contribution seems to have increased indicating product’s contribution in FY24-26E much higher 

CLSA

Downgrade to U-P from Buy, TP raised to Rs 6060 (on roll fwd) 

Subdued growth across its key geographies 

Co is hopeful of a revival of its US business led by 26 product launches planned over FY25-26 & expects India growth to be in double-digits

Sell, TP Rs 1760

3Q below est., consensus downgrades likely 

With 15% plumbing vol growth (9M: 24%), its FY24 guidance of 20%+ growth looks achievable. 

However, at a 58x FY26CL PE, believe strong growth is priced in

MS

OW, TP Rs 965 

Core biz weaker than MSe due to regulatory changes in unsecured personal loans. 

Contribution of new initiatives saw break even for 3Q & Overall PAT for 9MFY24. 

There could be downside risks to near term forecasts 

Macquarie

U-P, TP Rs 610 

Large EBITDA beat driven by decline in ESOP cost 

PAT of Rs372m vs a 1H loss of Rs330m 

Decline in insurance take rate & Paisabazaar rev 

Guidance: Upside risk to est. for FY24E 

Ask rate for 4Q, looks achievable

Buy, TP Raised to Rs 170

Food delivery & Quick com continue to be structural growth engines 

Blinkit’s succes big surprise of 2023 driving stk re-rating 

Expect Food delivery growth to sustain (20% YoY) & Blinkit to drive growth momentum( >40%YoY)

Buy Call, Target Rs 1,930 

Co Reported Another Robust Quarter 

Revenue Up 4.3% QoQ In CC Terms & Margins Were Stable Too 

Co’s Structural Growth Is Further Supported By Increased Pressure On European OEMs 

Increased Pressure On European OEMs From Chinese EV Players 

Growth Justifies Valuation Premium

Buy Call, Target Raised To Rs 340

Q3 Broadly In-line With Consensus; Capacity Additions Slow, But Expect Pace To Pick Up 

Believe Previously Signed PPAs & Co’s Low Cost Of Capital Will Allow It To Add New Capacity

Neutral, TP Rs 885 

Better focus on cooling biz visible; projects drags bottom-line 

Despite sharp headline miss on EBITDA/PAT, do not expect any sharp -ve reaction, given stable performance for UCP segment on growth & profitability

Neutral Call, Target Rs 842

Q3 UCP In-line; Project Business Losses Drive EBITDA Miss 

Segment EBIT Margin Of 8.3% Was A 60 bps QoQ Improvement & Also In-line 

Overall EBITDA, At `28 Cr With A 1.1% Margin, Declined 63% YoY 

Decline Led By Continued Losses For Project Business 

Overall Revenue Grew 31% YoY 

Reported A PAT Loss Of `30 Cr Vs Est For Profit Of `78 Cr

Buy Call, Target Raised To Rs 613

Market Share Gains In New Inflows, Equity AUM Were Positives 

Systematic Transactions & Unique Investors Were Positives 

Marginally Tweak EPS Est As Factor In AUM Mix Change In Favour Of Equity /ETF AUM 

Revenue Pressure Could Be Partly Offset By Efficiency Gains

Overweight Call, Target Rs 2,634 

Packaging & Technical Textiles Underpinned Miss In Q3 Earnings 

The Company Cited QoQ Pick-up In Specialty Chemicals & Expects A Significantly Better Q4FY24 

Stock Trades At 17x F25 EV/EBITDA (15% Below 3-Yr Avg) 

Organic Volume Levers, Industry Repair & Seasonal Upturn Keep Us Overweight 

Fund infusion remains key, as subs loss persists

Vodafone Idea (Vi)’s revenue was down 0.4% QoQ, missing consensus/our estimates. EBITDA margin was up by 80bps QoQ (a beat), led by lower network cost. Though 2% QoQ ARPU improvement was the key positive, subscriber loss persisting remains the main worry. Despite promoters’ readiness to contribute added equity (up to Rs20bn), and Company’s ongoing discussions on funding by external investors, the fundraise remains elusive. Vi needs funding for capex (for the 5G launch) to arrest the slide in number of subscribers. We cut FY24E/FY25E/FY26E revenue by 0.9%/1.6%/0.7%; also, we increase our margin estimate, adjusting for Q3 results. We have ‘No Rating’ on Vi, amid concerns on continued mkt-share loss, delay in fundraise, and possibility of equity dilution. Clarity on the fundraise and tariff hike is a key positive trigger.

GAIL India: All segments driving earnings growth

▪ PAT up 63% YoY, led by transmission, marketing and petchem 

▪ Strong guidance on gas transmission & marketing volume growth

▪ Valuations: Revise to Accumulate; TP raised to INR 191

Macrotech Developers: Pipeline potent

▪ Stable presales performance

▪ Strong entry in Bengaluru

▪ Strong launch pipeline, on track to achieve sales guidance

▪ Valuation: Revise to Accumulate with higher TP of INR 1,092

ITC: Cigarette volume growth disappoints

▪ Cigarettes – Volume slowdown albeit on high base 

▪ Agri and Paperboards hit; Hotels see strong growth 

▪ Cigarettes margin, a miss; FMCG margin continued to expand

▪ Valuations: Maintain Accumulate, TP reduced to INR 490

Cholamandalam Investment: Cautiously optimistic

▪ Robust growth aids core, provisions decline; absolute Stage 2 up

▪ Home loans/home equity drive growth; new business share steady

▪ Remarkable asset quality show as stage 3 at <3%

▪ Valuations: Maintain Accumulate, TP raised to INR 1,295

Marico: Recovery to be gradual

▪ Volume continues to be soft in Q3

▪ Expect gradual volume recovery, going ahead

▪ FY24E operating margin may improve 250bps 

▪ Valuations: Reiterate Accumulate; new TP at INR 580

Bajaj Finance: Soft landing while navigating challenges

▪ In-line earnings; credit costs, regulatory forbearance, key drags

▪ Growth trajectory healthy but rural/consumer segments on alert

▪ Risk metrics tightened; credit costs to climb

▪ Valuations: Maintain BUY, TP unchanged at INR 9,000

APL Apollo Tubes: Destocking hurts volume

▪ Broadly in-line performance 

▪ EBITDA/tonne up ~3% YoY but down ~4% QoQ

▪ Expanding footprint outside India

▪ Valuation: Reiterate Accumulate; TP at INR 1,679

Rating: ACCUMULATE

Target Price : INR 1679 

Upside : 10% 

CMP : INR 1532 (as on 29 January 2024) 

Destocking hurts volume

Broadly in-line performance 

APL Apollo Tubes’ (APAT IN) Q3FY24 net sales fell ~4% YoY and ~10% QoQ to ~INR 40bn. Also, EBITDA grew ~2% YoY but fell ~14% QoQ to ~INR 2.8bn. Net sales and EBITDA were mostly in line with our expectations of ~INR 39.8bn and ~INR 2.9bn, respectively. PAT declined ~2% YoY and ~18% QoQ to ~INR 1.7bn

Elara Securities

Chola reported earnings in-line with our estimates. NII/PPOP/PAT was up 36%/40%/28% YoY. AUM growth was strong (up 40% YoY) with stable NIMs (QoQ) and improved Stage 2/Stage 3 assets (higher write offs). Disbursement growth decelerated, with net addition in disbursements of Rs 8.4bn (QoQ) in 3QFY24 as against Rs 29.4bn in 3QFY23 and 15.3bn in 2QFY24. Disbursement growth in New Business and Home Loans remained flat QoQ. We build in AUM/PPOP/PAT CAGR at 29%/30%/28% over FY23-26E and RoA/RoE of 2.6%/21.2% for FY26E. Chola is currently trading at 4.9x FY25E P/ABV, which in our view is fully pricing in growth and profitability. Maintain Reduce with a Target Price of Rs 1,246.

Centrum Broking

Indraprastha Gas (IGL) reported subdued performance in Q3FY24 impacted by higher gas cost leading to QoQ decline in EBITDA/ scm. IGL’s revenues rose 2.8% QoQ while EBITDA/ PAT declined 14.4%/ 14.0%. Supported by PNG domestic and commercial volume growth, overall gas sales volumes increased 2.2% QoQ at 8.5mmscmd. However, EBITDA/ scm declined 16.2% QoQ at Rs7.2/ scm from Rs8.6/ scm. Management guided ~9mmscmd exit rate in Q4FY24E and has already touched the number in recent days. It also guided for ~10mmscmd exit rate for FY25E with EBITDA/ scm hovering between Rs7.5-8.0/ scm (tilted towards Rs8.0/scm). Although, volume growth in Delhi is expected to remain lower at 2-3%, other GAs are growing at much faster clip and are expected to support overall volume growth. Based on 9MFY24 numbers and management guidance, we have lowered our FY24E/ FY25E/ FY26E earnings estimates by 4.6%/ 2.6%/ 3.7%. Over the past three months, the stock has risen ~10%. Based on our revised estimates, we downgrade the stock from Buy to Reduce with a revised SOTP based TP of Rs431 (earlier Rs447)

Institutional Research Desk at HDFC Securities.

We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 490, given (1) strong volume growth of ~11% CAGR over FY24-26E, (2) healthy margins supported by higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility. Q3FY24 EBITDA/APAT at INR 5.6/3.9bn were up 32/41% YoY respectively but below our estimates, owing to lower-than-expected margins, partially offset by the higher-than-expected volume of 8.5mmscmd (+4% YoY; +2% QoQ).

Rating: ACCUMULATE

Target Price : INR 1295 

Upside : 5% 

CMP : INR 1231 (as on 29 January 2024) 

Robust growth aids core, provisions decline; absolute Stage 2 up 

Healthy in-line Q3 (PAT at INR 8.7bn versus INR 8.3bn estimated) for Cholamandalam Investment (CIFC IN) was led by continued growth (29% YoY), with new business share remaining constant, better NIMs (up 35bps QoQ) and lower provisions (down10% QoQ). This was marked by: (a) higher yields led by re-pricing of floating assets of LAP/HL and network expansion into newer geographies (East), (b) accelerating disbursements for HL/LAP: 48%/51% YoY following branch expansion and (c) 23bps QoQ decline in credit cost to 1.1% as GNPAs pared 14bps QoQ

Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd*

| Another quarter of disappointment; EBITDA miss due to higher other expenses | CMP 543| HOLD | TP 674 (Under revision) |

✳️Top-line increased 3.8% YoY to Rs5,464mn (PLe of Rs5,527mn) as compared to Rs5,264mn in Q3FY23/Rs5,461mn in Q2FY24. 

✳️Gross profit increased 17.2% YoY to Rs3,050mn (PLe of Rs2,874mn) with margin of 55.8% (PLe of 52.0%) vs a margin of 49.4%/55.5% in Q3FY23/Q2FY24 respectively.

Latent View Analytics continued its growth momentum with $19.9m revenue, up 5.9% q/q, in a seasonally strong quarter and in line with estimates. Per management, despite Q4 being seasonally weak, growth is expected to be slightly better than Q3 and margins are likely to expand further up to 130bps. The deal pipeline has grown 2x y/y. The 20.7% EBIT margin was up 242bps q/q, ahead of estimate. The investments made in earlier quarters have started to yield results in terms of growth acceleration (especially in Europe). We expect margins to improve further as growth accelerates. We raise our revenue estimates for FY24e/FY25e/FY26e respectively by 1%/4%/6%, which translates into PAT improvement by 12%/7%/6%. We revise our target to Rs585 (from Rs515), 49x FY26e EPS. The higher multiple reflects growth premium

Lower-than-expected margins kept Indraprastha Gas’ Q3 operating results less than ARe. Nine-mth volumes grew a subdued 3.2% y/y, but higher gas prices led to lower, Rs7.2/scm, margins due to lower, 78%, APM gas allocation. Volume recovery is key to the stock’s performance; the company has kept prices unchanged in few markets and is open to price cuts as it aims at volume recovery. We retain our estimates and 12-mth DCF-based Rs528 TP

Swarnendu Bhushan – Co-Head of Research, Prabhudas Lilladher Pvt Ltd*

(CMP: Rs 2,223 | Mcap: Rs 659bn | Rating – Hold) 

➡️ Conso rev at INR30.5bn (-12% YoY, -4% QoQ, +3% PLe)

➡️ Gross margin at 49.1% in Q3FY24 vs 51.2% in Q3FY23 and 49% in Q2FY24 (PLe 50%) 

➡️ EBITDA at INR5.7bn (-32.1% YoY, -9.6% QoQ, -0.1% PLe) 

➡️ EBITDAM at 18.5% in Q3FY24 vs 24% in Q3FY23 and 19.7% in Q2FY24 (19% PLe) 

➡️ PAT came in at INR2.5bn (-50.4% YoY, -15.7% QoQ, -21% PLe)

Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd*

(CMP: Rs6,058 | Mcap: Rs243bn | Rating: Accumulate) 

▪️Consolidated revenue rose 1.9% YoY to Rs40.1bn (PLe: Rs38.5bn; consensus estimate: Rs40.2bn). Revenue mix stood at Conductors ~47%/ Speciality Oil ~30%/ Cables ~22%. 

▪️Conductors revenue grew 4.1% YoY to Rs19.9bn, with ~14% YoY volume growth and 28.3% YoY growth in global revenue ex-US. Specialty Oils revenue was flat at Rs12.4bn due to inventory de-stocking by US customers, while ex-US global revenue grew 24.1% YoY. Cables revenue was also flattish at Rs9.2bn with ~8% YoY volume growth

By Centrum Broking

JSW Steel (JSTL)’s reported better-than-expected EBITDA of Rs 71.8.5bn (CentrumE: Rs66bn), down 9% QoQ. Standalone numbers came in-line, EBITDA of Rs57.8bn, down 16% QoQ (CentrumE: Rs59.3bn). The higher imports in retail segment and lower export demand led to 3.8% QoQ decline in sales volume offset by higher average realisation by 2.8% QoQ. Coking coal cost increased as guided by USD21/t. Overall EBITDA/t came in-line at Rs11,113 (CentrumE: Rs11395/t). For Q4FY24, realisation likely to decline partially offset by improvement in export sales and higher coking coal as well as iron ore prices likely to dent margins. JSW is on verge of commissioning 5mtpa and 1.5mtpa capacity expansion at Vijaynagar and BPSL by Q4FY24 end. We maintain ADD rating and target price at Rs868, valuing at 6.5x FY25/FY26 average EV/EBITDA (Earlier: Rs869/sh)

FY25 Union Budget: Consolidation the mantra

· The Interim Union Budget is unlikely to see any big-bang announcements.

· However, policy intent is likely to be made clear through the selective allocation of resources and thrust towards rural development, employment generation and capacity building through infrastructure development

· The critical intent of this Budget will be to signal a consolidation towards achieving the promised 4.5% GFD/GDP by FY26. Thus, the

· government will have to do a tightrope walk in allocating resources for capital expenditure, the incremental pace of which can reduce. Support to economy through capex push to continue, though growth in capex expenditure will be more sober at 12-13%; direct consumption boosting measures unlikely

· With help from tax collections on the back of higher nominal GDP growth in FY25 compared to FY24, we expect GFD/GDP to print at 5.4% for FY25BE (after 5.8% for FY24E). 10-year yields can stay northwards of 7% in H1FY25 as we think that the RBI will have to conduct OMO sales to prevent its balance sheet size from increasing sharply. Dips below 7% will be conditioned by rate cuts by the RBI

· FY25BE gross and net borrowings seen respectively at INR15tn and INR11.7tn; comfort to come from JPM Bond Index inclusion related flow

BY CENTRUM BROKING

RBA’s Q3FY24 print was below our expectations; standalone revenue/EBITDA grew by 20.5%/47.9% while PAT loss cut to Rs64mn. With 441 stores SSSG of 2.6% indicates continued weakness in consumer sentiments. With 334 BK café covering 76% store its ADS stood flat at Rs119K (-5.5% QoQ). Management alluded sharp focus on building traffic using VFM layer through menu innovation (Rs99/- meal) yielding good results. RBA said it is building price leadership and value credentials for Gen-Z and Millennials remains key priority. Geopolitical issues impacted Indonesia revenues to Rs1.6bn with ADS at IDR17.8mn (-1%) YoY, though RBA aims to strengthen operation with 163 BK and 25 Popeyes stores establishing relevant chicken menu and leadership in Burgers. Gross margin inched up to 67.1% (+76bp), yet higher employee/other expenses at +10.4%/+17.8% resulting in post-INDAS EBITDA margins at 15.9% (+294bp). RBA cuts SSSG guidance to 3% with ~67% gross margin in FY24. We tweak margin assumptions and maintain Reduce rating with a revised DCF-based TP Rs112 (implying EV/EBITDA of 14.1x avg. FY25E/FY26E)

Salasar Techno Engineering Ltd

Bonus issue 4:1

Previous day Closing Price – Rs. 130.52

Ex Bonus 01 February 2024 (Tomorrow)

Last date Trade for Before Bonus Today

31 January 2024 (Today)

Derivative Segment

• Ambuja Cements Ltd.

• Bank Of Baroda

• Dabur India Ltd.

• Dixon Technologies (India) Ltd.

• GMR Airports Infrastructure Ltd.

• Godrej Consumer Products Ltd.

• IDFC Ltd.

• Jindal Steel & Power Ltd.

• Jubilant FoodWorks Ltd.

• Maruti Suzuki India Ltd.

• PVR Inox Ltd.

• Shree Cement Ltd.

• Sun Pharma Industries Ltd.

Cash Segment

• Adani Wilmar Ltd.

• Ajanta Pharma Ltd.

• Amara Raja Energy & Mobility 

• Balaji Amines Ltd.

• Carborundum Universal Ltd.

• Data Patterns (India) Ltd.

• DCM Shriram Ltd.

• IRB Infrastructure Developers 

• Jyothy Labs Ltd.

• Kajaria Ceramics Ltd.

• Kalyan Jewellers India Ltd.

• Mankind Pharma Ltd.

• Max Healthcare Institute Ltd.

• Motherson Sumi Wiring India Ltd.

• Poly Medicure Ltd.

• P&G Hygiene & Health Care Ltd.

• Punjab & Sind Bank

• Relaxo Footwears Ltd.

• Suzlon Energy Ltd.

• Swan Energy Ltd.

• The Great Eastern Shipping Co

• Welspun Living Ltd.

• Westlife Foodworld Ltd

01 February 2024

Derivative Segment

• Abbott India Ltd.

• Adani Enterprises Ltd.

• Adani Ports and SEZ Ltd.

• Aditya Birla Capital Ltd.

• Bata India Ltd.

• City Union Bank Ltd.

• Dr. Lal Pathlabs Ltd.

• Mphasis Ltd.

• The India Cements Ltd.

• The Indian Hotels Company Ltd.

• Titan Company Ltd.

Cash Segment

• Aavas Financiers Ltd.

• Aether Industries Ltd.

• Aptus Value Housing Fin Ltd.

• Bayer CropScience Ltd.

• Castrol India Ltd.

• Deepak Fert & Petrochem Corp 

• eClerx Services Ltd.

• Five-Star Business Finance Ltd.

• GMM Pfaudler Ltd.

• Godrej Agrovet Ltd.

• HFCL Ltd.

• Jupiter Wagons Ltd.

• Minda Corporation Ltd.

• Orient Electric Ltd.

• Praj Industries Ltd.

• Prism Johnson Ltd.

• Raymond Ltd.

• Rites Ltd.

• Sonata Software Ltd.

• Sumitomo Chemical India Ltd.

• Tube Investments of India Ltd.

• V-Guard Industries Ltd.

02 February 2024

Derivative Segment

• Interglobe Aviation Ltd.

• LIC Housing Finance Ltd.

• Metropolis Healthcare Ltd.

• Torrent Pharmaceuticals Ltd.

• UPL Ltd.

Cash Segment

• Aegis Logistics Ltd.

• Alkyl Amines Chemicals Ltd.

• Bank Of India

• Bikaji Foods International Ltd.

• Century Plyboards (India) Ltd.

• Century Textiles & Industries Ltd.

• Dalmia Bharat Sugar & Industries

• Delhivery Ltd.

• Devyani International Ltd.

• Engineers India Ltd.

• Fine Organic Industries Ltd.

• Gujarat Ambuja Exports Ltd.

• Jash Engineering Ltd.

• Jubilant Pharmova Ltd.

• Mahindra Holidays & Resorts

• Mahindra Lifespace Developers 

• Medplus Health Services Ltd.

• MOIL Ltd.

• Quess Corp Ltd.

• Sundram Fasteners Ltd.

• Tata Motors Ltd. - DVR 

• Ujjivan Financial Services Ltd.

• Whirlpool Of India Ltd.

03 February 2024

Derivative Segment

• State Bank Of India

Cash Segment

• Affle (India) Ltd.

• Archean Chemical Industries 

• Clean Science & Tech Ltd.

• Grindwell Norton Ltd.

• Gujarat Alkalies & Chem Ltd.

• Krishna Institute of Medical Sci

05 February 2024

Derivative Segment

• Ashok Leyland Ltd.

• Bharti Airtel Ltd.

• Tata Chemicals Ltd.

Cash Segment

• Alembic Pharma Ltd.

• Avanti Feeds Ltd.

• BSE Ltd.

• CCL Products (India) Ltd.

• Cholamandalam Fin Hldgs Ltd.

• K.P.R. Mill Ltd.

• Kansai Nerolac Paints Ltd.

• Linde India Ltd.

• Orient Cement Ltd.

• Prince Pipes and Fittings Ltd.

• Sun Pharma Adv Research Co

• Suven Pharmaceuticals Ltd.

• Triveni Turbine Ltd.

• Varun Beverages Ltd.

06 February 2024

Derivative Segment

• Britannia Industries Ltd.

• Chambal Fertilisers & Chem Ltd.

• Godrej Properties Ltd.

• Max Financial Services Ltd.

• Navin Fluorine Int Ltd.

Cash Segment

• Akzo Nobel India Ltd.

• Birla Corporation Ltd.

• Brigade Enterprises Ltd.

• Computer Age Mgmt Services 

• E.I.D. - Parry (India) Ltd.

• EIH Ltd.

• Endurance Technologies Ltd.

• FSN E-Commerce Ventures Ltd.

• Gujarat State Fert & Chem Ltd.

• JK Tyre & Industries Ltd.

• Lemon Tree Hotels Ltd.

• PNC Infratech Ltd.

• Procter & Gamble Health Ltd.

• Radico Khaitan Ltd.

• Redington Ltd.

• Timken India Ltd.

• Trident Ltd.

• TTK Prestige Ltd.

• Usha Martin Ltd.

• V-Mart Retail Ltd.

• Welspun Corp Ltd.

07 February 2024

Derivative Segment

• Cummins India Ltd.

• GNFC Ltd.

• Lupin Ltd.

• Manappuram Finance Ltd.

• Nestle India Ltd.

• Power Grid Corp Of India Ltd.

• Tata Consumer Products Ltd.

• Trent Ltd.

Cash Segment

• AIA Engineering Ltd.

• FDC Ltd.

• Firstsource Solutions Ltd.

• General Insurance Corp of India

• Gujarat Fluorochemicals Ltd.

• Star Cement Ltd.

• Varroc Engineering Ltd.

08 February 2024

Derivative Segment

• Aarti Industries Ltd.

• Apollo Hospitals Enterprise Ltd.

• Balrampur Chini Mills Ltd.

• Biocon Ltd.

• Escorts Kubota Ltd.

• Grasim Industries Ltd.

• Page Industries Ltd.

• Power Finance Corporation Ltd.

• The Ramco Cements Ltd.

• United Breweries Ltd.

Cash Segment

• Astrazeneca Pharma India Ltd.

• Esab India Ltd.

• Global Health Ltd.

• Honeywell Automation India Ltd.

• Ircon International Ltd.

• Life Insurance Corp of India

• NCC Ltd.

• Patanjali Foods Ltd.

• Rail Vikas Nigam Ltd.

• Ratnamani Metals & Tubes Ltd.

• Thermax Ltd.

• Zydus Wellness Ltd.

09 February 2024

Derivative Segment

• MRF Ltd.

• Tata Power Company Ltd.

• Zydus Lifesciences Ltd.

Cash Segment

• Emami Ltd.

• Godrej Industries Ltd.

• Housing & Urban Dev Corp Ltd.

• Indigo Paints Ltd.

• Sapphire Foods India Ltd.

• Shipping Corp Of India Ltd.

• Shree Renuka Sugars Ltd.

• The New India Assurance Co

10 February 2024

Derivative Segment

• Divi’s Laboratories Ltd.

• MCX India Ltd.

12 February 2024

Derivative Segment

• Coal India Ltd.

• Samvardhana Motherson Int

Cash Segment

• BASF India Ltd.

• Elgi Equipments Ltd.

• Glaxosmithkline Pharma Ltd.

• Gujarat Pipavav Port Ltd.

• HEG Ltd.

• JM Financial Ltd.

• Lakshmi Machine Works Ltd.

• Mazagon Dock Shipbuilders Ltd.

• NHPC Ltd.

• TCI Express Ltd.

13 February 2024

Derivative Segment

• Bosch Ltd.

• Deepak Nitrite Ltd.

• Gujarat Gas Ltd.

• Hindalco Industries Ltd.

• IRCTC Ltd.

• Info Edge (India) Ltd.

• Oil & Natural Gas Corp Ltd.

Cash Segment

• ITI Ltd.

• NBCC (India) Ltd.

• Oil India Ltd.

• RHI Magnesita India Ltd.

14 February 2024

Derivative Segment

• Aditya Birla Fashion & Retail Ltd.

• Crompton Greaves Cons Ele Ltd.

• Ipca Laboratories Ltd.

Cash Segment

• Gland Pharma Ltd.

• Gujarat State Petronet Ltd.

20 February 2024

Derivative Segment

• ABB India Ltd.

23 February 2024

Derivative Segment

Nil

Cash Segment

• Rain Industries Ltd.

• Sanofi India Ltd.

Last date for Cum-Dividend Today

Bigbloc Construction Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 183.15

CESC Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 143.25

Havells India Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1294.35

Puravankara Ltd

Dividend Per Share Rs.6.3

Previous day Closing Price – Rs. 260.4

Route Mobile Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1571.7

Tips Industries Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 434

Wendt (India) Ltd.

Dividend Per Share Rs.30

Previous day Closing Price – Rs. 13025.95

*Pending Calls today…*Can set alert at for them at www.researchbytes.com 

10:00 AM KEC Intl

Dial: +91 22 6280 1213

10:00 AM Subros

Dial: +91 22 6280 1222

10:00 AM Bharat Elec

(Press Release )

Dial: +91 22 6280 1342

11:00 AM GPT Infra

(Results, Investor/Analyst Presentation)

Dial: +91 22 6280 1256

11:00 AM Blue Star

Dial: +91 22 6280 1102

*11:00 AM Kaya *

Dial: +91 22 6280 1116

11:00 AM ZF Commercial Vehicle Control Systems

Dial: +91 22 6280 1222

11:00 AM IRB InvIT

Dial: +91 22 6280 1341

11:00 AM VIP Industries

Dial: +91 22 6280 1341

*11:00 AM Heritage Foods *

Dial: +91 22 6280 1456

11:00 AM Bajaj Finserv

Dial: +91226280 1366

11:00 AM Tinna Rubber an

(Results)

Dial: 044 4770 2442

12:00 PM Coromandel Int

Dial: + 91 22 6280 1145

12:00 PM Privi Speciality

Dial: +91 22 6280 1317

12:00 PM J Kumar Infra

Dial: +91 22 6280 1545 

12:00 PM ZIM Laboratorie

Dial: +91 22 6280 1557

12:00 PM Jindal Drilling

Dial: +91 22 7195 0000

12:30 PM Triveni Engg

Dial: +91 22 6280 1141

1:00 PM Capri Global

(Press Release )

Dial: +91 22 6280 1557

2:00 PM Ambuja Cements

Dial: 

2:00 PM SIS

Dial: + 91 22 6280 1457

2:30 PM KAYNES TECHNOLO

Dial: +91226280 1366

2:45 PM Adani Wilmar Ltd

Dial: +91 22 6280 1144

3:00 PM SRF

Dial: +91 22 6280 1325 

3:00 PM Dwarikesh Sugar

Dial: +91 22 6280 1116

3:00 PM Jyothy Labs

Dial: +91 22 6280 1144

3:00 PM Shyam Metalics And Energy

Dial: +91 22 6280 1550

3:30 PM ADF Foods

Dial: +91 22 6280 1107 

3:30 PM Kalyan Jewellers

Dial: +91 22 6280 1309

3:30 PM Waaree Renewable Technologies

Dial: +91 22 6280 1550

3:30 PM NIIT Learning S

Dial: +91 22 7195 0000

3:45 PM Maruti Suzuki

Dial: 

4:00 PM PVR

Dial: + 91 22 6280 1145

4:00 PM Indian Metals

Dial: +91 22 6280 1433

4:30 PM Olectra Greente

Dial: 

4:30 PM Bank of Baroda

Dial: 

4:30 PM Kajaria Ceramic

Dial: 

4:30 PM Dabur India

Dial: +91 22 6280 1110

*4:30 PM Welspun India *

Dial: +91 22 6280 1146

4:30 PM Voltas

Dial: 91 22 6280 1144 

5:00 PM Motherson Wire

Dial: 

5:00 PM TRACXN TECHNOLO

Dial: 

5:00 PM Kamat Hotels

Dial: +91 22 6280 1107

5:00 PM PiramlLifeSci

Dial: +91 22 6280 1461

5:00 PM Ajanta Pharma

Dial: +91 22 6280 1542

5:00 PM Jubilant Food

Dial: +91 22 6280 1818

5:00 PM Dixon Technolog

Dial: +91 22 62801384

5:00 PM Jindal Steel

Dial: 91 22 7115 8115

5:15 PM GE Shipping

(Press Release )

Dial: 

5:30 PM Shree Cement

Dial: +91 22 6280 1144 

5:30 PM Westlife Dev

Dial: +91 22 6280 1261

5:30 PM Vaibhav Global

Dial: +91 22 6280 1341

6:00 PM Godrej Consumer

Dial: +91 22 6280 1332

6:30 PM Sun Pharma

(Press Release )

Dial: +91 22 6629 0049

Available replays at www.researchbytes.com

KPIT : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293725

Meghmani Org : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293723

Astral Poly Tec : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293722

Jubilant Ingrev : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293724

TeamLease Ser. : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293703

Network People : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293684

Keystone Realto : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293685

Arvind : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293695

Strides Pharma * *: (replay)

https://www.researchbytes.com/webcast.aspx?WID=293683

Mah Seamless : (replay)

https://www.researchbytes.com/webcast.aspx?WID=293688

Buzzing Stocks: Maruti Suzuki, Shree Cement, Sun Pharma, Suzlon, Glenmark Pharma, Infosys, Sealmatic, Zydus, NTPC, TCS, Bank of Baroda, Ajanta Pharma, Ambuja Cements, Amara Raja Energy & Mobility, Adani Wilmar, CUMI, Dabur India, Data Patterns, DB Realty, Emkay Global, Fino Payments, GE Shipping, GMR Infra, Godrej Consumer, Hidelberg, IDFC,

Domestic markets are likely to remain under pressure as selling by foreign portfolio investors continues unabated. Gift Nifty at 21,616 signals a flat to downward opening as Nifty February futures on Tuesday closed at 21,630.50.

With most of the results being out, the focus now shifts to the US Federal Reserve rate (late tonight) and the upcoming interim Budget (February 1).

ZEEL

07.00 CHINA Manufacturing PMI (Expected: 49.3 versus Previous: 49.0)

TENT EURO German Prelim CPI m/m (Expected: 0.1% versus Previous: 0.1%)

17:00 INDIA Infrastructure Output y/y (Expected: 4.1% versus Previous: 7.8%)

18:45 U.S. ADP Non-Farm Employment Change (Expected: 145k versus Previous: 164K)

00:30 U.S. Federal Funds Rate (Expected: 5.50% versus Previous: 5.50%)

01.00 U.S. FOMC Press Conference

Pre Market

Novo Nordisk A/S (Pre market) (Sector- Healthcare) 

Mastercard Incorporated (Pre market) (Sector- Financial) 

Novartis AG (Pre market) (Sector- Healthcare) 

Thermo Fisher Scientific Inc (Pre market) (Sector- Healthcare) 

Boeing Company (Pre market) (Sector- Defence) 

Automatic Data Processing, Inc. (Pre market) (Sector- Technology) 

Boston Scientific Corporation (Pre market) (Sector- Healthcare) 

Banco Santander, S.A. (Pre market) (Sector- Financials) 

Roper Technologies, Inc. (Pre market) (Sector- Technology) 

Banco Santander Brasil SA (Pre market) (Sector- Financials) 

Hess Corporation (Pre market) (Sector- Energy) 

Cencora, Inc. (Pre market) (Sector- Healthcare) 

Old Dominion Freight Line, Inc. (Pre market) (Sector- Logistics) 

Otis Worldwide Corporation (Pre market) (Sector- Capital Goods) 

Rockwell Automation, Inc. (Pre market) (Sector- Capital Goods) 

Nasdaq, Inc. (Pre market) (Sector- Financials) 

Fortive Corporation (Pre market) (Sector- Capital Goods) 

United Microelectronics Corporation (Pre market) (Sector- Technology) 

Avery Dennison Corporation (Pre market) (Sector- FMCG) 

Lennox International, Inc. (Pre market) (Sector- Capital Goods) 

Post Market

QUALCOMM Incorporated (Post market) (Sector- Technology) 

MetLife, Inc. (Post market) (Sector- Financials) 

Aflac Incorporated (Post market) (Sector- Financials) 

Corteva, Inc. (Post market) (Sector- Chemicals) 

PTC Inc. (Post market) (Sector- Technology) 

Align Technology, Inc. (Post market) (Sector- Healthcare) 

Markel Group Inc. (Post market) (Sector- Financials)

- Adj EPS: $0.77 (est $0.77)

- Revenue: $6.2B (est $6.13B)

- Adj Operating Margin: 23% (est 23.2%)

- Sees Q1 Revenue Between $5.1B To $5.7B (est $5.77B)

(Earnings inline, guidance seen poor than estimates)

- Adj EPS $2.93 (est $2.78)

- Rev $62.02B (est $61.14B)

- Cloud Rev $33.7B (est $32.21B)

- Int. Cloud Rev $25.88B (est $25.29B)

(Numbers seen better than estimates as cloud revenues beat, guidance and management comments important for further outlook)

- EPS $1.64 (est $1.59)

- Rev $86.31B (est $70.98B)

- Google Ad Rev $65.52B (est $65.8B)

- Youtube Ads Rev $9.20B (est $9.16B)

(Numbers seen inline but ad revenues missed estimate, guidance and management comments important for further outlook)

ITC’s Dec-Q earnings were below expectations overall. Cigarettes performance looked muted y-o-y (volumes down 2 per cent) but longer-range data suggests a healthier state of affairs (4 year CAGR of 4 per cent - tad below September quarter’s 5 per cent but better than the preceding two quarters).

Notably, the Sept-to-Dec sequential volume uptick was steeper-than-trend last year, and there were also some weather-related disruptions in some key markets during the quarter. FMCG continued to do well despite a challenging macro; growth has moderated but better vs peers; margin improvement trajectory remained strong. Hotels was a stand-out contributor this time round.

We believe MHCV industry has peaked in FY24E with muted future outlook (trucking system capacity up about 40-50 per cent over FY19-24, like increases in past 2 upcycles) as bulk of replacement-led upturn seems behind us.

Ashok Leyland’s relative outperformance over the past two years is now getting eroded, particularly in higher-tonnage categories (8-quarter low domestic truck market share in Q3-FY24), as risk-reward remains adverse (trades at 1SD above LTA on PBR) , but ignoring the worsening industry outlook and Ashok Leyland’s weakening competitive positioning, in our view. 

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

The New India Assurance Company share price can rise to ₹285 in the short-term

DATE 30-01-2024

NIFTY SPOT 21522 -215(-0.99%)

NIFTY FUT.FEB. 21630 VS 21875

NIFTY PREMIUM FEB. +108 VS +138

BANKNIFTY SPOT 45367 (-0.16%)

BANKNIFTY FEB. 45671 VS 45850

FII DATA IN CRORE

CASH FII -1970 & DII +1002

INDEX FUT -228 STOCK FUT-382 

INDEX OPT -49369 STOCK OPT -550 

*FNO TOTAL NET * 

\u0009

NIFTY HIGHEST OI (IN LACS)

CALL WEEKLY MONTHLY FEB. 

22500 -72, 23000 -34,

21700 -67, 22000 -23,

PUT WEEKLY MONTHLY FEB.

21000 -49, 21000 -30, 

21500 -42, 21500 -24, 

NIFTY HIGHEST OI ADD (IN LACS)

CALL WEEKLY MONTHLY FEB. 

21700 +40, 22000 +03,

21800 +23, 21600 +02, 

PUT WEEKLY MONTHLY FEB.

20700 +12, 21500 +01,

20500 +09, 21700 +01,

HIGHEST OI BANKNIFTY (IN LACS) WEEKLY

CALL PUT 

47000 +54, 43500 +37, 

HIGHEST OI ADD TODAY (IN LACS) WEEKLY

CALL PUT

47000 +29, 43500 +17,

PUT CALL RATIO

NIFTY – 0.84

BANKNIFTY-0.74

INDIA VIX

16.10 VS 15.68

NSE ADV/DEC. DATA

Advances +1280

Declines -1267

Unchang. 99

52-WK H/L(NSE)

HIGH- +282, LOW- -11,

FNO BAN STK 31-Jan.(OI%)

ZEEL 

Turnover: (NSE + BSE)

Cash Volume: 124222.68 + 10164.69 Total: 134387.37

F&O Volume: 372368.69 + 97765.34 Total: 470134.03

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -1970.52 

(14275.7 - 16246.22) 

DII: NET BUY: +1002.17 

(12666.88 - 11664.18)

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

On Wednesday, Asian stocks opened lower, influenced by tech losses on Wall Street, as investors awaited signals on interest rates from the US Federal Reserve. The Nikkei 225 index dropped 0.84%, losing 302.08 points to reach 35,763.78, and the broader Topix index fell 0.26%, shedding 6.63 points to settle at 2,520.30. Hong Kong’s Hang Seng Index declined by 0.33%, down 51.40 points at 15,652.05. However, South Korea’s KOSPI remained relatively flat, gaining 0.03% or 0.84 points, reaching 2,499.65. 

The Federal Reserve is anticipated to maintain its key interest rate at 5.25%-5.50% after the policy meeting conclusion on Wednesday.

Meanwhile, Microsoft Corp. and Alphabet Inc. reported earnings, leading to declines in late trading and impacting Nasdaq 100 futures.

On Tuesday, the S&P 500 closed at 4,924.97 points, with a 0.06% decline, while the Nasdaq Composite Index fell 0.76% to 15,509.90 points, and the Dow Jones Industrial Average rose 0.35% to 38,467.31 points.