Indian benchmark indices concluded on a positive note, with the Nifty surpassing 21,800. At the closing bell, the Sensex recorded a gain of 277.98 points, or 0.39%, reaching 71,833.17, while the Nifty saw an increase of 96.70 points, or 0.44%, closing at 21,840. The market witnessed 1,948 advancing shares, 1,361 declining shares, and 73 unchanged shares.
BPCL, SBI, Coal India, ONGC, and Axis Bank emerged as top gainers on the Nifty, while Tech Mahindra, Cipla, Sun Pharma, TCS, and Dr Reddy's Laboratories were among the losers.
In terms of sectors, the PSU Bank and Oil & Gas indices experienced a 3% rise each, while auto, bank, FMCG, capital goods, metal, power, and realty indices all increased by 1-2% each. Conversely, the Information Technology and Pharma indices witnessed a 1% decline each. The BSE Midcap and Smallcap indices both registered a 1% gain each.
FII sell-offs and geopolitical concerns are expected to keep markets volatile even though Tuesday, February 13th, saw favourable market closings. Due to their Q3 earnings, stocks including M&M, NMDC, Muthoot Finance, Ipca Laboratories, and Gland Pharma will be under attention today for the market watchers.
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Feb 14, 2024, 3:49 pm IST
Market Reverses Early Losses To End Positive
Indian benchmark indices concluded on a positive note, with the Nifty surpassing 21,800. At the closing bell, the Sensex recorded a gain of 277.98 points, or 0.39%, reaching 71,833.17, while the Nifty saw an increase of 96.70 points, or 0.44%, closing at 21,840. The market witnessed 1,948 advancing shares, 1,361 declining shares, and 73 unchanged shares.
Feb 14, 2024, 3:14 pm IST
Escorts Kubota Expresses Interest in Land Acquisition, Submits EoI to Rajasthan Industrial Corp
Escorts Kubota has officially submitted its Expression of Interest (EOI) to the Rajasthan State Industrial Development and Investment Corporation (RIICO) for the potential acquisition of land. This move is contingent upon obtaining necessary approvals, support from various Government Authorities, clearances, and is aimed at establishing an Integrated Greenfield Manufacturing Facility in Ghiloth, Rajasthan. The objective is to enhance existing capacities to adequately meet future growth requirements.
Feb 14, 2024, 2:52 pm IST
MTAR Technologies Witnesses 67% YoY Drop In Q3 Profit
In the quarter ending December FY24, MTAR Technologies recorded a significant 67% year-on-year decline in net profit, settling at Rs 10.4 crore. This downturn is attributed to subdued topline and operating figures, with revenue from operations experiencing a notable 26.1% year-on-year decrease to Rs 118.4 crore during the same quarter.
Feb 14, 2024, 2:34 pm IST
Mahindra & Mahindra Reports Strong Q3 Results
Fueled by a strong showing in the automotive sector, a favorable product mix, and operational leverage advantages, Mahindra & Mahindra (M&M) witnessed a remarkable 60% Year-on-Year (YOY) surge in standalone net profit, reaching Rs 2,454 crore. In comparison, the Profit after Tax (PAT) for the corresponding period last year stood at Rs 1,528.06 crore.
Feb 14, 2024, 1:59 pm IST
Mahindra & Mahindra Limited Appoints New Directors
Mahindra & Mahindra Limited in its Meeting held today i.e. 14th February 2024 approved the Appointment of Ms. Padmasree Warrior as an Additional Director (Independent and NonExecutive), Mr. Ranjan Pant as an Additional Director (Non-Executive and Non-Independent), and Mr. Sat Pal
Bhanoo as an Additional Director (Non-Executive and Non-Independent) of the Company with effect from 17th May 2024 to hold office up to the date of the next Annual General Meeting of the Company and subject to the approval of the Members at the said Annual General Meeting, to hold office as an Independent Director for a term of 5 consecutive years commencing from 17th May 2024 to 16th May 2029.
Feb 14, 2024, 1:48 pm IST
The Indian Hume Pipe Receives Orders From Jalgaon Irrigation Department
The Indian Hume Pipe Company Limited has received a Letter of Intent of the value of Rs.495.04 Crores (excluding Royalty, Insurance, GST, Land acquisition, and crop compensation) from Tapi Irrigation Development Corporation Jalgaon (Jalgaon Irrigation Project Circle), Maharashtra for Engineering, Procurement and Construction (EPC) of Civil, Mechanical and Electrical works for Pressurised Piped Distribution Network of Varkhede Londhe Irrigation Project including Operation and Maintenance of entire system for five years. The project is to be completed within 24 months.
Feb 14, 2024, 1:23 pm IST
Bharti Airtel's Nxtra To Procure 140,208 MWh renewable energy for its data centres
Nxtra by Airtel, one of India’s leading data center companies, today, announced a power-wheeling agreement with Ampln and Amplus Energy to procure an additional 140,208 MWh of renewable energy. With this, Nxtra has enhanced its commitment to reducing its carbon footprint through renewable energy sources annually by ~ 99,547 tonnes. As per the agreement, AmpIn Energy and Amplus Energy will set up captive solar and wind power plants of 48 MWdc and 24.3 MW, respectively in Tamil Nadu, Uttar Pradesh, and Odisha. CEO Ashish Arora says, “ “These new partnerships reflect our commitment to lead India’s green data center space and fulfill our commitment to achieve Net Zero emission by 2031. The additional clean energy supply will increase our renewable energy share to approximately 70% of the overall energy mix for our core data centers. As we work towards building more capacity in coming years and gear up for Generative AI-powered loads, we are fully cognizant of our responsibility towards the environment. We are prepared to mitigate the impact on climate”.
Kesar India Ltd. informs issue of bonus equity shares in the proportion of 6:1, that is 6 bonus equity shares of Rs. 10/- each for every 1 (One) fully paid-up equity share held, as on the record date, subject to approval of the Members of the Company. The record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated in due course. On 13th February, 2024, Jyoti Structures Limited has received In-principle approval from NSE for proposed issue of equity shares of face value of Rs. 2/- each on rights basis to existing shareholders by Jyoti Structures Limited.
Feb 14, 2024, 12:28 pm IST
Sensex, Nifty On Hotbed: A Snap View Of Why Stock Market Is Falling Today In 15 Points!
In a domino effect triggered by the hotter-than-expected US inflation print, the Indian stock market witnessed a significant slump on February 14. The benchmark indices, BSE Sensex and NSE Nifty 50, tumbled nearly 1% each in morning deals, echoing the weakness in overseas markets. Here are 15 reasons why market is witnessing a downturn.
Moody's Upgrades Credit Ratings Of 4 Adani Group Companies. They are Adani Green Energy, Adani Green Energy Restricted Group 1, Adani Transmission, and Adani Electricity. Accordingly, Adani stocks are in focus.
Feb 14, 2024, 10:55 am IST
Coal India Shares Continue To Rise
Coal India shares were trading at Rs 459.35 apiece, up by 1.54% on BSE with a market cap of Rs 2,83,238.99 crore. The stock traded near its intraday high of Rs 460.35 apiece. Coal India shares have been in green so far this week. The stock was near its 52-week high of Rs 468.50 apiece and was trading higher by 121.2% from its 52-week low of Rs 207.70 apiece. The performance comes after Q3 results and dividend recommendations.
Feb 14, 2024, 9:58 am IST
USD-INR outlook from Anand James, Chief Market Strategist, Geojit Financial Services
Though upsides may strengthen only on pull back above 83.17, the onset of longs may begin once consistently above 83.06, which is our favoured view for the day.
Feb 14, 2024, 9:58 am IST
Nifty Derivative outlook from Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 22000 for Calls and 21000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22150 for Calls and 21500 for Puts in weekly and at 22600 for Calls and 21700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.15%, increased future index shorts by 0.91% and in index options by 12.74% decrease in Call longs, 2.44% increase in Call short, 16.69% decrease in Put longs and 2.64% increase in Put shorts.
Feb 14, 2024, 9:58 am IST
Nifty outlook from Anand James, Chief Market Strategist, Geojit Financial Services
While challenges posted by the 21690-720 region were overcome after a couple of attempts there was not enough momentum to see past 21835, which we had pencilled in yesterday as a critical region before upside momentum is signalled. This puts the 21500-250 trajectory intact, but we are not sure if such downswings could evolve into a 20800-20500 plunge right away.
Feb 14, 2024, 9:57 am IST
Morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
"A major catalyst driving the rally in global equity markets has been expectations of rate cut by the Fed. The Fed had indicated possibly three rate cuts in 2024 and markets had discounted up to five rate cuts. This was on expectations that inflation in the US will continue to trend down. This expectation has received a jolt from the US CPI inflation numbers rising year on year to 3.1% against expectation of 2.9%. This means that the Fed will certainly not cut rates in March and the number of rate cuts in 2024 also will be lower. The bond market has quickly responded with the US 10-year yield shooting up to 4.31%. The consequence in the Indian market would be heavy selling by FIIs. Banking stocks which form the largest chunk of FII holding will be under pressure. The broader market, which is overvalued, will also be impacted by the negative sentiment. Investors may wait and watch for better clarity to emerge."
Feb 14, 2024, 9:29 am IST
Rupee dips 0.32 paise against US Dollar
Indian rupee declined by 0.32 paise against US Dollar in morning trade on Wednesday.
Feb 14, 2024, 9:28 am IST
Godrej Properties Shares In Focus
One of the top real estate developers in India, Godrej Properties Limited (GPL), said today that it had purchased a roughly 12.5-acre of land in Hyderabad's Rajendra Nagar region. In the upcoming years, Hyderabad is anticipated to play a significant role in the developer's company for Mumbai. With a projected revenue potential of Rs 3,500 crore, the development of this piece of land is expected to have a potential of around 4 million square feet of saleable space, mostly made up of upscale residential flats in various configurations.
Feb 14, 2024, 9:04 am IST
Hero MotoCorp Shares In Focus
Hero MotoCorp, the largest scooter and motorbike manufacturer in the world, will begin accepting bookings for its flagship Mavrick 440 motorcycle today, February 14, 2024. Motorcycle bookings can be made online at www.heromotocorp.com or in place at designated Hero MotoCorp customer offices. The motorbike will be delivered to customers starting in April. Additionally, the company is introducing a "Welcome to Mavrick Club Offer," which will be accessible to customers who reserve a Mavrick 440 before March 15th. A personalised Mavrick Kit containing accessories and merchandise valued at Rs. 10,000 will be given to them.
Feb 14, 2024, 8:46 am IST
Indiabulls Housing Finance Shares In Focus
On the last day, Indiabulls Housing Finance Limited's rights issue was oversubscribed more than 2 times, raising more than Rs 7,500 crore. 50,11,41,444 bids were received for the Rs 36,933.98 million rights issue against the 24,62,26,515 fully paid-up equity shares that were offered. Each equity share had a face value of Rs 2, and the rights issue price was Rs 150 per rights equity share, plus a premium of Rs 148 per equity share. A total of Rs 8,398.9 million will be used for general corporate purposes and Rs 27,341.1 million will be used to broaden the company's capital base from the net proceeds of the right issue.
Feb 14, 2024, 8:41 am IST
PI Industries Q3FY24 Result Update By Axis Securities
PI Industries' Q3FY24 numbers were in line with our estimates. One-off gain from the reversal of theft in last Q2FY24 led to beat on EBITDA and PAT. Consolidated Revenue came in line with our estimates, up 18%/-10% YoY/QoQ. EBITDA beat our estimates by 15% as gross margins improved by 640bps YoY on account of better mix. This resulted in an EBITDA margin of 29% vs. 26% both in Q3FY23/Q2FY24. The company’s PAT stood at Rs 449 Cr, up 28%/-7% YoY/QoQ, beating our estimate by 27%. As we roll forward our estimates to Sep FY26E, we value the stock at 30x Sep’26E to reflect an improved product mix, strong margins, and a strong growth outlook. We maintain a BUY rating on the stock with a revised target price of Rs 4,200/share, implying an upside potential of 24% from CMP.
Feb 14, 2024, 8:41 am IST
Coal India Q3FY24 Result Update By Axis Securities
CIL posted robust results with EBITDA/PAT beating ours and consensus estimates. Total consolidated revenue stood at Rs 36,154 Cr (up 3%/10% YoY/QoQ), which was in line with our estimates. EBITDA stood significantly ahead of our and consensus estimate at Rs 11,373 Cr (up 9%/40% YoY/QoQ), mainly led by lower RM costs (down 41%/47% YoY/QoQ) and stable employee expenses (flat YoY, down by 1% QoQ). Attributable PAT stood at Rs 9,069 Cr, up 17%/33% YoY/QoQ, ahead of consensus by 17%, led by higher EBITDA and other income. CIL declared a 2nd interim dividend of Rs 5.25/share with 20th Feb’24 as the record date. The first interim dividend was declared in Nov’23 at Rs 15.25/share, which brings the total interim dividend for FY24 to Rs 20.5/share. We revise our EBITDA upwards for FY24/25E to account for strong Q3FY24 results, led by lower operating expenses. We keep our sales volume offtake assumption unchanged at 760/820/880 MT (CIL target is 780/850/1,000 MT). We value the stock at 5.0x 1-year forward EV/EBITDA multiple on FY26E Adj. EBITDA (unchanged). We arrive at our target price of Rs 500/share (from Rs 470/share), implying an upside of 15% from the CMP.
Feb 14, 2024, 8:40 am IST
Amber Enterprises Q3FY24 Result Update By Axis Securities
Revenue for the company stood at Rs 1,295Cr, marginally down 4% YoY (16% below our estimates). Consumer durables segment witnessed a 15% de-growth YoY to Rs 932Cr. Similarly, the electronics segment witnessed 7% de-growth YoY to Rs 241 Cr, led by subdued demand. However, the railway and mobility segment grew by 11% YoY to Rs 122Cr, led by the addition of new products. Gross margins were in line with our estimates at 19.8%, up 280bps YoY, led by softening raw material prices. However, operating profit marginally declined by 4% YoY and stood at Rs 78Cr (16% below our estimates) and operating profit margins improved by 30bps YoY to 6.1% vs. AxisSec estimate of 6%. The decline was majorly led by increasing other expenses. PAT sharply declined to Rs -0.5Cr vs Rs 15Cr YoY, majorly led by increasing interest cost and depreciation cost. We model Revenue/Operating Profit/PAT CAGR of 13%/24%/34% over FY23/26E. We have revised our operating margin estimates backed by the increasing contribution of value-added products and operational leverage generated from the R&M Division will further result in YoY improvement in profitability. We also see robust order book visibility in the R&M division post-JV with Sidwal and Titagarh. We revise our rating on the stock from BUY to HOLD with a TP at Rs 3,700/share as there is no potential upside from the CMP, where we value the stock at 33x on its FY26EPS. Our recommendation is supported by a) a Robust order book in the company’s Railway Sub-systems& Mobility Division, b) Increasing value-added products, c) Improving operating leverage supporting higher ROE and ROCE (to 15% and 17% respectively) and operating margins (by 180 bps to 7.9%) by FY26.
Feb 14, 2024, 8:39 am IST
Anupam Rasayan – LOIs and fluorination capex to drive growth from 1HFY25E (Sell, TP: Rs652) - Centrum Broking
During Q3FY24, Anupam Rasayan’s (Anupam’s) cons. Revenues/EBITDA/PAT plummeted 24.6%/26.4%/54.8% QoQ and 24.6%/28.9%/57.1% YoY impacted by year-end seasonality coupled with challenges in global agrochemicals. Nonetheless, the company was able to maintain its EBITDA margins at 26.8%. As per the management, headwinds in global agrochem are expected to impact near term performance while revenue pick up is expected from 1HFY25E. Anupam’s product launch momentum continued in Q3 with six new molecules launches taking 9M total to 11 molecules. During the quarter, Anupam signed LOI of USD61mn (~Rs5bn) with a leading Japanese company to supply new age polymer intermediate for a period of nine years. With this LOI, the total LOIs stand at Rs81.8bn executable over the next few years. Management indicated FY24E to be challenging for the agrochemical industry while remained confident of demand resurgence and strong growth in FY25E for Anupam. Based on 9MFY24 numbers, we have lowered our FY24E/FY25E/ FY26E earnings estimates substantially by 29%/22%/19%. We maintain Sell with a lowered TP of Rs652 (earlier Rs863).
Feb 14, 2024, 8:38 am IST
PI Industries – Tepid Q3; FY24E revenues at lower end of the guidance (Add, TP: Rs3,826) - Centrum Broking
Although, PI Industries’ (PI’s) headline numbers looked optically strong with Revenues/EBITDA/PAT rising 18%/33%/26% YoY, operating performance was in line due to Rs700mn one-off embedded in GP which further benefited EBITDA. One of the shipments which was lost in Q2FY24 was recovered in Q3FY24 for which the RM cost was booked in Q2 while revenues were booked in Q3. Pharma segment revenues surged 77.2% QoQ at Rs1.3bn with marginal Rs4mn EBITDA vs. loss QoQ. Management cited that the global agrochem environment remained challenging amidst Chinese generics offloading and higher trade inventories hence it guided challenging Q4 impacted by external conditions. Subsequently, the company is likely to attain lower end of its FY24E revenue guidance of 18-20%. It expects 25-26% sustainable EBITDA margins in future. Based on 9M performance, we have lowered our FY24E/FY25E/ FY26E revenue estimates marginally by 0.6%/1.7%/2.6% while upping our EBITDA margins. Based on our revised estimates, we continue to maintain Add with revised TP of Rs3,826 (earlier Rs3,785).
Feb 14, 2024, 8:37 am IST
THERMAX Q3FY24 Result Update - LKP Securities
Thermax (TMX) remains well-placed to be a leader for India in terms of clean water, clear air and clean energy solutions. We believe capex growth should sustain, backed by infra, PLI linked capex, industrial capex and housing recovery. Directionally, as revenues mirror the macro trends, margin outlook should improve. Further the order inflow and pipeline remains strong and the order book at ₹107 bn provides healthy visibility ahead. It continues to invest in new products to reap benefits ahead. Going forward, TMX stands to benefit from the investment in clean energy, sustainability, decarbonisation, normalisation of the international market and impetus on cleaner air and water. We have recalibrated our estimate considering the 9MFY24 performance. We maintain BUY with a revised price target of Rs 3,722.
Feb 14, 2024, 8:36 am IST
Q3 Results Today
Mahindra and Mahindra,
NMDC,
Muthoot Finance,
Fertilisers and Chemicals Travancore,
Gland Pharma,
Ipca Laboratories,
Narayana Hrudayalaya,
Sun TV Network,
Glenmark Pharma,
Aditya Birla Fashion & Retail,
Gujarat State Petronet,
Crompton Greaves Consumer Electrical,
NMDC Steel,
Natco Pharma,
Jyoti CNC Automation,
Indiabulls Housing Finance,
Rajesh Exports,
KPI Green Energy,
Kirloskar Brothers,
Wockhardt,
Ethos and PTC India
Feb 14, 2024, 8:32 am IST
Stocks To Watch
Stocks like BEL, NALCO, Oil India, IRCTC, and GOCL Corporation are among the top 8 stocks that market observers will be focusing on on Wednesday, February 14.
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