BSE Sensex ended the day with the gain of 482 points or 0.68% to 71,555 and Nifty 50 soared 127 points or 0.59% to 21,743 in trade today following Asian peers ahead of the announcement of crucial US inflation data today. Nifty Bank jumped 620 points to 45,502 and Nifty Midcap 100 rallied 159 points to 47,835at 2:32 pm on Tuesday. Shares of Indian Railway Finance Corporation Ltd jumped 12.03% today to 149.00 apiece.
Banking stocks were the biggest contributor to the overall upside with Bank Nifty gaining by over 545 points or 1.21%. BSE Bankex soared by over 600 points.
Healthcare and financial stocks also climbed. These offset the losses arising from metal stocks which was the top laggard so far in the day.
Both Sensex and Nifty have surged nearly a per cent since the opening.
India's volatility index surged nearly a per cent as well.
Top gainers were ICICI Bank, Axis Bank, Bajaj Finserv, Kotak Bank and NTPC. While top bears were Power Grid, Wipro, JSW Steel, Infosys and HCL Tech.
However, there was a massive correction in smallcap stocks, while midcaps saw a sluggish performance. BSE Smallcap dropped by 336 points, and BSE Midcap gained marginally by 33 points.
Trending stocks including Adani Total Gas, JSW Energy, Coal India, and Zee Media Corporation are among those that are probably going to be on market observers' attention on Tuesday, February 13.
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Feb 13, 2024, 3:51 pm IST
Sensex Jumps 482 Points, Nifty Above 21,740
BSE Sensex ended the day with the gain of 482 points or 0.68% to 71,555 and Nifty 50 soared 127 points or 0.59% to 21,743 in trade today following Asian peers ahead of the announcement of crucial US inflation data today.
Feb 13, 2024, 2:29 pm IST
India Nippon Declares Q3 Results
Small cap company from the auto ancillaries sector, India Nippon Electricals Ltd shares declined 1.74% in trade today. Last trading price of India Nippon shares on BSE is Rs 664.70 apiece. Board of Directors of the company today announced an interim dividend of Rs 10.25 per share of Rs 5 each for the financial year 2023-24. India Nippon shares rallied 52% in last 6-months and gained 79% in last 1-year.
India Nippon Declares Interim Dividend: As per the BSE filing of the company dated February 13, 2024, “Board of Directors at their meeting held today, declared an Interim Dividend of Rs.10.25 (Rupees Ten and twenty-five paise only) per fully paid-up equity share of Rs.5 each, for the financial year 2023- 24.”
Feb 13, 2024, 2:28 pm IST
Surya Roshni Bags Back-To-Back Orders, Shares Up Over 4%
Small cap metal & ferrous sector stock Surya Roshni shares gained 4.31% intraday today after the company informed via its BSE filing about its back-to-back order wins. Last trading price of Surya Roshni stock on BSE is Rs 638.35 apiece. Surya Roshni shares declined 17% in last 2-weeks and offered return of 99% in last 1-year. Check details below:
Surya Roshni Bags 2 Consecutive Orders: As per the BSE filing of the company issued on Feb 13, 2024, “it is hereby informed that the Company has obtained orders in aggregate amounted to U14.46 crore (with GST) during this week including an order of Rs 94.75 crore (with GST) received today for supply of MS Coated pipes (Spiral welded) from domestic undertakings to be completed / executed within specified time as per the terms and conditions specified in the respective order. An Order amounted to Rs 119.71 crore (with GST) is already intimated to the exchanges yesterday.”
Feb 13, 2024, 2:00 pm IST
Hindalco Re-appoints MD & Director For Next Three Years
Based on the recommendation of the Nomination and Remuneration Committee, subject to Shareholders' approval, Mr. Satish Pai as the Managing Director & & Key Managerial Personnel from August 1, 2024, to December 31, 2027. The company also re-appoints Mr. Praveen Kumar Maheshwari as a Whole-Time Director From April 1, 2024 to March 31, 2025.
Feb 13, 2024, 1:43 pm IST
HPL Electric Discloses Order Receipt, Glenmark Allots Shares To ESOP Scheme
HPL Electric & Power Limited has received an order Worth INR 181 Crores (inclusive of tax) from a leading AMISP client for the supply of smart meters in the normal course of business. The Nomination & Remuneration Committee of Glenmark Pharmaceuticals Ltd. in the meeting held on February 13, 2024, has approved the allotment of 20,000 equity shares of the face value of Re. 1/- each to the eligible employee who has exercised stock options under the Glenmark Pharmaceuticals Limited - Employee Stock Option Scheme, 2016 (“ESOP 2016”).
Feb 13, 2024, 1:15 pm IST
Axis Bank Allocates Shares Under ESOP Scheme
Bank has allotted 3,52,382 equity shares of Rs. 2/- each of the Bank on February 13, 2024, under the exercise of stock options under its ESOP Scheme. The paid-up share capital of the Bank has accordingly increased from Rs. 6,16,97,48,524 (3,08,48,74,262 equity shares of Rs. 2/- each) to Rs. 6,17,04,53,288 (3,08,52,26,644 equity shares of Rs. 2/- each).
Surya Roshni Limited has obtained orders in aggregate amounted to U14.46 crore (with GST) during this week including an order of 94.75 crore (with GST) received today for the supply of MS Coated pipes (Spiral welded) from domestic undertakings to be completed/executed within specified time as per the terms and conditions specified in the respective order. An Order amounting to Ul9.71 crore (with GST) was already intimated to the exchanges yesterday.
Feb 13, 2024, 12:34 pm IST
Mizuho Bank to Invest Rs.1,200 Crore In Credit Saison India
Credit Saison India (“CS India”), one of India’s leading Neo-Lending conglomerates, with a pan-India presence and a CRISIL AAA & CARE AAA rating, today announced that it will raise Rs. 1,200cr from Mizuho Bank Ltd., Japan, the retail and corporate banking unit of Mizuho Financial Group. This will mark the first investment by a non-group company into CS India. CS India is the India arm of Saison International, the global headquarters of Credit Saison, one of Japan’s largest lending conglomerates with a US billion balance sheet. Within a short span of four and a half years, CS India has grown its portfolio to 1.2m active loans, an AUM of over Rs.10,000cr, and an employee base of over 800 people.
Feb 13, 2024, 12:17 pm IST
Mid-Session Performance Of Indian Market Today
Sensex rebounds from previous resistance levels and floats 0.46% in the green at 71,896 points, while Nifty remains 69 points higher than Monday's closing at 21,685 points. Coal India, UPL, and HDFC Life are top gainers among Indian stocks, climbing 4.02%, 3.28%, and 1.8% now respectively. Hindalco stays as the top loser in today's session, tumbling more than 13% within three hours. Grasim and Adani Enterprises remain 2.75% and 1.2% lower than yesterday. The metal Sector struggles today, staying at 3.07% down.
Feb 13, 2024, 11:40 am IST
Hindalco Share Price
Hindalco shares top bears on Nifty 50, falling by over 13%. Other stocks that fell on Nifty are Grasim, Adani Enterprises, Divi's Lab, and JSW Steel.
Feb 13, 2024, 11:40 am IST
Coal India Share Price
Coal India Rallies By 5% After Reporting Q3 Results And Declaring interim dividend.
Feb 13, 2024, 11:00 am IST
Adani Shares Volatile
All Adani Group-backed stocks traded in deep red on Tuesday with Adani Green Energy and Adani Power taking the worst hit. There are seven Adani named stocks, while the Group holds two in cement sector and 1 in media segment. These stocks toppled in the range of nearly 2% to 6.5%. This also comes after American finance company MSCI announced to make no changes in Adani shares when India's weightage climbed to record high in its index rejig.
Feb 13, 2024, 10:22 am IST
Banking Stocks Top Gainers
Banking stocks were the biggest contributor to the overall upside with Bank Nifty gaining by over 545 points or 1.21%. BSE Bankex soared by over 600 points. Top gainers were ICICI Bank, Axis Bank and Kotak Bank.
Feb 13, 2024, 10:03 am IST
Rupee Declines by 0.42 Paise Against US Dollar
Indian rupee witnessed a decline of 0.42 paise against US Dollar in morning trade on Tuesday.
Feb 13, 2024, 9:52 am IST
HFCL Bags Purchase Order Aggregating To Rs 141 Cr From BSNL
The company won a purchase order on Tuesday worth Rs 141 crores for the provision of Unlicensed Band Radios (UBRs) and related services to Bharat Sanchar Nigam Limited (BSNL) that are developed and manufactured domestically. This purchase order is a portion of the ~INR 179 Crore Advance Purchase Order that BSNL granted to the company. After the supply against the current purchase order is completed, the remaining order of about INR 38 crores is anticipated to be issued. As part of this agreement, the company will provide BSNL with products and services that are essential to maintaining its 4G network. This network upgrade is expected to offer BSNL's 4G network with cutting-edge, reasonably priced backhauling technologies and set the stage for 5G capabilities. The initial planning, on-site surveys, supply of telecom equipment, installation, testing, operations, and yearly maintenance are all included in the scope of work under this purchase order.
Feb 13, 2024, 9:35 am IST
USD-INR outlook from Anand James, Chief Market Strategist, Geojit Financial Services
The upside marker at 83.06 failed to give away deflating the momentum that was bubbling for the last few days having held inside the 83-82.9 region for so long. This has brought 82.78 back into the radar. Upsides will strengthen only on pull back above 83.17.
Feb 13, 2024, 9:34 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 21700 for Calls and 20800 for Puts in weekly and at 21800 for Calls and 21800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.86%, increased future index shorts by 2.39% and in index options by 28.01% in Call longs, 12.86% in Call short, 39.93% in Put longs and 15.46% in Put shorts.
Feb 13, 2024, 9:34 am IST
Nifty outlook today from Anand James, Chief Market Strategist, Geojit Financial Services
The defence launched in the closing hour of yesterday calls for a few positive moments early in the day. The 21690-720 region poses the first challenge to such attempts and it would require 21835 to be overcome to signal upside momentum. Inability to scale 21720 or a direct fall below 21580 could eye 21500-250 as the initial downside objectives.
Feb 13, 2024, 9:25 am IST
Morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"An important ongoing trend in the market is the weakness in the broader market with sharp cuts in many mid and small caps. Many such stocks driven up by speculative buying without consideration for the fundamentals are correcting. This trend is likely to continue since many such stocks are excessively valued. The explosive growth in the number of demat accounts and the newbies chasing mid and small caps influenced by recency bias have contributed to this froth in the broader market. A correction in this segment is inevitable and desirable. Correction will give opportunities to buy fairly valued stocks in this segment like PSU Banks."
Feb 13, 2024, 9:13 am IST
Hero Motocorp Q3FY24 Result Update By LKP Securities
Hero Motocorp posted healthy set of numbers in Q3, led by pick up in volume performance stemming from sectoral robustness. Margins grew well as the input cost benefits, cost savings, operating leverage and product mix helped the cause. Going forward, we expect decent volume trajectory with the XTech variants launched last year, new launches coming up in the 125 cc segment, scooters and premium bike launches under the Hero as well as the HD brand. Expansion of the EV scooter in more cities soon will further add to the steam. Demand levers in the rural markets are positive, despite low monsoons on account of a strong El Nino and unseasonal rains. Hero’s high stake (37.5%) in Aether Energy to manufacture Electric Scooters and battery swapping platform shall give Hero a good fillip in the EV 2W space. We expect 9-10% volume growth in FY25-26E. Profitability would improve through better product mix on Hero’s premiumization theme under which the focus of the company is now on the premium bikes and X-Tech variants, price hikes, cost saving programs like LEAP-2 and operating leverage stemming from improving volumes. EV spending may impact margins in the initial period till we see an expansion of scale and volumes. We therefore maintain our BUY rating on the stock with FY26E target price of Rs 5,555 (valued at 18x v/s current multiple of 16x). Improving return ratios, zero debt and dividend yield gives investors an additional comfort.
Feb 13, 2024, 9:11 am IST
Schneider Electric Infrastructure Q3FY24 Result Update By LKP Securities
SEIL has tripled it’s market capitalisation since our initiation of coverage vindicating our stance that the street would continue giving premium valuations since it was truly representative of the emerging India Story. Business momentum remains positive across its traditional and emerging businesses and we expect this to continue as core data improves which reflects on the overall business it operates in with adequate digitalization opportunities and positive outlook ahead. Further, company’s performance has been consistent for FY22, FY23 and 9MFY24 wherein execution has remained strong with consistent margin improvement and expects it to continue with strong order book and pipeline ahead including focus of management remains on collections and cash. Overall company remains optimistic in the short to mid-term with support from the government in the form of investment, reforms and policies. Considering the strong 9MFY24 performance we are increasing the estimates and target upwards given strong beat across revenues and margins. We also introduce FY26 estimates. Hence, we maintain BUY with a revised TP of Rs 690.
Feb 13, 2024, 9:09 am IST
Kotak Mahindra Bank Q3FY24 Result Update By LKP Securities
We expect KMB’s loan book to grow at CAGR of ~18% over FY23-25E. At CMP of Rs 1710, the stock is available at 3.1(x) standalone FY25E Adj. BVPS of Rs 552. Valuing the standalone entity with 3.4xFY25E BVPS and subsidiaries valuation at Rs 74; we arrive at a target price of Rs 1950. We recommend BUY with a potential upside of ~14%.
Feb 13, 2024, 9:07 am IST
Tega Industries Q3 FY24 Result Update By LKP Securities
We maintain our positive stance on Tega on a) higher penetration opportunity for Dynaprime liners, to deliver 25-30% CAGR over FY23-25E, b) cross selling opportunities of other products and equipment (Tega MCNally Mineral) to aid in outpacing the industry growth, c) green field expansion in Chile to increase growth opportunity in LATAM and d) sustainable EBITDA margins at 21-22% due to operating leverage. Considering the strong 9MFY24 performance we are tweaking our estimates and also introduce FY26 estimates. The stock touched it’s yearly high today and has appreciated over 2.5x since our coverage initiation. We re-iterate BUY with a revised price target of Rs 1,335.
Feb 13, 2024, 9:04 am IST
Ramco Cement – Capex intensity remains high (Reduce, TP: Rs874) - Centrum Broking
The Ramco Cement Ltd (TRCL) reported marginally weak set of results as reported revenue/EBITDA came in 4%/3% below estimate. Cement volumes at 3.97mn mt came in 6% below our estimate owing to rains/floods in key markets of the company. Bigger surprise was on capex front wherein the company upgraded capex guidance for FY24 once again and kept capex intensity for FY25 also higher at Rs17.5bn. Strong volume growth exhibited by the company over the past 6-7 quarters is likely to be normalized as high base catches up and utilizations inch up. Given the heightened capex, leverage is expected to remain elevated with debt:EBITDA expected to remain above 3x. We have cut our estimates marginally for FY25/FY26 but increase our capex estimate based on revised guidance. Post revision, our new TP stands at Rs874 (Rs970 earlier) based on 12x Sep25 EV/EBITDA. We maintain our Reduce call on the stock.
Feb 13, 2024, 9:03 am IST
Bitcoin crossed the ,000 level.
Mr Edul Patel CEO of Mudrex said, "Bitcoin breaches the ,000 milestone for the first time since 2021. This surge is due to the robust performance of the US stock market, substantial inflows into spot Bitcoin ETFs, and upcoming halving event. Bitcoin now faces its next resistance at ,250, leading towards the ,200 mark. The prevailing positive investor sentiment manifests in an active bullish presence in the market. Concurrently, Ethereum maintains its position above ,600, with bulls targeting the ,717 threshold."
KNR constructions Ltd (KNR) reported weak results for 3QFY24 with 250bps YoY decline in EBITDA margins. While revenue growth of 9% YoY was largely in-line with estimates, lower margins resulted in PAT coming in 12.5% below our estimate. We believe the company’s current orderbook (Rs67.4bn including recently awarded projects) is critically low and despite company’s best efforts, new orders as well as diversification has failed to materialize. Execution in high margin irrigation orders is slow on account of change in government in Telangana and increasing receivables. Given the weak order inflow this year and uncertainty on irrigation execution, we have cut PAT numbers for FY24/FY25 by 3%/15% respectively. We are now building in only 6%/7% CAGR in revenue/PAT for FYF23-25. As a result, we downgrade the stock to Sell from Reduce with revised TP of Rs238 (Rs263 earlier).
Feb 13, 2024, 9:00 am IST
Ashok Leyland Shares In Focus: Here’s Why
The company has made a second tranche equity share investment in Optare Plc. UK totalling GBP 50679500 (about Rs. 536.73 Crores). The company's stake in Optare Plc. has grown from 92.19% to 92.59% as a result of the allocation made by the Board of Directors of Optare Plc. In a statement dated November 9, 2023, the Board announced its plan to invest Rs. 1200 Crs. in Switch Mobility as equity through one or more tranches of its holding company, Optare Plc. UK. Regarding this, the company announced on December 5, 2023, that it will invest GBP 62869841.54 (about Rs. 662.5 crores) in equity shares of Optare Plc. UK in the first tranche.
Feb 13, 2024, 8:48 am IST
VA Tech Wabag Shares In Focus
The Drinking Water Treatment Plant in Uttarpara, Hooghly, West Bengal, with a 55 MGD capacity, has been inaugurated by the Honourable Chief Minister of West Bengal, Ms. Mamata Banerjee. VA TECH WABAG LIMITED (WABAG) designed, built, and commissioned the facility for the Kolkata Metropolitan Development Authority (KMDA). With a steady supply of clean, safe drinking water, this WTP, developed by the renowned multinational Indian pure-play water technology company WABAG, will serve 20 lakh residents of the Uttarpara Municipality and improve water security in the region. The life-cycle partner WABAG has been assigned the task of operating and maintaining the plants for a duration of five years. This will ensure a consistent supply of safe and clean drinking water with a quality of less than one NTU for the Uttarpara-Kotrung, Konnagar, Rishra, Champdani, Baidyabati, Dankuni, Serampore Municipality, and Six-Peri urban area under the trans-municipal water supply scheme.
Feb 13, 2024, 8:37 am IST
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