On February 16, Indian benchmark indices concluded the trading day higher for the fourth consecutive session, with the Nifty surpassing 22,000. The Sensex closed with a gain of 376.26 points or 0.52% at 72,426.64, while the Nifty recorded an increase of 129.90 points or 0.59%, reaching 22,040.70. In terms of market breadth, 1950 shares advanced, 1367 shares declined, and 56 shares remained unchanged.
Among the notable performers on the Nifty were Wipro, M&M, SBI Life Insurance, Adani Ports, and Maruti Suzuki, while the top losers included Power Grid Corporation, ONGC, SBI, Britannia Industries, and Reliance Industries.
Examining sectors, all indices except PSU Bank, oil & gas, and power, demonstrated positive movement, with auto, capital goods, pharma, IT, and realty gaining 1-2%. Both BSE Midcap and Small Cap indices also saw an uptick of nearly 1% each.
The Indian Rupee maintained stability, concluding at 83.01 per Dollar on Friday, remaining unchanged from Thursday's close of 83.04.
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Feb 16, 2024, 3:41 pm IST
Market Ends With Healthy Gains; Nifty Above 22,000, Sensex Gains About 400 Points
On February 16, Indian benchmark indices concluded the trading day higher for the fourth consecutive session, with the Nifty surpassing 22,000. The Sensex closed with a gain of 376.26 points or 0.52% at 72,426.64, while the Nifty recorded an increase of 129.90 points or 0.59%, reaching 22,040.70. In terms of market breadth, 1950 shares advanced, 1367 shares declined, and 56 shares remained unchanged.
Among the notable performers on the Nifty were Wipro, M&M, SBI Life Insurance, Adani Ports, and Maruti Suzuki, while the top losers included Power Grid Corporation, ONGC, SBI, Britannia Industries, and Reliance Industries.
Feb 16, 2024, 3:22 pm IST
Crude Prices Flat As Weak IEA Outlook Weighs On US Rate Cut Hopes
Oil prices remained unchanged as the prospect of reduced demand, as indicated by the International Energy Agency, dampened hopes for an early interest rate cut by the Federal Reserve. Despite a previous session's increase fueled by discouraging US retail sales data, Brent crude futures declined by 0.2% to .67 a barrel, while US West Texas Intermediate crude futures dropped 3 cents to a barrel as of 0745 GMT on Friday.
Feb 16, 2024, 3:04 pm IST
RBI's Vasudevan Says That RBI Is Not Planning Any Harsher Measures On Fintech
The Reserve Bank of India (RBI) has no plans to impose more stringent measures on fintech, according to RBI Executive Director P Vasudevan. He emphasizes the RBI's preference for a hands-off approach to regulating fintech, indicating a lack of intention to introduce stricter measures.
Feb 16, 2024, 2:29 pm IST
Data Patterns Witnesses Block Deals Valued At Rs 1,100 Crore
Data Patterns, the provider of defence and aerospace electronics solutions, experienced a notable uptick as its shares surged over 9% to reach the day's high of Rs 2,035 on the NSE. This significant rally followed a substantial block deal amounting to Rs 1,100 crore during pre-open trade on Friday, involving the exchange of approximately 60 lakh shares in a single, large transaction.
Feb 16, 2024, 2:00 pm IST
Farmers' Protests Impact Trade, Economic Activities Led By Supply Chain Disruptions
The ongoing farmers protests in North India is disrupting supply chain for days impacting transportation of goods and raw materials. Following a chain reaction, this could impact trade and halt economic activities specially in and around Delhi. Industrial activities may be halted due to shortage of raw material such as iron and steel which are the core items for factories to operate. Specially, Delhi, a critical hub for scrap and trash materials, remains immobile led by the ongoing protests.
Arnold Holdings Ltd. Inform Exchanges Regarding Share Buyback
Arnold Holdings Limited has made a post-buyback public announcement dated 16th February for the buyback of not exceeding 63,00,000 (sixty-three lakhs) fully paid-up equity shares of the Company of a face value of Rs.10 each for Rs. 21 (Rupees Twenty-One) per equity share on a proportionate basis through the 'tender offer' route from the equity shareholders/beneficial owners of equity shares of the Company as on the record date i.e. Thursday, January 25, 2024. The Buyback Offer of the Company opened on Thursday, February 1, 2024, and closed on Wednesday, February 7, 2024.
Feb 16, 2024, 1:12 pm IST
Lupin Limited Receives US F.D.A Approval
Lupin Limited informs investors regarding receipt of approval from the U.S. FDA for the Company’s Abbreviated New Drug Application for MinzoyaTM (Levonorgestrel and Ethinyl Estradiol Tablets, USP and Ferrous Bisglycinate Tablets), 0.1 mg/0.02 mg and 36.5 mg, to market a generic equivalent of Balcoltra® (Levonorgestrel and Ethinyl Estradiol Tablets, USP and Ferrous Bisglycinate Tablets) 0.1mg/0.02 mg and 36.5 mg, of Avion Pharmaceuticals LLC.
Feb 16, 2024, 12:48 pm IST
Yellow Metal Rates In India Reverses Today After Falling Since Beginning of February
Gold Prices in India today climbed after posting sluggish movements past eight days. 24-carat gold rate today is Rs. 62,290/- and Rs. 57,100/- for 22-carat gold per 10 grams respectively. US Spot gold price trades above the psychological mark at $ 2,005/- per ounce while the MCX gold futures maturing in April today are trading around Rs. 61,650/-, a hike of 0.05%. Silver rates in India also touched Rs. 75,600/- per kg, climbing Rs. 1,100/- per kg.
Feb 16, 2024, 12:10 pm IST
Mid-Day Indian Market Performance Today
Indian Markets today seem to be following the previous two-day trend, staying at the edge on the technical chart, up 0.5% from the previous day's closing. Sensex trades strongly at 72,400 levels, while Nifty is up 0.58% or 126 points in green. M&M. Bajaj Auto and Maruti are top green stocks today climbing 4.4%, 3.4%, and 2.94% respectively, while PSU Powergrid and ONGC fell by the mid-session. Nifty Auto, Pharma, and Healthcare are among the gainers today, gaining 2.43%, 1.8%, and 1.14% respectively.
Feb 16, 2024, 11:41 am IST
New Deal Drivings Forging Stock
Happy Forgings share rally after winning new order worth Rs 400 cr for supply of fully machined components for SUVs.
Feb 16, 2024, 11:40 am IST
Liquor stocks in focus
Amidst interim budget, Karnataka CM announced that tax slabs on Indian made beer and alcohol will be revised.
Feb 16, 2024, 11:40 am IST
GMR Infra Volatile
GMR Infra share tumbles. The company announced that Jan Passenger Traffic rises 13% YoY at 1.05 crore. While Jan Aircraft Movement were up 5% YoY at 66,302. Delhi airport handled the highest ever YTD Pax Traffic.
Feb 16, 2024, 11:40 am IST
GSPL Share
GSPL Records Share Upside. The stock rallied as much as 6%.
Feb 16, 2024, 10:30 am IST
CAMS Share Price
Computer Age Management Services (CAMS), the country's largest Mutual Fund Transfer Agency that provides MF Services & Statements, is in focus on Friday as the stock price turned ex-dividend for its upcoming Rs 12 per share dividend payout. On the ex-dividend day, CAMS stock saw a volatile performance. However, this brings in an opportunity for buying on dips in CAMS as Yes Securities recommend to ADD the stock, hinting over 12% upside in the near term.
Feb 16, 2024, 10:30 am IST
Top Bulls
Bank Nifty gained nearly 172 points. Auto stocks were the most bought with BSE Auto index rising by 1.85% followed by BSE Healthcare, and BSE Metal that also gained by over 1% each. Capital goods, industrials, IT, consumer durables, and realty also contributed to the upside significantly.
Feb 16, 2024, 9:49 am IST
Morning View On The Market From Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"The market has been range bound in recent days due to bouts of selling and buying. During the last 2 days, FIIs sold equity worth Rs 6993 crores in the cash market while DIIs bought equity worth Rs 5173 crores. The trend of FII selling is likely to continue since the 10-year US bond yield is high at 4.24%. The trend of DII buying too is likely to continue since the flows into the DIIs continue to be robust.
The global market construct continues to be favourable with the mother market US remaining resilient with S&P 500 at record highs.
Pockets of overvaluation in the broader market continue to be a worry. Banking stocks are fairly valued. RIL is strong."
Feb 16, 2024, 9:17 am IST
Rupee Falls 0.41 paise against US Dollar In Morning Trade
Indian rupee declined by 0.41 paise against US Dollar in morning trade on Friday.
Feb 16, 2024, 8:59 am IST
Sun TV Networks | No Surprise - Abhishek Kumar - Equity Research Analyst - JM Financial
Sun TV’s 3QFY24 performance was marginally below estimates. Revenues grew by 3% YoY, 7% below JMFe. The miss was however driven by lower movie distribution revenues, in our view. Importantly, core (Ad + Subscription) revenues were likely in-line. That said, ad-revenue growth (-3% YoY; JMFe) remained muted as Cricket World Cup likely diverted FMCG ad-spend towards cricket. We now expect a more gradual recovery in ad-revenues as a still soft volume growth and soft weak rural demand will likely cap FMCG ad-spend. Subscription revenue however is likely to sustain its momentum. We estimate a mid-single digit growth in Sun TV’s subscription revenue growth in 3Q driven by post NTO 3.0 price hike. EBITDA margin, net of movie amortization cost, was a tad below expectations, per our estimates (62% vs 63%). Overall, an in-line core performance meant the quarter had little bearing on our estimates. c.9% correction in the stock over past one month has made the valuation appealing again. Ex-IPL, the stock is trading at a core EV/PAT ratio of 6x. This appears cheap especially given a healthy 4% dividend and 6% FCF yield. We maintain BUY with an unchanged TP of INR 750.
Feb 16, 2024, 8:29 am IST
Mahindra & Mahindra (MM IN) | Healthy qtr; Robust demand for UVs, Tractor cycle key monitorable - JM Financial
Mahindra & Mahindra (M&M) reported 3QFY24 EBITDA margin of 12.8% (-20bps YoY, +20bps QoQ), 40bps above JMFe. Domestic tractor industry is expected to decline by 10% / 5% during 4Q / FY24 owing to muted demand and inventory correction. Normal monsoon remains a key enabler for FY25. In the auto segment, supply constraints have largely eased. Gradual addition to SUV capacity (by 4QFY24), high outstanding bookings (226k+ units) and healthy new bookings’ rate are likely to drive sales growth. Higher operating leverage and benign commodity costs are expected to support the margin performance going ahead. Driven by strong demand tailwind in autos, we maintain BUY with a Mar’25 target price of INR 1,850 (SOTP valuation, 16x core business). Revival in tractor demand remains a key monitorable.
Feb 16, 2024, 8:26 am IST
H.G. Infra Engineering Ltd Q3FY24 Result Update - Geojit Financial Services
HG Infra reported better revenue growth of 19% YoY in Q3FY24 led by strong execution of HAM projects. The company guided a top-line growth of ~20% YoY in FY24 with an EBITDA margin of ~16%, aided by a strong order book. During the quarter EBITDA margin declined by 81bps YoY to 15.9% due to higher input costs and an increase in staff cost. Order book remains healthy at Rs. 9,626cr (2x TTM revenue), providing revenue visibility for the next 2 to 3 years. The company also received an order worth Rs1,100cr in Q4FY24 from railways. Monetized three HAM projects for a consideration of Rs531cr, out of which Rs 405cr has been received. We reiterate BUY rating owing to strong order book and healthy margin profile, and value the standalone business at a P/E of 12x FY26E and HAM projects at 0.6x P/BV with a TP of Rs.1,120.
Feb 16, 2024, 8:23 am IST
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