Indian equity indices concluded the session on February 12 with Nifty hovering around 21,600, as selling was observed across various sectors, except for IT and pharmaceutical names. The Nifty's top losers included Coal India, Hero MotoCorp, BPCL, ONGC, and IndusInd Bank, while gainers comprised Dr. Reddy's Laboratories, Apollo Hospitals, Wipro, Divis Labs, and HCL Technologies.
In terms of sectors, healthcare and IT indices witnessed a 0.5 percent increase each, whereas FMCG, PSU Bank, capital goods, metal, oil & gas, power, and realty experienced declines ranging from 1 to 3 percent. Additionally, the BSE midcap index declined by 2.8 percent, while the smallcap index saw a decrease of 3.3 percent.
Nifty Bank tumbled by 1%. But Nifty PSU Bank nosedived by nearly 3%.
IT stocks are the star performers of the day as of now.
Stocks like Wipro, HCL Tech, Infosys, and Tech Mahindra are top gainers. While NTPC, Power Grid, IndusInd Bank, SBI, ITC, Tata Steel, and Bajaj Finance are top laggards.
Investors should be aware of a number of factors that might influence the stock market, such as this week's key inflation data and the hawkish remarks made by the US Fed and RBI with an aim to keep inflation below the tolerance level. On the global market front, Asian markets were neutral Monday amid sluggish trade as most stock markets remain closed for the week for the Lunar New Year holidays. Today major PSU companies like Coal India, Hindustan Aeronautics, NHPC and Steel Authority of India are going to declare their Q3 results.
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Feb 12, 2024, 3:44 pm IST
Market Ends With Deep Cuts; PSU Banks Worst Hit
Indian equity indices concluded the session on February 12 with Nifty hovering around 21,600, as selling was observed across various sectors, except for IT and pharmaceutical names. The Nifty's top losers included Coal India, Hero MotoCorp, BPCL, ONGC, and IndusInd Bank, while gainers comprised Dr. Reddy's Laboratories, Apollo Hospitals, Wipro, Divis Labs, and HCL Technologies.
Feb 12, 2024, 3:10 pm IST
Paytm Stock Snaps 2-Day Losing Streak
There is a notable uptick in Paytm shares during trading, marking a 3% increase after two consecutive days in the red. However, it's worth noting that the stock has witnessed a significant decline of 33.76% over the past year.
Feb 12, 2024, 2:57 pm IST
NHPC Reports Q3 Results
NHPC's third-quarter results reveal a 30.1% decrease in net profit, falling from Rs 781.6 crore to Rs 546.1 crore year-on-year. Additionally, the company's revenue experienced a 25.3% decline, dropping from Rs 2,272.2 crore to Rs 1,697 crore over the same period.
Feb 12, 2024, 2:39 pm IST
Bharat Forge Reports Q3 Earnings
Bharat Forge witnessed a surge in standalone net profit, recording a notable growth of nearly 31%, reaching Rs 377.8 crore for the quarter ending on December 31, 2023. This robust performance is attributed to a favorable product mix and a strategic emphasis on cost optimization. In comparison, during the corresponding quarter of the previous year, the company reported a net profit of Rs 289.1 crore.
Feb 12, 2024, 2:08 pm IST
Bharat Forge Declares Interim Dividend & Re-Appoints An Independent Director
Bharat Forge Limited has declared an interim dividend of Rs. 2.50 per equity share of the face value of Rs. 2 each of the Company (at the rate of 125%). The interim dividend shall be paid on or before Tuesday, March 12, 2024 to the equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Friday, February 23, 2024 which is the Record Date fixed for the purpose. The board has also approved the re-appointment of Mr. Dipak Mane as the Non-Executive Independent Director of the Company for second term of five consecutive years from June 21, 2024 up to June 20, 2029.
Feb 12, 2024, 1:08 pm IST
Highdell Investment Ltd Sells Investment In Kalyan Jewellers
Highdell Investment Ltd has sold 86,729,971 equity shares of face value of Rs. 10/- each of Kalyan Jewellers India Limited (“Company”), representing 8.42% of the total issued and paid-up equity share capital of the Company, through block deals on the platforms of BSE Limited and the National Stock Exchange of India Limited on February 8, 2024.
Feb 12, 2024, 12:39 pm IST
Mid-Day Performance Of Indian Market
Sensex plunges more than 420 points by half session, while Nifty falls to 21,655 points. Nifty PSU Bank and Nifty Media are the highest losers today, falling 3% and 3.3% respectively. Tech & Pharma stocks stay in the green. Wipro, HCL, and Apollo Hospital shares hiked by 3.7%, 3.3%, and 2.4% respectively while Bajaj Healthcare fell highest by 6.4%, followed by Bajaj Steel by 5.7% and NFL falling 5.5%. Sectoral Nifty IT and Healthcare are sustaining the downward pressure on the Indian market. The highest volume gainers today are Tata Steel, ONGC, and Wipro. The rupee maintains its grip on the USD as it stays at the Rs. 83/- range, despite falling capital markets.
Feb 12, 2024, 12:11 pm IST
Bharti Airtel Expands Its Footprint In Calicut
Today, Bharti Airtel, one of India's leading telecommunications service providers, announced that it had launched four new, next-gen Company-owned stores in Calicut. The new stores that have come up in Ramanattukara, Chevayoor, Eranhipalam, and Mankavu add 4 new stores to the existing count of 8 stores in the city. Amit Gupta, COO, of Kerala, Bharti Airtel says, “Customer obsession continues to be the core tenet driving us at Airtel as we embark on a massive retail expansion in the state of Kerala. As a one-stop-shop for all customer needs, these neighborhood stores will offer an exhaustive range of services including mobile, broadband, DTH, etc. The state of Kerala continues to be a big focus market for us and we will continue to invest in this market.”
Feb 12, 2024, 10:58 am IST
PSU Stocks Top Bears, IT Stocks Top Bulls
Nifty Bank tumbled by 1%. But Nifty PSU Bank nosedived by nearly 3%. IT stocks are the star performers of the day as of now. Stocks like Wipro, HCL Tech, Infosys, and Tech Mahindra are top gainers. While NTPC, Power Grid, IndusInd Bank, SBI, ITC, Tata Steel, and Bajaj Finance are top laggards.
Feb 12, 2024, 10:00 am IST
Gensol Engineering Shares In Focus: Here’s Why
The Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) programme has awarded manufacturing capacity for an advanced electrolyser plant to Gensol Engineering Ltd and Matrix Gas & Renewables Ltd. This announcement has been made today. As the cornerstone of its decarbonisation plan and goal of net-zero emissions, India's commitment to green hydrogen represents a significant advancement through this effort. With a 63 MW annual production capacity, the project that was granted is well-positioned to make a substantial contribution to India's ambitious target of generating 5 million metric tonnes of green hydrogen annually by 2030. This supports the mutual objective of net-zero emissions and sustainable development and is in line with the country's Green Hydrogen Mission, which is supported by the Production Linked Incentive (PLI) programme.
Feb 12, 2024, 9:53 am IST
Minda Corporation Shares In Focus
Minda Corporation Limited the flagship company of Spark Minda received a significant order today for a leading 2W OEM in India to manufacture Smart Key Systems. The cutting-edge Spark Minda manufacturing facility in Pune will produce the products that have been awarded. As the cooperation enters its first phase of manufacture, it demonstrates Spark Minda's dedication to providing innovative, bespoke solutions supported by state-of-the-art technology that enhances comfort and user experience. This collaboration will bolster the company's leading position as a forward-thinking enterprise in the vehicle access space, in light of growing customer demands for product premiumization.
Feb 12, 2024, 9:42 am IST
USD-INR outlook from Anand James, Chief Market Strategist, Geojit Financial Services
The 83-82.9 region having held downside attempts so far, a recovery attempt may not be surprising. But inability to push and float above 83.06 could invite liquidation pressure again, with 82.78 brought back into the radar. Upsides will strengthen only on pull back above 83.17.
Feb 12, 2024, 9:41 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 21500 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22700 for Calls and 21500 for Puts in weekly and at 22100 for Calls and 21500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by -0.99%, increased future index shorts by 6.84% and in index options by 22.30% increase in Call longs, 10.70% increase in Call short, 27.66% increase in Put longs and 7.82% increase in Put shorts.
Feb 12, 2024, 9:41 am IST
Nifty outlook from Anand James, Chief Market Strategist, Geojit Financial Services
Our modest objectives of 22240-22450/550 continue to be in play, but Friday’s recovery attempts appear too fragile to effect a vertical recovery. While we look out for consistent trades above 21835 to play upsides, our downside marker will be at the 20d sma now near 21700, a close below which could see a time correction in play, with bottom range seen as 20800.
Feb 12, 2024, 9:38 am IST
Morning View On The Market From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
With S&P 500 closing above 5000 for the first time, support from the mother market augurs well for the bulls. But the bears are likely to take cues from the rising US bond yields (10-year yield is at 4.17%) which normally triggers big selling from FIIs. So the tug of war between the bulls and the bears is likely to continue.
The fact that the markets are resilient even after the initial enthusiasm of early rate cuts in 2024, both in US and India, has moderated is an indication of the underlying strength of the market. Apart from positive economic cues, a major factor supporting the market is the sustained flows to the market through mutual funds. This can trigger buying on dips and the high market valuations are likely to be sustained for some time. However, the frothy valuations of the broader market are a matter of concern. From the long-term perspective, safety is in large-caps.
Feb 12, 2024, 9:36 am IST
Easy Trip Planners Forays Into Hospitality Sector By Unveiling Luxurious 5-Star Hotel In Ayodhya
EaseMyTrip.com announced the board's in-principle approval of its newest joint venture, a five-star luxury hotel in Ayodhya's prime location, situated near the iconic Shree Ram Mandir. This project is a big step in the direction of enhancing pilgrims' and visitors' spiritual journeys. Located less than a kilometre away from the renowned temple, the hotel offers an unmatched fusion of opulence and spirituality to its guests. As a joint venture partner, EaseMyTrip pledges to invest up to Rs 100 crores in Jeewani Hospitality Private Limited, the organisation in charge of the project that is being incorporated. Once completed, this investment will, through equity swap, represent 50% of the JV Company's entire paid-up share capital on a fully diluted basis.
Feb 12, 2024, 9:32 am IST
Man Industries (India) Shares In Focus
Approximately Rs. 525 crores worth of fresh orders have been received by the corporation today. As of right now, there are over Rs. 1600 crores worth of outstanding orders that need to be fulfilled in 6-7 months. For its efforts in the export industry, the firm has been granted the Certificate of Appreciation for being Kandla Customs' Top Exporter for the fiscal year 2023–2024.
Coal India,
Hindustan Aeronautics,
NHPC,
Samvardhana Motherson International,
Bharat Forge,
Steel Authority of India,
Phoenix Mills,
Mazagon Dock Shipbuilders,
GlaxoSmithKline Pharmaceuticals,
Elgi Equipments,
BLS International Services,
Lakshmi Machine Works,
BASF India,
G R Infraprojects,
Kirloskar Oil Engines,
Anupam Rasayan India,
Cera Sanitaryware,
JM Financial,
Galaxy Surfactants Ltd,
Gujarat Pipavav Port,
Allcargo Logistics,
HEG,
Edelweiss Financial Services,
Dilip Buildcon,
Patel Engineering Company,
Sansera Engineering,
TCI Express
Feb 12, 2024, 8:31 am IST
Trent Ltd – Earning beat continues; growth outpaces industry (Add, TP: Rs4,198) - Centrum Broking
Denying the consumption slowdown, Trent reported consol. revenue growth of 50.5% YoY (4-year CAGR ~40%) reaffirming its growth strategy and agile on ground execution. We believe with 50 new store addition (total 460 stores), revenues for Zudio would have grown ~80%+, while revenues for Star Bazar (67 stores) jumped 24% YoY. Consol. gross margins stood at 44.1% (+87bp) led by moderation in input prices. We would like to highlight in FY22-23 when RM prices surged Trent did not take sharp price increase which helped in winning consumer trust now. EBITDA at Rs6.3bn grew 94.5% despite higher other expenses (+19.8%) and employee cost (+49.3%) settling EBITDA margins at 18.1% (+410bp). PAT jumped to Rs3.7bn (+139.4%) YoY. In Q3 company added 5 Westside and 50 Zudio stores covering 13 new cities, reaching total count of Westside: 227 and Zudio: 460. JV and Associates (Star, Zara and Massimo Dutti) continue to remain profitable. With earning beat we have increased earnings, however cut our rating to ADD with a revised TP of Rs4,198 (implying PE of 91.1x Sept’26 earnings).
Feb 12, 2024, 8:30 am IST
Safari Industries – Steady performance; continue to gaining share (Buy, TP: Rs2,623) - Centrum Broking
Safari Industries reported in-line performance; revenue/EBITDA/PAT grew 28.3%/25.7%/ 27.1% led by (1) shift in festive season and (2) strong wedding season in Q3. Though Safari’s performance was ahead of industry peer we believe growth was led by premium mix driven by hard luggage which contributed +60% revenue share in Q3. We gather Safari has further improved on its market share. Notably E-com/ MT channel saw fastest growth followed by GT channel showing strong uptick in demand in T2/T3 towns. Gross margins grew to 48.0% (+294bp), largely attributed to mix change towards hard luggage, rising contribution from in-house manufacturing, and softening of RM prices. Despite rise in other expenses (+60%) and employee cost (+3.2%) EBITDA at Rs691mn, grew by 25.7% settling EBITDA margin of 17.8% (-37bp) YoY. PAT at Rs438mn grew heathy by 27.1% on the back of other income (+43.9%) and lower interest expenses (-7.3%). With strong operating performance we marginally tweak earnings and retain BUY with a revised TP of Rs2,623. (50x Sept’26 EPS).
Feb 12, 2024, 8:14 am IST
Weekly Market Outlook By Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
In the coming week market will react to the global and domestic economic data, FII/DII investment pattern, crude oil inventories, ongoing quarterly earnings seasons, movement of the rupee against the dollar, trends in the global stock market. Some major economic data that could impact the market are the UK employment rate, inflation numbers, PII input data, GDP numbers, trade balance, US inflation, crude oil, Initial jobless claims, industrial production, Retail sales, building permits, Japan's GDP and industrial production numbers, Eurozone Employment, GDP, industrial production and trade balance data. Domestic economic numbers will also be focused on such as Inflation data, Industrial production, trade balance, forex reserves.
The equity benchmark indices were volatile in Friday's trade before recouping sharply from lower levels to end the day in green trajectory amid lackluster cues from global peers. Both midcap and smallcap indices fell 1% each. Nifty prices settled the day at 21782.50, while Sensex ended the week at 71595.49.
In Nifty, Bears exerted downward pressure on the Nifty from the psychological level at 22000. For Nifty, the next support is at 21,650 and a breach of it can lead to a correction towards 21,400. On the upside, key hurdles are placed at 22,000-22,100.
In Bank Nifty a significant support for the index is identified at 44800, marked by substantial Put writing, sustaining below this level can lead towards 43500. While hurdles are placed at 46000-46200, sustaining above these levels can give a possible move towards 48000 marks.
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