BSE Sensex witnessed a rally of 520 points or 0.72% to 71,650 and Nifty 50 jumped 166 points or 0.77% to 21,688 at 1:56 pm on Wednesday as investors awaited Federal Reserve monetary policy decision. Index heavyweights HDFC Bank and Reliance shares soared in trade today. Tata Motors shares hit 3rd consecutive 52-week high in trade today on BSE. Current market price of Tata Motors shares on BSE is Rs 878.10 per share with intraday gain of 2.19%.
Meanwhile, Tata Investment shares hit 52-week high today after hitting 20% upper circuit yesterday following healthy Q3 results. The broader markets outperformed. Nifty Bank jumped 568 points or 1.25% to 45,936 and Nifty Midcap 100 gained 508 points to 48,300.
The Nifty witnessed a significant retreat from Monday's gains, with a steep sell-off in the second half bringing the index closer to crucial support levels. While the Nifty Bank managed to end flat, the market continues to grapple with uncertainties. Here's a closer look at the stocks to watch in Wednesday's trading session.
Larsen & Toubro (L&T) management forecasts an order inflow growth of over 20%, surpassing the earlier guidance of 12% for the financial year 2024. Expectations are high for high teen revenue growth, potentially exceeding the upper end of the 12% to 15% guidance. While frontline numbers were mixed, with net profit falling below estimates, order inflow during the quarter surged by 25% to Rs 76,000 crore.
Dr Reddy's Laboratories reported a 7% increase in revenue to Rs 7,214.8 crore, exceeding estimates across the board. The US sales beat estimates and the previous quarter, with a 9% growth in North America and a 15% increase in European business.
PB Fintech marked a significant turnaround with a net profit after tax of Rs 37 crore, compared to a net loss of Rs 87 crore last year. Total revenue surged by 43% year-on-year to Rs 871 crore, with a 400 basis points increase in contribution margin.
Blue Star results beat estimates, with a 24% revenue increase to Rs 2,241 crore and a 48% surge in EBITDA to Rs 155 crore. The company remains optimistic about robust demand for room AC and commercial refrigeration products in the upcoming summer season.
Astral reported revenue decline below estimates at Rs 1,371 crore, and EBITDA rose by 12.8% to Rs 204.6 crore. The plumbing segment reported a 7.1% growth, while paints and adhesives revenue rose by 10.7%.
M&M Financial numbers exceeded expectations, but the management revised guidance downward, citing challenges in achieving the RoA target of 2.5% by the financial year 2025 due to weak NIMs.
TCS extended its partnership with Aviva with a new 15-year agreement in the UK.
Asian markets opened lower today ahead of the US Federal Reserve's interest rate decision. The Nikkei 225 is down nearly a percent, and the Hang Seng futures indicate a flat start. US markets showed mixed results on Tuesday, with the S&P 500 ending flat, the Nasdaq falling 0.8%, and the Dow Jones gaining 0.3%. Attention in the Indian market will be on Alphabet and Microsoft's results, reported after Tuesday's closing bell.
The GIFT Nifty is trading at a premium of nearly 10 points from Nifty Futures Tuesday close, suggesting a muted start for the Indian market.
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Jan 31, 2024, 6:29 pm IST
Expectations From Union Budget 2024-25
Ashok Rajpal, Managing Director at Ambrane India said, "The PLI schemes and various manufacturing incentives have already proven instrumental in supporting the consumer electronics industry, reflecting an impressive 53% YoY growth in the first half of calendar year 2023. To elevate the industry to international standards, additional support geared towards the export of 'Made in India' products is crucial. As we approach the Union Budget 2024-'25, our hope is for a budget that consistently nurtures a robust environment for domestic manufacturing, fostering innovation and enhancing global competitiveness. The sustained backing of the 'Make in India' initiative remains integral to our growth trajectory." Critical to the success of the electronics manufacturing sector will be strategic investments in infrastructure and technology. Tax advantages and streamlined legal processes are imperative for the manufacturing sector's vitality. A key focus area must be ensuring self-reliance in cutting-edge technologies to facilitate continuous local manufacturing. We eagerly anticipate the budget's unveiling, maintaining optimism that government policies will fortify the foundation for growth, innovation, and sustainable practices within the electronics manufacturing landscape, added Ashok Rajpal.
Jan 31, 2024, 6:25 pm IST
Pre - Budget Inputs On HRA, Income Tax, Tax Slabs And ITR
Mahesh Krishnamoorthy, Managing Director, Core Integra said, "being the election year, the salaried class would have high expectations from the Budget. Few asks could include raising the basic exemption slab to at least 5 lacs and simplifying the tax rates to 10%, 20% and maximum 30% along with eliminating the surcharge and cess. Income Tax Returns could be simplified for Employees who have not other source of income other than salary, the submission by Employer along with TDS as applicable must be considered as auto filing of returns.”
Jan 31, 2024, 1:36 pm IST
BLB Shares Hits 10% Upper Circuit On New Update, Rallies 52% In 2-Weeks
Small cap company operating in the financial services sector, BLB Ltd shares hit 10% upper circuit in trade today on BSE. Current market price of BLB shares on BSE is Rs 33.72 apiece with intraday gain of 9.98%. BLB shares zoomed 52% in last 2-weeks only and offered multibagger returns of 511% in last 3-years. The company informed via its BSE filing about receiving an open offer, “This is to inform you that the Company had received a copy of the Draft Letter of Offer on 29th January, 2024, from M/s. Fast Track Finsec Private Limited (“SEBI registered Merchant Banker and Manager to the Offer”) on behalf of M/s. Dream Achiever Consultancy Services Private Limited (“Acquirer”) in relation to an Open Offer to the Public Shareholders of BLB Limited.”
Jan 31, 2024, 1:13 pm IST
52-Week High: Tata Investment Share Rallies 22% In 1-Week, Net Jumps 53%
Tata Group mid cap company Tata Investment Corporation Ltd shares hit 20% upper circuit yesterday and traded fresh 52-week high today after the company reported healthy Q3 results. Current market price of Tata Investment Corporation shares on BSE is Rs 5502.65 apiece with intraday fall of 5.12%. Tata Investment Corporation shares zoomed 118% in last 6-months only and rallied 78% in last 3-months. The company has a market capitalisation of Rs 27,840.82 crore.
Jan 31, 2024, 1:12 pm IST
Tata Motors Ltd Hits New High Ahead Of Q3 Earnings
Tata Motors shares hit 3rd consecutive 52-week high in trade today on BSE. Current market price of Tata Motors shares on BSE is Rs 878.10 per share with intraday gain of 2.19%. Tata Motor’s record sales in its luxury Jaguar Land Rover (JLR) segment in Q3 and plans to increase prices for its passenger vehicles have brightened possibilities of a robust Q3 performance. The company is scheduled to release its Q3 earnings on February 2.
Jan 31, 2024, 11:46 am IST
Kirloskar Pneumatic Company Declares Interim Dividend for FY23-24, Kotak Bank Announces Employee Share Allotment
Board of Directors of the Company at its meeting held on 24 January 2024 has declared an Interim Dividend of Rs. 2.50 per Equity Share having Nominal Value of Rs. 2/- each (i.e. 125 percent) for the financial year 2023–2024 and has fixed the Record Date as Tuesday, 6 February 2024 for determining eligibility of members to receive dividend and Interim dividend will be paid on or after 21 February 2024 through various modes. Kotak Mahindra Bank has notified exchanges of the allotment of 2,42,656 Equity Shares pursuant to exercise of Employees Stock Options under the Kotak Mahindra Equity Option Scheme 2015.
Jan 31, 2024, 10:59 am IST
MT Educare Confirms Mr. Arihant Nenawati As The Resolution Professional For Insolvency
Mr. Arihant Nenawati, an Insolvency Professional (Registration No. IBBI/IPA-001/IP-00456/2017-
18/10799) be and is hereby appointed as the Resolution Professional in the matter of Corporate Insolvency Resolution Process of MT Educare Limited in accordance with provisions of section 22(3)(b) of the IBC-2016 with remuneration of Rs. 2,00,000/- per month (Rs. Two lakhs per month) till the resolution plan is submitted with Hon’ble NCLT, Mumbai Bench on 22nd January, 2024. Mr. Ashwin Bhavanji Shah, IRP reported no objection to allow the application.
Jan 31, 2024, 10:00 am IST
Nazara Technologies Arm Invests €8 Million In Freaks 4U Gaming
Nodwin Gaming, a subsidiary of India's leading gaming and esports company, Nazara Technologies, has invested €8 million in Freaks 4U Gaming GmbH, a global gaming and esports company. The investment, comprising a convertible loan agreement of 3.6 million Euros initiated on December 27, 2023, has now been converted into equity. Nodwin has acquired additional shares of Freaks 4U Gaming with a contribution of 4.4 million Euros, totaling an €8 million investment, representing a 13.51% stake in the company. Nodwin retains the option to secure majority control in the future through equity swaps with Freaks 4U Gaming investors and founders using Nodwin shares.
Jan 31, 2024, 9:47 am IST
TCS Extends Collaboration With Aviva Through A 15-Year Agreement In The UK
Tata Consultancy Services has revealed a 15-year extension of its partnership with Aviva, the prominent provider of insurance, wealth, and retirement services in the UK. The collaboration aims to revolutionize Aviva's UK Life business and elevate customer experience by leveraging the TCS BaNCS based platform.
Jan 31, 2024, 9:26 am IST
Market Opens With Minor Cuts, Nifty Slips Below 21,500, L&T Top Loser
On January 31, Indian indices kicked off the day on a pessimistic note, witnessing Nifty below the 21,500 mark, while Sensex maintained a position above 71,000. L&T emerged as the leading Nifty loser following its Q3 earnings report, while Tata Motors secured the position of the top gainer on Nifty. Meanwhile, Nifty Bank faced downward pressure, slipping below 45,150. In the pharmaceutical sector, stocks experienced a surge, with Nifty Pharma showing an upward movement of 0.8%.
Jan 31, 2024, 9:12 am IST
Market Outlook By Mr. Aditya Gaggar, Director of Progressive Shares
Bears struck back and erased majority of its previous session's gains to end the 30th January trade lower at 21,522.10. We believe majority of the damage is done with, forming right shoulder of an Inverted Head & Shoulder formation. On the downside, level of 21,460 will act as support while 21,680 will be immediate resistance. The level of 45,500 becomes a critical hurdle for BankNifty as it is facing constant resistance; so a strong breakout is a must to resume the uptrend. Selective buying is likely to continue in the Auto and Energy sectors. One can opt for buy on dips strategy in Finance counters namely LIC Housing Finance and Shriram Finance. Breakout in the Metal sector is imminent and we continue to hold a positive stance on the same.
Jan 31, 2024, 9:10 am IST
Rupee Opens Flat Compared To Previous Close
The Indian rupee commenced trading unchanged at 83.11 per dollar, maintaining parity with the previous day's closing rate of 83.11.
Jan 31, 2024, 8:56 am IST
IMF Upgrades India's GDP Growth Forecasts For FY25 And FY26 To 6.5%
The International Monetary Fund (IMF) has increased its GDP growth projections for India in the fiscal years 2024-25 and 2025-26 to 6.5%. Despite this positive adjustment, the forecasts still fall slightly below the expectations set by Indian authorities.
The multilateral agency's revised growth outlook for the next fiscal year, FY25, represents a 20 basis points increase from its earlier estimate, now standing at 6.5%. However, this figure is 20 basis points lower than the IMF's projection of 6.7% for the ongoing fiscal year, 2023-24. It's worth noting that one basis point is equivalent to one-hundredth of a percentage point.
Similarly, the IMF has adjusted its growth forecast for the subsequent fiscal year, FY26, by raising it by 20 basis points to 6.5%. These updates indicate a somewhat optimistic outlook for India's economic performance in the coming years, as per the latest assessments by the International Monetary Fund.
Jan 31, 2024, 8:51 am IST
Dr Reddy's Q3 Net Profit Rises By 11% To Reach Rs 1,379 Crore
On January 30, Dr Reddy’s Laboratories announced a net profit of Rs 1,378.9 crore for the third quarter of FY24, marking an 11% increase from the corresponding period in the previous year. According to the management, the company achieved its highest-ever sales in a quarter during this period. In comparison, the Hyderabad-based pharmaceutical firm reported a profit of Rs 1,237.90 crore in the same quarter of the previous year.
Jan 31, 2024, 8:48 am IST
L&T Records A 15% Increase In Q3 Net Profit, Reaching Rs 2,947 Crore
Larsen & Toubro (L&T) announced a consolidated net profit of Rs 2,947 crore for the third quarter of FY24, marking a 15% rise compared to the corresponding period last year. This growth was attributed to improved execution of infrastructure projects and sustained expansion in the IT and tech services portfolio. The company reported a significant surge in revenue, reaching Rs 55,128 crore, reflecting a 19% increase compared to the previous year, as stated in an exchange filing on January 30.
Jan 31, 2024, 8:46 am IST
Dollar Poised For Monthly Increase, Yen Sees Steepest Decline In Almost a Year
On Wednesday, the dollar set the stage for its most substantial monthly gain since September, while the yen faced its most pronounced drop in nearly a year. Traders held their positions, eagerly anticipating a U.S. rates decision to conclude the month of January.
The dollar has strengthened by 2% against a basket of major currencies throughout this month, driven by a recalibration of expectations regarding the speed and magnitude of potential rate cuts. This shift in sentiment is attributed to robust U.S. economic data and resistance from central bankers.
Jan 31, 2024, 8:43 am IST
Nasdaq Slips Before Major Tech Earnings; Investors Turn Attention To US Fed
On Tuesday, the Nasdaq, known for its tech-heavy composition, saw a decline as investors anticipated upcoming earnings reports from prominent tech companies and kept a close eye on the Federal Reserve's monetary policy meeting.
The S&P 500 experienced a marginal decline of 0.06%, concluding the session at 4,924.97 points. Simultaneously, the Nasdaq Composite Index recorded a 0.76% drop, settling at 15,509.90 points. The Dow Jones Industrial Average exhibited resilience, rising by 0.35% and closing at 38,467.31 points.
Jan 31, 2024, 8:39 am IST
Geopolitical Tensions And Upbeat Economic Data Propel Oil Prices Higher
On Tuesday, oil prices experienced an upward surge driven by a positive global economic growth outlook and escalating geopolitical tensions in the Middle East, which managed to outweigh worries about Chinese demand.
The March Brent crude futures, set to expire on Wednesday, increased by 47 cents, reaching a settlement of .87 per barrel. Meanwhile, the more active April contract closed with a gain of 67 cents at .50.
In the US, West Texas Intermediate crude saw a notable rise, settling up by .04 or 1.35% at .82, reflecting the impact of both geopolitical factors and optimistic economic indicators.
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