BSE Sensex ended the day with the decline of 34 points to 72,152 and Nifty surged by 1 point to 21,930 on Wednesday. Shares of Indian Overseas Bank hit 20% upper circuit in trade today with last trading price quoted at Rs 81.06 apiece.
Nestle India shares recorded a rally of 1.06% intraday today to 2483.90 apiece on BSE. Nestle India today declared its financial results and recommended interim dividend too. Board of Directors of the FMCG giant declared third interim dividend of Rs 7/- per equity share of the face value of Re 1/- each for the FY 2023-24.
Nestle India shares declined 1.05% in last 1-week and soared 31% in last 1-year. Mid cap public sector undertaking KIOCL Ltd shares today hit 20% upper circuit. Last trading price of KIOCL shares on BSE is Rs 481.20 apiece with intraday rally of 16.27%.
Stocks like SBI, Axis Bank, Kotak Bank, Titan, and Bajaj Fiannce were top gainers. While after a strong rally IT stocks witnessed corrections with Infosys, HCL Tech, Wipro and Tech Mahindra trading in red.
BSE Midcap and Smallcap outperformed benchmarks with gains of 291 points and 484 points. In percentage terms, these two indices gained 1% each. Bank Nifty gained by 300 [
Broad-based buying lifted spirits of Indian market with exception from IT stocks. Metal and realty stocks were top gainers.
Stocks-specific actions are likely, and companies like Paytm, Jio Financial Services, HDFC Bank, and other financial services providing stocks to be in focus. Nifty is expected to have support around 21,800 levels and has the potential to cross the 22,000 mark again.
In the early deals, Asian shares jumped as investors focused on China's increasing efforts to lift its toppled share market amidst economic risks.
Meanwhile, US stocks gained as well amidst hopes for quarterly results and trajectory for rate cuts by the Federal Reserve.
Moreover, Gift Nifty was marginally up and ranged between 22,129.50 and 22,100.50.
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Feb 07, 2024, 2:28 pm IST
Rs 7 Per Share Dividend: Nestle India Reports 4.4% YoY Surge In Net
Large cap FMCG sector stock, Nestle India shares recorded a rally of 1.06% intraday today to 2483.90 apiece on BSE. Nestle India today declared its financial results and recommended interim dividend too. Board of Directors of the FMCG giant declared third interim dividend of Rs 7/- per equity share of the face value of Re 1/- each for the FY 2023-24. Nestle India shares declined 1.05% in last 1-week and soared 31% in last 1-year.
Nestle India Declares Dividend: As per the regulatory filing of the company, “Declaration of Third Interim Dividend of Rs. 7/- (Rupees Seven only) per equity share of the face value of Re. 1/- each for the Financial Year 2023-24 on the entire issued, subscribed and paid-up share capital of the Company of 964,157,160 equity shares of nominal value of Re. 1/- (Rupee one only) each. Third Interim Dividend for the Financial Year 2023-24 will be paid on and from 5th March 2024 to those members whose names appear in the Register of Members of the Company and as beneficial owners in the Depositories, as on the Record Date fixed for the purpose i.e., 15th February 2024, as already intimated.”
Feb 07, 2024, 2:27 pm IST
KIOCL Ltd Set To Consider Results On Feb 13, Shares Hits 20% Upper Circuit
Mid cap public sector undertaking KIOCL Ltd shares today hit 20% upper circuit. The company a day before informed about its upcoming meeting of Board of Directors to be held on February 13 for considering financial results. Last trading price of KIOCL shares on BSE is Rs 481.20 apiece with intraday rally of 16.27% at the time of writing the story. KIOCL stock offered shareholders multibagger returns. In last 6-months, KIOCL shares jumped 127% and soared 144% in last 1-year.
KIOCL To Consider Financial Results On Feb 13: As per the BSE filing of KIOCL dated Feb 6, 2024, “Pursuant to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that a Meeting of the Board of Directors of KIOCL Ltd. Is scheduled to be held on Tuesday, February 13, 2024 inter-alia to consider and approve the Un-Audited Financial Results of the Company for the quarter and nine months ended on December 31, 2023 for the FY 2023-24.
Feb 07, 2024, 2:07 pm IST
Trent Shares Soar After Q3 Results
Trent Ltd, a Tata Group company, witnessed a surge of 10% in its shares as the company's net profit more than doubled in the October-December period.
Feb 07, 2024, 2:06 pm IST
Nestle Reports Q4 Earnings
Nestle India releases Q4 figures, disclosing a net profit of Rs 655.6 crore for the October to December period, falling short of street estimates.
Feb 07, 2024, 1:20 pm IST
TRF Shares Hit 20% Upper Circuit
TRF, a Tata Group company engaged in the production of engineering equipment and systems, experienced a 20% surge to the upper circuit as it opted to cancel the planned amalgamation scheme with its parent company, Tata Steel.
Feb 07, 2024, 1:19 pm IST
Navin Fluorine Hits 52-Week Low
Navin Fluorine International Ltd. witnesses a drop to a 52-week low as its shares decline by up to 7% on Wednesday following a string of reduced price targets following the company's quarterly results. Brokerages attribute their target cuts to product deferrals and challenges in execution.
Feb 07, 2024, 12:35 pm IST
Navin Fluorine Q3 Profit Declines 27% YoY
Navin Fluorine International witnessed a 27% year-on-year decline in its Q3 profit, reporting a consolidated profit of Rs 78.02 crore for the quarter ending December in fiscal year 2024. This significant drop of 26.8% compared to the same period in the previous fiscal year can be attributed to disappointing top-line and operating figures. The revenue from operations also experienced an 11% year-on-year decrease, amounting to Rs 501.8 crore for the quarter.
Feb 07, 2024, 12:33 pm IST
Karnataka Bank Shares In Focus
Karnataka Bank has launched its centenary campaign, 'Bharat Ka Karnataka Bank'. This historic campaign celebrates a century of reliability, quality, tenacity, and dedication to serving the country. The campaign, which has been jointly carried out by Havas Media India and Havas Worldwide India, highlights Karnataka Bank's ability to change with the changes while adhering to its basic principles. It seeks to raise awareness of the Karnataka Bank brand, develop a closer relationship with existing clients, and extend an invitation to potential customers to join its rich history. Television, digital channels, social media, out-of-home displays, and print media will all air the campaign live.
Feb 07, 2024, 11:39 am IST
Jyoti Structures Shares In Focus
Torrent PowerGrid Limited has placed an order with Jyoti Structures Limited for the EPC of a 400 KV multi-circuit transmission line located in Gujarat. The deal, which is worth Rs. 290 Crores (GST included), shall be completed in 18 months. A contract for the design and prototype testing of towers for the 400 kV Double Circuit Oman – UAE Interconnector Project has also been obtained by the company. The 1.8 million US dollar deal is scheduled to be completed in six months.
Feb 07, 2024, 10:44 am IST
L&T Construction Secures Orders For Power Transmission & Distribution Business
Multiple orders have been won by Larsen & Toubro's Power Transmission & Distribution (PT&D) business in India and the Middle East. An order to build a 75 MW floating solar PV plant on the Panchet Dam has been awarded to the company. This facility is a component of the Ultra Mega Renewable Energy Power Park, which is being built on the reservoirs owned by the Damodar Valley Corporation in West Bengal and Jharkhand. An order has been obtained for the turnkey construction of a 380kV substation in Saudi Arabia. Additionally, the company has received agreements for voltage conversion and substations from hydrocarbon companies in Saudi Arabia and Kuwait. An additional order has been received for an ongoing 220kV power supply project in the United Arab Emirates.
Feb 07, 2024, 10:08 am IST
Suraj Estate Developers Shares In Focus
The new value-luxury/luxury residential property "Suraj Lumina," located at Veer Savarkar Marg, Mahim (west), Mumbai, was unveiled on Wednesday by Suraj Estate Developers Limited. The project is expected to have a gross development value of almost Rs. 100 crores. It is anticipated that the project will be completed by December 2028.
Feb 07, 2024, 9:37 am IST
Rupee Appreciates Against US Dollar In Early Trade Of February 7
Indian rupee apreciated slightly against the US dollar to 83.04. The rupee was stronger by 0.47% against the greenback. So far in the current session, the local unit ranged from 83.018 - 83.149. RBI policy meeting, followed by its February 2024 rates outcome, along with global trends are influencing the performance in rupee. Majority of investors are eyeing rates cut scenario by major centtal banks. Also, rupee is better amidst the upside in domestic equities.
Feb 07, 2024, 9:04 am IST
Crude Outlook
Rahul Kalantri, VP Commodities, Mehta Equities: crude oil is having support at .80–71.90 and resistance at .30-75.10 for today’s session. In INR terms, crude oil has support at Rs5,995-5,910 while resistance is at Rs 6,170-6,250.
Feb 07, 2024, 9:04 am IST
Rupee Vs Dollar
Rahul Kalantri, VP Commodities, Mehta Equities: Looking at the technical set-up, RSI is fetching below 50 levels and the pair is facing steep resistance at higher levels. The pair is having support at 82.92-82.80 while resistance is placed at 83.22-83.45. The pair is trading below its support level of 83.12 and expected to trade in the range of 82.50-83.45 this week.
Feb 07, 2024, 9:04 am IST
Gold Price Outlook
Gold has support at 16-2002 while resistance is at 44-2058. Silver has support at .20-22.05, while resistance is at .55-22.72. In INR terms, gold has support at Rs62,380-62,200, while resistance is at Rs 62,690, 62,810. Silver has support at Rs69,840-69,180, while resistance is at Rs70,950, 71,380.
Feb 07, 2024, 9:02 am IST
Pre-Opening Market
Prashanth Tapse, Senior VP (Research), Mehta Equities: Overnight gains in the US market and upmove in other Asian indices is likely to aid local benchmark gauges in early trades. The positive takeaway is that Nifty’s technicals have improved considerably and, most importantly, the index is now indicating a massive breakout on the daily charts. Traders are likely to go for bargain hunting and value buying amidst improving Asian market cues. Technically, Nifty’s biggest intraday supports are now seen at 21711 mark and then at 21557 level.
Feb 07, 2024, 8:16 am IST
Markets Previous Performance
Yesterday, Sensex and Nifty witnessed a huge rally driven by outperforming IT stocks. The 30-scrip benchmark ended at 72,186.09, up by 454.67 points or 0.63%, while the 50-scrip benchmark closed at 21,929.40, up by 157.70 points or 0.72%.
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