KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty Rally To Recoup Budget Day’s Losses
Indian equities gained for the second straight trading session, paring losses clocked on the Budget day.
The S&P BSE Sensex and the NSE Nifty 50 rose 2.3 percent and 2.32 percent, respectively, to end at 40,789.38 and 11,979.65 on Tuesday. The benchmarks—that had posted their worst Budget day performance in 11 years—gained more than 2.7 percent in two days.
The broader markets represented by the NSE Nifty 500 Index advanced 2.10 percent on Tuesday.
The rebound witnessed in markets is ‘purely’ cyclical as markets bottomed out last week on account of lacklustre budget and coronavirus scare. That’s according to Chakri Lokapriya, Managing Director, TCG Asset Management.
“The rebound over last two days reflects the view that India is at a cyclical economic bottom and markets being forward looking they are beginning to stabilize,” Lokapriya told BloombergQuint.
The market breadth was tilted in favour of buyers. About 1,249 stocks advanced and 533 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 3.3 percent gain.
Adani Ports Q3 Profit Beats Estimates
Shares of Adani Ports and Special Economic Zone rose as much as 2.4 percent to Rs 376 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 2.8 percent to Rs 2,902 crore.
- Net profit down 4 percent to Rs ,1352 crore.
- Ebitda up 0.5 percent to 1,853 crore.
- Margin at 63.85 percent versus 65.28 percent.
Fab Four Stocks Of The Day
Affle India
- Stock rose as much as 4.6 percent to Rs 1,835.
- Revenue rose 27.4 percent to Rs 94.5 crore
- Net profit rose 31.9 percent to Rs 21.5 crore
- Ebit rose 18.1 percent to Rs 24.1 crore
- Margin rose 25.5 percent to 27.5 percent
- India segment revenue rose 53 percent to Rs 53 crore
- International segment revenue rose 4 percent to Rs 43.3 crore
Chalet Hotels
- Stock rose as much as 4.4 percent to Rs 4.4 percent to Rs 328.95.
- Acquires 100 percent stake in Belaire Hotels for Rs 119.3 crore and 100 percent stake in Seapearl Hotels for Rs 57.5 crore.
Hero MotoCorp
- Stock rose as much as 4.6 percent to Rs 2,484.60.
- Positive on lower crude oil prices.
Hindalco
- Stock rose as much as 4 percent to Rs 189.15.
- Shares snap four-day losing streak.
- Traders accumulate fresh longs, February futures OI up 3 percent.
IRCTC Surges 11% To Record High
Shares of IRCTC rose as much as 10.6 percent to hit an all-time high at Rs 1.383.90.
“Competition Commission of India has absolved Indian Railways and its arm IRCTC Ltd. of allegations of unfair market practices,” according to a PTI report.
“The order came after the regulator in November 2018, ordered a detailed probe into the allegations of abuse of dominant market position against Ministry of Railways and IRCTC for charging higher price than actual base fare on the sale of e-tickets,” the report said.
Zee Group Stocks Decline
Shares of the Zee Group companies declined in today’s trade.
Stocks Moving On Heavy Volumes
Thyrocare Technologies
- Stock rose as much as 20 percent to Rs 723.
- Trading volume was almost 50 times its 20-day average.
Indian Energy Exchange
- Stock rose as much as 10.3 percent to Rs 170.80.
- Trading volume was almost 40 times its 20-day average.
Manappuram Finance
- Stock fell as much as 7 percent to Rs 183.55.
- Trading volume was more than 11 times its 20-day average.
Bajaj Holdings & Investments
- Stock rose as much as 4.2 percent to Rs 3,751.05.
- Trading volume was more than 12 times its 20-day average.
Titan Q3 Profit Misses Estimates
Shares of Titan rose as much as 6.9 percent to Rs 1,268 after the company announced December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 9.4 percent to Rs 6,206 crore (Estimate: Rs 6,251 crore)
- Net profit up 13 percent to Rs 470 crore (Estimate: Rs 506 crore)
- Ebitda up 25.7 percent to Rs 735.2 crore (Estimate: Rs 719 crore)
- Margin at 11.8 percent versus 10.3 percent. (Estimate: 13 percent)
Bajaj Electricals Falls Nearly 2% After Q3 Results
Shares of Bajaj Electricals fell as much as 1.4 percent to Rs 370.15 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue down 40.7 percent to Rs 1,283.9 crore.
- Net profit down 83.8 percent to Rs 9.9 crore.
- Ebitda down 50.1 percent to Rs 67.4 crore.
- Margin at 5.2 percent versus 6.2 percent.
- Consumer segment revenue up 13 percent to Rs 860.2 crore.
- EPC segment revenue down 70 percent at Rs 423.5 crore.
PNB Reports Loss Of Rs 492.28 Crore In Q3
Shares of Punjab National Bank rose 1.9 percent to Rs 58.40 after the company announced December quarter results.
Key Earnings Highlights (Q3, YoY)
- Net interest income up 2 percent to Rs 4,355.1 crore.
- Net loss at Rs 492.28 crore versus profit of Rs 246.51 crore.
- Provisions up 41.6 percent to Rs 4,146.04 crore. (QoQ)
- Gross NPAs at 16.3 percent versus 16.76 percent. (QoQ)
- Net NPAs at 7.18 percent versus 7.65 percent. (QoQ)
ITC Halts Two-Day Rout, Shares Gain Nearly 4%
Shares of ITC halted a two-day losing streak. The stock rose as much s 3.8 percent to Rs 215.50.
The scrip had declined 12 percent in the last two trading sessions after the government, in its Union Budget, proposed to raise excise duty on tobacco and cigarettes.
Sensex, Nifty Rally To Recoup Most Of Budget Day’s Losses
Indian equities gained for the second straight trading session, paring losses clocked on the Budget day.
The S&P BSE Sensex and the NSE Nifty 50 rose as much as 2.34 percent and 2.38 percent, respectively, at 40,807 and 11,986 on Tuesday. The benchmarks—that had posted their worst Budget day performance in 11 years—gained more than 2.5 percent in two days.
Here are the stocks leading the charge:
Market Commentary: This Is Purely A Cyclical Recovery, Says TCG Asset Management
The rebound witnessed in markets is ‘purely’ cyclical as markets bottomed out last week on account of lacklustre budget and coronavirus scare. That’s according to Chakri Lokapriya, Managing Director, TCG Asset Management.
“The rebound over last two days reflects the view that India is at a cyclical economic bottom and markets being forward looking they are beginning to stabilize,” Lokapriya told BloombergQuint.
Piramal Enterprises Jumps Nearly 7% After Q3 Results
Shares of Piramal Enterprises rose as much as 6.8 percent, the most since Jan. 17, 2020, to Rs 1,429 after the company announced its quarterly results for the three months ended December.
Key Earnings Highlights (Q3, YoY)
- Revenue up 9.1 percent to Rs 3,805.67 crore
- Net profit up 20 percent to Rs 724.95 crore
- Ebitda up 13 percent to Rs 2,295.76 crore
- Margin at 60.3 percent versus 58.1 percent.
Large Trade Alert: Lemon Tree Hotels
About 14.1 lakh shares of Lemon Tree Hotels changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Global Markets Update: Asia Stocks Bounce Back; U.S. Futures Advance
Asian equities rose with U.S. futures and China’s stocks stabilized after Monday’s slide as investors gauge efforts to contain the coronavirus and awaited potential responses from policymakers.
- The MSCI Asia Pacific Index rose 1.2 percent.
- Topix index rose 0.7 percent at the close.
- Australia’s S&P/ASX 200 Index rose 0.4 percent.
- South Korea’s Kospi gauge rallied 1.8 percent.
- Hong Kong’s Hang Seng Index rose 0.9 percent.
- Shanghai Composite Index rose 1.4 percent after dropping as much as 2.2 percent.
- S&P 500 futures rose 0.6 percent.
- Euro Stoxx 50 contracts rose 0.4 percent.
Get your daily fix of global markets here.
Source: Bloomberg
Money Market Update: Rupee Strengthens To Day’s High
The Indian rupee extended morning gains to trade at day’s high.
The home currency appreciated as much as 0.36 percent to 71.11 against the U.S. dollar. The local legal tender had appreciated 0.17 percent in the opening trade against the greenback.
Market Check: Sensex Surges Over 800 Points; Nifty Near 11,950
Indian equities advanced for the second consecutive trading session and traded at day’s high.
The S&P BSE Sensex rose as much as 2.08 percent to 40,702.22 and the NSE Nifty 50 rose as much as 2.09 percent to 11,953. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.9 percent.
Corrects earlier headline that misstated Nifty was above 12,950
Sun Pharma Gains After Unit Taro Pharma Announces Q3 Results
Shares of Sun Pharmaceutical Industries rose as much s 4.6 percent to Rs 185.40 after the company’s U.S. subsidiary Taro Pharma announced December quarter results.
Key Earnings Highlights (Taro Pharma) (Q3, YoY)
- Revenue down 16 percent to $147.7 million.
- Net profit down 27 percent to $67.7 million.
- Ebitda down 16 percent to $58.2 million.
- Margin at 39.4 percent versus 44.7 percent.
Bajaj Auto Extends Morning Declines; Shares Fall Over 3%
Shares of Bajaj Auto extended declines to trade at day’s low. The stock fell as much as 3.2 percent to Rs 3,180.
That came after the two-wheeler maker sold a total of 3,94,473 units last month, a fall of 3 percent from January 2019, according to its stock exchange filing.
Key Highlights (YoY):
- Domestic sale of motorcyles fell 22 percent to 1,57,796 units.
- Export of motorcycles rose 19 percent to 1,74,546 units.
- Domestic sale of commercial vehicles rose 25 percent to 35,076 units.
- Export of commercial vehicles fell 5 percent to 27,055 units.
- Total domestic sales fell 17 percent to 1,92,872 units.
- Total exports rose 15 percent to 2,01,601 units.
Market Check: Sensex Surges Over 700 Points; Nifty Above 11,900
Indian equities advanced for the second consecutive trading session and traded at day’s high.
The S&P BSE Sensex rose as much as 1.92 percent to 40,638.71 and the NSE Nifty 50 rose as much as 1.91 percent to 11,931.30. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.74 percent.
Large Trade Alert: Yes Bank
About 10 lakh shares of Yes Bank changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Aegis Logistics Resume Gains After One-Day Blip, Shares At Eight-Month High
Shares of Aegis Logistics resumed gains after a one-day blip. The stock rose as much as 14 percent, the most since February 2017, to Rs 234.50, the highest level since May 2019.
Trading volume was more than six times its 20-day average, Bloomberg data showed. The scrip returned 11 percent in the past five days and advanced 20 percent in the past 30 days.
Honeywell Automation India Surges 15% To Record High
Shares of Honeywell Automation India rose as much a 14.9 percent, the most since December 2017, to hit an all-time high at Rs 31,890 after the company announced December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 11.0 percent to Rs 901.2 crore.
- Net profit up 69 percent to Rs 144.74 crore.
- Ebitda up 213 percent to Rs 369.76 crore.
- Margin at 41.0 percent versus 14.6 percent.
Sectoral Check: NSE Nifty Financial Services Index Best Performer
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Financial Services Index’s 2.3 percent gain.
Market Check: Sensex Surges Over 600 Points Nifty Approaches 11,900
Indian equities advanced for the second consecutive trading session and traded at day’s high.
The S&P BSE Sensex rose as much as 1.64 percent to 40,524.70 and the NSE Nifty 50 rose as much as 1.6 percent to 11,895.70. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.45 percent.
Large Trade Alert: ICICI Bank
About 35 lakh shares of ICICI Bank changed hands in two large trades, Bloomberg data showed. Buyers and sellers were not known immediately.
Shares of the private lender rose as much as 2.8 percent to Rs 529.90
F&O Check: Nifty 11,800 Call Option Premium Surges 214%
Nifty’s 11,800 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire today, rose 213.90 percent to Rs 86.95. About 1.56 lakh shares were removed from the open interest which stood at over 21.96 lakh shares.
Market Check: Sensex, Nifty Surge Over 1%
Indian equities advanced for the second consecutive trading session, led by the gains in Reliance Industries Ltd. and HDFC Bank Ltd.
The S&P BSE Sensex rose as much as 1.16 percent to 40,336.22 and the NSE Nifty 50 rose as much as 1.13 percent to 11,840.35. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.1 percent.
Stocks Reacting To Results Announcement
Deepak Nitrite (Q3, YoY)
- Stock rose as much as 3.3 percent to Rs 423.
- Revenue rose 46.1 percent to Rs 1,119.9 crore
- Net profit rose 3.9 times to Rs 156.7 crore
- Ebitda rose 2.4 times to Rs 258.3 crore
- Margin stood at 23.1 percent versus 14 percent
- Raw material cost as percentage of sales at 58 percent
- Phenolic segment revenue rose 70 percent to Rs 535.1 crore
- Basic chemical segment revenue rose 15 percent to Rs 252.7 crore
- Fine & Speciality chemical segment revenue rose 17 percent to Rs 173.2 crore
GlaxoSmithKline Pharmaceuticals (Q3, YoY)
- Stock fell as much as 13.4 percent to Rs 1,522.
- Revenue fell 5.7 percent to Rs 778.6 crore
- Net loss stood at Rs 661.2 crore versus net profit at Rs 113.7 crore
- Ebitda fell 9.3 percent to Rs 124.4 crore
- Margin stood at 16 percent versus 16.6 percent
Shriram Transport Finance (Q3, YoY)
- Stock rose as much as 12.9 percent to Rs 1,114.95.
- Net profit rose 38.1 percent to Rs 882.2 crore
- Net interest income fell 1 percent to Rs 2,014.4 crore
- Impairment cost fell 30 percent to Rs 444.4 crore
- Assets under management rose 4.93 percent to Rs 108,931.4 crore
Affle (India) (Q3, YoY)
- Stock rose as much as 4.6 percen to Rs 1,835.
- Revenue rose 27.4 percent to Rs 94.5 crore
- Net profit rose 31.9 percent to Rs 21.5 crore
- Ebit rose 18.1 percent to Rs 24.1 crore
- Margin rose 25.5 percent to 27.5 percent
- India segment revenue rose 53 percent to Rs 53 crore
- International segment revenue rose 4 percent to Rs 43.3 crore
AstraZeneca Pharma (Q3, YoY)
- Stock fell as much as 2.4 percent to Rs 2,550.
- Revenue rose 4 percent to Rs 223.9 crore
- Net profit fell 8.2 percent to Rs 26.7 crore
- Ebitda fell 9.8 percent to Rs 36.9 crore
- Margin stood at 16.5 percent versus 19 percent
SRF (Q3, YoY)
- Stock fell as much as 2.9 percent to Rs 3,678.
- Revenue up 2.3 percent to Rs 1,850.5 crore
- Net profit up 2.1 times to Rs 343 crore
- Ebitda rose 25.1 percent to Rs 390.2 crore
- Margin stood at 21.1 percent versus 17.2 percent
- Tax reversal of Rs 66 crore aided bottom line numbers
- Raw material cost as percent of sales stood at 50.4 percent versus 56.7 percent
- Technical textiles business revenue fell 26 percent to Rs 335.7 crore
- Chemical business revenue rose 39 percent at Rs 811.9 crore
- Packaging films business revenue fell 9 percent to Rs 638.2 crore
Ujjivan Financial Services (Q3, YoY)
- Stock rose as much as 2.4 percent to Rs 383.95.
- Net interest income rose 46.1 percent to Rs 445.9 crore
- Net profit rose 2.3 times to Rs 72 crore
Bajaj Auto Falls After January Sales Decline 3%
Shares of Bajaj Auto fell as much as 1.2 percent to Rs 3,245.
That came after the two-wheeler maker sold a total of 3,94,473 units last month, a fall of 3 percent from January 2019, according to its stock exchange filing.
Key Highlights (YoY):
- Domestic sale of motorcyles fell 22 percent to 1,57,796 units.
- Export of motorcycles rose 19 percent to 1,74,546 units.
- Domestic sale of commercial vehicles rose 25 percent to 35,076 units.
- Export of commercial vehicles fell 5 percent to 27,055 units.
- Total domestic sales fell 17 percent to 1,92,872 units.
- Total exports rose 15 percent to 2,01,601 units.
TCS Gains After Signing Pact
Shares of Tata Consultancy Services rose as much as 1.6 percent to Rs 2,136.70.
The country’s largest software developer has expanded partnership with Walgreens Boots Alliance for digital solutions. The 10-year deal is d at $1.5 billion. Walgreens Boots Alliance owns pharma manufacturing, wholesale and distribution companies.
The stock traded at 24 times its estimated earnings per share for the coming year, according to Bloomberg data.
Manappuram Finance Falls Over 5% After Large Trades
Shares of Manappuram Finance fell as much as 5.4 percent, the most in over four months, to Rs 174.10.
About 3.77 crore shares or 4.5 percent equity of the company changed hands in five large trades, Bloomberg data showed.
While buyers and sellers were not known immediately, Baring India Private Equity Fund II had planned to offer 4.2 crore shares (5 percent) of the company in an accelerated book-building with a floor price of Rs 172 per share, which is at a discount of 6.57 percent to the last closing prices.
Baring Fund has 8.76 percent stake in the company as per latest exchange filings, according to Bloomberg report.
Opening Bell: Sensex, Nifty Open Higher
Indian indices opened higher, extending gains for the second consecutive trading session.
The S&P BSE Sensex rose nearly 1 percent to 40,251 and the NSE Nifty 50 rose 0.87 percent to 11,810. The broader markets represented by the NSE Nifty 500 Index rose 0.79 percent.
The market breadth was tilted in favour of buyers. About 1,081 stocks advanced and 350 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher led by the NSE Nifty IT Index’s 0.95 percent gain. On the flipside, the NSE Nifty Realty Index was the top sectoral loser, down 0.1 percent.
Your Complete F&O Trade Setup
Index Futures
- Nifty February futures closed at 11,703 discount of 4.7 points versus 6.9pts
- Nifty February futures open interest was down 0.6 percent, sheds 81,000 shares in open interest
- Nifty Bank February futures closed at 30,032 premium of 8.9 points versus 52 points
- Nifty Bank futures open interest down 4 percent, sheds 59,000 shares in open interest
Options
- Nifty PCR at 0.95 versus 0.85 (across all series)
Nifty Weekly Expiry: Feb. 6
- Max OI on call side at 12,000 (31.5 lakh shares)
- Max OI on put side at 11,500 (23.3 lakh shares)
- OI addition seen at 11,800C (+9.3 lakh shares), 11,500P (+8.3 lakh shares), 11,600P (+5.7 lakh shares)
Nifty Monthly Expiry: Feb. 27
- Max OI on call side at 12,500 (20.7 lakh shares)
- Max OI on put side at 12,000 (23.5 lakh shares)
BQ Heads-Up: Who's Meeting Whom
- Shoppers Stop to meet Soros Capital on Feb. 10.
- MCX to meet Enam AMC, Hermes Investment Management and other investors from Feb. 4-11.
Trading Tweaks: Paisalo Digital, JBF Industries, Suven Life Sciences, Omax Autos
- JBF Industries to move into ASM framework
- Suven Life Sciences, Omax Autos to move into short term ASM framework
- India Nippon Electricals to move out of short term ASM framework
- Transglobe Foods price band revised to 10 percent
- Paisalo Digital price band revised to 5 percent
- Sterling and Wilson Solar, Jindal Stainless (Hisar), Adani Transmission, Mastek, Sequent Scientific, Hindustan Construction to move into surveillance measure in respect of high promoter pledge network
- Max India and GMR Infra to move out of surveillance measure in respect of high promoter pledge network.
BQ Heads-Up: How Indian ADRs Fared Overnight
Money Market Update: Rupee Opens Higher
The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.18 percent to 71.24 against the greenback.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian stocks are set to open higher.
The S&P BSE Sensex rose 0.98 percent to 40,262 during the pre-market trade and the NSE Nifty 50 rose 0.95 percent to 11,815.
Q3 Earnings Corner: Adani Ports, Airtel, Deepak Nitrite, Piramal Enterprises, Titan, TVS Motor
Nifty Earnings To Watch
- Adani Ports and Special Economic Zone
- Bharti Airtel
- Titan
Other Earnings To Watch
- TVS Motor
- Tata Global Beverages
- Piramal Enterprises
- JSW Energy
- Punjab National Bank
- Thermax
- Exide Industries
- Firstsource Solutions
- Praj Industries
- Action Construction Equipment
- Adani Green Energy
- Apollo Pipes
- Artemis Medicare Services
- Avanti Feeds
- Bajaj Electricals
- Balmer Lawrie
- CSB Bank
- Dhanlaxmi Bank
- Grindwell Norton
- GTL
- Indo Count Industries
- J.B.Chemicals & Pharmaceuticals
- Jindal Saw
- Liberty Shoes
- NRB Industrial Bearings
- Oracle Financial Services Software
- Shipping Corporation Of India
- TCI Finance
- GATI
- REC
- Mahindra Logistics
Earnings Reaction To Watch
Deepak Nitrite (Q3, YoY)
- Revenue rose 46.1 percent to Rs 1,119.9 crore
- Net profit rose 3.9 times to Rs 156.7 crore
- Ebitda rose 2.4 times to Rs 258.3 crore
- Margin stood at 23.1 percent versus 14 percent
- Raw material cost as percentage of sales at 58 percent
- Phenolic segment revenue rose 70 percent to Rs 535.1 crore
- Basic chemical segment revenue rose 15 percent to Rs 252.7 crore
- Fine & Speciality chemical segment revenue rose 17 percent to Rs 173.2 crore
GlaxoSmithKline Pharmaceuticals (Q3, YoY)
- Revenue fell 5.7 percent to Rs 778.6 crore
- Net loss stood at Rs 661.2 crore versus net profit at Rs 113.7 crore
- Ebitda fell 9.3 percent to Rs 124.4 crore
- Margin stood at 16 percent versus 16.6 percent
Shriram Transport Finance (Q3, YoY)
- Net profit rose 38.1 percent to Rs 882.2 crore
- Net Interest Income fell 1 percent to Rs 2,014.4 crore
- Impairment cost fell 30 percent to Rs 444.4 crore
- Assets under management rose 4.93 percent to Rs 108,931.4 crore
Affle (India) (Q3, YoY)
- Revenue rose 27.4 percent to Rs 94.5 crore
- Net profit rose 31.9 percent to Rs 21.5 crore
- Ebit rose 18.1 percent to Rs 24.1 crore
- Margin rose 25.5 percent to 27.5 percent
- India segment revenue rose 53 percent to Rs 53 crore
- International segment revenue rose 4 percent to Rs 43.3 crore
AstraZeneca Pharma (Q3, YoY)
- Revenue rose 4 percent to Rs 223.9 crore
- Net profit fell 8.2 percent to Rs 26.7 crore
- Ebitda fell 9.8 percent to Rs 36.9 crore
- Margin stood at 16.5 percent versus 19 percent
SRF (Q3, YoY)
- Revenue up 2.3 percent to Rs 1,850.5 crore
- Net profit up 2.1 times to Rs 343 crore
- Ebitda rose 25.1 percent to Rs 390.2 crore
- Margin stood at 21.1 percent versus 17.2 percent
- Tax reversal of Rs 66 crore aided bottom line numbers
- Raw material cost as percent of sales stood at 50.4 percent versus 56.7 percent
- Technical textiles business revenue fell 26 percent to Rs 335.7 crore
- Chemical business revenue rose 39 percent at Rs 811.9 crore
- Packaging films business revenue fell 9 percent to Rs 638.2 crore
Ujjivan Financial Services (Q3, YoY)
- Net interest income rose 46.1 percent to Rs 445.9 crore
- Net profit rose 2.3 times to Rs 72 crore
BQ Heads-Up: Bulk Deals
- Astra Microwave Products: Texmaco Infrastructure & Holdings acquired 10 lakh shares (1.15 percent) at Rs 91.37 each.
Offerings: ITI, Stove Kraft
- Baring India offers 4.2 crore Manappuram Finance shares: Terms
- India’s ITI FPO after again extends offer period until Feb. 5, have received 57 percent demand on seventh-day sale Tuesday
- India’s Stove Kraft files for IPO.
Stocks To Watch: GMR Infra, Manappuram Finance, Power Grid, TCS
- Tata Consultancy Services has expanded partnership with Walgreens Boots Alliance for digital solutions for 10 years. The contract is d at $1.5 billion. Walgreens Boots Alliance owns pharma manufacturing, wholesale and distribution companies.
- Manappuram Finance: Baring India Private Equity Fund II is offering 4.2 crore shares (5 percent) of the company in an accelerated book-building with a floor price of Rs 172 per share, which is at a discount of 6.57 percent to the last closing prices. Baring Fund has 8.76 percent stake in the company as per latest exchange filings, according to Bloomberg report.
- Power Grid: The government’s holding in the company has reduced from 53.03 percent to 49.08 percent on Jan. 28.
- SRF: The board has approved a project to de-bottleneck the hydrofluorocarbon capacity at Dahej for Rs 65.5 crore and setup dedicated facilities to produce intermediates catering to the agro-chemicals segment for Rs 238 crore.
- GMR Infra’s arm GMR Hyderabad International has signed an agreement to operate Bidar airport.
- JK Cement has commissioned two grey cement grinding capacity plants with a combined capacity of 2.5 metric tonnes per annum and commenced the commercial dispatches.
- National Peroxide said that its Kalyan plant has commenced operation with effect from Feb. 2.
- Thyrocare Technologies said that its two centres at Surat and Baroda have been closed due to unfair business practices by the franchisee.
- V-Mart has opened three new stores in Madhya Pradesh and Uttar Pradesh. The company also said that it closed one store in Odisha.
- Punjab National Bank: The board has approved raising up to Rs 1,000 crore via issue of bonds.
- ITI to consider FPO issue price on Feb. 6
- M&M Financial Services to consider raising capital via bonds on Feb. 6.
- Kohinoor Foods has made an upfront payment towards a one-time settlement to Oriental Bank of Commerce.
Global Cues: Oil Drops To Below $50 A Barrel
- Oil extended its sharp decline to below $50 a barrel as traders weigh the impact on global demand from the spread of coronavirus, which has probably cut China’s oil consumption by 20 percent.
- The S&P 500 Index advanced as China added stimulus in an effort to shore up its economy and American manufacturing data topped estimates.
Get your daily fix of global markets here.
SGX Nifty Suggests Positive Start; Asian Stocks Trade Mixed
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.24 percent to 11,736 as of 8:25 a.m.
China’s stocks fluctuated after plunging on Monday, while most Asian equities rose with U.S. futures as investors gauged efforts to contain the coronavirus and awaited potential responses from policymakers.
Chinese equities tumbled more than 2 percent, then recouped all that loss within minutes. South Korean and Hong Kong shares outperformed in Asia, with Japanese and Australian benchmarks seeing more modest gains.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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