KEY HIGHLIGHTS
Closing Bell: HUL, RIL Help Sensex, Nifty Extend Gains For Second Day In A Row
Indian equities ended higher for the second consecutive trading session, led by the gains in Hindustan Unilever Ltd. and Reliance Industries Ltd.
The S&P BSE Sensex rose 0.85 percent to end at 41,565.90 and the NSE Nifty 50 rose 0.77 percent to close at 12,201.20. The broader markets represented by the NSE Nifty 500 Index rose 0.5 percent.
The market breadth, however, was tilted in favour of sellers. About 1,069 stocks declined and 726 shares advanced on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty FMCG Index’s 1.9 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 1.9 percent.
Fab Four Stocks Of The Day.
Tasty Bite Eatables
- Stock hit 20 percent upper circuit at Rs 10,424 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 30.1 percent to Rs 114.2 crore.
- Net profit up 2x to Rs 13.7 crore.
- Ebitda up 20.6 percent to Rs 12.9 crore.
- Margin at 11.3 percent versus 12.2 percent.
IPCA Labs
- Stock rose as much as 7.2 percent to Rs 1,338.95 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 20.6 percent to Rs 1,213 crore.
- Net profit up 24.1 percent to Rs 197.6 crore.
- Ebitda up 16.9 percent to Rs 273.8 crore.
- Margin at 22.6 percent versus 23.3 percent.
Aster DM Healthcare
- Stock rose as much as 9.1 percent to Rs 181.80 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue rose 8 percent to Rs 2,321.7 crore
- Net profit rose 38.7 percent to Rs 139.1 crore
- Ebitda rose 46.4 percent to Rs 385.2 crore
- Margin stood at 16.6 percent versus 12.2 percent
- Hospital segment revenue rose 16 percent to Rs 1,210.3 crore
Affle India
- Shares extended gains for the second consecutive trading session.
- The scrip rose as much as 8.1 percent to hit an all-time high at Rs 1,894.80.
Stocks Moving On Heavy Volumes
Procter & Gamble
- Stock fell as much as 1.6 percent to Rs 11,267.05
- Trading volume was almost 10 times its 20-day average.
MMTC
- Stock rose as much as 15.4 percent to Rs 22.50.
- Trading volume was more than six times its 20-day average.
Metropolis Healthcare
- Stock rose as much as 9.8 percent to Rs 1,857.90.
- Trading volume was almost five times its 20-day average.
Shilpa Mediacare
- Stock rose as much as 10 percent to Rs 481.60.
- Trading volume was four times its 20-day average.
Stocks Reacting To Results Announcement
IPCA Labs (Q3, YoY)
- Stock rose as much as 7.2 percent to Rs 1,338.95
- Revenue up 20.6 percent to Rs 1,213 crore.
- Net profit up 24.1 percent to Rs 197.6 crore.
- Ebitda up 16.9 percent to Rs 273.8 crore.
- Margin at 22.6 percent versus 23.3 percent.
ABB India (Q4CY19, YoY)
- Stock fell as much as 4.4 percent to Rs 1,275.
- Revenue down 1 percent to Rs 1,953.3 crore.
- Net profit down 80.4 percent to Rs 38.7 crore.
- Ebitda down 35.8 percent to Rs 138.3 crore.
- Margin at 7.1 percent versus 11 percent.
- Exceptional loss of Rs 70 crore.
Hindalco Swings After Q3 Results
Shares of Hindalco fluctuated between gains and losses to trade little changed at Rs 193.60 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue down 14.3 percent to Rs 10,230 crore (Bloomberg Estimate: Rs 10,230.7 crore)
- Net profit down 21.9 percent to Rs 193 crore (Bloomberg Estimate: Rs 193 crore)
- Ebitda up 9.3 percent at Rs 1013 cr vs Rs 927 cr (Bloomberg Estimate: Rs 981.9 crore)
- Margin at 9.9 percent versus 7.7 percent.
CSB Bank Declines For Fifth Day, Falls Below IPO Price
Shares of CSB Bank declined for the fifth consecutive trading session. The stock fell as much as 4.5 percent to hit an all-time low at Rs 171.40.
The scrip fell nearly 10 percent in five trading sessions and declined 15 percent in the past 30 days, Bloomberg data showed.
Large Trade Alert: Kotak Mahindra Bank
About 19 lakh shares of Kotak Mahindra Bank changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Wockhardt Approves Transfer Of Some Businesses To Dr. Reddy's Laboratories
Info Edge Swings After Q3 Results
Shares of Info Edge fluctuated between gains and losses to trade 0.2 percent higher at Rs 3,004.50 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 15.5 percent to Rs 335 crore.
- Net loss at Rs 59.8 crore versus net profit at Rs 331.8 crore.
- Ebitda up 26.3 percent to Rs 99.5 crore.
- Margin at 29.7 percent versus 27.2 percent.
Affle India Rallies For Second Day To Hit Record High
Shares of Affle India extended gains for the second consecutive trading session. The scrip rose as much as 8.1 percent to hit an all-time high at Rs 1,894.80.
Trading volume was almost three times its 20-day average, Bloomberg data showed. The stock traded at 71 times its estimated earnings per share for the coming year.
MMTC Jumps The Most In Nearly A Month
Shares of MMTC extended gains for the second consecutive trading session and rose as much as 15.4 percent, the most since Jan. 16, 2020, to Rs 22.50.
The company has sought bids of 375 million tonnes of onions from Turkey, according to a Bloomberg report.
Trading volume was more than eight times its 20-day average, Bloomberg data showed. Of the shares traded, 55 percent were at the ask price and 39 percent were at the bid, according to Bloomberg report.
Sectoral Check: NSE Nifty FMCG Index Top Performer
Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty FMCG Index’s 1.9 percent gain. On the flipside, the NSE Nifty Realty Index was the top sectoral loser, down 1.4 percent.
HUL Snaps Two-Day Losing Streak, Stock Hits Record High
Shares of Hindustan Unilever halted their two-day losing streak. The stock rose as much as 5.2 percent to hit an all-time high at Rs 2,264.90.
The scrip returned 4.4 percent in the past five days and 15 percent in the past 30 days. The Relative Strength Index was above 70, indicating that the stock may be overbought, Bloomberg data showed.
F&O Check: Nifty 12,200 Call Option Premium Jumps 129%
Nifty’s 12,200 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Feb. 13, rose 128.47 percent to Rs 32.90. About 2.6 lakh shares were added to the open interest which stood at over 29.16 lakh shares.
Market Check: Sensex, Nifty Extend Opening Gains
Indian equities extended opening gains, trading higher for the second day in a row.
The S&P BSE Sensex rose as much as 0.9 percent to 41,857.56 and the NSE Nifty 50 rose 0.86 percent to 12,111.80. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.71 percent.
Stocks Reacting To Results Announcement
Coal India (Q3, YoY)
- Stock rose as much as 2.3 percent to Rs 183.40.
- Revenue fell 7.4 percent to Rs 2,3190.5 crore
- Net profit fell 14.1 percent to Rs 3,923.9 crore
- Ebitda fell 26.8 percent to Rs 4,968.5 crore
- Margin stood at 21.4 percent versus 27.1 percent
- FSA volume fell 6 percent to 127.69 million tonnes
- E-auction volume fell 33 percent to 9.84 million tonnes
Also Read: Coal India Q3 Results: Profit Falls On Lower Realisations From E-Auctions, Higher Operating Costs
Ircon International (Q3, YoY)
- Stock rose as much as 4.3 percent to Rs 465.
- Revenue fell 3.3 percent to Rs 1,211 crore
- Net profit rose 52.5 percent to Rs 142.4 crore
- Ebitda rose 13.2 percent to Rs 153.7 crore
- Margin stood at 12.7 percent versus 10.8 percent
- Margin improved due to lower raw material costs
Hindalco: Novelis (Q3, YoY)
- Stock rose as much as 1.4 percent to Rs 196.40.
- Net sales fell 10 percent to $2.7 billion
- Net Income rose 37 percent to $107 million
- Adjusted Ebitda rose 7 percent to $343 million
- Shipments growth stayed flat at 797 kilo tonnes
IDBI Bank (Q3, YoY)
- Stock fell as much as 4.7 percent to Rs 35.90.
- Net interest income rose 12.9 percent to Rs 1,532.3 crore
- Net loss stood at Rs 5,763 crore
- Provision at Rs 440 crore vs Rs 5,074.8 crore
- GNPA at 28.72 percent versus 29.43 percent (QoQ)
- NNPA at 5.25 percent versus 5.97 percent (QoQ)
Aster DM Healthcare (Q3, YoY)
- Stock rose as much as 9.1 percent to Rs 181.80.
- Revenue rose 8 percent to Rs 2,321.7 crore
- Net profit rose 38.7 percent to Rs 139.1 crore
- Ebitda rose 46.4 percent to Rs 385.2 crore
- Margin stood at 16.6 percent versus 12.2 percent
- Hospital segment revenue rose 16 percent to Rs 1,210.3 crore
Hexaware Technologies (Q4, QoQ)
- Stock fell as much as 6.4 percent to Rs 351.25.
- $ Revenue rose 1.8 percent to $ 214.3 million
- Revenue rose 3.2 percent to Rs 1,528.8 crore
- Net profit fell 8.5 percent to Rs 168 crore
- Ebitda was flat at Rs 204.4 crore versus Rs 205.3 crore
- Margin stood at 13.4 percent versus 13.9 percent
Cochin Shipyard (Q3, YoY)
- Stock rose as much as 4.7 percent to Rs 366.
- Revenue rose 25 percent to Rs 896.1 crore
- Net profit rose 32.4 percent to Rs 169.8 crore
- Ebitda rose 25.4 percent to Rs 197.7 crore
- Margin stood at 22.1 percent versus 22 percent
- Ship building segment revenue rose 35 percent to Rs 747.4 crore
- Ship repair segment revenue fell 10 percent to Rs 148.7 crore
Bharat Heavy Electricals (Q3, YoY)
- Stock fell as much as 4.9 percent to Rs 36.65.
- Revenue fell 22.6 percent to Rs 5,680.8 crore
- Net profit fell 17.2 percent to Rs 162.7 crore
- Ebitda rose 49.4 percent to Rs 326.7 crore
- Margin stood at 5.8 percent versus 3 percent
- Power segment revenue fell 26 percent to Rs 4,072.7 crore
- Industry segment revenue fell 14 percent to Rs 1,386.5 crore
- Margin improved due to lower other expenses
HEG (Q3, YoY)
- Stock fell as much as 13.9 percent to Rs 1,011.
- Revenue fell 78.9 percent to Rs 393.7 crore
- Net loss at Rs 1.2 crore versus net profit at Rs 865.5 crore
- Ebitda fell 99.6 percent to Rs 4.7 crore
- Margin stood at 1.2 percent versus 70.4 percent
- Declared dividend of Rs 25 per share
Astral Poly Technik (Q3, YoY)
- Stock rose as much as 3.9 percent to Rs 1,265.
- Revenue rose 5.4 percent to Rs 664.1 crore
- Net profit rose 30.1 percent at Rs 67.5 crore
- Ebitda rose 18.1 percent to Rs 118.5 crore
- Margin stood at 17.8 percent versus 15.9 percent
- Plastic segment revenue rose 7 percent to Rs 505.7 crore
- Adhesive segment revenue rose 1 percent to Rs 158.4 crore
- Pipe business sales rose 15 percent to 3,2053 million tonnes
Novartis India (Q3, YoY)
- Stock fell as much as 3.2 percent to Rs 650.
- Revenue fell 13.3 percent to Rs 117.5 crore
- Net profit fell 40.3 percent to Rs 7.7 crore
- EBITDA fell 32.6 percent to Rs 9.1 crore
- Margin stood at 7.7 percent versus 10 percent
CESC (Q3, YoY)
- Stock rose as much as 2.5 percent to Rs 746.
- Revenue fell 3.5 percent to Rs 1,648 crore
- Net profit rose 1.7 percent to Rs 176 crore
- Ebitda rose 37.1 percent to Rs 277 crore
- Margin stood at 16.8 percent
Reliance Naval Declines For Third Consecutive Trading Session
Shares of Reliance Naval & Engineering extended decline for the third consecutive trading session. The stock fell as much as 2.7 percent to Rs 1.80.
The company received a show-cause notice from the Ministry of Defense, for termination of contract relating to 5 Naval Offshore Patrol Vessels . The company said in a media statement that it shall take all the necessary steps and actions to protect its rights including the arbitrary invocation of Bank Guarantees relating to the subject contract.
The Relative Strength Index was below 30, indicating that the stock may be overbought, according to Bloomberg data.
Sun Pharma Advanced Falls For Third Day In A Row
Shares of Sun Pharma Advanced Research extended declines for the third consecutive trading session. The stock fell as much as 10.4 percent, the most since Feb. 1, 2020, to Rs 171.25.
The company received a complete response letter from U.S. FDA for the new drug application for Taclantis.
Trading volume was 17 times its 20-day average, Bloomberg data showed. The stock fell 3.6 percent in the past five days and declined 0.2 percent in the past 30 days.
IndusInd Bank Worst Performer On Sensex
Shares of IndusInd Bank resumed declines after one-day breather. The stock fell as much as 3.2 percent to Rs 1,251.70.
Moody’s changed its outlook on IndusInd Bank to ‘Negative’ from ‘Stable’ to account for the risk of further asset quality deterioration. The rating agency affirmed the bank’s domestic and foreign currency ratings at Baa3/P3. The affirmation of the rating was driven by the bank's strong buffers, both capital and profitability, which resulted in a strong ability to absorb asset quality stress.
The scrip was the worst performer on Sensex and second-worst performer on Nifty. It fell in two out of three trading sessions.
Opening Bell: Sensex, Nifty Open Higher
Indian equities opened higher, extending gains for the second consecutive trading session.
The S&P BSE Sensex rose 0.45 percent to 41,403 and the NSE Nifty 50 rose 0.48 percent to 12,167. The broader markets represented by the NSE Nifty 500 Index rose 0.47 percent.
The market breadth was tilted in favour of buyers. About 852 stocks advanced and 526 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 1.16 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 12,126.5, a premium of 18.9 points.
- Nifty February futures open interest down 3.2 percent, sheds 4.5 lakh shares in open interest.
- Nifty Bank February futures closed at 31,383.3, premium 82.7 points.
- Nifty Bank futures open interest up 8.7 percent, adds 96,500 shares in open interest.
Nifty Weekly Expiry: Feb 13
- Max open interest on call side at 12,200 (26.5 lakh shares)
- Max open interest on put side at 12,000 (25.3 lakh shares)
- Open interest addition seen at 12,100P (+10 lakh shares), 12,300C (+7.3 lakh shares), 12,000P (+3.8 lakh shares)
Nifty Monthly Expiry: Feb 27
- Max open interest on call side at 12,500 (27.5 lakh shares)
- Max open interest on put side at 12,000 (34.2 lakh shares)
Stocks In F&O Ban
- Yes Bank
BQ Heads-Up: Who's Meeting Whom
- UPL to meet Edelweiss Securities and IIFL Securities from Feb. 12-13
- Tata Motors to meet Essel MF, HSBC AMC and other investors on Feb. 13
- Majesco to meet Way2Wealth on Feb. 12
- Tata Steel to meet Edelweiss Securities on Feb. 19
- Eicher Motors to meet Amansa Capital on Feb. 14
- ITC to meet UBS Securities, Kotak Institutional Equities and Antique Stock Broking from Feb. 12-18
Trading Tweaks: Alphageo, Apollo Pipes, GSS Infotech, Shreyas Shipping & Logistics
- Alphageo, Apollo Pipes, Shankara Building Products, TD Power Systems, Everest Organics, Gujarat Themis Biosyn to move into short term ASM Framework
- GSS Infotech, Shreyas Shipping & Logistics, Premier Synthetics to move out of short term ASM Framework
- Ruchi Soya Industries, GTL, Lakshmi Vilas Bank price band revised to 5 percent
Bulk Deals:Greenpanel Industries, Just Dial, HSIL, Tejas Networks
- HSIL: Promoter Paco Exports acquired 4.54 lakh shares (0.63 percent) at Rs 53.31 each
- Greenpanel Industries: HDFC MF sold 11 lakh shares (0.9 percent) at Rs 55.01 each
- Just Dial: New York State Common Retirement Fund sold 3.55 lakh shares (0.55 percent) at Rs 506.84 each
- Tejas Networks: Russell Investment Company Emerging Markets Fund sold 5 lakh shares (0.54 percent) at Rs 77.17 each
- Parag Milk Foods: Religare Invesco AMC sold 12.64 lakh shares (1.5 percent) at Rs 101 each
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 0.08 percent to 71.23 against the greenback.
Pre-Market Check: Sensex, Nifty Set To Open Higher
Indian equities are set to open higher.
The S&P BSE Sensex rose 0.23 percent to 41,312 during the pre-market trade and the NSE Nifty 50 rose 0.31 percent to 12,146.
Q3 Earnings Corner: BHEL, Coal India, Hindalco
Nifty Earnings To Watch
- Hindalco Industries
Other Earnings To Watch
- Indian Railway Catering And Tourism Corporation
- Ashok Leyland
- ABB India
- Aarti Industries
- Info Edge (India)
- IPCA Laboratories
- Natco Pharma
- Torrent Power
- PI Industries
- Welspun India
- Rail Vikas Nigam
- Dish TV India
Earnings Reaction To Watch
Coal India (Q3, YoY)
- Revenue fell 7.4 percent to Rs 2,3190.5 crore
- Net profit fell 14.1 percent to Rs 3,923.9 crore
- Ebitda fell 26.8 percent to Rs 4,968.5 crore
- Margin stood at 21.4 percent versus 27.1 percent
- FSA volume fell 6 percent to 127.69 million tonnes
- E-auction volume fell 33 percent to 9.84 million tonnes
Also Read: Coal India Q3 Results: Profit Falls On Lower Realisations From E-Auctions, Higher Operating Costs
Ircon International (Q3, YoY)
- Revenue fell 3.3 percent to Rs 1,211 crore
- Net profit rose 52.5 percent to Rs 142.4 crore
- Ebitda rose 13.2 percent to Rs 153.7 crore
- Margin stood at 12.7 percent versus 10.8 percent
- Margin improved due to lower raw material costs
Hindalco: Novelis (Q3, YoY)
- Net sales fell 10 percent to $2.7 billion
- Net Income rose 37 percent to $107 million
- Adjusted Ebitda rose 7 percent to $343 million
- Shipments growth stayed flat at 797 kilo tonnes
IDBI Bank (Q3, YoY)
- Net interest income rose 12.9 percent to Rs 1,532.3 crore
- Net loss stood at Rs 5,763 crore
- Provision at Rs 440 crore vs Rs 5,074.8 crore
- GNPA at 28.72 percent versus 29.43 percent (QoQ)
- NNPA at 5.25 percent versus 5.97 percent (QoQ)
Aster DM Healthcare (Q3, YoY)
- Revenue rose 8 percent to Rs 2,321.7 crore
- Net profit rose 38.7 percent to Rs 139.1 crore
- Ebitda rose 46.4 percent to Rs 385.2 crore
- Margin stood at 16.6 percent versus 12.2 percent
- Hospital segment revenue rose 16 percent to Rs 1,210.3 crore
Hexaware Technologies (Q4, QoQ)
- $ Revenue rose 1.8 percent to $ 214.3 million
- Revenue rose 3.2 percent to Rs 1,528.8 crore
- Net profit fell 8.5 percent to Rs 168 crore
- Ebitda was flat at Rs 204.4 crore versus Rs 205.3 crore
- Margin stood at 13.4 percent versus 13.9 percent
Cochin Shipyard (Q3, YoY)
- Revenue rose 25 percent to Rs 896.1 crore
- Net profit rose 32.4 percent to Rs 169.8 crore
- Ebitda rose 25.4 percent to Rs 197.7 crore
- Margin stood at 22.1 percent versus 22 percent
- Ship building segment revenue rose 35 percent to Rs 747.4 crore
- Ship repair segment revenue fell 10 percent to Rs 148.7 crore
Bharat Heavy Electricals (Q3, YoY)
- Revenue fell 22.6 percent to Rs 5,680.8 crore
- Net profit fell 17.2 percent to Rs 162.7 crore
- Ebitda rose 49.4 percent to Rs 326.7 crore
- Margin stood at 5.8 percent versus 3 percent
- Power segment revenue fell 26 percent to Rs 4,072.7 crore
- Industry segment revenue fell 14 percent to Rs 1,386.5 crore
- Margin improved due to lower other expenses
HEG (Q3, YoY)
- Revenue fell 78.9 percent to Rs 393.7 crore
- Net loss at Rs 1.2 crore versus net profit at Rs 865.5 crore
- Ebitda fell 99.6 percent to Rs 4.7 crore
- Margin stood at 1.2 percent versus 70.4 percent
- Declared dividend of Rs 25 per share
Astral Poly Technik (Q3, YoY)
- Revenue rose 5.4 percent to Rs 664.1 crore
- Net profit rose 30.1 percent at Rs 67.5 crore
- Ebitda rose 18.1 percent to Rs 118.5 crore
- Margin stood at 17.8 percent versus 15.9 percent
- Plastic segment revenue rose 7 percent to Rs 505.7 crore
- Adhesive segment revenue rose 1 percent to Rs 158.4 crore
- Pipe business sales rose 15 percent to 3,2053 million tonnes
Novartis India (Q3, YoY)
- Revenue fell 13.3 percent to Rs 117.5 crore
- Net profit fell 40.3 percent to Rs 7.7 crore
- EBITDA fell 32.6 percent to Rs 9.1 crore
- Margin stood at 7.7 percent versus 10 percent
CESC (Q3, YoY)
- Revenue fell 3.5 percent to Rs 1,648 crore
- Net profit rose 1.7 percent to Rs 176 crore
- Ebitda rose 37.1 percent to Rs 277 crore
- Margin stood at 16.8 percent
Stocks To Watch: IndusInd Bank, IIFL Wealth, Sun Pharma Advanced Research
- IndusInd Bank: Moody’s changed its outlook on IndusInd Bank to ‘Negative’ from ‘Stable’ to account for the risk of further asset quality deterioration. The rating agency affirmed the bank’s domestic and foreign currency ratings at Baa3/P3. The affirmation of the rating was driven by the bank's strong buffers, both capital and profitability, which resulted in a strong ability to absorb asset quality stress.
- Sun Pharma Advanced Research received a complete response letter from U.S. FDA for the new drug application for Taclantis.
- Glenmark Pharma to consider raising funds via debt on Feb. 14.
- Mercator: SBI and ICICI Bank have filed proceedings against the company under the Insolvency Act to recover the dues.
- NHPC raised Rs 1,500 crore via a private placement of bonds.
- IIFL Wealth Management said that consideration of for distribution business transfer stood at Rs 419 crore and PMS Business Transfer stood at Rs 11 crore. In November last year, the board had approved the transfer of distribution business to company’s arm IIFL Wealth Finance and transfer of portfolio management services business to company’s subsidiary IIFL Alternate Asset Advisors.
- Neuland Laboratories: Amit Agarwal to resign from the post of Chief Financial Officer with effect from March 6.
- Vikas Proppant & Granite received Pollution Control Board’s nod to operate mines for mining granite in Jodhpur. The company said all statutory requirements and necessary formalities have been completed by all the Government departments and the company can start mining operations.
- Reliance Naval & Engineering received a show-cause notice from the Ministry of Defense, for termination of contract relating to 5 Naval Offshore Patrol Vessels . The company said in a media statement that it shall take all the necessary steps and actions to protect its rights including the arbitrary invocation of Bank Guarantees relating to the subject contract.
- Spencer’s Retail: Board approved to issue equity shares up to Rs 80 crore on a rights basis to its shareholders.
- Lumax Auto Technologies approved servicing the notice to Gill-Austem LLC (JV Partner) for termination of Joint Venture Agreement due to non-performance of the obligation by the JV Partner even after the expiry of the cure period in terms of the agreement.
- CRISIL reappointed Ashu Suyash as Managing Director and Chief Executive Officer till June 2025.
- NRB Bearings: Tanushree Bagrodia resigned from the post of CFO with effect from Feb. 17.
Key Data To Watch
- India to release consumer-price inflation for January and factory output data for December.
Global Cues: Oil Holds Gain
- U.S. stocks fought off a late-session swoon to close at fresh heights Tuesday, amid reports that the Federal Trade Commission is looking into acquisitions by some of the country’s biggest tech companies.
- Oil held gains as investors weighed hopes for a decision by Russia to accept an OPEC+ proposal for production cuts against an increase in American crude stockpiles.
Get your daily fix of global markets here.
SGX Nifty Suggests Positive Start; Asia Stocks Mixed
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.27 percent to 12,159.50 as of 8:35 a.m.
Asian stocks traded mixed Wednesday as investors weighed the spreading coronavirus against expectations for policy support.
Stocks in Hong Kong and Shanghai were higher, while Australia’s shares ticked up after earnings from the country’s biggest bank topped expectations and the nation’s bond yields advanced. Japanese stocks swung in early trading, reopening after a holiday. South Korea’s equities were little changed.
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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