A traffic signal stands illuminated next to the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Banks Drag Sensex, Nifty Lower; PNB Slumps Most In Over Two Years

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Closing Bell

Indian equity benchmarks edged lower dragged by banks as the revised bad loan resolution norms by Reserve Bank of India would lead to higher provisioning for bad loans which will hurt profitability of the banks.

The S&P BSE Sensex fell 0.4 percent or 144 points to 34,156 and the NSE Nifty 50 Index declined 0.37 percent or 39 points to 10,500.90.

Thirteen out of 19 sector gauges compiled by BSE ended lower dragged down by the S&P BSE Bankex Index’s 1.6 percent drop. On the flipside, the S&P BSE Energy Index was the top sectoral gainers, up 0.8 percent.

Among the individual shares, Punjab National Bank fell 10.39 percent, the most since Aug. 2015, to Rs 144.85 after it detected fraudulent or unauthorised transactions of approximately Rs 11,000 crore at one of its branches in Mumbai.

Countdown

Broader Markets Erase Intraday Gains

Selling pressure in last hour of trade was broad-based as the mid-cap and small-cap shares gave up their intraday gains with respective indices trading in the red.

Fab Four Stocks Of The Day

NCC: The Hyderabad-based construction company rose 7.13 percent, the most in three months, to Rs 126.95 after it reported December quarter earnings.

Key earnings highlights:

  • Revenue down 2.8 percent at Rs 1,851 crore versus Rs 1,903.6 crore (YoY)
  • Net Profit up 72.4 percent at Rs 100 crore versus Rs 58 crore (YoY)
  • Exceptional loss of Rs 30 crore in the current quarter
  • EBITDA up 46.6 percent at Rs 255.4 crore versus Rs 174.2 crore (YoY)
  • Margin at 13.8 percent versus 9.2 percent (YoY)

KRBL: Shares of the Delhi-based rice producer rose as much as 7.7 percent, the most in over two months, to Rs 646.65 after Pabrai Investment bought 64.18 lakh shares (2.7 percent equity) in the company at Rs 594. per share.

Binani Industries: Shares of the Mumbai-based cement maker rose by their maximum intraday limit of 5.8 percent to Rs 113.55 after Billionaire Kumar Mangalam Birla and an investor group led by Dalmia Bharat are emerging as the lead bidders for Binani Cement Ltd., which is being sold under the country’s insolvency process, Bloomberg reported citing people with knowledge of the matter.

Can Fin Homes: The Bangalore-based mortgage lender rose for fifth straight day, rising as much as 6.66 percent, to Rs 525.95.

Steel Strips Wheels Q3 Net Profit Rises 44%

Shares of the Chandigarh-based steel wheel rim maker were trading 5 percent lower at Rs 1,050 after the company reported its December quarter earnings.

Key earnings highlights:

Net profit up 44 percent at Rs 18.12 crore versus Rs 12.62 crore (YoY)

Revenue up 7.8 percent at Rs 397.4 crore versus Rs 368.5 crore (YoY)

Punjab National Bank Extends Losses, Nifty PSU Bank Plunges Over 4%

Shares of the Delhi-based state-run lender extended losses, falling as much as 10 percent, to Rs 145.80 after the bank detected fraudulent or unauthorized transactions worth approximately Rs 11,000 crore at one of its branch in Mumbai.

Losses in Punjab National Bank dragged the Nifty PSU Bank index which fell as much as 4.8 percent or 166 points to 3,307.

Tata Power’s Net Profit Declines 7% In Q3

Shares of the Mumbai-based power generation company were trading 0.69 percent higher at Rs 87.35 after it reported December quarter earnings.

Key earnings highlights:

  • Net profit down 7.17 percent at Rs 648.87 crore versus Rs 699 crore (YoY)
  • Revenue up Rs 6,946.91 crore versus Rs 6,574.47 crore (YoY)
  • Consolidated margin at 17.4 percent versus 20.9 percent (YoY)
  • Consolidated EBITDA down 12 percent at Rs 1,208.7 versus Rs 1,374 Cr (YoY)
  • In talks with discoms for sale of unit CGPL stake
  • Also initiated sale of investments in 2 more units
  • Plan to dispose strategic engineering division

Stocks Moving On Heavy Volumes

  • Essel Propack: The Mumbai-based flexible packaging company fell 1.15 percent to Rs 271.80. Trading volume was 23.6 times its 20-day average.
  • Shilpa Medicare: The Raichur-based active pharmaceutical ingredient maker fell as much as 6.6 percent to Rs 475.10. Trading volume was 6.4 times its 20-day average.
  • Unichem Labs: The Mumbai-based drug maker rose 0.7 percent to Rs 380.50. Trading volume 5.7 times its 20-day average.
  • Jindal Poly Films: The Delhi-based plastic manufacturer rose as much as 7.4 percent to Rs 381.30. Trading volume was 6.3 times its 20-day average.

Carborundum Universal Dips Post Q3 Earnings

Shares of the Chennai-based company declined 0.95 percent to Rs 363.70 after it reported October-December quarter earnings.

Key earnings highlights:

  • Margin at 17.1 percent versus 15.3 percent (YoY)
  • EBITDA up 29.4 percent at Rs 104.7 crore versus Rs 80.9 crore (YoY)
  • Revenue up 16 percent at Rs 611.5 crore versus Rs 527.3 crore (YoY)
  • Net Profit up 24.3 percent at Rs 54.3 crore versus Rs 43.7 crore (YoY)

Sunteck Realty Gains On Strong December Quarter

Shares of the Mumbai-based real estate developer rose as mcuh as 6.7 percent to Rs 424.95 after it reported strong earnings in December quarter.

Key earnings highlights:

  • Margin at 44.2 percent versus 40.8 percent (YoY)
  • EBITDA up 1.6 times at Rs 89 crore versus Rs 34 crore (YoY)
  • Revenue at Rs 201.4 crore versus Rs 83.6 crore (YoY)
  • Revenue at Rs 201.4 crore versus Bloomberg estimate of Rs 219 crore (YoY)
  • Net Profit at Rs 55.6 crore versus Rs 20.6 crore (YoY)
  • Net Profit at Rs 55.6 crore versus Bloomberg estimate of Rs 46.4 crore (YoY)

BHEL Wins Order Worth Rs 560 Crore From NTPC; Shares Gain

Shares of the state-run heavy electrical equipment maker rose as much as 1.8 percent to Rs 99.25 after it won order worth Rs 560 for emission control equipment from NTPC.

Market Check

  • Indian equity benchmarks were little changed as gains in Reliance Industries and HDFC twins was offset by losses in ICICI Bank, Axis Bank and State Bank of India.
  • The S&P BSE Sensex was little changed at 34,321 and the NSE Nifty 50 Index advanced 0.1 percent to 10,550.
  • The mid-cap and small-cap shares were outperforming their larger counterparts as the S&P BSE MidCap Index rose 0.75 percent and the S&P BSE SmallCap Index gained 0.8 percent.
  • Sixteen out of 19 sector gauges compiled by the BSE were trading higher led by the S&P BSE Realty Index's 1.2 percent gain. On the other hand, the S&P BSE Bankex Index was the top sectoral loser, down 0.7 percent.

Power Lunch

Block Deal Alerts

  • Oriental Bank of Commerce has 15 lakh shares change hands in a block.
  • State Bank of India 14.1 lakh shares change hands in a block.
  • Syndicate Bank has 22.9 lakh shares change hands in a block.

Buyers and sellers were not immediately known

Source: Bloomberg

Binani Industries Surges As Birla, Dalmia Said To Lead Bidding For Binani Cement

Shares of the Mumbai-based cement maker rose by their maximum intraday limit of 5.8 percent to Rs 113.55 after Billionaire Kumar Mangalam Birla and an investor group led by Dalmia Bharat are emerging as the lead bidders for Binani Cement Ltd., which is being sold under the country’s insolvency process, Bloomberg reported citing people with knowledge of the matter.

#Ask BQ

Prism Cement Turns Profitable In Q3; Shares Surge

Shares of the Hyderabad-based cement maker rose as much as 6.13 percent to Rs 144.65 after it strong earnings in October-December quarter.

Key earnings highlights:

  • Net profit at Rs 14.85 crore versus loss of Rs 46.28 crore (YoY)
  • Revenue up 5 percent at Rs 1,296 crore versus Rs 1,234 crore (YoY)
  • EBITDA up 1.9 times at Rs 90.6 crore versus Rs 30.3 crore (YoY)
  • Margin at 6.9 percent versus 2.7 percent (YoY)

Hot Money

PSU Bank Stocks Extend Decline

Shares of the government-owned lenders extended decline after the Reserve Bank of India revised norms for resolution of non-performing loans. Gauge of PSU banks — Nifty PSU Bank Index fell 3.37 percent dragged down by Punjab National Bank.

Trend Spotting

Godrej Industries Slips Post December Quarter Earnings

Shares of the Mumbai-based chemical products maker declined 0.8 percent to Rs 546.20 after it announced Oct.-Dec. quarter earnings.

Key earnings highlights:

  • Net profit up 0.8 percent at Rs 90.68 crore versus Rs 90 crore (YoY)
  • Revenue up 13.5 percent at Rs 2,458 crore versus Rs 2,165 crore (YoY)
  • EBITDA down 22.8 percent at Rs 1,52.3 crore versus Rs 197.3 crore (YoY)
  • Margin at 6.2 percent versus 9.2 percent (YoY)

Market Snapshot

Punjab National Bank Falls On Detecting $1.8 Billion Fraud

Shares of the country's second biggest government-owned lender fell as much as 6.2 percent, the most since Feb. 6, to Rs 151.60 after it informed exchanges that it has detected some fraudulent and unauthorised transactions at one of its branches in Mumbai amounting to Rs 11,000 crore ($1.77 billion).

Indoco Remedies Falls On Getting Form 483 From U.S. FDA

Shares of the Mumbai-based drug maker fell as much as 3.9 percent to Rs 264.40 after its Goa plant received Form 483 from the U.S. drug regulator with eight observations.

Precision Camshafts Gains On Multiple Order Wins

Shares of the Solapur-based auto component maker rose as much as 4.3 percent to Rs 122.85 after it won orders worth Rs 275 crore from auto makers like Ford, General Motors and Mahindra & Mahindra.

Reliance Communications Surges Most In Two Months

Shares of the Anil Ambani-led debt ridden company rose as much as 7.75 percent to Rs 29.20. The company has informed exchanges that it has convened a meeting of its bond holders of its $300 million senior secured bonds for considering certain proposals, relating to asset monetisation.

The company had issued $300 million worth senior secured notes, secured at 6.5 per cent and due in 2020.

The F&O Show

KRBL Rises After Pabrai Investment Buys Stake

Shares of the Delhi-based rice producer rose as much as 7.7 percent, the most in over two months, to Rs 646.65 after Pabrai Investment bought 64.18 lakh shares (2.7 percent equity) in the company at Rs 594. per share.

At the same time, Abdullah Ali Balsharaf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each and Omar Ali Obaid Balsaraf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each.

Sanjeev Sanyal To BloombergQuint

  • We are in a new paradigm and we need to work towards it.
  • In the end we will have a much stronger banking system.
  • More thought & time on capital deployment will be given.
  • Major cultural change has happened in the corporate sector and banks have been more serious in resolving cases.
  • Large cases accounting 2/3rd of stressed assets were recognised.
  • Everything should not be turned up to IBC, we can now have a quicker resolution.
  • The new framework is much more transparent.
  • Many forms of recovery can be implemented.
  • Banks' provisioning may increase one-time, but now we have a much fairer and cleaner system.
  • Banks need to respond quickly and come up with a resolution plan.
  • 180 days is not a small duration of time for resolution.
  • We now have a system which is generic.

PSU Banks Fall After RBI Revises Norms For NPA Resolution

Shares of the government-owned banks were trading lower after the Reserve Bank of India released a new overarching framework for bad loan resolution, to be used across the Indian banking sector. The new rules put an end to a series of stressed asset schemes which had been introduced over the past few years.

The gauge of PSU Banks compiled by the NSE was — Nifty PSU Bank Index fell as much as 1.6 percent dragged down by Punjab National and Bank of India.

Opening Bell

Indian equity benchmarks edged higher led by Reliance Industries, HDFC and Bharti Airtel. However, the gains were capped as banking shares like ICICI Bank and Axis Bank faced selling pressure after the Reserve Bank of India tweaked norms for resolution of bad loans.

The S&P BSE Sensex rose 0.23 percent or 82 points to 34,383 and the NSE Nifty 50 Index advanced 0.25 percent or 25 points to 10,565.

The mid-cap and small-cap shares were outperforming their large-cap counterparts as the S&P BSE MidCap and S&P BSE SmallCap Indices rose 1 percent each.

Seven out of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty Index's 1.5 percent gain. On the other hand, the Nifty PSU Bank Index was the top sectoral loser, down 1.4 percent.

IndianOpen

Rupee Opens Higher Against U.S. Dollar

  • Rupee opens higher at 64.23 per dollar against Monday's close of 64.31.

BQ Heads Up!

First Word

DayBreak

Nifty Earnings To Watch

  • Sun Pharmaceuticals

Other Earnings To Watch

  • 8K Miles Software Services
  • Allahabad Bank
  • Apollo Hospitals Enterprise
  • Balkrishna Industries
  • Cox & Kings
  • Dena Bank
  • Godrej Industries
  • Grasim Industries
  • Indo Count Industries
  • Infibeam Incorporation
  • Jet Airways
  • Nestle India
  • NLC India
  • Repco Home Finance
  • Speciality Restaurants
  • Sunteck Realty
  • Tata Power
  • Vivimed Labs
  • Welspun Enterprises

Earnings Reaction To Watch

Britannia Industries Q3 (YoY)

  • Revenue up 12.5 percent at Rs 25,67.5 crore.
  • Net profit up 20 percent at Rs 264 crore.
  • EBITDA up 27 percent at Rs 399 crore.
  • Margin at 15.5 percent versus 13.8 percent.

GSK Consumer Q3 (YoY)

  • Revenue up 20 percent at Rs 1035 crore.
  • Net profit up 20.6 percent at Rs 164 crore.
  • EBITDA up 21.4 percent at Rs 204 crore.
  • Margin at 19.7 percent versus 19.5 percent.

NHPC Q3 (YoY)

  • Revenue up 14 percent at Rs 1498 crore.
  • Net profit up 220 percent at Rs 688 crore.
  • EBITDA up 25.5 percent at Rs 784.5 crore.
  • Margin at 52.4 percent versus 47.7 percent.

Indian Hotels Q3 (YoY)

  • Revenue up 6 percent at Rs 1,197 crore.
  • Net profit up 16 percent at Rs 108 crore.
  • EBITDA up 5 percent at Rs 280 crore.
  • Margin at 23.4 percent versus 23.6 percent.

GIC Re Q3 (YoY)

  • Gross premium up 8 percent at Rs 8,870 crore.
  • Net premium down 2 percent at Rs 7477 crore.
  • Net profit of Rs 673 crore versus net loss of Rs 401 crore.

GAIL Q3 (QoQ)

  • Revenue up 16 percent at Rs 14,414 crore.
  • Net profit down 4 percent at Rs 1262 crore.
  • EBITDA down 5 percent at Rs 1970 crore.
  • Margin at 13.7 percent versus 16.7 percent.

Motherson Sumi Q3 (YoY)

  • Revenue up 35.9 percent at Rs 14,398 crore.
  • Net profit down 12.4 percent at Rs 364.5 crore.
  • EBITDA up 14.9 percent at Rs 1259.6 crore.
  • EBITDA margin at 8.7 percent versus 10.4 percent.

Bank of India Q3 (YoY)

  • Net Interest Income down 12.6 percent at Rs 2,501 crore.
  • Net loss of Rs 2341 crore versus net profit of Rs 102 crore.
  • Provisions for NPA up 134 percent at Rs 4373 crore.
  • GNPA at 16.93 percent versus 12.62 percent (QoQ).
  • NPA at 10.29 percent versus 6.47 percent (QoQ).

Hathway Cables Q3 (YoY)

  • Revenue down 58.6 percent at Rs 139 crore.
  • Net profit of Rs 24 crore versus net loss of Rs -44.4 crore.
  • EBITDA down 5.5 percent at Rs 60.5 crore.
  • Margin at 43.5 percent versus 19 percent.

Mangalam Cement Q3 (YoY)

  • Revenue up 25 percent at Rs 292 crore.
  • Net profit down 53 percent at Rs 2.7 crore.
  • EBITDA down 64 percent at Rs 8 crore.
  • Margin at 2.7 percent versus 9.4 percent.

Triveni Engineering Q3 (YoY)

  • Revenue up 12 percent at Rs 773 crore.
  • Net profit down 21 percent at Rs 60 crore.
  • EBITDA down 27 percent at Rs 94 crore.
  • Margin at 12.2 percent versus 18.6 percent.

Corporation Bank Q3 (YoY)

  • Net Interest Income up 3 percent at Rs 1,264 crore.
  • Net loss of Rs 1240.5 crore versus net profit of Rs 159 crore.
  • Provisions for NPA down 2 percent at Rs 2,495 crore.
  • GNPA at 15.92 percent versus 15.28 percent (QoQ).
  • Net NPA at 10.73 percent versus 10.24 percent (QoQ).

PFC Q3 (YoY)

  • Net Interest Income down 38 percent at Rs 1,835.5 crore.
  • Net profit down 18 percent at Rs 1,604 crore.

JK Tyre Q3 (YoY)

  • Revenue up 15.5 percent at Rs 2,123 crore.
  • Net profit down 87 percent at Rs 11 crore.
  • EBITDA down 16 percent at Rs 213 crore.
  • Margin at 10 percent versus 13.8 percent.

For a complete list of earnings reaction to watch, click here

Brokerage Radar

Citi on GAIL (India)

  • Maintained ‘Neutral’ with price target of Rs 510
  • December quarter’soperating income and net profit were below estimates.
  • Gas transmission volumes surprise positively.
  • LPG shines again, petchem remains muted.
  • Next step for GAIL’s is unified tariff proposal.
  • Given riskier business profile, prefer IGL, GSPL, PLNG, GGAS in gas space.

IDBI Capital on GAIL (India)

  • Downgraded to ‘Accumulate’ from ‘Buy’; raised price target to Rs 514 from Rs 510
  • Weak set of numbers in October-December period led by higher cost and one-off provisions.
  • Volume across segment beats expectation except petchem division.
  • Strong volume growth across segment was offset by lower margins.
  • Pricing pressure in petchem is visible; Gas volume would continue to rise.
  • Downgrade the stock due to limited upside.

BoFAML on Britannia

  • Maintained ‘Buy’ with price target of Rs 5,500
  • December quarter was a solid quarter. Operating income and net profit were ahead of estimates with double digit volume growth.
  • International business growth lagged due to geopolitical tension.
  • Multiple drivers to sustain growth; Expect strong execution.
  • Strong growth to back premium valuation.
  • Expect earnings per share to grow at a compounded rate of 18 percent over the financial years through March 2020 backed by market share gains.

UBS on Britannia

  • Maintained ‘Buy’ with price target of Rs 5,550.
  • Double digit volume growth is a positive surprise.
  • Stable raw material prices help improvement in profitability.
  • Potential of new initiatives not priced in.
  • Volume growth momentum to accelerate further in second half of the next financial year.
  • Benefits announced in Union Budget 2018 to aid volume growth.

Macquarie on Sobha

  • Maintained ‘Outperform’; raised price target to Rs 646 from Rs 603.
  • Q3FY18 results were in line with estimates.
  • Demonstrated strong operating performance.
  • Quarterly presales at all-time high; New launches to aid momentum.
  • Operating cashflows remain positive; Debt under control.
  • New launches planned in key markets; Expect presales to remain strong.

Morgan Stanley on Sobha

  • Maintained ‘Overweight’ with price target of Rs 605.
  • December quarter results beat estimates.
  • New launch momentum to pick up.
  • Expect 5-7 new launches over next 2-3 quarters.
  • Expect contractual business to scale up in the next financial year.
  • Disciplined balance sheet and reasonable valuation drive Overweight rating.

Macquarie on Bank of India

  • Maintained ‘Underperform’; cut price target to Rs 87 from Rs 98.
  • Reported an alarming results in the previous quarter.
  • Quarterly loss is purely from ageing provisions, hard divergences and investment provisions.
  • BOI has receivables from other banks and not from corporates.
  • Expect some provision reversals against NCLT accounts ahead.

Deutsche Bank on Bank of India

  • Maintained ‘Sell’; cut price target to Rs 110 from Rs 120
  • No respite on asset quality in December quarter; Core business weakens further.
  • NPLs rise sharply due to divergence; Some recoveries expected in current quarter
  • Expect revenue drivers to remain weak and return on equities at 3-5 percent over the next financial year.
  • Expect treasury contribution to fade away, NIMs at less than 2 percent and nil loan growth.

Brokerages On New Stressed Asset Framework

BOB Capital Markets

  • This is a short term negative for the corporate lenders, as it would sharply increase NPA provisions and constrain profitability.
  • Over the long term, this would be seen as positive for the sector as banks' balance sheets become cleaner and more transparent.

Motilal Oswal View

  • This can be seen as a precursor to the IFRS implementation.
  • Previous schemes had only led to accumulation of troubled assets.
  • Corporate banks with higher quantum of stressed/restructured assets (PNB, BOI, ICICIBC, UNBK, SBIN) may see higher proportion of their bad loans drifting towards IBC process chances of upgrade/recovery remains low.
  • Continue to like SBI, ICICI Bank and Bank of Baroda amongst corporate banks.

Morgan Stanley

  • It's a step in the right direction and prepares banks for IFRS.
  • New restructuring scheme will further catalyse NPL cleanup – a positive.
  • New scheme could imply higher slippages and provisioning for the current and next fiscal.
  • New guidelines to benefit players who are active and looking to get aggressive in asset reconstruction business – Edelweiss and Kotak.

ICICI Securities

  • Evergreening of loans may no longer be an option with requirement of weekly reporting in case of accounts above Rs 500 crore.
  • Revised framework to lead to accelerated and early recognition of NPAs in the banking system.
  • Revised framework would require higher provisioning expense.
  • Negative from a banking sector earnings perspective in the near to medium term.
  • Rise in bond yields along with higher provisioning will keep earnings muted, especially for PSU banks.
  • Recently allocated capital should largely be consumed for cleansing of balance sheets and growth capital remaining a constraint.
  • Within private banks, corporate focused lenders would see higher impact.
  • RBI is also preparing banks for early NPA recognition & provisioning requirement under Ind-AS scenario ahead.
  • Requirement of vetting of the resolution plan through credit rating agencies for independent credit evaluation (ICE) of residual debt is positive for listed credit rating companies.

Stocks To Watch

  • Idea Cellular raises Rs 3,250 crore through preferential allotment to promoters.
  • Bank of Baroda to exit South Africa amid probe over Gupta ties.
  • Mangalam Cement to set up a 11 MW waste heat recovery plant at Rajasthan.
  • Rolta signs pact to deal to restructure U.S. dollar bonds due 2018, 2019.
  • Fortis Healthcare seeks extension till Feb. 28 to announce Q2, Q3 results.
  • Indoco Remedies’ Goa plant gets 8 observations under form 483 from U.S. FDA.
  • Piramal Enterprises to transfer assets to unit Piramal Finance for Rs 1,910 crore.
  • CG Power to sell Hungary business (excluding switchgear business) for 38 million euros. Deal expected to be completed by Mar. 31.
  • IOL Chemicals and Pharma starts production of anti-diabetes drug Metformin.
  • Precision Camshafts receives multiple orders worth Rs 275 crore.
  • JSW Steel commences mining operations in Tunga with a capacity of 0.3 MTPA.
  • Max Life emerges as front runner to buy IDBI Federal Life: Mint newspaper.

For a complete list of stocks to watch, click here

F&O Cues

  • Nifty February futures trade at 10,543, premium of 3.4 points from 14.8 points.
  • February series: Nifty open interest up 5 percent; Bank Nifty open interest unchanged.
  • India VIX ended at 17.8, down 7 percent.
  • Max open interest for February series at 11,100 call strike (open interest at 56.9 lakh, down 1 percent).
  • Max open interest for February series at 10,000 put (open interest at 54.7 lakh, down 5 percent).

Stock Seeing High Open Interest Change

IPO

Trading Tweaks

  • Aarti Drugs, SJVN, buyback period from Feb. 14 to Feb. 28.
  • Gayatri Projects circuit filter revised to 20 percent and shifted to B group.

Bulk Deals

Religare: Merlin Marketing sold 10 lakh shares or 0.6 percent equity at Rs 52.35 each.

Electrosteel Steels: SCIIL Steel Cast Iron Investments(Cyprus) Ltd sold 1.36 crore shares or 0.6 percent equity at Rs 3.44 each.

Nandan Denims: LTS Investment Fund bought 2.46 lakh shares or 0.5 percent equity at Rs 146.43 each.

KRBL

  • Pabrai Investment bought 64.18 lakh shares or 2.7 percent equity at Rs 594 each.
  • Abdullah Ali Balsharaf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each.
  • Omar Ali Obaid Balsaraf sold 32.50 lakh shares or 1.4 percent equity at Rs 594 each.

Talking Points

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India rose 0.6 percent or 66 points to 10,532 as of 6:51 a.m.

Stocks in Asia nudged higher, tracking gains in U.S. equities, as investors await the inflation report for clues on the direction of interest rates following a week that roiled global stock and bond markets.

Japan’s benchmarks advanced after a rally fizzled on Tuesday, while stocks rose in South Korea and were little changed in Australia.

Here are some important things to watch out for this week:

  • The Bank of Thailand will probably hold its benchmark rate at 1.5 percent on Wednesday, according to economists surveyed. Inflation, already below the target range, is slowing further on the stronger baht.
  • Lunar new year celebrations for the Year of the Dog begin, affecting China, Hong Kong, Taiwan, Singapore, Malaysia and Indonesia. Chinese mainland markets are closed Feb. 15-21.
  • The U.S. consumer-price index probably increased at a moderate pace in January, economists project. Retail sales in the U.S., also out Wednesday, probably increased for a fifth straight month.
  • Earnings season continues in full swing with reports including companies from Bunge to Nestle.

Bonds

  • The yield on 10-year Treasuries held at 2.83 percent.
  • Australia’s 10-year yield fell more than one point to 2.86 percent.

Commodities

  • West Texas Intermediate crude slipped 0.2 percent to $59.05 a barrel.
  • Gold rose 0.2 percent to $1,332.21 an ounce, up for a third day.
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