Last Hour Rally Helps Sensex, Nifty Extend Gains For Third Day
Indian equity benchmarks rallied in the last hour after a topsy-turvy trade and extended gains for the third day.
KEY HIGHLIGHTS
Countdown Live: Dealing Room Recommendations, Top Closing Strategies And More!
Closing Bell: Sensex Nifty End Higher For Third Consecutive Day
Indian equity benchmarks rallied in the last hour after a topsy-turvy trade and extended gains for the third day.
The S&P BSE Sensex Index jumped over 350 points from day's low to end at 36,582.74 and the NSE Nifty 50 Index ended at 10,912.25, up 0.17 percent. The broader market index, however, ended lower, as the NSE Nifty 500 Index declined 0.16 percent.
The market breadth, too, remained tilted in favour of sellers. About 1,298 stocks declined and 483 shares advanced on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Pharma index's 1.76 percent decline. On the flipside, the NSE Nifty Private Bank Index was the top sectoral gainer, up 0.38 percent.
Whirlpool Of India Q3 Margin Contracts, Shares Fall
Whirlpool Of India Ltd’s margin contracted to 8.1 percent in the three months ended December from 9.3 percent clocked during the year-ago period, according to its stock exchange filing. The stock fell as much as 2.5 percent to Rs 1,500.65.
Key Earnings Highlights (Q3, YoY)
- Revenue up 26.5 percent at Rs 1,211.5 crore.
- Net profit up 14.1 percent at Rs 60.6 crore.
- Ebitda up 10.5 percent at Rs 98.5 crore.
- Margin at 8.1 percent versus 9.3 percent.
Stocks Moving On Heavy Volumes
Bajaj Holdings & Investment
- Stock rose as much as 6.4 percent to Rs 3,050.
- Trading volume was almost 40 times its 20-day average.
Future Consumer
- Stock rose as much as 7.6 percent to Rs 46.85.
- Trading volume was almost quadruple its 20-day average.
Aarti Industries
- Stock rose as much as 5.3 percent to Rs 1,719.50.
- Trading volume was almost quadruple its 20-day average.
IIFL Holdings
- Stock fell as much as 11.2 percent to Rs 372.25.
- Trading volume was more than double its 20-day average.
Exide Industries Swing After Q3 Results Announcement
Shares of Exide Industries fluctuated between gains and losses to trade a little changed at Rs 226.80 after announcing its December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 9 percent at Rs 2,497 crore.
- Net profit up 0.6 percent at Rs 155 crore.
- Ebitda up 6 percent at Rs 310 crore.
- Margin at 12.4 percent versus 12.8 percent.
Welspun India Q3 Profit Declines 39%, Shares Fall
Welspun India Ltd.’s quarterly profit in the three months ended December fell 39 percent on a yearly basis to Rs 47.11 crore. The stock fell as much as 1.9 percent to Rs 58.25 after the results announcement.
Key Earnings Highlights (Q3, YoY)
- Revenue up 17.3 percent at Rs 1,640.33 crore.
- Net Profit down 39 percent at Rs 47.11 crore.
- Ebitda down 7 percent at Rs 233.51 crore.
- Margin at 14.2 percent versus 18.1 percent.
Market Check: Sensex, Nifty Pare Losses
Indian equity benchmarks pared losses. The S&P BSE Sensex Index jumped over 300 points from day's low and the NSE Nifty 50 Index traded above 10,900.
Just In | NCLAT Judgment On Bhushan Power & Steel
NCLAT dismissed the appeals by Tata Steel on their objections to JSW Steel offer.
Lumax Industries Rebound After Q3 Profit Jumps Over Two-Fold
Shares of Lumax Industries Ltd. rebound after its December quarter’s profit jumped 172 percent on a yearly basis. The stock rose as much as 6 percent to Rs 1,657.95.
Key Earnings Highlights (Q3, YoY)
- Revenue up 16 percent at Rs 431 crore.
- Net profit up 172 percent at Rs 49 crore.
- Ebitda up 25 percent at Rs 41.2 crore.
- Margin at 9.6 percent versus 8.9 percent.
IDBI Bank Q3 Loss Widens, Shares Fall
IDBI Bank Ltd.’s loss widens in December quarter to Rs 4,185 crore in the three months ended December from Rs 1,524.3 crore clocked in the year-ago period, according to its stock exchange filing. Shares of the lender fell nearly 7.5 percent intraday to Rs 48.80.
Key Earnings Highlights (Q3, YoY)
- Net Interest Income down 18.5 percent to Rs 1,368.8 crore.
- Net loss at Rs 4,185 crore versus net loss of Rs 1,524.3 crore.
- Provisions at Rs 5,074.8 crore versus Rs 3,637.9 crore (Rs 5,481 crore QoQ).
- GNPA at 29.67 percent versus 31.78 percent (QoQ).
- NNPA at 14.01 percent versus 17.3 percent (QoQ).
GSK Pharma Swings After Q3 Results Announcement
Shares of GSK Pharma fluctuated between gains and losses to trade 2.7 percent lower at Rs 1,370.
Key Earnings Highlights (Q3, YoY)
- Revenues up 17 percent at Rs 825 crore.
- Net profit up 25 percent at Rs 113 crore.
- Ebitda down 3 percent at Rs 137 crore.
- Margin at 16.6 percent versus 20.2 percent.
Market Check: Sensex, Nifty Recover From Day's Low
- Indian equity benchmarks recover from day's low.
- The S&P BSE Sensex Index traded 0.2 percent lower at 36,402.80 and the NSE Nifty 50 Index traded above 10,850.
Europe Market Check: Equities Trade Mixed
European equities trade mixed as earnings releases continued and traders mulled positive signals on the U.S.-China trade talks.
Just In | NCLAT Says RCom's Assets Should Not Be Sold For Now
- NCLAT orders RCom and its guarantors not to sell or transfer any movable or immovable properties or invoke any guarantee or mortgage or any other instrument without prior permission of the appellate tribunal or the Supreme Court.
- Ericsson had approached the NCLAT against RCom.
- Ericsson claimed that RCom sold assets, but didn't pay them.
Divi’s Lab Surges To Record After Q3 Profit Jumps 67%
Shares of Divi’s Laboratories Ltd. rose as much as 5.7 percent to hit a new all-time high at Rs 1,619.95.
The company’s quarterly profit jumped 67 percent on a yearly basis to Rs 380 crore in the three months ended December, according to its stock exchange filing.
Key earnings highlights (Q3, YoY)
- Revenue up 29.4 percent at Rs 1,343 crore.
- Ebitda up 60 percent at Rs 523 crore.
- Ebitda margin at 39 percent versus 31.4 percent.
- Net profit up 67 percent at Rs 380 crore.
F&O Check: Nifty 11,000 Call Option Plunges Nearly 30%
Nifty’s 11,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract plunged 29.6 percent to Rs 86.35. Over 6.34 lakh shares were added to the open interest which stood at over 37.91 lakh shares.
Cyient Gains On Share Buyback Plans
Shares of the information technology company rose as much as 1.5 percent to Rs 616.
The company's board approved share buyback of up to 28.6 lakh shares or 2.54 percent of paid up equity shares at price of Rs 700 per share aggregating to Rs 200 crore.
Cyient traded at 15 times its estimated earnings per share for the coming year, Bloomberg data showed.
Standard Chartered Seeks To Oppose ArcelorMittal At NCLT In Essar Steel Insolvency Case
- Standard Chartered Bank seeks to oppose ArcelorMittal at NCLT, Kapil Sibal, lawyer representing the bank told the NCLAT.
- A two-judge National Company Law Appellate Tribunal bench says National Company Law Tribunal should give final order on the matter by Feb. 11 or else the appeals court will summon records of the case and give orders.
- NCLAT to hear Essar Steel case next on Feb. 12.
Source: Bloomberg
Market Check: Sensex, Nifty At Day's Low
- Indian equity benchmarks continue to trade at day's low.
- The S&P BSE Sensex Index fell 0.47 percent to 36,300 and the NSE Nifty 50 Index declined 0.48 percent to 10,842.
- About 1,238 stocks advanced and 457 shares declined on NSE.
Dr. Reddy's Near Two-Year High
Shares of Dr. Reddy’s Laboratories extended gains for the third day and rose as much as 3.1 percent, its highest levels since March 2017.
Trading volume was five times, its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Krishnamurthy Subramanian, Chief Economic Adviser Speaks To BloombergQuint
Key Highlights From The Conversation:
- Annual income for average farmer is Rs 45,000.
- Income of small and marginal farmer income is Rs 35,000 per year.
- Rs 6,000 is a significant amount for them.
- Projections on fiscal numbers realistic.
- Ease of compliance will increase number of tax players filing returns.
- Surplus food will lead to lower prices for food.
- Lot of fiscal math is derived by small savings fund.
- Some will be used by government and some will be used by private sector.
- Government the trying to make sure that subsidies are being targeted better.
- Current changes are being made by experts who are independent as well.
- One should be worried about crating meaningful job opportunities for our youth.
- Jobs are both supply and demand phenomenon.
Titan Surges To Record High After Q3 Profit Tops Estimates
Shares of the jewellery maker rose as much as 5.5 percent to to hit a new all-time high at Rs 1,046.
The company's profit for the December-ended quarter beat estimates due to higher jewellery sales. (More details here)
Besides, is said that its interim Managing Director Bhaskar Bhat will retire on Sept. 30. and the company’s current Chief Executive Office of the its jewellery division CK Venkataraman will take over the post of the MD.
Key earnings highlights (Q3, YoY)
- Net sales up 34 percent at Rs 5,672 crore.
- Ebitda up 30.8 percent at Rs 585 crore.
- Ebitda margin at 10.3 percent versus 10.5 percent.
- Profit up 35 percent at Rs 416 crore.
Here’s what analysts had to say about Titan after its quarterly results announcement.
CLSA
- Maintained ‘Outperform’; hiked price target to Rs 1,100 from Rs 1,035.
- Strong December quarter driving earnings upgrade.
- Watches saw good revenue growth, but faced margin headwinds.
- January started on a slightly soft tone for jewellery, but mgmt. hopeful of pick-up in March.
Macquarie
- Maintained ‘Outperform’ with a price target of Rs 1,186.
- December quarter results significantly ahead of estimates on higher jewellery sales.
- Jewellery margin boosted by higher gross margin & lower A&P spends.
- Market share gain remains key thesis; Top pick in consumer space.
Edelweiss
- Maintained ‘Buy’; hiked price target to Rs 1,185 from Rs 990.
- Titan’s master strategies have translated into stellar results.
- Retain conviction that Titan is a strong play on discretionary spends.
- Titan to extend its growth run on market share gains, rising share of jewellery, new launches and retail expansion.
Essel Group Stocks Decline
Shares of Essel Group companies declined in early trade. The country’s largest media entertainment firm—Zee Entertainment Enterprises Ltd. fell as 7 percent to Rs 329.10. The stock was the worst performer on Nifty.
The Essel Group reached a formal agreement with its lenders, which gives the Subhash Chandra-led group till September-end to bring in a strategic investor and deleverage. (click here to read the full story)
Xelpmoc Design Makes A Lacklustre Debut
Xelpmoc Design & Tech Ltd. listed at a discount of 13.64 percent to Rs 57 apiece on the National Stock Exchange, compared with its issue price of Rs 66. The information technology company fell as much as 16.4 percent thereafter.
DHFL Extends Decline After Ratings Downgrade
Shares of the housing finance company fell for the sixth day, its longest losing streak since March 2018. The stock fell nearly 13 percent intraday to Rs 96.80.
Care Ratings downgraded Rs 1.2 lakh crore worth of bonds, loans and deposits issued by Dewan Housing Finance citing the sharp reduction in its share price and the significant rise in bond spreads.
Kapil Wadhawan, Chairman and Managing Director at DHFL spoke to BloombergQuint. Here are the key highlights from the interaction:
- Allegations by Cobrapost were unfounded.
- Shareholders and bondholders need to focus on facts given by company.
- Absolute due diligence has been done by DHFL before giving loans.
- Voluntary action by rating agency comes in as a surprise to us.
- Rating agency cannot take actions based on share price and yield movement.
- Looking to push out an audit report on allegations within three weeks.
Bajaj Auto January Sales Rise 15%, Shares Rebound
Shares of Bajaj Auto parred losses and extended gains for the third day. The stock rose as much as 1.3 percent to Rs 2,635.
The two-and-three-wheeler maker sold 4.07 lakh units last month, an increase of 15 percent from January 2018, according to its stock exchange filing.
Key Sales Highlights (YoY)
- Domestic motorcycle sales rose 25 percent to 2.03 lakh units.
- Motorcycle exports rose 17 percent to 1.47 lakh units.
- Overall motorcycle sales rose 21 percent to 3.5 lakh units.
- Overall commercial vehicle sales fell 12 percent to 56,690 units.
- Overall domestic sales rose 14 percent to 2.31 lakh units.
- Overall exports rose 16 percent to 1.75 lakh units.
Reliance Group Stocks Decline, RCom Falls Over 50%
Shares of Reliance group companies declined, led by Reliance Communications, which fell over 50 percent intraday.
Reliance Communications said it will propose a similar debt resolution plan to the National Company Law Tribunal that it had been pursuing outside the court. (more details here)
Opening Bell: Sensex, Nifty Open Lower
Indian equity benchmarks opened lower after rallying for two consecutive trading sessions.
The S&P BSE Sensex Index fell as much as 0.43 percent to 36,314 and the NSE Nifty 50 Index fell as much as 0.45 percent to 10,844.
The market breadth was tilted in favour of sellers. About 891 stocks declined and 557 shares advanced on national Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Media Index’s 3.18 percent decline. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.56 percent.
Money Market Update: Rupee Extends Decline
The Indian rupee extended decline against the U.S. dollar. The home currency depreciated as much as 0.5 percent against the greenback.
BQEdge| Why Nifty Bank’s Underperformance May Continue
BQEdge is specially curated for BQBlue subscribers. Every day this note will offer special equity market and stock-specific insights and flag select emerging trends in the tricky-to-trade derivatives market.
On Today’s Edition
- What the spread between Nifty 50 and Nifty Bank suggest for the 12-member index.
BQ Heads Up: Fund Flows, Indian ADRs, Insider Trading
Your Complete F&O Trade Setup
F&O Cues
- Nifty February futures closed trading at 10,914, premium of 20 points.
- Max OI for February series at 11,000 Call, OI at 31.5 lakh shares.
- Max OI for February series at 10,700 Put, OI at 29.7 lakh shares.
Stocks In F&O Ban
- IDBI Bank
Put-Call Ratio
- Nifty PCR at 1.63 versus 1.65
- Nifty Bank PCR at 0.8 versus 1.4
Brokerage Radar | Q3 Review Of Dr. Reddy's Lab, SBI, Titan, Westlife Development
On Titan
CLSA
- Maintained ‘Outperform’; hiked price target to Rs 1,100 from Rs 1,035.
- Strong December quarter driving earnings upgrade.
- Watches saw good revenue growth, but faced margin headwinds.
- January started on a slightly soft tone for jewellery, but mgmt. hopeful of pick-up in March.
Macquarie
- Maintained ‘Outperform’ with a price target of Rs 1,186.
- December quarter results significantly ahead of estimates on higher jewellery sales.
- Jewellery margin boosted by higher gross margin & lower A&P spends.
- Market share gain remains key thesis; Top pick in consumer space.
Edelweiss
- Maintained ‘Buy’; hiked price target to Rs 1,185 from Rs 990.
- Titan’s master strategies have translated into stellar results.
- Retain conviction that Titan is a strong play on discretionary spends.
- Titan to extend its growth run on market share gains, rising share of jewellery, new launches and retail expansion.
On SBI
Macquarie
- Maintained ‘Neutral’; hiked price target to Rs 315 from Rs 265.
- Lowest slippage ratio in nearly a decade; guidance looks optimistic.
- Mgmt. track record on delivery has been poor; still exercise caution.
- Prefer ICICI Bank to play “normalisation of credit costs” theme.
CLSA
- Maintained ‘Buy’; hiked price target to Rs 380 from Rs 370.
- Steady asset quality a positive; Loan growth picks up.
- See scope for credit costs to halve over next two years and drive turnaround in earnings.
- SBI remains top pick among PSU banks.
Axis Capital
- Maintained ‘Buy’ with a price target of Rs 380.
- Strong show; concern on few exposures.
- Expect SBI to outperform from current levels; expect credit growth to regain momentum.
- Positives: pricing power, resolution of large lumpy NCLT cases, slowdown in slippages and adequate capitalisation.
On Dr. Reddy’s Laboratories
CLSA
- Maintained ‘Outperform’; hiked price target to Rs 3,200 from Rs 2,850.
- December quarter’s net profit grew 45 percent year-on-year, significantly ahead of estimate.
- Third consecutive quarter of margin improvement led by cost controls.
- Revival of the U.S. growth in 2019-20 is the key catalyst.
Macquarie
- Maintained ‘Neutral’; hiked price target to Rs 2,648 from Rs 2,500.
- Delivered superior December quarter’s performance driven by multiple factors.
- Increased focus on other key regions and cost rationalisation is yielding results.
- Shifting product timelines and reducing complex arbitrage could play spoilsport.
Kotak
- Maintained ‘Reduce’; hiked price target to Rs 2,450 from Rs 2,400.
- Lower R&D and tax help sustain performance.
- Pipeline execution key for growth, as proprietary products and biosimilars falter.
- Overreliance on select the U.S. opportunities demands lower multiple.
On Westlife Development
CLSA
- Maintained ‘Buy’ with a price target of Rs 550.
- December quarter results lower-than-estimates; same-store sales growth remains healthy.
- Growth momentum continues, but margin are weak.
- Clarity on revised royalty terms with McDonald’s improves earnings visibility.
Axis Capital
- Maintained ‘Buy’; hiked price target to Rs 475 from Rs 410.
- Growth continues; royalty revision a key positive.
- Sustained same-store sales growth momentum led to further improvement in annualized average revenue per store.
- Revised royalty agreement provides improved visibility over margin.
Bulk Deals: Den Networks, Jubilant Foodworks, Bliss GVS Pharma
- Jubilant Foodworks: Wasatch Advisors acquired 8.8 lakh shares or 0.67 percent equity at Rs 1,320.2 per share.
- Den Networks: Norges Bank sold 11.5 lakh shares or 0.59 percent equity at Rs 71.57 each.
- Zee Entertainment Enterprises: Catalyst Trusteeship sold 74 lakh shares or 0.77 percent equity at Rs 361.42 each.
Bliss GVS Pharma
- Polus Global Fund acquired 83 lakh shares or 8.05 percent equity at Rs 152.92 per share.
- Promoters from Ashra Family and Narsimha Kamath sold 87.2 lakh shares or 8.46 percent equity at Rs 153 per share.
CL Educate
- Arjuna Fund acquired 71,900 shares or 0.51 percent equity at Rs 125.55 each.
- Ashoka Private sold 71,900 shares or 0.51 percent equity at Rs 125.55 each.
Companies That Will Report Q3 Earnings Today
Earnings To Watch
- Aban Offshore
- Ajmera Realty
- Aditya Birla Fashion and Retail
- Artemis Global Life Sciences
- Balrampur Chini Mills
- Bayer Cropscience
- Bombay Burmah Trading Corporation
- Capacit'e Infraprojects
- Cimmco
- Exide Industries
- Future Retail
- Garden Silk Mills
- GlaxoSmithKline Pharmaceuticals
- Godrej Agrovet
- Greaves Cotton
- Grindwell Norton
- Honeywell Automation
- IDBI Bank
- Insecticides India
- IRB Infrastructure Developers
- KEI Industries
- Lakshmi Machine Works
- Lakshmi Vilas Bank
- LKP Securities
- Lumax Industries
- Morepen Laboratories
- Munjal Showa
- Navneet Education
- Novartis
- Omkar Speciality Chemicals
- Reliance Naval and Engineering
- Royal Orchid Hotels
- Satin Creditcare Network
- SREI Infrastructure Finance
- SRF
- Star Cement
- Sun Pharma Advanced Research Company
- Tata Investment Corporation
- Texmaco Infrastructure & Holdings
- Texmaco Rail & Engineering
- Titagarh Wagons
- Welspun
- Whirlpool
- Firstsource Solutions
- Moschip Semiconductor Technology
- NRB Bearing
- Stylam Industries
- TI Financial Holdings
- ZF Steering Gear
Earnings Reactions To Watch
Divi’s Lab (Q3, YoY)
- Revenue up 29.4 percent at Rs 1,343 crore.
- Ebitda up 60 percent at Rs 523 crore.
- Ebitda margin at 39 percent versus 31.4 percent.
- Net profit up 67 percent at Rs 380 crore.
Future Lifestyle Fashion (Q3, YoY)
- Revenue up 36 percent at Rs 16.2 crore.
- Ebitda up 60 percent at Rs 1.6 crore.
- Ebitda margin at 9.9 percent.
- Net profit up 49 percent at Rs 0.55 crore.
Godfrey Phillips (Q3, YoY)
- Revenue up 13.4 percent at Rs 660 crore.
- Ebitda up 26.5 percent at Rs 115.6 crore.
- Ebitda margin at 17.5 percent versus 15.7 percent.
- Net profit up 26.6 percent at Rs 78.5 crore.
Relaxo Footwear (Q3, YoY)
- Revenue up 20.6 percent at Rs 551 crore.
- Ebitda up 26.5 percent at Rs 115.6 crore.
- Ebitda margin at 13.2 percent versus 15.7 percent.
- Net profit down 6.8 percent at Rs 35.6 crore.
BEML (Q3, YoY)
- Revenue up 26.4 percent at Rs 924 crore.
- Ebitda up 84 percent at Rs 75.8 crore.
- Ebitda margin at 8.2 percent versus 5.6 percent.
- Net profit up 168 percent at Rs 44.7 crore.
Titan (Q3, YoY)
- Net sales up 34 percent at Rs 5,672 crore.
- Ebitda up 30.8 percent at Rs 585 crore.
- Ebitda margin at 10.3 percent versus 10.5 percent.
- Profit up 35 percent at Rs 416 crore.
Berger Paints (Q3, YoY)
- Revenue up 20.8 percent at Rs 1,616.7 crore.
- Net profit up 2.7 percent at Rs 133.9 crore.
- Ebitda up 6 percent at Rs 236 crore.
- Margin at 14.6 percent versus 16.6 percent.
Sheela Foam (Q3. YoY)
- Revenue up 7 percent at Rs 569.2 crore.
- Net profit down 0.5 percent at Rs 38.9 crore.
- Ebitda down 1 percent at Rs 60.8 crore.
- Margin at 10.7 percent versus 11.5 percent.
Deepak Nitrite (Q3, YoY)
- Revenue up 21.9 percent at Rs 452.3 crore.
- Net profit up 55.7 percent at Rs 31.6 crore.
- Ebitda up 26.6 percent at Rs 66.1 crore.
- Margin at 14.6 percent versus 14.1 percent.
- Other income of Rs 5.5 crore.
Equitas Holding (Q3, YoY)
- Net interest income up 37 percent at Rs 320 crore.
- Net profit at Rs 62.5 crore versus net loss of Rs 30 crore.
- Advances up 41 percent at Rs 10,861 crore.
- Disbursements up 43 percent at Rs 2,265 crore.
Akzo Nobel (Q3, YoY)
- Revenue up 10 percent at Rs 783.3 crore.
- Net profit down 26.9 percent at Rs 60.4 crore.
- Ebitda up 2.1 percent at Rs 101.2 crore.
- Margin at 12.9 percent versus 13.9 percent.
- Other income of Rs 18.2 crore in base quarter.
New Listing Alert
- Xelpmoc Design shares to start trading on BSE/NSE after IPO got 3.3 times demand.
Stocks To Watch: Coal India, Hero MotoCorp, DHFL, RCom, Tata Motors
- Reliance Communications said it will propose a similar debt resolution plan to the National Company Law Tribunal that it had been pursuing outside the court.
- DHFL: Care Ratings downgraded Rs 1.2 lakh crore worth of bonds, loans and deposits issued by Dewan Housing Finance citing the sharp reduction in its share price and the significant rise in bond spreads.
- Tech Mahindra’s board approved the acquisition of 100 percent stake in Netherland-based company Dynacommerce Holding for 4.39 million euros and contingent payments to be made over the period of 5 years. The company will also settle the debt of its target company for 11.48 million euros. The transaction is expected to close by February subject to RBI approval.
- Coal India’s January provisional production rose 0.9 percent to 57.2 MT versus 56.68 MT in January 2018 and production offtake fell 2.3 percent to 52.44 MT.
- Wipro launched digital solution for television receivers and antennas. It partnered with U.S.-based firm ‘Airwavz.tv’ to cater to the needs of OEMs, ODMs and semiconductor companies.
- Cyient board approved share buyback of up to 28.6 lakh shares or 2.54 percent of paid up equity shares at price of Rs 700 per share aggregating to Rs 200 crore.
- Titan announced interim Managing Director Bhaskar Bhat will retire on Sept. 30. and the company’s current Chief Executive Office of the its jewellery division CK Venkataraman will take over the post of the MD.
- Narayana Hrudayalaya: CEO Ashutosh Raghuvanshi resigned citing personal reasons after 18 years with the group. The hospital operator appointed Emmanuel Rupert as its new CEO and Viren Shetty as the new COO.
- Shanthi Gears’ CEO Rajiv Narayanamoorthy resigned from the CEO’s post with effect from Feb. 1. M Karunakaran will be appointed as the next CEO.
- Newgen Software Technologies announced global strategic alliance with Kodak Alaris for providing digital solutions.
- Apollo Microsystems entered into an agreement with Israel-based company ‘Steadycopter’ to market and promote unmanned aerial vehicles in India or any other territory as may be agreed by both the parties.
- EID Parry board approved issuing NCDs worth Rs 250 crore on private placement basis. Its sugar unit at Puducherry will close due to non-availability of sugar cane for production. The company stated in the press release that it proposes to transfer assets of the unit to other units and also dispose assets as deemed appropriate.
- Brigade Enterprises announced pre-launch of phase-1 of project in Whitefield-Sarjapur Road in Bengaluru.
- Tata Motors’ domestic sales in January dropped 8 percent to 54,915 units on a yearly basis.
- Hero MotoCorp’s January sales dropped 9 percent year-on-year to 5.82 lakh units.
- VST Tiller Tractors’ Power tillers sales were down 3 percent at
Key Events/Data To Watch This Week
- Feb. 05: Nikkei India Services PMI and Composite PMI.
- Feb. 07: RBI Monetary Policy Meet.
- Markets across Asia, including China, Hong Kong, Singapore, Taiwan, South Korea, Malaysia and Vietnam, will close for part or all of the week to mark the start of the Year of the Pig.
- China, Korea, Taiwan markets are closed Monday.
- U.S. President Donald Trump delivers a delayed State of the Union address Tuesday
- On Wednesday, Federal Reserve Chairman Jerome Powell hosts a town hall meeting with educators, his first public comments following the January FOMC meeting and rate decision.
- On Tuesday, the Reserve Bank of Australia sets monetary policy.
- On Thursday, the Bank of England sets interest rates and updates its economic forecasts. No change in policy is expected.
- Also Thursday, the Reserve Bank of India unveils a rate decision.
Commodity Cues: Brent Crude Halts Four-Day Rally
- Brent crude declined 0.11 percent to $62.68 per barrel after rallying for four days.
- West Texas Intermediate crude was steady at $55.29 a barrel, holding on to a 2.7 percent surge Friday.
- Gold was little changed at $1,317.18 an ounce.
London Metal Exchange
- Aluminium halted a four-day rally, ended 1.41 percent lower.
- Nickel rallied for the fourth day, ended 1.44 percent higher.
- Tin rallied for the fourth day, ended 0.19 percent higher.
- Zinc rallied for the third day, ended 2.13 percent higher.
- Lead rallied for the third day, ended 0.71 percent higher.
- Copper halted a three-day rally, ended 0.49 percent lower.
Nifty Futures Suggest Tepid Start; Asian Stocks Gain
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.11 percent to 10,899.50 as of 8:05 a.m.
Asian stocks started the week with modest gains following strong U.S. economic data and positive comments out of Washington on the trade talks. Trading may be subdued as much of the region heads into Lunar New Year holidays.
Japanese stocks climbed, partly buoyed by a weaker yen, which held losses from Friday after a better-than-expected U.S. jobs report. Australian stocks also advanced, while Hong Kong shares 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.