Sensex, Nifty Log Gains For Third Day Aided By Banking, I.T. Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
Closing Bell
India's stock benchmarks advanced for the third day, aided by gains in banking and information technology stocks, amid a rebound in global equities.
The S&P BSE Sensex added nearly 1.2% to 59,558.33. The 30-stock gauge rose over 750 points to an intraday high of 59,618.51. The NSE Nifty 50 advanced by a similar magnitude to 17,780.
This is the highest closing level for Nifty since Jan. 19. IndusInd Bank Ltd. had the largest increase, rising 5.8%. Today, 39 of 50 shares rose, while 10 fell.
The S&P BSE MidCap almost mirrored its larger peers while the S&P BSE SmallCap outperformed Sensex and Nifty, rising 1.5%. All the 19 sectoral indices compiled by BSE Ltd. advanced, with S&P Finance and Bankex rising over 2%.
The market breadth was skewed in the favour of bulls. About 2,295 stocks advanced, 1,065 declined and 97 remained unchanged.
Blackstone, Bandhan Bank Among Bidders For IDFC Mutual, Reports Moneycontrol
Blackstone, Bandhan Bank and IndusInd Bank are among bidders for IDFC Mutual Fund before the Feb. 1 deadline, reports Moneycontrol, citing unidentified people familiar with the matter.
Most aggressive bids by Bandhan Bank and IndusInd Bank, according to the report.
HDFC MF, Nippon India AMC and Invesco MF also put in bids.
Devas Opposes Air India's Bid To End $1.2 Billion U.S. Case
Shareholders of Devas Multimedia Pvt. have opposed Air India Ltd.'s request to end a case that sought recovery of $1.2 billion in arbitration awards from the airline, according to a filing in a U.S. court.
Air India's liability is based on the airline's relationship with Indian government at the time of arbitral awards, says Devas.
Source: Bloomberg
Jubilant Foodworks Slips 4% On Q3 Miss
Shares of Jubilant Foodworks fell 4%, the steepest intraday decline in four sessions, after the company reported net income for the third quarter that missed the average analyst estimate.
Third Quarter Results (Standalone)
Net income up 9.6% YoY to Rs 137.33 crore vs Bloomberg consensus estimate of Rs 163 crore
Revenue up 13% YoY to 1,193.50 crore vs estimate of Rs 1,270 crore
Total costs up 12% YoY to Rs 1,021.31 crore
Ebitda up 14% YoY Rs 317 crore vs estimate of Rs 325 crore.
Commentary and Context
Jubilant Foodworks approved splitting each share into five shares. The record date will be intimated soon.
Of the 31 analysts tracking the company, 18 maintained 'buy', nine maintained 'hold' and four maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 24%.
Trading volume on the stock was nearly three times the 30-day average volume, at this time of the day.
Source: Exchange Filing, Bloomberg
European Markets Advance
HDFC Rises As Q3 Net Income Beats Estimate
Shares of Housing Development Finance Corp Ltd. rose 2.26% in intraday trade to Rs 2,623.3 apiece after reporting net income above average analyst estimate, for the December quarter.
HDFC Q3FY22 (Standalone)
Net income up 11.44% YoY at Rs 3,260.69 vs Bloomberg consensus estimate of Rs 3,099 crore
Total income up 0.6% YoY at Rs 11,792.21 crore
Interest income up 3.3% YoY at Rs 11,055.15 crore
Total costs at Rs 7,744.03 crore vs Rs 7,963.80 crore YoY
Gross NPA at 2.32%
Capital adequacy ratio at 22.4%
Of the 39 analysts tracking the company, 35 maintained 'buy' and four maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 26.9%.
Source: Exchange Filing, Bloomberg
Analyst Actions: Kotak Mahindra Bank
Kotak Mahindra raised to 'add' from 'reduce' at HDFC Securities; price target set at Rs 2,040.
Source: Bloomberg
Max Healthcare Has 1.11 Million Shares Change Hands In A Large Trade
Max Healthcare Institute Ltd. has 1.11 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Mid-Day Market Update: Sensex, Nifty Rise 1%, Banks, I.T. Stocks Advance
India's stock benchmarks advanced, aided by banks, information technology stocks, as markets extended gains after the union budget 2022.
The S&P BSE Sensex rose 1% to 59,457.50. The 30-stock measure rose above 59,500 in intraday trade. The NSE Nifty 50 advanced by similar magnitude to 17,749.
The S&P BSE Midcap almost mirrored its larger peers, while S&P BSE SmallCap outperformed Sensex and Nifty, rising 1.5%. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Finance and S&P BSE Bankex adding 1.7%.
The market breadth was skewed in the favour of bulls. About 2,272 stocks advanced, 1,002 declined and 115 remained unchanged.
NSE Nifty IT Index Jumps 1%
Byju's Is Said To Aim For SPAC Merger Within A Month, Reports Bloomberg
Bloomberg Exclusive
Online education provider Byju's is in negotiations with at least three special-purpose acquisition companies.
Byju's is aiming to unveil plans to go public via a merger with one of them in three to four weeks.
SPACs include Michael Klein's Churchill Capital, Michael Dell's MSD Acquisition Corp.
Source: People familiar with the matter
India's Digital Currency Can Be Exchanged With The Rupee, Says PM Modi
Payments will be more secure with RBI digital currency.
Digital currency can help reduce the cost of printing money.
Source: Bloomberg
HSBC's Pranjul Bhandari & Nomura's Sonal Varma On Implications Of Budget 2022
Credit Suisse's Neelkant Mishra On Budget 2022
Budget 2022: Brokerages' View
Anupam Rasayan Rises To Record After Approving Acquisition Of 24.96% Stake In Tanfac Industries
Shares of Anupam Rasayan India Ltd. rose nearly 10% in intraday trade to a record, after the company approved the acquisition of 24.96% of total equity shareholding and joint control of Tanfac Industries from Birla Group Holdings Pvt Ltd. and other for Rs 148.14 crore.
Post the acquisition, Anupam Rasayan will become a promoter and will have joint control in Tanfac Industries.
Trading volume on the stock was nearly eight times the 30-day average volume at this time of the day.
Source: Exchange Filing, Bloomberg
India Is Said To Debut Sovereign Green Bonds In Local Market, Reports Bloomberg
Bloomberg Exclusive
India is likely to issue its maiden green bonds in domestic market in local currency.
Government would first test them locally and then examine if they could be shifted to dollar-denominated bonds in overseas markets.
Programmes or projects that can be funded with green bonds have not yet been identified.
Do not still now the appetite for green bonds in the domestic market.
Expect a lower rate of interest for these bonds, as investors who are genuinely concerned about the environment would be keen else there is no point of issuing.
Too early to say whether the issue of green bonds will be part of the first half of the borrowing calendar.
Source: People familiar with the matter
Adani Ports Declines The Most In Four Sessions After Q3 Results
Shares of Adani Ports & Special Economic Zone Ltd. fell 2.34%, the steepest intraday decline, in four sessions after the company reported 6.2% YoY decline in consolidated profit in the quarter-ended December, post market hours Tuesday.
Consolidated net profit at Rs 1,478.76 crore vs Bloomberg consensus estimate of Rs 1,412 crore
Revenue rose 1.35% YoY to Rs 3,797.10 vs estimate of Rs 3,645 crore
Trading volume on the stock was 1.5 times the 30-day average volume at this time of the day.
Source: Bloomberg
Amazon Seeks Early SC Hearing On Future Arbitration
Amazon seeks early Supreme Court hearing on Future arbitration.
Supreme court to hear Amazon plea on arbitration halt on Feb. 8.
Source: Bloomberg
India Yields Mostly Higher
Most yields along the India sovereign yield curve rose, with 5-year bonds moving the most in Wednesday morning trading.
The 5-year yield rose 7.5bps to 6.071%
The 10-year yield rose 7.1bps to 6.899%
The 30-year yield rose 1.3bps to 7.385%
The 5-year-10-year yield spread was 82.8bps, vs previous close 83.2bps
Source: Bloomberg
Brigade Enterprises Leads The Gain In Realty Stocks
Budget Priority Is To Kickstart Capital Investment Cycle, Says Finance Secretary TV Somanathan
Budget priority is to kickstart capital investment cycle, says India's Finance Secretary TV Somanathan to Bloomberg TV.
India to stick to privatising all non-strategic state companies.
LIC IPO will happen in March.
Crypto assets not illegal in India
Approach on crypto assets will be driven by global regulations
India taxing crypto assets at par with speculative investment.
Source: Bloomberg
Bonds Slide On Government's Record Borrowing Plan
Bonds continue to slide after government unveiled record-borrowing plan for FY2023.
Yield on the 10-year bond was up 9bps to 6.92%
10-year yield added 14bps on Tuesday
Source: Bloomberg
Sensex, Nifty Rise; Banking Stocks Lead Advance
Tata Teleservices Snaps 14-Day Losing Streak After Dropping Plan To Convert Dues With Government Through Issue Of Equity
Shares of Tata Teleservices Maharashtra Ltd. snapped a 14-day streak in which the stock shed over 50%.
The company dropped plans to convert telecom dues with the government through issue of equity.
The decision was because the interest amount eligible for conversion was much lesser than expected.
Source: Exchange filing, Bloomberg
Tech Mahindra Slips On Q3 Miss; Trading Volume Surges
Shares of Tech Mahindra fell over 4%, the steepest intraday decline in four sessions, after the company reported net income for the December quarter that missed the average analyst estimate.
Brokerages have, however, reiterated their 'buy' rating on the stock, citing rising traction in 5G and digital technologies, deal wins and margin recovery.
Trading volume on the stock is four times the 30-day average volume at this time of the day.
Source: Bloomberg, Brokerage Notes
Zydus Begins Supplying Covid-19 Vaccine ZyCoV-D To The Indian Government
The government had placed an order of 1 crore doses with the company.
The company is also planning to make the vaccine available in the private market.
ZyCoV-D is a three dose vaccine administered intradermally over 56 days.
The vaccine will be priced at Rs 265 per dose and its applicator will be offered at Rs 93 per dose excluding GST.
Source: Exchange filing
Alembic Pharma Jumps On U.S. FDA Nod For Fesoterodine Fumarate Tablets
Shares of Alembic Pharmaceuticals Ltd. rose 1.5% to Rs 773.5 apiece after the company received the U.S. FDA nod for its ANDA for Fesoterodine Fumarate Extended-Release tablets, 4 mg and 8 mg. It is indicated for treatment of overactive bladder in adults. The estimated market size is $225 million for twelve months ending September 2021, according to IQVIA.
Of the 18 analysts tracking the company, seven maintained 'buy', seven maintained 'hold' and four maintained 'sell' recommendations.The overall consensus price of analysts tracked by Bloomberg implied an upside of 11.1%.
Source: Exchange Filing, Bloomberg
Opening Bell: Sensex, Nifty Open Higher; Banking Stocks Lead Advance
India's stock benchmarks advanced, aided by gains in telecom, banking, power stocks, amid recovery in U.S. equities as Federal Reserve officials favoured measured policy tightening.
The S&P BSE Sensex rose 0.71% to 59,282.64. The NSE Nifty 50 advanced by similar magnitude to 17,686.90.
The broader indices almost mirrored their larger peers with S&P BSE MidCap and S&P BSE SmallCap adding over 0.7%. All the 19 sectoral indices compile by BSE Ltd. advanced with S&P BSE Bankex rising 1.4%.
The market breadth was skewed in the favour of bulls. About 1,968 stocks advanced, 649 declined and 76 remained unchanged.
Trade Setup: 2 February 2022
Rupee Bonds May Remain Pressured On Record Borrowing
Indian bonds may continue to remain under pressure after the government unveiled plans in budget to sell record amount of bonds in the next fiscal year.
10-year yields rose 17bps to 6.85% on Tuesday, climbed to 6.89% intraday, the highest since July 1,2019.
USD/INR rose 0.2% to 74.8013 on Tuesday.
Global funds sell net Rs 21.79 crore of India stocks Tuesday: NSE
They bought Rs 17 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 52 crore of corporate debt
State-run banks bought Rs 5,650 crore of sovereign bonds on Feb. 1: CCIL data. Foreign banks bought Rs 794 crore of bonds.
Source: Bloomberg
Telecom Stocks In Focus As Tata Teleservices Drops Dues Conversion Plan
Telecom operators with an option to convert past dues through issue of equity to the government will likely attract attention after Tata Teleservices Maharashtra dropped such a plan.
Tata Teleservices withdrew its plan, saying the interest amount eligible for conversion is much less than expected
In Focus: Vodafone Idea, Tata Teleservices, Bharti Airtel
Source: Bloomberg
SGX Nifty Suggests Uptick For India Stocks On Easing Fed Angst
Asian stocks rose Wednesday amid a recovery in U.S. shares spurred by the corporate earnings outlook and signs that Federal Reserve officials favour measured monetary-policy tightening.
Equities advanced in Japan and Australia, among the few markets open in Asia due to the Lunar New Year holiday. U.S. Treasuries were little changed and a dollar gauge held a retreat.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, climbed 0.73% to 17,726.50 as of 8:30 a.m.
Oil steadied near a seven-year high ahead of a meeting of OPEC and its allies on boosting output. Gold wavered at $1,800 an ounce. Bitcoin traded around the highest level in two weeks.
The latest U.S. data on manufacturing and job openings showed a resilient economy that the Fed is trying to cool.
Traders are continuing to monitor tension between the U.S. and Russia over Ukraine. Western officials say Russia has massed more than 100,000 troops near the Ukraine border. Diplomatic talks showed little sign of a breakthrough.
