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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

January 29, 2024

*India Daybook – Stocks in News*
*IFB Ind:* Net Profit at Rs 17.5 cr vs loss Rs 1.14 cr, Revenue at Rs 1161 cr vs Rs 999 cr (YoY) (Positive)
*Shakti Pumps:* Net Profit at Rs 45.2 cr vs Rs 11.2 cr, Revenue at Rs 496 cr vs Rs 314 cr (YoY) (Positive)
*Dodla Dairy:* Net Profit at Rs 41.3 cr vs Rs 35.4 cr, Revenue at Rs 747 cr vs Rs 675 cr (YoY) (Positive)
*DB Corp:* Net Profit at Rs 124 cr vs Rs 48 cr, Revenue at Rs 644 cr vs Rs 566 cr (YoY) (Positive)
*Adani Power:* Net Profit at Rs 2,738 cr vs Rs 8.8 cr, Revenue up 67.3% at Rs 12,991.4 cr vs Rs 7,764.4 cr (YoY) (Positive)
*KFin tech:* Net Profit at Rs 66.8 cr vs Rs 53.3 cr, Revenue at Rs 219 cr vs Rs 188 cr (YoY) (Positive)
*RS Software:* Net Profit at Rs 8.4 cr vs loss Rs 0.7 cr, Revenue at Rs 19.3 cr vs Rs 8.4 cr (YoY) (Positive)
*Intellect:* Net Profit at Rs 84 cr vs Rs 62 cr, Revenue at Rs 634 cr vs Rs 547 cr (YoY) (Positive)
*Forbes:* Net Profit at Rs 10.3 cr vs Rs 5.5 cr, Revenue at Rs 71.7 cr vs Rs 60.3 cr (YoY) (Positive)
*Olectra Green:* Net Profit at Rs 27.2 cr vs Rs 15.3 cr, Revenue at Rs 342.0 cr vs Rs 256.0 cr (YoY) (Positive)
*Zen Tech:* Net Profit at Rs 31.0 cr versus Rs 15.2 cr. Revenue at Rs 99.5 cr versus Rs 66.5 (QoQ) (Positive)
*JSW Steel:* Revenue reported at Rs 41490 cr versus poll Rs 42,225 cr, Net profit reported at Rs 2415 cr versus poll Rs 1745 cr (Positive)
*Lodha:* Net Profit up 24.4% at ₹503.3 Cr Vs ₹404.6 Cr (YoY) -Revenue up 65.2% at ₹2,930.6 Cr Vs ₹1,773.8 Cr (YoY) (Positive)
*Sarda Energy:* South Eastern Coalfields issues Letter of Acceptance to consortium for re-opening, rehabilitating and operating Bartunga Hill high grade coal mine (Positive)
*Seamec:* Vessel “Seamec Swordfish” has commenced its charter with Zamil Offshore Services Company, Saudi Arabia with effect from January 26 (Positive)
*Jubilant Pharmova:* Company's wholly owned subsidiary to sell its entire 25.8% stake in Sofie Biosciences Inc., USA for aggregate proceeds of $139.43 m (Positive)
*PVR Inox:* Company unveils 4-screen multiplex at Mittal Mall, Ajmer, Rajasthan (Positive)
*IRB Infra:* Arbitration tribunal grants award in favor of SPV in a case against NHAI; company says co to receive ₹1681 cr compensation (Positive)
*Maharashtra seamless:* Company received 2 contracts worth Rs 116 cr from IOCL for supply of seamless pipes. (Positive)
*DLF:* Company acquires 29 acres land in Gurugram's Golf Course Extension for Rs 825 crore (Positive)
*Piramal Enterprises:* Company enters into SPA to sell its entire stake of 20% in Shriram Invst to Shriram Ownership for ₹1,440 cr (Positive)
*Strides Pharma:* Arm Strides Pharma Global Pte., Singapore, gets US FDA approval for Pregabalin capsules (Positive)
*Mahindra Logistics:* Company announced expansion of its existing multi-client warehousing facility to 5 lk sq ft from 2 lK sq ft. (Positive)
*Adani Power:* Company to sell 100% stake in units AIPL, IBPL to AdaniConneX (Positive)
*JSW Holdings:* JSW Gecko Motors gets Rs 250 cr defence order from government (Positive)
*Ahluwalia Contracts:* Bags Order Worth Rs 180 Cr from Max Smart Super Specialty Hospital (Positive)
*Subex:* RBI grants in-principle approval to Subex Account Aggregator Services Private Limited for setting up the business of Account Aggregator (Positive)
*Brand Concepts:* Tommy Hilfiger contract renewed for the next 3 years. (Positive)
*Reliagare:* State Bank of India removes Religare Finvest Limited’s 'fraud' tag. (Positive)
*Ashoka:* Company emerged as lowest bidder for NHAI project worth Rs 520 crore in Bihar (Positive)
*LaurusLabs:* Company inks pact with Slovenia-based drug maker Krka to set up joint venture firm in Hyderabad. (Positive)
*Praveg:* Societe Generale Funds name appears in Praveg Ltd. with 1.03% (Positive)
*Coal India:* Company emerged as lowest bidder for 300 megawatt solar project in Khavda, Gujarat (Positive)
*Defense Stocks:* India and France collaborate on joint defense equipment production, focusing on helicopters and submarines for the Indian armed forces and friendly nations. (Positive)
*3i Infotech:* Sriram Venkataramanan, Non-Executive Director, has tendered his resignation. (Neutral)
*HDFC Bank:* RBI approves LIC to acquire up to 9.99% holding (Neutral)
*Endurance Technologies:* Company will spend Rs 37 crore to expand capacity at Aurangabad units (Neutral)
*Shilpa Medicare:* AGES, Austria issues 2 observations for Unit 4, Jadcherla, Telangana, conducted a European GMP inspection at the said unit from Jan 22-24 (Neutral)
*Adani Green Energy:* Company raises Rs 2,337.51 crore through issue of warrants to Ardour Investment Holding (Neutral)
*Subros:* UTI Increased stake in Subros Ltd. to 2.30% from 2.20% (Neutral)
*India Bull Housing:* Plutus Wealth Management LLP bought 5,000,000 @ Rs. 195.74 of Indiabulls Housing Finance Ltd. (Neutral)
*SBI cards:* Profit up 7.8% at Rs 549.1 cr vs Rs 509.5 cr, Revenue up 31.8% at Rs 4,621.7 cr vs Rs 3,507.1 cr (YoY) (Neutral)
*Shriram Fin:* Net Profit up 2.3% at Rs 1,818.3 cr vs Rs 1,777 cr, NII up 17.1% at Rs 4,911 cr vs Rs 4,192.1 cr (YoY) (Neutral)
*Tata Tech:* Net Profit up 14.7% at Rs 170.2 cr vs Rs 160.4 cr, Revenue up 1.6% at Rs 1,289.5 cr vs Rs 1,269.2 cr (QoQ) (Neutral)
*ION Exchange:* Net Profit at Rs 47.2 cr vs Rs 47.6 cr, Revenue at Rs 554 cr vs Rs 512 cr (YoY) (Neutral)
*Rane Madras:* Net Profit at Rs 9.1 cr vs Rs 23.7 cr, Revenue at Rs 521 cr vs Rs 583 cr (YoY) (Neutral)
*Yes Bank:* Net Profit At Rs 231.5 Cr Vs 51.5 Cr, NII up 2.3% At Rs 2,016.8 Cr Vs Rs 1970.6 Cr (YoY) (Neutral)
*Associated Alcohol:* Net Profit at Rs 12.6 cr vs Rs 10.8 cr, Revenue at Rs 193 cr vs Rs 186 cr (YoY) (Neutral)
*APL Apollo:* Net Profit down 2.2% at ₹165.5 Cr Vs ₹169.2 Cr (YoY) Revenue down 3.4% at ₹4,177.8 Cr Vs ₹4,327 Cr (YoY) (Neutral)
*Sanghi:* Net Loss at Rs 201.4 Cr Vs Rs 144 Cr (YoY) -Revenue up 41.4% Rs 189.1 cr Vs Rs 133.7 cr (YoY) (Neutral)
*Zee Ent:* ED confirms searches at three premises of Essel Group (Negative)
*Cyient:* Net Profit down 17.4% at Rs 147 crore; revenue up 2.4% to Rs 1821 crore QoQ (Negative)
*Astec Life:* Cons net loss of Rs 24.32 cr versus profit Rs 0.8 crore; revenue declines 56.7% to Rs 51.0 crore (Negative)
*Mkt. Updates :*
*GIFT Nifty +140 pts (21650) from last trade 21510 ,*
Nikkei +401 pts ,
Hangseng +261 pts ,
Now @7.34am .
Dow +60.30 pts ,Nsdq -55.13 pts, S&P
-3.19 pts , Bovespa +798 pts , Ftse +105 pts , Dax +54 pts , Cac +169 pts , Crude @ $78.97 brl (+0.96), Brent @ $84.50 brl (+0.95) , Gold @ 2025.80 (+8.50), Silver $23.065 (+0.19), Euro @ $1.0841, JPY @ $148.11, INR @ 83.115
*US GOVT. 10-YR YIELD : 4.14%*
*Today's Corporate Action, 29 Jan Ex Date :*
360ONE
Interim Dividend - Rs. - 4.5000
ACCELYA
Interim Dividend - Rs. - 25.0000
CROPSTER
E.G.M.
GOACARBON
Interim Dividend - Rs. - 10.0000
HITKITGLO
E.G.M.
INDINFO
Right Issue of Equity Shares
MANGIND
Right Issue of Equity Shares
PCBL
Interim Dividend - Rs. - 5.5000
SINCLAIR
Bonus issue 1:1
*Today's Key Results/Board Meetings, 29-Jan-24 :*
ABSLAMC
Quarterly Results
ADANIGREEN
Quarterly Results
ADHIRAJ
General
ADVANIHOTR
Bonus issue;Interim Dividend;Quarterly Results
AEPL
Quarterly Results
AERPACE
Quarterly Results
APOLLOPIPE
Quarterly Results
ARISE
Quarterly Results
ASIANENE
Quarterly Results
ATALREAL
Right Issue of Equity Shares
B2BSOFT
Quarterly Results
BAJFINANCE
Quarterly Results;General
BANSWRAS
Quarterly Results
BEL
Interim Dividend;Quarterly Results
BHAGERIA
Quarterly Results;General
BITS
Quarterly Results
BPCL
Quarterly Results
CHEMOPH
Quarterly Results;General
CSBBANK
Quarterly Results
CSLFINANCE
Quarterly Results
DOLATALGO
Interim Dividend;Quarterly Results
GAIL
Interim Dividend;Quarterly Results
GANESHBE
General
GANGOTRI
Quarterly Results
GARFIBRES
Buy Back of Shares;Quarterly Results
GATEWAY
Interim Dividend;Quarterly Results
GNRL
Quarterly Results;General
GODFRYPHLP
Quarterly Results
GVFILM
General
HERITGFOOD
Quarterly Results;General
HIGHSTREE
Increase in Authorised Capital;Preferential Issue of shares;Quarterly Results
ICIL
Quarterly Results
ICL
Quarterly Results;General
IDEA
Quarterly Results
ITC
Interim Dividend;Quarterly Results
JAINCO
General
JINDRILL
Quarterly Results
JK AGRI
Quarterly Results
JPPOWER
Quarterly Results
KAMDHENU
Quarterly Results;General
LAFFANSQ
Quarterly Results
LATENTVIEW
Quarterly Results
LGBBROSLTD
Audited Results;Issue Of Warrants
MADHAVIPL
Quarterly Results
MAHEPC
Quarterly Results
MAHLOG
Quarterly Results;General
MAHSEAMLES
Quarterly Results
MARICO
Quarterly Results
MARUTISE
Quarterly Results
MIDWEST
Quarterly Results;General
MONGIPA
Quarterly Results
MUDRA
Quarterly Results
MUTHOOTMF
Quarterly Results
NAM-INDIA
Quarterly Results
NELCAST
Quarterly Results
NITINSPIN
Quarterly Results
NTPC
Interim Dividend;Quarterly Results
NUVOCO
Quarterly Results
OCTAVIUSPL
General
ODYSSEY
Quarterly Results;General
PANINDIAC
Quarterly Results
PEL
Quarterly Results;General
PETRONET
Quarterly Results
PHCAP
Interim Dividend;Quarterly Results
PNB
General
QGO
Interim Dividend;Quarterly Results;General
RAPICUT
Quarterly Results
RBA
Quarterly Results
RRKABEL
Quarterly Results
SABOOSOD
Quarterly Results
SAMYAKINT
Quarterly Results;General
SCL
Increase in Authorised Capital;General
SEATV
Quarterly Results
SEPC
Right Issue of Equity Shares
SERIND
Quarterly Results
SKPSEC
Quarterly Results
SMFIL
Quarterly Results
SNOWMAN
Quarterly Results
SSWRL
Quarterly Results
STYLAMIND
Quarterly Results
SURYAINDIA
Quarterly Results;General
TATAINVEST
Quarterly Results
TINNARUBR
Interim Dividend;Quarterly Results
TITANIN
Quarterly Results
TPHQ
Quarterly Results
TRIVENIGQ
Quarterly Results;General
UNJHAFOR
Quarterly Results
UTIAMC
Quarterly Results;General
VENUSPIPES
Quarterly Results
VINCOFE
Quarterly Results
VIVIDIND
Quarterly Results;General
VOLTAMP
Quarterly Results
WHITHAL
Quarterly Results
XPROINDIA
Quarterly Results;General
ZENLABS
Quarterly Results
ZENOTECH
Quarterly Results
ZIMLAB
Quarterly Results
*SEC. IN F&O BAN FOR, 29-Jan-24 :*
*NIL*
News & Impact
· Focus today – ADR – HDFC Bank, SBI, Infosys ended flat to positive. Tata Steel ADR gained 2.2%. ACC, Macrotech Devlopers, Tata Technology, Vedanta, JSW Steel reported better than expected Q3 results. Results - ITC, Bajaj Finance, NTPC, Bharat Electronics, Gail, BPCL, Marico, Petronet LNG. Union Budget and US Fed interest rate policy meeting on Thursday. Oil Jumps to 2-mnth high above $83/bbl after separates attacks escalate Middle East Tensions.
· Record high closing US market after reported solid Q3 GDP data (3.3% - expectation 2%), US core inflation fell to 1-year low, European markets ended 2-year high, China announced further stimulus and positive opening in the Asian markets, may open domestic bourses in the positive note. This week will be most event full in the equity market due to both Union Budget and US Fed interest rate decision to be announce on Thursday. Gift Nifty is up 0.5% against the previous day’s close. Undertone bullish sentiment in the market due to strong domestic economy, hope of favourable Union Budget and impressive quarterly results. Rising oil price and FIIs selling are major concern in the market. FIIs were net seller this month over Rs35000cr during the month of January 2024, nearly 1-year high (Jan 2023 net sellers Rs41000cr). Traders focus on Budget related stocks this week. Expectation that the government will be focus to benefit on backward, middle class people and farmers to emphasis on popular budget ahead of election. Geo-political tension may increase defence budget and may rise fertiliser subsidy to protect farmers. Moreover, FM may rise allocation in the infrastructure along with rail infra sectors and likely to focus on EV-sectors. Housing stocks may positive on hope of higher allocation in the housing sectors. FM may further focus on PSU sectors and may announce common platform to benefit on PSU stocks. Better than expected US GDP data and China stimulus may positive on metal stocks. Expects positive for upstream oil companies (ONGC, Oil India) as benefit of rising in oil price.
· Global Market summary –U.S. stocks end mixed with tech sector in red after poor Intel quarterly results. ECB kept unchanged interest rate at 4%, US Q4 GDP reported better than expectation at 3.3% - expectation 2% (Previous quarter 4.9%). European stocks ended the week broadly higher on earnings beats. The ECB left the door open for data-dependent rate cuts, but remains tepid. Brent Crude surged to 2-month high to above $83/bbl.
· US Market – . U.S. stocks ended mixed on Friday, as the S&P 500's run of consecutive record highs came to an end after five sessions, impacted by Intel's stock decline following its dismal revenue outlook and mixed bag of economy data. Both Nasdaq and S&P 500 Index declined 0.3% while Dow Jones ended marginally positive.
· Asian Market –Asian markets open on a positive note as market participants looked forward to the rate decision by the Federal Reserve and rising Asian energy share. Japan, South Korea, Hong Kong and Taiwan Index gained between 0.5% to 1%.
· European Market –European indexes wrapped up Friday trading firmly in the green, shrugging off a dovish European Central Bank (ECB) and a downside miss in European Consumer Sentiment surveys after the ECB left the door open for data-dependency to trigger rate cuts earlier than the central bank is currently projecting. Germany Index gained over 2%. Both UK and France Index soared over 1% each.
· Oil Price Update - Oil jumped 5% to 2-month high above $83/bbl after separate attacks by Iran-backed militants that killed US troops in Jordan and hit a tanker in the Red Sea, a marked escalation of tensions in the region key to energy production and global trade. Moreover, fall in US Inventory and prospects for additional government stimulus in key crude importer China lifted oil price.
· Gold Price Update – Gold price decline marginally to $2018/ounce as US GDP data beating the market estimates and the upcoming US Fed meeting on 30th January 2024, gold prices continue to remain range-bound through the week.
· Nifty Technical Levels – Nifty formed a Bearish candle on daily and weekly scale with longer lower shadow indicating support based buying but capped upside due to absence of follow up. It broke its higher highs formation of the last eleven weeks. Now it has to cross and hold above 21450 zones for an up move towards 21650 and 21750 zones while on the downside supports are placed at 21250 and 21100 zones.
· Bank Nifty Technical Levels – Bank Nifty formed a small bodied candle with long lower shadow on daily scale while Bearish candle on weekly scale which suggests momentum is missing at higher zones. Overall Index has been underperforming from the past many sessions and now it has to cross and hold above 45250 zones for a bounce towards 45500 then 45650 levels while a hold below the same could see weakness towards 44750 then 44444 marks.
· Previous Day Market Update –. Equity benchmark Nifty fell nearly half percent on account of profit booking in IT, FMCG and banking stocks amid cautious approach ahead of US GDP data and ECB meeting today. Moreover, traders were booking profit ahead of long holiday and concern of continued FIIs selling and oil price surging to 1-month high above $80/bbl. Nifty slipped 101 points or 0.50% to close at 21352. Nifty recovered partially from the intra-day low of 21247 due to short covering of January series F&O expiry today. Cement stocks witnessed biggest gainer today after cement major ACC announced impressive quarterly results. Stock climbed up by 10% to close at 2467. PSU stocks continued momentum due to rising government spending and strong order book. Rites, SJVN, Ircon and BHEL gained between 4 -15%. Realty and power indices posted a rally a day after India's largest real estate developer DLF posted a 27 per cent rise in standalone profit. FIIs were net sellers Rs2144cr while DIIs were net buyers Rs3475cr
· Events Today – Grasim Industries final day of right issue
· Actionable BUY – – BEL, PNB, Union Bank, IRFC, IRB Infra, GAIL, Engineers India, IREDA, HUDCO, SJVN, IOC, SAIL, National Aluminium, ACC, RCF, Cochin Shipyard
· Corporate Action – Goa Carbon Rs10. PCBL Ltd Rs5.50, 360 One Rs4.50. Accelya Solutions Rs25.
· Results Today - ITC, Bajaj Finance, NTPC, Adani Green Energy, Bharat Electronics, Gail, BPCL, Marico, Petronet LNG, Nippon Life, Tata Investment, Piramal Enterprises, R R Kabel, Aditya Birla Sun Life, Nuvoco Vistas, Godfrey Phillips UTI AMC, Latent View, Voltamp Transformers, CSB Bank, Restaurant Brands Asia, Muthoot Microfin, Mahindra Logistics, Heritage Foods, Apollo Pipes, Piramal to Sell 20% Stake in Shriram Group to Ownership Trust
· Brokers Radar –. CLSA TGT on Syngene at 760. JSW Steel – Morgan Stanley TGT at 620. CLSA TGT at A810, Jefferies TGT at 800. Chola Finance TGT by CLSA at 1300, ACC - Citi TGT at, Morgan Stanley TGT at 2400. SBI Life – CLSA TGT at 1730, Goldan Sachs TGT at 1700. HSBC TGT at 1720.
· Global Data–Manufacturing Activities (US). Retail Sales (Germany).
· Market Summary – Zomato gets RBI nod for online payment aggregator business. Cipla Maintains 24% Ebitda Guidance For FY24. ACC, Macrotech Devlopers, Vedanta, JSW Steel reported better than expected Q3 results. Titagarh Rail, Amber Gain Plan for Railway Coach Parts JV. RBI Greenlights LIC's Acquisition of 9.99% Stake In HDFC Bank. DLF to buy 29 acres of land in Gurugram for over Rs 825cr. ONGC wins Rs 1000 crore award in cost disputes with 3 companies.
· Piramal Enterprises - Company will sell its 20% stake in Shriram Investment Holdings to Shriram Ownership Trust for Rs1440cr – positive
· HDFC Bank - Life Insurance Corporation of India (LIC) has obtained approval from the RBI to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights of HDFC Bank – Positive
· ONGC – Company has won a series of three international arbitration awards for a total of Rs 1,000 crore in cost-sharing disputes with Petrobras of Brazil, ENI of Italy and Rocksource (now known as Pure E&P) of Norway more than a decade after the global players exited offshore exploration blocks in the Mahanadi, Krishna-Godavari and Cauvery basins.- positive
· DLF Ltd – Company will acquire 29 acres of land in Gurugram from IREO to build a housing project after taking over bad loans worth Rs 825 crore related to the land.- positive
· Cipla Ltd- Company is maintaining its 24% Ebitda guidance for FY24, despite a seasonally slow January-March quarter, according to Chief Executive Officer Umang Vohra. The company saw higher revenue from the U.S. due to market share gains and product pick-ups due to the typical buying of stock in December, he said. The India business grew at 12%, which was higher than that witnessed in the overall pharma market in India, according to him. – positive
· Zomato - Company has received the certificate of authorisation from the Reserve Bank of India (RBI) to carry out business as a payment aggregator and issuer of prepaid wallets. – positive
· Coal India – Company bagged 300 MW capacity of Gujarat Industrial Power Corporation Ltd, RE park of 600 MW capacity at Khavda, grid connected SPV Project.- positive
· Adani Power: The company entered into a Memorandum of Understanding to sell two wholly owned subsidiaries to AdaniConnex Pvt. for Rs 540 crore.
· Shriram Finance:. The company approved a change in the list of key managerial personnel. Accordingly, five senior management personnel will cease to be designated as KMP with effect from Jan. 25, 2024. The company also declared a second interim dividend of Rs 10 per equity share of face value of Rs 10 each.- positive
· SJVN: The company won the GUVNL auction for 100 MW Solar Project at Rs 2.54 per unit on a build-own and operate basis - positive
· Dhanlaxmi Bank: The bank received Reserve Bank of India's nod for extending JK Shivan's term as managing director and chief executive officer till his successor assumes office. – positive
· Yes Bank: The board approved transfer of investment banking and merchant banking business from Yes Securities to the company, effective Jan. 1.
· Strides Pharma – Company has received approval for Pregabalin capsules from the USFDA. It is used in the treatment of fibromyalgia.- positive
· Lemon Tree Hotels – Company announces the opening of Keys Lite by Lemon Tree Hotels, Dapoli. This is the twelfth property of the group in Maharashtra. The Pregabalin capsules has a market size of ~US$248 Mn per IQVIA.- positive.
· Godawari Power a- Company has successfully concluded Pubic Hearing at the proposed project site for setting up greenfield Integrated Steel Plant at Raipur Chhattisgarh - positive
· Ahluwalia Contracts – Company has secured an order for Expansion of Max Smart Super Specialty on item rate contracts basis of Rs.180cr – positive
· Zydus Life – Company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Gabapentin Tablets. It had annual sales of USD 85 mn in the United States (IQVIA Nov. 2023). – positive
· DLF Ltd – Company has entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia) Limited for purchase of privately placed, Listed, Secured, Non-convertible, Redeemable Bonds of face value of Rs600 crore – positive
· Railtel – Company gets Rs163cr order from Navodaya Vidyalaya – positive
· Mahindra Logistics – Company inaugurated a 1 lakh sq. ft. extension to its existing multi-client warehouse in Nashik and also announced the development of a new 3 lakh sq. ft. warehousing facility, thereby expanding its overall warehousing footprint to 5 lakh sq. ft. in Nashik, Maharashtra. This will be the largest warehousing space offered by any service provider in Nashik. The new facility is scheduled to become operational by the end of Q3 2024. – positive
· GMR Airports Company increases stake from Malaysia Airports Holdings Berhad in GMR Hyderabad International Airport by 11%. This Post these acquisitions, GAL shareholding in GHIAL now stands increased from 63% to 74%.- positive
· Protean eGov Technologies – Company has received Work Order from Central Registry of Securitisation Asset Reconstruction and Security Interest of India for the amount of Rs16cr.
· Oriental Rail Infrastructure – Company has secured order worth Rs 55.8cr for Manufacture and Supply of 122 (Two Rake) BOXNHL Wagons and 02 Brake Vans from THDC India Limited under the ownership of NTPC – Positive
· Indsin Hydro Power - Company has restarted the operations of Unit 2 of the Company situated at Garbham Village, Vizianagaram, Andhra Pradesh. – positive
· Ashoka Buildcon – Company has emerged as the Lowest Bidder (L-1) for the Project, the Bid Value of which is Rs.520cr for Six laning of Aurangabad to Bihar-Jharkhand Border - positive.
· Glenmark Pharmaceutical – Company signed a license agreement with Jiangsu Alphamab for KN035 (Envafolimab) License is for India, Asia Pacific, other regions.- positive
· Surya Roshni – Company wins Rs60.5cr order for supply of MS Pipes - positive
· Maruti – Company partners with J&K Bank for dealer financing – long term positive
· Titagarh Rail, Amber Gain Plan for Railway Coach Parts JV– Company and the Amber group will form an equal joint venture with investment of Rs120cr each to set up railway components business in India and invest in Italy’s Titagarh Firema.- positive
· Asahi India Glass Q3 Revenue grew 3.36% to Rs 1,043.6 crore, Ebitda fell 13.27% to Rs 163.4 crore, Ebitda Margin at 15.65% vs 18.66% (YoY), Net profit fell 24.59% to Rs 62.6 crore
· Swaraj Engines Q3 Results - Revenue rose 0.22% to Rs 279.55 crore, Ebitda fell 1% to Rs 32.76 crore, Margin fell 13 bps to 11.71% from 11.85% and Net profit rose 3.7% to Rs 24.1 crore
· DB Corp Q3 Revenue rose 13.94% to Rs 644.7 crore, Ebitda rose 101.25% to Rs 183.02 crore, Ebitda margin at 28.38% vs 6.07% (YoY) and Net profit rose 156.77% to Rs 123.97 crore
· LT Food Q3 net profit Rs151.2cr (up 59% YoY), Ebitda Rse238cr (up 43% YoY), Income Rs1942cr (up 95% YoY) and Ebitda margin at 12.3% vs 9.2% (YoY)
· Sterlite Tech Q3 net lossRs57cr vs profit Rs50cr, Ebitda Rse109cr (down 57% YoY), Income Rs1320cr (down 30% YoY) and order book Rs9850cr (down 6.4% QoQ)
· Elecon Engineering Q3 net profit Rs90.4cr (up 44% YoY), Ebitda Rse120.4cr (up 36% YoY), Income Rs473.5cr (up 22% YoY) and Ebitda margin at 25.4% vs 23.8% (YoY)
· HPCL reported lower than expected Q3 results. Company reported Q3 Net profit Rs529cr (up 207% YoY) – expectation Rs1220cr, Ebitda margin at 1.94% vs 1.9% (YoY) – expectation 3.3%, Ebitda Rs2163cr (up 4.4% YoY) – expectation Rs3140cr, Income Rs1.18tn cr (up 1.7% YoY) – expectation Rs95570cr dividend Rs15 a share.
· Balkrishna Industries reported lower than Bloomberg estimates Q3 results. Company reported Q3 Revenue up 5.02% at Rs 2,274.41 crore (Bloomberg estimate: Rs 2,357.1 crore). Ebitda up 100.74% at Rs 540.59 crore (Bloomberg estimate: Rs 590.6 crore). Ebitda Margin 23.76% vs 12.43% on YoY (Bloomberg estimate: 25.10%). Net profit up 181.96% at Rs 305.42 crore (Bloomberg estimate: Rs 332.9 crore).
· Vedant Fashion reported in line with expected Q3 results. Company reported Q3 Revenue at up 14.5% Rs 474.5 crore – expectation Rs506cr. Ebitda at Rs 242.1 crore (up 23% YoY) – expectation Rs262.2cr, Ebitda Margin at 51.02% vs 47.65% (YoY) – expectation 51.8% and Net profit up 4.85% at Rs 157.7 crore – expectation Rs174.3cr.
· Yes Bank Q3 Results Update - Net profit rose 345% (YoY) to Rs 231.5 crore. NIM - Net interest income grew 2.3% (YoY) to Rs 2,017cr, GNPA at 2% vs 2% (QoQ), Net NPA: 0.9% vs 0.9% (QoQ), Total provisions for the bank dropped 34% YoY to Rs 555 crore. Net advances for the lender rose 12% YoY to Rs 2.17 lakh crore. Total deposits were up 13% from last year to Rs 2.42 lakh crore.
· Macrotech Developers reported Ebitda and Ebitda margin ahead of expectation. Company reported Q3 Revenue up 65% (YoY) to Rs 2,930 crore. - estimate: Rs 2,806.7cr, Ebitda rose 54.7% (YoY)to Rs 882 crore. (estimate: Rs 678.9cr), Ebitda margin at 30% vs 22.7% (YoY) - estimate: 24.2%, Net profit up 25% (YoY)at Rs 505cr - estimate: Rs563.4cr, Pre-sales rose 12% on-year to Rs 3,410cr, Collection was down 3% to Rs 2,590 crore compared to corresponding period.
· IGL reported lower than expected Q3 results. Company reported Q3 Net profit Rs392cr (up 41% YoY) – expectation Rs457.6cr, Ebitda Rs564cr (up 32% YoY) – expectation Rs665cr, Income Rs3930cr (down 3.9% YoY) – expectation Rs3362.6cr and Ebitda margin at 15.8% vs 19% (YoY)
· Equitas Small Finance Bank reported poor Q3 results. Company Q3 Net profit Rs202cr (up 19% YoY), operating profit Rs360cr (up 29% YoY), GNPA at 2.53% vs 2.27% (QoQ), NPA 1.13% vs 0.97% (QoQ) and Interest Income Rs1430cr (up 35% YoY)
· ACC reported strong Q3 results. Company reported Q3 Income Rs4918.3cr (up 8.4% YoY%) – expectation Rs4520cr, Net profit Rs527cr vs loss Rs80cr – expectation Rs390cr, Ebitda margin at 18.4% vs 8.3% (YoY) – expectation 14.9% and Ebitda Rs903cr vs Rs20cr (YoY)- expectation Rs680cr
· PNB reported impressive Q3 results. Company reported Q3 Rs10293cr (up 12.1% YoY) – expectation Rs10090cr NPA 6.24% vs 6.28% (QoQ) – Expectation 6.2%, NPA 0.96% vs 1.46% (QoQ) – expectation 1.2%, provision Rs2740cr (down 20% QoQ) – expectation Rs2910cr, Operating profit Rs6330cr (up 11% YoY) – expectation Rs6450cr and Net profit Rs2222.8cr – expectation Rs1860cr
· SBI Life Q3 Net profit Rs321cr (up 5.6% YoY), Total APE Rs6130cr (up 13% YoY), value of new business Rs1680cr (up 11.3% YoY), value of New Business Margin at 24.4%, Net premium Rs22320cr (up 16% YoY), single Premium Rs4060cr (up 20% YoY)
· Syngyne International Q3 Net profit Rs111cr (up 1.6% YoY), Ebitda margin at 27.1% vs 30.4% (YoY), Ebitda flat at Rs230 and Income Rs853.5cr (up 8.6% YoY),
· SBI Life Insurance): Absolute VNB above estimates, margins contract 40bp YoY. Company reported Q3 Net premium income grew 16% YoY to Rs22300cr (12% above our estimates). Net profit Rs320cr (up 6% YoY) – expectation Rs400cr. Renewal premium grew 17% YoY to Rs12700cr (9% beat). Total new business APE grew 13% YoY (22% above our estimate) to Rs6130cr. AUMs grew 24% YoY to Rs3.71t
· JSW Steel reported better than expected Ebitda . Revenue rose 7.2% to Rs 41,940 crore (estimate: Rs 44100cr), Ebitda rose 57.9% to Rs7,180 crore (estimate: Rs 6600cr), Ebitda margin expanded 550 bps to 17.11% vs 11.61% and Net profit up 417% at Rs 2,450 crore (estimate: Rs2,110 crore).
· APL Apollo Tubes QFY24 reported in-line with estimates. Company reported Q3 revenue declined 3%% YoY to Rs4180cr – Expectation Rs4230.8cr. EBITDA margins 6.7% vs 6.30% (YoY) – expectation 6.6%. EBITDA grew 2% YoY to Rs280cr – expectation Rs279. EBITDA/MT stood at Rs4,631 (up 3% YoY, down 4% QoQ).PAT declined 2% (YoY) to Rs165cr – expectation Rs169cr.
· Vedanta reported better than expected Ebitda and ebitda margin. Company reported Q3 Revenue up 4.2% (YoY) at Rs 35,541 crore (estimate: Rs 33,700 crore). Ebitda up 20.7% (YoY) at Rs 8,531 crore (Estimates Rs6670 crore). Ebitda margin at 24.00% vs 20.72% (YoY) - estimate: 19.8%. Net profit down 7.2% at Rs 2,868 crore – Expectation Rs1000cr
· Tata Tech Q3 Revenue up 1.6% (QoQ) at Rs 1,289.45 crore. EBIT up 11.3% (QoQ) at Rs 209.4 crore. EBIT margin at 16.23%. Net profit up 6.1% (QoQ) at Rs 170.22 crore.
· Adani Power Q3 Revenue rose 67.3% (YoY) to Rs 12,991.4 crore. Ebitda grew threefold to Rs 4,645.3 crore from Rs 1,469.7 crore. Ebitda margin at 35.75% vs 18.92% (YoY) and Net profit Rs2738cr vs Rs8.8cr (YoY).
· SBI Card Q3 Net profit Rs549.1cr (up 7.8% YoY) - Bloomberg Expectaion, Other income Rs119.90cr (up 20.1% YoY) and Income Rs4714.6cr (up 29.7% YoY)
· Syngyne International Q3 Net profit Rs111cr (up 1.6% YoY), Ebitda margin at 27.1% vs 30.4% (YoY), Ebitda flat at Rs230 and Income Rs853.5cr (up 8.6% YoY),
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Asia-Pacific markets mostly rose early Monday ahead of a slew of GDP and inflation numbers due out from the region this week.
* Investors will also be watching the U.S. Federal Reserve’s first rate decision of 2024, set to be released Wednesday stateside.
* Australia, S&P/ASX 200
traded close to the flatline.
* Nikkei 225 rebounded from Friday’s losses and rose 0.46%, while the broad based Topix climbed nearly 1%.
* Kospi was up 0.47%, and the small-cap Kosdaq slipped 0.16%.
* Futures for Hang Seng pointing to a stronger open.

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