Budget 2023 Stock Market Live: Sensex, Nifty End Mixed As Investors Digest Budget Speech; FPIs Turned Buyer

Foreign investors turned net buyers of Indian stocks on wednesday, ending a 7-day selling streak.

Foreign portfolio investors bought up equities worth Rs 1,785.21 crore, according to data from the National Stock Exchange.

Domestic institutional investors remained net buyers for the eight day in a row, buying stocks worth Rs 529.47 crore.

Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 39,679.48crore of Indian stocks so far in 2023.

The local currency was largely flat at 81.94 rupees at close against the greenback on Wednesday. It closed at 81.92 on Tuesday.

Source: Bloomberg

The yield on the 10-year bond closed lower by 6 bps at 7.28% on Wednesday. It closed at 7.34% on Tuesday.

Source: Bloomberg

The Indian benchmark indices ended mixed after a volatile session on Wednesday as the Finance Minister Nirmala Sitharaman delivered the Budget 2023 in the parliament today.

European markets were mixed and the U.S. equity futures slipped as investors expect key economic data, company earnings and the outcome of Federal Reserve policy meeting.

The S&P BSE Sensex closed up 158 points or 0.27% at 59,708.08 while the NSE Nifty 50 was 46 points or 0.26% lower at 17,616.30.

ITC Bank Ltd., Tata Steel Ltd., ICICI Bank Ltd., JSW Steel Ltd. and Britannia Industries Ltd. were the top gainers in the gauge.

Whereas, Adani Enterprises Ltd., Adani Ports And SEZ Ltd., HDFC Life Insurance Co., SBI Life Insurance Co. and Bajaj Finserv Ltd. and were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices traded lower; S&P BSE MidCap was down 0.96%, whereas S&P BSE SmallCap was lower by 1.10%.

Fifteen out of the 19 sectors compiled by BSE declined, while four advancedin trade.

The market breadth was skewed in favour of the bears. About 1,279 rose, 2,262 declined and 108 remained unchanged on the BSE.

Shares of ICICI Bank gained 2.45% after mutiple large trades.

At least 7.18 lakh shares changed hands in atleast four bunched trades, according to Bloomberg.

Source: Bloomberg

Jubilant FoodWorks shares declined after the company posted a 38.9% fall in net profit for the third quarter ended December.

The scrip went down 6.56% to Rs 454.9, with volumes 3.9 times the 30-day average. The relative strength index stood at 24, suggesting that the stock might be oversold.

Of the 31 analysts tracking the company, 19 maintained 'buy', seven recommended 'hold', while five suggested 'sell'. The 12-month consensus price target implied an upside of 38.8%.

Jubilant FoodWorks Q3 (Standalone, QoQ)

• Revenue from operations up 2.33% to Rs 13,166 crore [Bloomberg Estimate: Rs 13,250.6 crore]

• Net profit down 38.9% to Rs 8,857.45 crore

• Ebitda down 8.1% at Rs 2,960.13 [Bloomberg Estimate: Rs 2,438 crore]

• Ebitda margin 22.23% vs 24.76%

Source: Exchange filing

Shares of Adani Enterprises plunged 30% and hit lower circuit on Wednesday.

The scrip plunged 30% lower circuit at Rs 2,081.75, while trading 2.9 times its 30-day average volume.

The realtive strength index stood at 16, suggesting that the stock may be oversold.

Of the two analysts tracking the stock, one maintained 'buy' and the other recommended 'hold'. The retuen potential of the stock is 68.7%.

Meanwhile, Adani Ports clocked 25% lower circuit at Rs 459.5.

Total traded volume was 3.5 times the 30-day average. The relative strength index is 10, suggesting it might be oversold.

Of the 21 analysts tracking the stock, 20 suggested 'buy', and one recommended 'hold'. Meanwhile, none suggested a 'sell'. The average of the 12-month consensus price target implied an upside of 100.2%.

Source: Bloomberg

• Total sales rose 3% to 2,75,115 units.

• Two-wheeler sales rose 4% to 2,64,710 units.

• Two-wheeler exports declined 44% to 48,239 units.

• TVS iQube electric scooter registered sales of over 10,000 units for third month in a row.

Source: Exchange Filing

Shares of HDFC Life Insurance Co. declined 11.33% to Rs 513.25 apiece in trade on Wednesday.

The stock fell as much as 12.34% intraday, the most in 52-weeks at Rs 507.4. Total traded volume stood at 5.6 times its 30-day average. The relative strength index at 20 implies that the stock maybe oversold.

Out of the 31 analysts tracking the company, 29 maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 38.8% over the next 12 months.

Source: Bloomberg

Shares of insurance companies declined in trade as the govt revised the income tax slabs during the Union Budget 2023. This impacts the companies as the taxpayer may move away from tax saving policies and schemes with higher premiums.

The government also said that they are making 'New Tax Regime' as default tax regime, but citizens can still avail of benefits under 'Old Tax Regime'.

New Tax Regime

• Under new tax regime, tax on income of Rs 0-3 lakh is nil.

• Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%.

• Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%.

• Income of above Rs 9 lakh and up to Rs 12 lakh to be taxed at 15%.

• Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%.

• Income above Rs 15 lakh to be taxed at Rs 30%.

• To introduce standard deduction for salaried tax payers under new tax regime.

• To reduce the highest surcharge rate from 37% to 25% in new tax regime.

HDFC Life Insurance Co., SBI Life Insurance Co., LIC India and ICICI Prudential Life Insurance declined over 4% in trade.

Source: Finance Ministry, Bloomberg

• Shares of Adani group companies plunged in trade after the announcement of the Union Budget 2023.

• All Adani stocks declined with Adani Total Gas Ltd., Adani Transmission Ltd., Adani Power Ltd. declined more than 5% in trade.

Source: Bloomberg

• Passenger vehicle sales rose 65% to 33,040 units.

• Medium duty light commercial vehicle dispatches rose 3% to 18,101 units.

• Three-wheeler sales more than doubled to 6,562 units.

• Tractor dispatches rose 28% to 28,926 units.

Source: Exchange Filing

• Nominal GDP growth expected in 2023-24: 10.5%

• Growth in Gross Tax Revenue in FY24: 10.44%

• GST target for 2023-24: up 11.95% to Rs 9.6 lakh crore

• Fiscal Deficit in FY24: 5.9%

• Capex for 2023-24: Rs 10 lakh crore

• Gross Market Borrowings in FY24 at Rs 15.43 lakh crore

• Divestment Target for 2023-24: Rs 51,000 crore

• Total subsidy for 2023-24: Rs 3.74 lakh crore

• Food subsidy for FY24 was Rs 1.97 lakh crore

• Allocation for MNREGA in 2023-24: : Rs 60,000 crore

• Total sales rose 10% to 79,681 units.

• Commercial vehicle dispatches fell 7% to 32,780 units.

• Total passenger vehicles sales rose 18% to 48,289 units.

Source: Exchange Filing

• Total sales rose 12% to 1,72,535 units.

• Sales in mini and compact segment rose 10.2% to 99,286 units.

• Utility vehicle sales jumped 33% to 35,353 units.

• Exports fell 3% to 17,393 units.

Source: Exchange Filing

The yield on the 10-year bond declined to 7.30%, as of 12:40 pm after spiking nearly 10 bps to 7.40% intraday during the budget announcement.

Source: Bloomberg

• Interstate transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh to be constructed with outlay of Rs 20,700 crore including Centre's support of Rs 8,300 crore.

• This will benefit companies like Siemens India Ltd., Hitachi Green Energy Ltd., Genus Power Infrastructure Ltd. These stocks were trading higher after the announcement.

Source: Finance Ministry, Bloomberg

Indian benchmarks were trading higher led by financials, capital goods and metal stocks as Finance Minister presented the Union Budget 2023.

As of 12:29 p.m., Sensex gained 1.23% to 60,283.41, while the Nifty 50 rose 1.14% to trade at 17,862.65.

Of the 50 Nifty 50 stocks, ICICI Bank, Tata Steel, Larsen & Turbro, HDFC Bank, HDFC were the top gainers in the gauge.

Whereas, Adani Enterprises, Adani Ports and SEZ, Sun Pharmaceutical Industries, Coal India and UPL and were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices traded higher, outperforming their larger peers, with the S&P BSE MidCap surging 1.38% and the S&P BSE SmallCap rising 1.31% by afternoon session.

Seventeen out of the 20 sectors compiled by BSE Ltd. advanced, with Capital Goods gaining the most at 2.38%.

The market breadth was skewed in favour of the bulls. About 2,349 stocks rose, 1,051 declined, and 134 remained unchanged on the BSE.

The shares of Indian cigarettes maker ITC declined after the Finance Minister hiked the calamity duty on cigarettes by 16%.

The scrip tanked 6.26%. It was trading 2.8 times the 30-day average. The relative strength index stood at 52.

The Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2023, said the National Calamity Contingent Duty (NCCD) on specified cigarettes was last revised three years ago.

This is proposed to be revised upwards by about 16%, Sitharaman added.

"If it is only 16% increase in NCCD for cigarettes, then overall impact negligible. Will need only low single digit hike of around 2% to 3% which is not much of issue," said Abneesh Roy of Nuvama Institutional Equities.

Nifty Realty index gained 1.02% after the Finance Minister set outlay of Rs 10,000 crore per year for Urban Infra Development Fund.

Urban Infra Development fund to be established for use of priority sector lending shortfall, Finance Minister Nirmala Sitharam announced during Budget.

Leading the Nifty Realty Index was Macrotech Developers, with 2.41% gains.

Brigade Enterprises, Sobha, Oberoio Realty, Phoenix Mills gained 2.14%, 1.64%, 1.61% and 1.06% respectively.

DLF rose 0.42%, while Indiabulls Real Estate and Sunteck Realty were the top laggards, logging declines of 0.48% and 4.31%, respectively.

Source: Finance Ministry, Bloomberg

Shares of green energy companies were mixed after Finance Minister announced Rs 35,000 crore for priority capital investment towards energy transition and net zero objectives and energy security.

Moreover, the minister highlighted India's aim to reach hydrogen production capacity of 5 MMT by 2030. The national hydrogen mission to have outlay of Rs 19,700 crore.

200 compressed biogas plants, including 75 in urban areas and 300 community-based plants will be set up with investment of Rs 10,000 crore.

Source: Finance Ministry, Bloomberg

Shares of transport and logistics companies were mixed after Finance Minister announced investment for transport infra projects.

Allcargo Logistics rose 3.99%, Snowman Logistics gained 1.38%, Mahindra Logistics gained 3.21%. While TCI Express and Aegis Logistics fell 3.46% and 3.28%, respectively.

The Finance Minister said that 100 critical transport infra projects for steel, ports, fertiliser, coal, foodgrain sectors have been identified with an investment of Rs75,000 crore including Rs 15,000 crore from private sources.

Source: Finance Ministry, Bloomberg

Railways stocks continued to trade higher as the Finance Minister, in Union Budget 2023, announced a capital outlay of Rs 2.40 lakh crore for railways in FY24.

Capex Highlights:

• Capital investment outlay to be raised by 33% to Rs 10 lakh crore in FY24.

• Capital investment outlay to be 3.3% of GDP in FY24.

• Effective capital expenditure of Centre at Rs 13.7 lakh in FY24.

• Capital outlay of Rs 2.40 lakh crore provided for railways in FY24.

Source: Finance Ministry, Bloomberg

Shares of fertiliser companies gained after the Finance Minister announced incentives for the agriculture sector.

Dhanuka Agritech gained 3.69%, Zuari Agro chemicals rose 1.59%, Chambal fertilisers gained 1.04%, Deepak Fertlisers rose 2.08%, Rallis India gained 1.41%.

Source: Bloomberg

Fast-moving consumer goods stocks were trading higher as the Finance Minster emphasised on incentives for the agriculture sector.

Nifty FMCG index was trading 0.32% higher.

The Finance Minister, while presenting Union Budget 2023, said:

• Agriculture accelerator fund will be setup to encourage start-ups in rural areas

• To launch Atmanirbhar clean plant program, to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore.

• Agriculture credit target set at Rs 20 lakh crore in FY24

• To launch sub scheme under PM Matsya Sampada Yojna with outlay of Rs 6,000 crore to further enable activities of fishermen.

• Have initiated computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore.

Source: Sansad TV, Bloomeberg

• Indian benchmark S&P BSE Sensex gained 1.05% to 60,175.31.

• NSE Nifty 50 gained 0.93% to 17,826.10.

Source: Bloomberg

Shares of hospitality companies like Indian Hotels Co., Lemon Tree Hotels Ltd., Chalet Hotel Ltd., TajGVK Hotels & Resorts Ltd., EIH Ltd. and Kamat Hotel advanced in trade.

Source: Bloomberg

• Railway stocks like IRCTC Ltd., Rail Vikas Nigam Ltd., Titagarh Wagons Ltd., Ircon International Ltd, Texmaco Rail and Engineering Ltd. and IRFC Ltd. advanced in trade.

• Finance Minister Nirmala Sitharaman will today present Budget 2023—the final full-fledged budget of the Narendra Modi government before the general election next year.

• She will begin her speech in Lok Sabha at 11:00 am. You can watch it on the BQ Prime website and catch all live updates here, or on any of our social media platforms, including here on YouTube.

Source: Bloomberg

Manufacturing PMI eases to 55.4 in January, from 57.8 in December.

Source: S&P Global

Shares of Tata Motors were trading mostly flat on Wednesday after TPG subscribed to some shares in the automaker's electric mobility unit.

TPG subscribed to 3.75 crore compulsorily convertible preference shares of the face value of Rs 1,000 each in Tata Passenger Electric Mobility for an aggregate consideration of Rs 37.50 crore as the second tranche of securities subscription agreement dated Oct. 12, 2021.

The scrip was trading 0.12% higher at Rs 452.65. Of the 34 analysts tracking the stock, 26 maintained 'buy', five recommended 'hold' and three suggested 'sell'. The return potential of the stock implies upside of 12.5% over the next 12 months.

The relative strength index stood at 70.

Source: Bloomberg

The shares of KPIT Technologies traded between gains and losses after it clocked better-than-expected results in the third quarter ended December.

The scrip, after opening 1.59% higher, pared gains and traded 1.95% lower. Total volume stood at 3.1 times the 30-day average.

The relative strenth index stood at 65. Of the 13 analysts tracking the stock, seven maintained 'buy', four analysts recommended 'hold', while two suggested 'sell'. The return potential of the stock is 1%.

KPIT Technologies Q3 FY23 (Consolidated, QoQ)

• Revenues up 23.13% at Rs 917.12 crore (Bloomberg estimate: Rs 894.52 crore)

• Ebit up 21.17% at Rs 158.66 crore (Bloomberg estimate: Rs 124.1 crore)

• Ebit margins at 17.3% vs 17.58% (Bloomberg estimate: 13.87%)

• Net profit up 20.38% at Rs 100.49 crore (Bloomberg estimate: Rs 96.27 crore)

• The board approved interim dividend of Rs 1.45 per share.

Source: Bloomberg, Exchange filing

Shares of Cholamandalam Investment and Finance Co. advanced 7.08% as of 10:02 am, to Rs 757 apiece in trade on Wednesday after the third-quarter net income and revenue beat analysts’ estimates.

Cholamandalam's net profit rose 31% to Rs 684 crore as compared to the same quarter of the previous financial year. The consensus analyst estimates pooled by Bloomberg pegged the net profit at Rs 589 crore for the given period.

Company's net interest income was 22% higher annually at Rs 1,832 crore in the said quarter of the ongoing fiscal. Additionally, the company's asset quality improved on a sequential basis in the third-quarter.

Cholamandalam Investment and Finance Co. Q3

• Net interest income up 22% at Rs 1,832 crore (YoY)

• Net profit up 31% at Rs 684 crore (YoY) [Bloomberg Estimates: Rs 589 crore]

• GNPA at 5.37% vs 5.84% (QoQ)

• NNPA at 3.76% vs 4.07% (QoQ)

The stock rose as much as 9.53% intraday, gaining the most in over seventeen months since Aug. 2, 2021.

Total traded volume stood at 13 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.

Out of the 35 analysts tracking the company, 27 maintain a 'buy' rating, five recommend a 'hold' and three suggest to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 8.8% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of Power Grid Corp of India gained at open after the company posted better-than-expected third quarter earnings.

The scrip jumped 3.85% to Rs 225 at open, with volume at 2.8 times the 30 day average. The relative strength index stood at 53.

Of the 23 analysts tracking the company, 17 maintained 'buy', five suggested 'hold' and only one analyst recommended 'sell'. The 12-month consensus price target implied a potential upsid of 12.1%.

Power Grid Corporation Q3 FY23 (Consolidated, YoY)

• Revenue up 8% at Rs 11,261.7 crore (Bloomberg estimate: Rs 10,946.4 crore)

• Ebitda up 9% at Rs 9,893.4 crore (Bloomberg estimate: Rs 9,036.4 crore)

• Ebitda margin 87.8% vs 87.3% (Bloomberg estimate: 82.6%)

• Net profit up 11% at Rs 3,645.3 crore (Bloomberg estimate: Rs 3,519.3 crore)

• The company declared an interim dividend of Rs 5 per share.

Source: Bloomberg, Exchange filing

• Total sales fell 21% to 2,85,995 units.

• Total two-wheeler sales fell 25% to 2,41,107 units.

• Domestic sales of two-wheeler rose 4%, exports fell 46%.

• Total commercial vehicle sales rose 12%.

Source: Exchange Filing

• Total sales rose 16.5% to 6,649 units.

• Domestic sales jumped 22.2% to 6.235 units.

• Exports fell 31.5% to 414 units.

Source: Exchange filing

Adani Enterprises shares traded volatile a day after the company's follow-on public offering was fully subscribed on the final day of the subscription. The scrip opened 0.71% higher before quickly falling 1.22%.

Among the other group stocks, Adani Total Gas Ltd., Adani Power Ltd., Adani Transmission Ltd., and Adani Enterprises Ltd. declined.

Only Adani Wilmar Ltd., Adani Green Energy Ltd. and Adani Ports and SEZ Ltd. advanced among the company stocks.

Source: Bloomberg

• Adani Ports completes acquisition of 49.38% stake in Indian Oiltanking.

• It also acquired additional 10% stake in its unit IOT Utkal Energy Services.

• Acquisition is well alighed with Adani Ports' strategy of becoming largest transport utility.

• It had inked agreement on Nov.9 to acquire stake in Indian Oiltanking for Rs 1,050 crore.

Source: Exchange filing

The Indian benchmark indices advanced at open on Wednesday after trading through volatility ahead of the announcement of the Union Budget 2023, this week.

Asian markets advanced after the U.S. shares ended January on a high note as signs of cooling inflation encouraged risk appetite ahead of the Federal Reserve’s Wednesday meeting.

Benchmarks in Australia and Japan rose while gauges in Hong Kong and mainland China fluctuated. Contracts for the S&P 500 fell after the index climbed 1.5% Tuesday. Nasdaq 100 futures also eased lower after the tech-heavy benchmark rallied 1.6% to cap its best month since July and strongest start to a year since 2001.

The S&P BSE Sensex opened up 451 points or 0.76% at 60,001.17 while the NSE Nifty 50 was 150 points or 0.85% higher at 17,811.60.

ICICI Bank Ltd., Britannia Industries Ltd., Power Grid of India Ltd., Divi's Laboratories Ltd. and JSW Steel Ltd. were the top gainers in the gauge.

Whereas, Adani Enterprises Ltd., BPCL Ltd., Coal India Ltd., ITC Ltd. and Sun Pharmaceutical Industries. and were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices traded higher, outperforming larger peers; S&P BSE MidCap was up 1.24%, whereas S&P BSE SmallCap was higher by 1.32%.

Eighteen out of the 20 sectors compiled by BSE advanced, while two declined in trade.

The market breadth was skewed in favour of the bulls. About 2,132 rose, 492 declined, 111 remained unchanged on the BSE.

Yield on the 10-year bond opened flat at 7.35% on Wednesday ahead of the Union Budget 2023.

Source: Bloomberg

The local currency strengthened against the greenback at open, higher by four paise to 81.78. It closed at 81.92 on Tuesday.

Source: Bloomberg

• U.S. Dollar Index at 102.1

• U.S. 10-year bond yield at 3.50%

• Brent crude down 0.48% to $84.49 per barrel

• Nymex crude at $79.18 per barrel

• SGX Nifty up 0.61% to 17,861 as of 7:32 a.m.

• Bitcoin up 0.72% to $23,116.88

• Polyplex: Sanjiv Sarita Consulting sold 2.60 lakh shares (0.83%), Utkarsh Trading & Holding bought 2.60 lakh shares (0.83%) at Rs 1,535 apiece

• JTL Industries: Singla Ashok bought 5 lakh shares (0.16%), Mohinder Pal sold 5 lakh shares (0.16%) at Rs 325 apiece.

• Axita Cotton: Nakshatra Tradelink sold 10.92 lakh shares (0.55%) at Rs 58.65 apiece.

Redington, Britannia Industries, Tata Chemicals, Raymond, Prism Johnson, Whirlpool of India, Alembic Pharma, Lakshmi Machine Works, Jubilant FoodWorks, Mahindra Logistics, Sundram Fasteners, Ajanta Pharma, Timken India, UTI Asset Management, MAS Financial Services, Ashok Leyland, IDFC, Hindustan Copper, Gillette India, ZF Commercial Vehicle Control Systems India

Coal India Q3 FY23 (Consolidated, YoY)

• Revenue up 24% at Rs 35,169.3 crore (Bloomberg estimate: Rs 33,187.3 crore)

• Ebitda up 52% at Rs 10,388.7 crore (Bloomberg estimate: Rs 9,546.3 crore)

• Ebitda margin 29.5% vs 24% (Bloomberg estimate: 28.80%)

• Net profit at Rs 7,755.6 crore (Bloomberg estimate: Rs 7,678.1 crore)

• The company declared an interim dividend of Rs 5.25 per share.

ACC Q3 FY23 (Consolidated, YoY)

• Revenue up 7% at Rs 4,536.9 crore (Bloomberg estimate: Rs 4,509.6 crore)

• Ebitda down 32% at Rs 379.1 crore (Bloomberg estimate: Rs 449 crore)

• Ebitda margin 8.4% vs 13.3% (Bloomberg estimate: 10%)

• Net profit down 60% at Rs 113.2 crore (Bloomberg estimate: Rs 149.4 crore)

Power Grid Corporation Q3 FY23 (Consolidated, YoY)

• Revenue up 8% at Rs 11,261.7 crore (Bloomberg estimate: Rs 10,946.4 crore)

• Ebitda up 9% at Rs 9,893.4 crore (Bloomberg estimate: Rs 9,036.4 crore)

• Ebitda margin 87.8% vs 87.3% (Bloomberg estimate: 82.6%)

• Net profit up 11% at Rs 3,645.3 crore (Bloomberg estimate: Rs 3,519.3 crore)

• The company declared an interim dividend of Rs 5 per share.

P&G Hygiene and Health Care Q3 FY23 (YoY)

• Revenue up 4% at Rs 1,134.2 crore

• Ebitda down 3% at Rs 287.3 crore

• Ebitda margin 25.3% vs 27%

• Net profit down 2% at Rs 207.5 crore

• The company has declared an interim dividend of Rs 80 per share.

KEC International Q3 FY23 (Consolidated, YoY)

• Revenues up 31% at Rs 4,374.6 crore (Bloomberg estimate: Rs 4,160.83 crore)

• Ebitda down 16.36% at Rs 199.8 crore (Bloomberg estimate: Rs 255.98 crore)

• Ebitda margin at 4.57% vs7.16% (Bloomberg estimate: 6.2%)

• Net profit down 81.2% at Rs 17.6 crore (Bloomberg estimate: Rs 80.18 crore)

KPIT Technologies Q3 FY23 (Consolidated, QoQ)

• Revenues up 23.13% at Rs 917.12 crore (Bloomberg estimate: Rs 894.52 crore)

• Ebit up 21.17% at Rs 158.66 crore (Bloomberg estimate: Rs 124.1 crore)

• Ebit margins at 17.3% vs 17.58% (Bloomberg estimate: 13.87%)

• Net profit up 20.38% at Rs 100.49 crore (Bloomberg estimate: Rs 96.27 crore)

• The board approved interim dividend of Rs 1.45 per share.

RailTel Corporation Of India Q3 FY23 (Consolidated, YoY)

• Revenues up 8.77% at Rs 454.32 crore

• Ebitda up 4.98% at Rs 74.37 crore

• Ebitda margin at 16.37% vs 16.96%

• Net profit down 51.6% at Rs 31.95 crore

• The company declared interim dividend of Rs 1.50 per share.

Great Eastern Shipping Co. Q3 FY23 (Consolidated, QoQ)

• Revenue down 1.83% at Rs 1,421.03 crore

• Ebitda up 0.43% at Rs 796.41 crore

• Ebitda margin at 56.04% vs 54.79%

• Net profit down 18.42% at Rs 627.2 crore

• The company declared an interim dividend of Rs 7.20 per share.

Cholamandalam Investment and Finance Co. Q3 FY23

• Net interest income up 22% at Rs 1,832 crore (YoY)

• Net profit up 31% at Rs 684 crore (YoY)

• GNPA at 5.37% vs 5.84% (QoQ)

• NNPA at 3.76% vs 4.07% (QoQ)

• The company declared an interim dividend of Rs 1.30 per share. The board also approved issue of NCDs to raise up to Rs 5,000 crore.

Indian Hotels Co. Q3 FY23 (Consolidated, QoQ)

• Revenues up 36.77% at Rs 1,685.8 crore (Bloomberg estimate: Rs 1,561.11 crore)

• Ebitda up 103.15% at Rs 597.21 crore (Bloomberg estimate: Rs 509.34 crore)

• Ebitda margin at 35.43% vs 23.85% (Bloomberg estimate: 32.6%)

• Net profit up 214.83% at Rs 382.71 crore (Bloomberg estimate: Rs 280.29 crore)

Jindal Steel & Power Q3 FY23 (Consolidated, YoY)

• Revenues down 0.58% at Rs 12,452.44 crore (Bloomberg estimate: Rs 13,105.93 crore)

• Ebitda down 28.18% at Rs 2,377.49 crore (Bloomberg estimate: Rs 2,227.33 crore)

• Ebitda margin at 19.09% vs 26.43% (Bloomberg estimate: 17%)

• Net profit down 67.92% at Rs 518.67 crore (Bloomberg estimate: Rs 1003.99 crore)

Blue Star Q3 FY23 (Consolidated, YoY)

• Revenues up 18.72% at Rs 1,788.2 crore (Bloomberg estimate: Rs 1,692.03 crore)

• Ebitda up 15.59% at Rs 104.71 crore (Bloomberg estimate: Rs 108.33 crore)

• Ebitda margin at 5.86% vs 6.01% (Bloomberg estimate: 6.4%)

• Net profit up 22.97% at Rs 58.41 crore (Bloomberg estimate: Rs 57.14 crore)

• Adani Enterprises: The Rs 20,000-crore FPO floated by the company was subscribed 1.12 times on its closing, with most of the demand coming from HNIs. The non-institutional investor portion was subscribed 3.32 times, while the QIB portion received bids 1.26 times its size. Retail investors bid for 12% of the portion reserved for them, while the employee portion was subscribed 55%.

• Adani Ports and Special Economic Zone: The Israel government handed over the Haifa port to the joint venture formed by the company and its local partner Gadot Group.

• Adani Power: The company and AdaniConnex mutually agreed to extend the validity of MoU for sale of Support Properties to the latter by March 31, 2023. The sale was originally to be completed by January 2023.

• Reliance Industries: Reliance Consumer Products, the FMCG arm of Reliance Retail Ventures, announced a strategic partnership with Sri Lanka-based Maliban Biscuit Manufactories to strengthen its portfolio in the biscuit segment.

• Vodafone Idea: The board approved preferential issue of 1,600 optionally convertible debentures of Rs 10 lakh each to ATC Telecom Infrastructure.

• Tata Motors: TPG subscribed to 3.75 crore compulsorily convertible preference shares of the face value of Rs 1,000 each in Tata Passenger Electric Mobility for an aggregate consideration of Rs 37.50 crore as the second tranche of securities subscription agreement dated Oct. 12, 2021.

• Punjab National Bank: The state-run lender hiked lending rates by 10 basis points across tenures with effect from Feb. 1, 2023.

• India Infrastructure Finance Co.: The board approved raising Rs 2,500 crore via issuance of non-convertible debentures on private placement basis.

• Valiant Organics: The board allowed material subsidiary of the company Valiant Laboratories to raise funds via the IPO route.

• Syngene International: The company will sell its Hyderabad operations to wholly owned subsidiary Syngene Scientific Solutions under slump sale arrangement for Rs 400 crore.

• Confidence Petroleum India: The company received an order worth Rs 40 crore from Bharat Petroleum Corporation for supply of 200 CNG mobile and stationary cascades.

• Sterlite Technologies: The company will sell its telecom product software business via business transfer agreement by way of slump sale as a going concern to Skyvera through its Indian subsidiary for $15 million.

Asian markets gained after the U.S. shares ended January on a high note as signs of cooling inflation encouraged risk appetite ahead of the Federal Reserve’s Wednesday meeting. Investors in India await the announcement of the Union Budget 2023, later today.

Japanese, Australian and Hong Kong equity benchmarks advanced. The S&P 500 rose 1.5% to close out its best month since October. The tech-heavy Nasdaq 100 index rallied 1.6% for its best month since July and strongest start to a year since 2001.

At 7:32 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.71% at 17,861.

The yield on 10-year Treasury note declined one basis point to 3.5%. Crude price were trading below $85 per barrel. Bitcoin was above $23,100 level.

Overseas investors in Indian equities remained net sellers for the seventh day in a row on Tuesday. Foreign portfolio investors offloaded equities worth Rs 5,439.6 crore, while the domestic institutional investors mopped up stocks worth Rs 4,506.3, according to NSE data.

Adani Enterprises Ltd., a member of the Indian benchmarks, successfully raised $2.5 billion (Rs 20,000 crore) in a closely watched follow-on equity sale Tuesday. The transaction provides some relief for Gautam Adani after allegations by short seller Hindenburg Research.

Rupee snapped its three-day rally against the U.S. dollar after the Economic Survey highlighted that the domestic currency might remain under pressure due to widening fiscal deficit resulting from headwinds on the exports front.

Finance Minister Nirmala Sitharaman will today present Budget 2023—the final full-fledged budget of the Narendra Modi government before the general election next year.

She will begin her speech in Lok Sabha at 11:00 am. You can watch it on the BQ Prime website and catch all live updates here, or on any of our social media platforms, including here on YouTube.