Stock Market Today: Sensex, Nifty Close Higher As Investors Eye Budget To Reignite Rally
The S&P BSE Sensex closed down 50 points or 0.08% at 59,549.90 while the NSE Nifty 50 was 13 points or 0.07% lower at 17,662.15.
KEY HIGHLIGHTS
FPIs Remain Net Sellers
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, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 4,506.3 for the seventh day in a row, according to NSE data.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 41,464.69 crore worth of Indian stocks so far in 2023.
Rupee Weakens Against The U.S. Dollar
The local currency sharply weakened by 42 paise to 81.92 rupees at close against the greenback on Tuesday. It closed at 81.50 on Monday.
Source: Bloomberg
Yield On The 10-Year Declines Ahead Of Budget
The yield on the 10-year bond closed lower by 5 bps at 7.35% on Tuesday ahead of the Union Budget 2023.
Source: Bloomberg
Closing Bell
The Indian benchmark indices declined marginally at close after trading flat through volatility on Tuesday ahead of the Union Budget 2023.
Asian markets ended lower, whereas, the stocks in Europe slipped as investors digested a flurry of mixed corporate earnings and economic data while positioning for rate increases from the Federal Reserve and European Central Bank later this week.
The S&P BSE Sensex closed down 50 points or 0.08% at 59,549.90 while the NSE Nifty 50 was 13 points or 0.07% lower at 17,662.15.
State Bank of India, Mahindra and Mahindra Ltd., Power Grid of India Ltd., UltraTech Cement Ltd. and Adani Ports and SEZ Ltd. were the top gainers in the gauge.
Whereas, Bajaj Finance Ltd., TCS Ltd., Tech Mahindra Ltd., Britannia Industries Ltd. and HDFC Life Insurance Co. 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 1.47%, whereas S&P BSE SmallCap was higher by 2.21%.
Sixteen out of the 20 sectors compiled by BSE advanced, while four declined in trade.
The market breadth was skewed in favour of the bulls. About 2,439 rose, 1,057 declined, 129 remained unchanged on the BSE.
Auto Stocks Advance
Shares of automotive and automotive ancillary companies advanced in trade on Tuesday ahead of the January monthly sales data.
The NSE Auto Index was up 2.09% in trade. Fourteen out of the 15 constituents compiled by the gauge advanced, while Bajaj Auto Ltd. declined.
Samvardhana Motherson International Ltd., Mahindra and Mahindra Ltd., Bosch Ltd., Ashok Leyland Ltd., Balkrishna Industries Ltd., Tata Motors Ltd., Eicher Motors Ltd., Hero MotoCorp Ltd. and Sona BLW Precision Forgings Ltd. advanced more than 2% in trade.
Source: NSE
Adani Enterprise FPO Fully Subscribed
Adani Enterprise FPO fully subscribed at 1.03x.
QIBs portion subscribed 0.97x and NII portion subscribed 2.19x.
Retail portion subscribed 0.09x .
FPO closes on Jan. 31.
Source: Brokers to the issue
Rupee Weakens To 82-Levels Against The U.S. Dollar
The local currency weakened 54 paise to 82.03 rupees against the greenback on Tuesday
Rupee fell to these levels for the first time since Jan. 10.
Source: Bloomberg
Adani Enterprises FPO Sees Demand Of Over 1.25 Times Total Issue Size
The FPO sees demand of over 1.25x total issue size.
QIB and NII portion fully subscribed.
Sources: People close to the issue
Godrej Consumer Products Q3 (Consolidated Figures, YoY)
Revenue up 8.3% at Rs 3598.92 crore Vs Rs 3320.58 crore
Net profit up 3.55% to Rs 546.34 crore Vs Rs 527.6 crore
EBITDA up 5.9% to Rs 726.64 crore Vs Rs 685.98 crore
Margins at 20.2% Vs 20.7%
Source: BSE Filing
Sun Pharmaceutical Industries Q3 (Consolidated, YoY)
Revenue up 14% at Rs 11,241 crore Vs Rs 9,863 crore (BBG estimate: Rs 11,101 crore)
Net profit up 5% to Rs 2,166 crore Vs Rs 2,059 crore (BBG estimate: Rs 2,082 crore Profit)
EBITDA up 15% to Rs 3,007 crore from Rs 2,617 crore (BBG estimate: Rs 2,945 crore Profit)
Margins at 26.7% Vs 26.5% (BBG estimate: 26.5%)
Source: Exchange filing
European Markets Open Lower
Adani Enterprises FPO Subscribed 40%
The FPO was subscribed 40% or 0.40 times, as of 1:18 p.m. on Jan. 31.
Institutional investors: 0.68 times.
Non-institutional investors: 0.81 times.
Retail investors: 0.08 times.
Employees: 0.37 times.
Bharat Electronics Surges After Large Trade
Shares of Bharat Electronics were trading 7.64% higher following a large trade.
As per Bloomberg, at least 10.1 lakh equity shares changed hands in at least one bunched trade.
The scrip was trading 4.4 times the 30-day average. The relative strength index is 41.7.
Of the 32 analysts tracking the stock, 28 analysts suggested 'buy', two analysts maintained 'hold' and two recommended 'sell'. The return potential of the stock implies an upside of 29.1% for the next 12 months.
Source: Bloomberg
Finance Minister Nirmala Sitharaman Tables Economic Survey For 2022-2023
Finance Minister Nirmala Sitharaman tables Economic Survey 2022-2023 in Parliament.
Source: Sansad TV
Lupin Receives Tentative Approval from U.S. FDA for DETAF Tablets
Lupin received a tentative approval from the U.S. drug regulator for DETAF Tablets.
DETAF stands for Dolutegravir, Emtricitabine and Tenofovir Alafenamide. This falls under the U.S. President's Emergency Plan for AIDS Relief.
The drug maker will produce the product at its Nagpur facility in India.
DETAF will also be a new addition in the management of HIV infection. It will also be available for supplies to low- & middle-income countries.
The scrip was trading 0.27% higher.
Source: Bloomberg, Exchange Filing
Adani Enterprises FPO Subscribed 29%
The FPO was subscribed 29% or 0.29 times, as of 12:30 p.m. on Jan. 31.
Institutional investors: 0.49 times.
Non-institutional investors: 0.55 times.
Retail investors: 0.07 times.
Employees: 0.28 times.
Mahesh Nandurkar Shares Markets' Expectations From Budget 2023
Stocks In Focus | Tech Mahindra, Britannia, BPCL & More
Greenpanel Industries Reverse Losses After Q3 Earnings Miss Estimates
Shares of Greenpanel Industries were trading in green after falling as much as 7.9% following its weaker-than-expected Q3 profit.
The scrip pared losses and gained 3.5% so far in the day.
Source: Bloomberg
Midday Market Update
The Indian benchmark indices rose marginally at open and declined amid volatility through midday on Tuesday.
Adani group stocks were mixed in trade with Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Adani Transmission Ltd., ACC Ltd. and Ambuja Cements Ltd. gaining, while other stocks declining.
Asian markets along with the U.S. and European equity futures fell as investors positioned for interest-rate hikes this week from the Federal Reserve and the European Central Bank.
As of 12:01 p.m., S&P BSE Sensex was down 66 points or 0.11% at 59,435.03 while the NSE Nifty 50 was 14 points or 0.08% lower at 17,634.85.
Power Grid Corp of India Ltd., Adani Enterprises Ltd., State Bank of India, BPCL Ltd. and JSW Steel Ltd. were the top gainers in the gauge.
Whereas, Tech Mahindra Ltd., Britannia Industries Ltd., Bajaj Finance Ltd., HDFC Life Insurance Co. and TCS Ltd. 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 1.16%, whereas S&P BSE SmallCap was higher by 1.55%.
Fourteen out of the 20 sectors compiled by BSE advanced, while six declined in trade.
The market breadth was skewed in favour of the bulls. About 2,258 rose, 1,061 declined, 134 remained unchanged on the BSE.
Adani Enterprises FPO Subscribed 20%
The FPO was subscribed 20% or 0.20 times, as of 11:30 a.m. on Jan. 31.
Institutional investors: 0.49 times.
Non-institutional investors: 0.17 times.
Retail investors: 0.06 times.
Employees: 0.22 times.
Tata Power Rises In Trade
Shares of Tata Power Ltd. rose 3.67% to Rs 211.85 apiece in trade on Tuesday.
The stock gained as much as 3.87% intraday, the most in over five weeks since Dec. 26, 2022.
Total traded volume stood at 1.9 times its 30-day average.
Out of the 23 analysts tracking the company, 11 maintain a 'buy' rating, three recommend a 'hold' and nine suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 8.7% over the next 12 months.
Source: Bloomberg, Exchange filing
Indian Hotels Company Advances In Trade
Indian Hotels Company shares gained after large trade on Tuesday.
As per Bloomberg, at least 15.3 lakh shares changed hands in at least one bunched trade.
The scrip gained 3.11% to trade at Rs 300.35, with volume at 8.3 times the 30 day average.
Of the 17 analysts tracking the stock, 13 maintained a 'buy', three analysts suggested 'hold', while one recommended a 'sell'. The average of the consensus price target indicated a potential upside of 18.7% over the next 12 months.
Source: Bloomberg
ONGC Rises After Large Trade
Shares of ONGC Ltd. rose 0.66% to Rs 145.85 apiece in trade on Tuesday after a million shares changed hands in a bunched trade.
The stock gained as much as 2.07% intraday, the most in over four weeks since Jan. 2, 2023.
Total traded volume stood at 1.9 times its 30-day average.
Out of the 28 analysts tracking the company, 20 maintain a 'buy' rating, four recommend a 'hold' and four suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 20% over the next 12 months.
Source: Bloomberg, Exchange filing
SRF Up As Board Approves Capex Proposal
Shares of SRF gained on Tuesday after its board approved capital expenditure proposal.
The board approved a project to produce specialty fluoropolymers at a cost of Rs 595 crore. It also agreed to set up facility with capacity 300 MT per annum for Rs 110 crore.
Both the projects will be financed through a mix of debt and internal accruals.
The stock was trading 1.39% higher, with volumes at 6.6 times the 30-day average.
Of the 30 analysts tracking the stock, 24 recommended 'buy', four suggested a 'hold' and two analysts maintained 'sell'. The average of 12-month consensus price target implies a potential upside of 26.1%.
Source: Bloomberg, Exchange filing
KEC International Rises After Bagging Orders Worth Rs 1,131-Crore
KEC International shares gained after the company bagged new orders worth Rs. 1,131 crore across various businesses.
The infrastructure company received orders for its transmission and distribution, civil and cables businesses.
The stock gained as much as 2.43% during early trade. It is now trading 0.96% higher. The scrip was trading 1.6 times the 30-day average so far in the day. The relative strength index is 43.
Of the 26 analysts tracking the stock, 19 maintained 'buy', five analysts recommended 'hold' and two suggested 'sell'. The return potential is 5% over the next 12 months.
Source: Bloomberg, Exchange filing
Kansai Nerolac Paints Up As Company Decides To Sell Land In Thane
Shares of Kansai Nerolac Paints rose after the company said it will sell its land at Thane to Shoden Developers for Rs 655 crore.
The land area is 96,180 square metres, it said in a stock exchange filing. Shoden Developers is a group company of House of Hiranandani.
The scrip gained as much as 3.9%. Total traded quantity stood at 6.8 times the 30-day average. The relative strength index was 48.5.
Of the 20 analysts tracking the stock, 10 maintained 'buy', four recommended a 'hold' and six recommended 'sell'. The average of the 12-month price consensus implied a potential upside of 22.7%
Source: Bloomberg, Exchange filing
IRCTC Board To Consider Declaring Dividend On Feb. 9
IRCTC Ltd. board is scheduled to meet on Feb. 9, Thursday to consider and approve the unaudited financial result's of the company for the quarter and nine months ended on December 31, 2022.
The company will also consider declaration of Interim Dividend for the financial year 2022-23.
Source: Exchange filing
Adani FPO Subscription Details: Day 3
The FPO was subscribed 6% or 0.06 times, as of 10:06 a.m. on Jan. 31.
Institutional investors: 0 times.
Non-institutional investors: 0.17 times.
Retail investors: 0.05 times.
Employees: 0.16 times.
PNB Advances As It Clarifies On Exposure To Adani Assets
Shares of Punjab National Bank gained after the lender's managing director and chief executive officer A.K. Goel said that all exposures to Adani Group companies are backed by cash flows and there is no exposure against shares.
The public sector lender has an exposure of Rs 7,000 crore to the conglomerate's companies.
The scrip gained 2.96% to trade at Rs 52.2 per share. The relative strength index stood at 39.
Of the 19 analysts tracking the stock, seven maintained 'buy', seven suggested a 'hold' and five recommended 'sell'. The average of the 12-month price consensus implies a downside of 3.7%.
Source: Bloomberg
Britannia Industries Declines In Trade
Shares of Britannia Industries Ltd. declined 2.24% to Rs 4,307.95 apiece in trade on Tuesday.
The stock fell as much as 2.31% intraday, the most in 14 weeks since Oct. 25, 2022.
Total traded volume stood at 1.9 times its 30-day average.
Out of the 40 analysts tracking the company, 25 maintain a 'buy' rating, 12 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 5.1% over the next 12 months.
Source: Bloomberg, Exchange filing
BPCL Jumps As Profit Beats Estimates
Shares of Bharat Petroleum Corp. gained the most in over two months after the oil marketing company beat profit estimates on better marketing and refining margins in Q3.
The stock gained as much as 4.9% to Rs 351.5 apiece. Of the 38 analysts tracking the company, 26 maintain 'buy', seven suggest 'hold' and five recommend 'sell'. The return potential of the stock implies a upside of 9%.
The government-owned oil company posted a net profit for the quarter ended December that was 37% lower year-on-year. However, the numbers were higher than the Rs 1,449.27 crore consensus estimates by analysts tracked by Bloomberg.
Earnings Highlights (YoY)
Revenue from operations for the quarter rose 253% to Rs 1.19 lakh crore as against the Rs 96,737 crore forecast.
Earnings before interest, tax, depreciation, and amortisation dropped 17.44% to Rs 4,212.57 crore, compared to estimates of Rs 3,552.13 crore.
Operating margins for the quarter declined 3.54% from 5.36% a year earlier.
Source: Bloomberg, Exchange filing
Greenpanel Industries Plunge 7% As Q3 Earnings Miss Estimates
Shares of Greenpanel Industries Ltd. declined 6.07% as of 09:43 am, to Rs 285.45 apiece in trade on Tuesday after the woodpanel manufacturer third-quarter earnings missed all analyst estimates.
Company's net profit was down 40.5% at Rs 37.5 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 433.8 crore for the given period.
Company's revenue was 1% lower annually at Rs 420.2 crore in the said quarter of the ongoing fiscal, missing the estimate of Rs 433.8 crore.
Additionally, the company's board of directors declared an interim dividend of Rs 1.50 per share, to be paid on or before March 1, 2023.
Greenpanel Industries Q3 FY23 (Consolidated, YoY)
Revenues down 1% at Rs 420.2 crore (Bloomberg estimates: Rs 433.8 crore)
Ebitda down 17.16% at Rs 92.1 crore (Bloomberg estimates: Rs 100.6 crore)
Ebitda margin at 21.9% vs 26.18% (Bloomberg estimates: 23.2%)
Net profit down 40.5% at Rs 37.5 crore (Bloomberg estimates: Rs 56.75 crore)
The board declared an interim dividend of Rs 1.50 per share, to be paid on or before March 1, 2023.
The stock declined as much as 7.86% intraday, falling the most in over four months since Sept. 27, 2022. Total traded volume stood at 13.7 times its 30-day average.
Out of the 14 analysts tracking the company, 12 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 82.9% over the next 12 months.
Source: Bloomberg, Exchange filing
Adani Stocks Mixed At Open
Adani Enterprises trades 3.01% higher at open, whereas, Adani Ports and SEZ was 0.5% higher.
Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Power, Adani Wilmar were trading lower.
ACC and Ambuja Cements were up by more than 2% in trade.
Source: Bloomberg
Sensex, Nifty Open Marginally Higher Amid Volatility
The Indian benchmark indices rose marginally at open on Tuesday after trading to volatility and closing higher on Monday.
Equities benchmarks for Hong Kong, mainland China and Japan fluctuated in Asia on Tuesday as investors positioned for interest-rate hikes this week from the Federal Reserve and the European Central Bank.
The S&P BSE Sensex opened up 21 points or 0.03% at 59,479.89 while the NSE Nifty 50 was 11 points or 0.06% higher at 17,660.20, as per exchanges..
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 8 paise to 81.58 at open on Tuesday. It closed at 81.50 on Monday.
Source: Bloomberg
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.40% on Tuesday.
Source: Bloomberg
Global Benchmark Provider FTSE Russell Issues Statement On Adani Group Companies
FTSE Russell says Adani index constituents within its indices will continue to remain eligible.
Company says it continues to monitor publicly available information on Adani group companies, in particular by the Indian regulatory authorities.
Source: FTSE statement
Godrej Properties Purchases 89-Acres Of Land In Khalapur, Maharashtra
Godrej Properties to develop a proposed residential project near Imagicaa Theme Park.
The land offers a development potential of approximately 1.9 million square feet.
The subject land is in close proximity to the Mumbai-Pune Expressway.
Source: Exchange filing
Piramal Enterprises Board Approves Raising NCDs Worth Rs 500-Crore
Piramal Enterprises Ltd. board approves raising Rs 500 crores of vis non-convertible debentures on a private placement basis.
Source: Exchange filing
Oil Prices Under Pressure: Beneficiaries In Focus | Trade Setup For Tuesday
Global Cues
U.S. Dollar Index at 102.14
U.S. 10-year bond yield at 3.54%
Brent crude up 0.33% to $85.18 per barrel
Nymex crude at $77.97 per barrel
SGX Nifty up 0.47% to 17,788.5 as of 8:18 a.m.
Bitcoin up 0.55% to $22,871.97
Pledge Shares Details
Emami: Promoter group Diwakar Finvest revoked a pledge of 2 lakh shares and created a pledge of 10.98 lakh shares, promoter Suraj Finvest revoked a pledge of 2.25 lakh shares between Jan 24-27.
Block Deal
Titan: Harita Trade & Services bought 1.78 lakh shares (0.02%) and Thirumala Kumara Balaji sold 1.78 lakh shares (0.02%) at Rs 2,331 apiece.
Polyplex: Promoter group Sanjiv Sarita Consulting sold 2.70 lakh shares (0.86%), promoter group Utkarsh Trading & Holding bought 2.70 lakh shares (0.86%) at Rs 1,505 apiece.
Bulk Deal
Varanium Cloud: Harshawardhan Hanmant Sabale bought 51,500 shares (0.51%) and Neighbourhood Investment sold 81,000 shares (0.80%) at Rs 1,249.3 apiece.
Results To Watch: Coal India, JSPL, Sun Pharma, ACC, & More
Coal India, Jindal Steel & Power, UPL, Star Health & Allied Insurance Company, Sun Pharmaceuticals, Power Grid Corporation of India, ACC, KEC International, Paradeep Phosphates, Godrej Consumer Products, Apar Industries, Blue Star, Indian Hotels, PCBL, Jubilant Ingrevia, Carborundum Universal, Tega Industries, Cholamandalam Investment & Finance Co., Century Textiles & Industries, KPIT Technologies, TTK Prestige, Westlife Foodworld, TCI Express, MOIL, Spandana Sphoorty Financial, Sunteck Realty, CE Info Systems, Indian Oil, NIIT, Procter & Gamble Hygiene, Max Financial Services, Welspun Enterprises, Shriram Finance, RailTel Corporation, Kaynes Technology India, JSW Holdings, GHCL, Great Eastern Shipping Co., Edelweiss Financial Services, BASF India
Earnings Fineprint: BPCL, L&T, Tech Mahindra & More
Bharat Petroleum Corporation Ltd. Q3 FY23 (Consolidated, YoY)
Revenues up 25.28% at Rs 1,19,169.5 crore (Bloomberg estimate: Rs 96,737 crore)
Ebitda down 17.44% at Rs 4,212.5 crore (Bloomberg estimate: Rs 3552.13 crore)
Ebitda margin at 3.54% vs 5.36% (Bloomberg estimate: 3.7%)
Net profit down 36.68% at Rs 1,747 crore (Bloomberg estimate: Rs 1,449.3 crore)
Larsen & Toubro Q3 FY23 (Consolidated, YoY)
Revenue up 17% at Rs 46,390 crore (Bloomberg estimate: Rs 45,850.5 crore)
Ebitda 12% at Rs 5,073.1 crore (Bloomberg estimate: Rs 5,329.1 crore)
Ebitda margin 11% vs 11.5% (Bloomberg estimate: 11.6%)
Net profit up 23% at Rs 3,065.9 crore (Bloomberg estimate: Rs 2,570.1 crore)
Tech Mahindra Q3 FY23 (Consolidated, QoQ)
Revenue up 4.61% at Rs 13,735 crore (Bloomberg estimate: Rs 13,523 crore)
Ebit up 12.13% at Rs 1,646 crore (Bloomberg estimate: Rs 1,707.9 crore)
Margin 11.98% vs 11.11% (Bloomberg estimate: 12.63%)
Net profit up 0.87% at Rs 1,297 crore (Bloomberg estimate: Rs 1,300 crore)
Mangalore Refinery & Petrochemicals Q3 FY23 (Consolidated, YoY)
Revenue up 30.06% at Rs 26,557.4 crore (Bloomberg estimate: Rs 23,100 crore)
Ebitda down 83.27% at Rs 287.3 crore
Ebitda margin at 1.08% vs 8.41%
Net loss of Rs 194.9 crore against profit of Rs 589.1 crore
Greenpanel Industries Q3 FY23 (Consolidated, YoY)
Revenues down 1% at Rs 420.2 crore (Bloomberg estimates: Rs 433.8 crore)
Ebitda down 17.16% at Rs 92.1 crore (Bloomberg estimates: Rs 100.6 crore)
Ebitda margin at 21.9% vs 26.18% (Bloomberg estimates: 23.2%)
Net profit down 40.5% at Rs 37.5 crore (Bloomberg estimates: Rs 56.75 crore)
The board declared an interim dividend of Rs 1.50 per share, to be paid on or before March 1, 2023.
IIFL Finance Q3 FY23
Net profit up 22% at Rs 378.3 crore (YoY)
Net interest income up 27% at Rs 809.1 crore (YoY)
GNPA at 2.08% vs 2.42% (QoQ)
NNPA at 1.06% vs 1.22% (QoQ)
Nippon Life India Asset Management Q3 FY23 (Consolidated, QoQ)
Revenues up 6.71% at Rs 353.8 crore (Bloomberg estimate: Rs 367.3 crore)
Ebitda up 10.21% at Rs 213.3 crore (Bloomberg estimate: Rs 212.9 crore)
Ebitda margin at 60.28% vs 58.36% (Bloomberg estimate: 57.98%)
Net profit down 0.44% at Rs 205.2 crore (Bloomberg estimate: Rs 171.2 crore)
Stocks To Watch: LIC, PNB, UltraTech, KEC, Adani Enterprises & More
Life Insurance Corporation of India: The insurer told the exchanges that its exposure to Adani Group, including equity and debt, stands at Rs 36,474.8 crore, or 0.975% of its AUM. The company is sitting on mark to market gains to the tune of Rs 26,015 crore on account of its equity investments in Adani Group companies. Meanwhile, the Financial Services Institutions Bureau has recommended M Jagannath and Tablesh Pandey for the positions of managing directors in LIC.
Punjab National Bank: AK Goel, the bank’s MD and CEO, informed that all exposures to Adani Group companies are backed by cash flows, and there is no exposure against shares. The public sector lender has an exposure of Rs 7,000 crore to the conglomerate’s companies.
Adani Enterprises: Abu Dhabi’s International Holding Company has committed to investing $400 million (Rs 3,261 crore) in the company’s Rs 20,000-crore FPO, amounting to 16% of the follow-up offer. The issue was subscribed 3% at the end of its second day.
Aditya Birla Fashion & Retail: The board appointed Ananyashree Birla and Aryaman Birla as additional non-executive directors, effective Jan. 30, 2023. The newly appointed directors are offsprings of Kumar Mangalam Birla, chairman of the Aditya Birla Group.
UltraTech Cement: The company’s UAE-based subsidiary UltraTech Cement Middle East Investments will acquire 70% stake in Oman-based Duqm Cement Project International for $2.25 million (Rs 18.34 crore) to ensure raw material stability.
Max Healthcare: The board of the company will meet on Feb. 2, to consider raising funds via issuance of non-convertible debentures on private placement basis.
PVR/Inox Leisure: Inox Leisure said its merger with PVR will be completed in 30-40 days. The Mumbai bench of NCLT had allowed the proposed merger on Jan. 12.
Kansai Nerolac Paints: The company will sell its land at Kavesar, Thane, admeasuring 96,180 square meters, to Shoden Developers, a group company of House of Hiranandani, for total Rs 655 crore.
Bosch India: The board will consider an interim dividend for the current fiscal at its meeting on Feb. 14.
Dish TV India: The company will hold an extraordinary general meeting via video conferencing on March 3.
KEC international: The company has received orders worth Rs 1,131 crore across various verticals, including transmission and distribution, civil and cables.
SRF: The board approved project for production of a range of specialty fluoropolymers at a cost of Rs 595 crore, which will be financed through a mix of debt and internal accruals. The capex is meant to expand the company’s product portfolio in line with the requirements of the market.
SH Kelkar and Co.: The company’s subsidiary Keva Europe BV has acquired 100% stake in PFW Aroma Ingredients BV from Keva U.K. for 5.38 million (Rs 47.67 crore).
Earnings Surprise, Signs Of Policy Easing Must To Push Nifty Above 18,000, Says Vinod Karki
SGX Nifty Signals Higher Open For Stocks
Most Asian markets were trading lower on Tuesday, with the exception of Australian shares, ahead of the Federal Reserve's rate-setting decision.
The U.S. stocks pared their monthly gains on Monday, with the Nasdaq 100 suffering its worst day since Dec. 22 and the S&P 500 falling the most since Jan. 18 after declines in Apple Inc. and Microsoft Corp. weighed on both the indices.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.47% at 17,788.5.
The yield on 10-year Treasuries advanced four basis points to 3.54%. The crude oil price was hovering around the $85 level, while bitcoin was trading below the $23,000 level.
Indian benchmark indices started the week with a recovery and ended the day with a small gain, amid a very volatile session.
The rupee continued its rally against the U.S. dollar for the third day after recovering from the weak opening earlier today.
Overseas investors in Indian equities remained net sellers for the sixth day in a row on Monday. Foreign portfolio investors offloaded equities worth Rs 6,792.8 crore, while domestic institutional investors mopped up stocks worth Rs 5,512.6 for the sixth day in a row, according to NSE data.