Stock Market Today: Sensex, Nifty End Lower As Metal, I.T. Drag; Adani Ports Up; FPIs Remain Net Seller
The S&P BSE Sensex closed down 335 points or 0.55% at 60,506.90 while the NSE Nifty 50 was 90 points or 0.50% lower at 17,764.60.
KEY HIGHLIGHTS
FPIs Remain Net Seller
Overseas investors in Indian equities remained net sellers for the third day in a row on Monday.
Foreign portfolio investors offloaded equities worth Rs 1,218.14 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 1,203.09 crore for the 11th day in a row.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 44,895.41 crore worth of Indian stocks so far in 2023.
Rupee Weakens Sharply Against The U.S. Dollar
The local currency weakened sharply by 1.10% or 90 paise to 82.74 against the greenback on Monday. It closed at 81.84 on Friday.
Source: Bloomberg
Yield On The 10-Year Rises
The yield on the 10-year bond closed 4 bps higher at 7.32% on Monday. It closed at 7.28% on Friday.
Source: Bloomberg
Sensex, Nifty End Lower In Trade
The Indian benchmark indices ended Monday on a weak note as I.T. and metal stocks dragged through the day.
Shares in Asian markets declined, whereas the European stocks and the U.S. equity futures retreated as an unexpectedly strong US jobs report raised the prospect of more rate hikes from the Federal Reserve. Concern over US-China geopolitical tensions also weighed on sentiment.
Adani group company stocks, on the other hand, were mixed as the stocks under additional surveillance measure were up, while the rest declined.
The U.S. stocks halted a three-day advance on Friday in a volatile session that saw equities swerve between modest gains and losses as investors contended with data pointing to a robust labor market.
The S&P BSE Sensex closed down 335 points or 0.55% at 60,506.90 while the NSE Nifty 50 was 90 points or 0.50% lower at 17,764.60.
Adani Ports And SEZ Ltd., IndusInd Bank Ltd., BPCL Ltd., Apollo Hospital Enterprise Ltd., and Hero MotoCorp Ltd. were the top gainers in the gauge.
Whereas, Divi's Laboratories Ltd., JSW Steel Ltd., Hindalco Industries Ltd., Tata Steel Ltd. and Infosys Ltd. and were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices outperformed the larger peers; S&P BSE MidCap was up 0.75%, whereas S&P BSE SmallCap was higher by 0.49%.
Ten out of the 20 sectors compiled by BSE declined, while the other ten advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,822 rose, 1,696 declined and 225 remained unchanged on the BSE.
Ashok Leyland And Reliance Industries Unveil Heavy-Duty Truck With Hydrogen Combustion Engine
Reliance Industries along with Ashok Leyland unveiled India’s first heavy-duty truck with hydrogen combustion engine technology in Chennai.
The vehicle was flagged off by Prime Minister Narendra Modi today in Bangalore at the India Energy Week.
Source: Exchange filing
Adani Promoters Removes Pledge On Shares By Prepaying About Rs 9,000-Crore Facility
Adani promoters have posted amounts to prepay a $1.1 billion facility ahead of its maturity in September 2024.
About 16.8 crore shares in Adani Ports, 2.75 crore shares in Adani Green and 1.17 crore shares in Adani Transmission will be released as part of this repayment.
Pledge removed in light of “recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage.”
Source: Company statement
Rupee Weakens 1% Against The U.S. Dollar
The local currency continues weakening in trade on Monday intraday, as it depreciated sharply by 1% to 82.66 against the greenback. It closed at 81.84 on Friday.
Source: Bloomberg
Vodafone Idea Jumps As Govt Approves AGR Dues Conversion To Equity
Shares of Vodafone Idea Ltd. rose 24.82% to Rs 8.55 apiece in trade on Monday after the government announced that they it convert the company’s AGR dues into equity.
Vodafone Idea has been directed to issue 16.13 million equity shares of face value Rs 10 each at an issue price of Rs 10 each.
"Ministry of Communications...passed an order today i.e. Feb. 3, 2023...directing the Company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR Dues into equity shares to be issued to the Government of India", the filing said.
The stock gained as much as 25.55% intraday. Total traded volume stood at 8.1times its 30-day average. The relative strength index at 73, implies that the stock maybe overbought.
Out of the 20 analysts tracking the company, 16 recommend a 'hold' and four suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 22.5% over the next 12 months.
Source: Bloomberg, Exchange filing
Metal Stocks Decline
Shares of metal companies delclined in trade on Monday dragging the headline index NSE Nifty 50 lower by 0.74% in trade.
The NSE Metal Index was up 1.97% in trade. Twelve out of the 15 constituents compiled by the gauge declined, while three advanced.
Adani Enterprises Ltd., Jindal Steel and Power Ltd., Hindalco Industries Ltd., JSW Steel Ltd., Hindustan Zinc Ltd., Tata Steel Ltd., Vedanta Ltd., and Jindal Stainless Ltd. declined more than 1% in trade.
Source: NSE
Varun Beverages Q4 CY2022 Earnings
Revenue grew 28% YoY to Rs. 2,214.2 crore
Ebitda higher by 48% YoY to Rs. 307.5 crore
PAT higher by 150% YoY to Rs. 81.5 crore
Source: Exchange filing
Midday Market Update
The Indian benchmark indices were trading on a weaker note through midday on Monday as metal, I.T. and energy stocks declined in trade.
Adani group company stocks, on the other hand, also declined with the exception of Adani Ports and SEZ Ltd., which rose nearly 3% and ACC Ltd. which was flat.
Asian markets retreated with headwinds from an unexpectedly strong U.S. jobs report and concern over the U.S.-China geopolitical tensions also weighed on sentiment. Shares fell in Hong Kong and mainland China, with the Hang Seng Index on course for the lowest close in a month.
The U.S. stocks halted a three-day advance on Friday in a volatile session that saw equities swerve between modest gains and losses as investors contended with data pointing to a robust labor market.
As of 12:03 pm, the S&P BSE Sensex opened up 407 points or 0.67% at 60,435.01 while the NSE Nifty 50 was 115 points or 0.64% lower at 17,739.60.
Adani Ports And SEZ Ltd., IndusInd Bank Ltd., Hero MotoCorp Ltd., ITC Ltd., and BPCL Ltd. were the top gainers in the gauge.
Whereas, Divi's Laboratories Ltd., Adani Enterprises Ltd., JSW Steel Ltd., Eicher Motors Ltd. and Infosys Ltd. and were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices outperformed the larger peers; S&P BSE MidCap was up 0.54%, whereas S&P BSE SmallCap was higher by 0.61%.
Twelve out of the 20 sectors compiled by BSE declined, while eight advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,822 rose, 1,546 declined and 225 remained unchanged on the BSE.
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Thyrocare Technologies Declines As Q3 Misses Estimates
Shares of Thyrocare Technologies declined after the company reported weaker-than-expected third quarter earnings.
The company posted a 44% decline in Q3 net profit to Rs 13 crore, compared with Rs 20 crore estimated by analysts according to Bloomberg.
Thyrocare Q3 FY23 (Consolidated, YoY)
Revenue up 6% at Rs 117 crore (Bloomberg estimate: Rs 127 crore)
Ebitda down 28% to Rs 26 crore (Bloomberg estimate: Rs 34 crore)
Ebitda margin at 22.1% Vs 32.7% (Bloomberg estimate: 26.6%)
Net profit down 44% at Rs 13 crore (Bloomberg estimate: Rs 20 crore)
The scrip was trading 2.34% lower at Rs 502.9, at volume 0.5 times its 30-day average.
The relative strength index stood at 20, indicating that the stock may be oversold.
Of the five analysts tracking the stock, four maintained 'buy', while one recommended 'hold'. The average of 12-month price consensus implied a potential upside of 50.4%.
Mahindra & Mahindra Financial Services Advances In Trade
Shares of Mahindra & Mahindra Financial Services Ltd. rose 5.85% to Rs 257.85 apiece in trade on Monday after the company appointed COO Raul Rebello as MD and CEO-Designate.
He will assume the position after Ramesh Iyer, the current vice chairman & managing director of the company, superannuates on April 29, 2024.
The stock gained as much as 10% intraday, rising the most in 52-weeks at Rs 267.95.
Total traded volume stood at 91. times its 30-day average. The relative strength index at 73, implies that the stock maybe overbought.
Out of the 34 analysts tracking the company, 19 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 3.6% over the next 12 months.
Source: Bloomberg, Exchange filing
Auto Retail Sales January (YoY)
Passenger vehicle sales rose 22% to 3.40 lakh units
Two-wheeler sales grew 10% to 12.65 Lakh units
Commercial vehicle sales rose 16% to 82,428 units
Three-wheeler sales jumped 59% to 65,796 units
Tractor sales rose 8% to 73,156 units
Source: FADA
Aarti Industries Climbs After Hitting 52-Week Low In Volatile Session As Q3 Beat Estimates
Shares of Aarti Industries Ltd. rose 3.50% to Rs 550 apiece in trade on Monday after its third-quarter earnings beat analyst estimates.
Revnue, net profit and the earnings before interest, taxes, dividend and amortisation, all beat the estimates pooled by Bloomberg analysts.
Aarti Industries Q3 FY23 (Consolidated, YoY)
Revenues down 19.68% at Rs 1,667.6 crore (Bloomberg estimate: Rs 1,665.8 crore)
Ebitda down 67.56% at Rs 288.6 crore (Bloomberg estimate: Rs 269.1 crore)
Ebitda margin at 17.31% vs 42.86% (Bloomberg estimate: 16.2%)
Net profit down 81.18% at Rs 136.5 crore (Bloomberg estimate: Rs 125.8 crore)
The board declared interim dividend of Re 1 per share.
The stock gained as much as 4.60% intraday, rising the most since Oct. 19, 2022. However, the scrip hit 52-week low before rising at Rs 510.05, lower by 4.02% intraday.
Total traded volume stood at 8.9 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 27 analysts tracking the company, 16 maintain a 'buy' rating, three recommend a 'hold' and eight suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 29.7% over the next 12 months.
Source: Bloomberg, Exchange filing
Blue Star Advances In Trade
Shares of Blue Star Ltd. rose 1.56% to Rs 1,379.5 apiece in trade on Monday after the company launched a new range of room ACs for 2023.
Also, company's subsidiary Blue Star Climatech Ltd. commences commercial production in its state-of-the-art, automated and smart plant at Sri City.
The stock gained as much as 2.04% intraday. The relative strength index at 77, implies that the stock maybe overbought.
Out of the 23 analysts tracking the company, 18 maintain a 'buy' rating and five recommend a 'hold' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 4.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Marico Q3 Advances As Stable Input Costs Aid Margin, But Profit Misses Estimates
Shares of Marico Ltd. rose 2.08% to Rs 504.15 apiece in trade on Monday after its third-quarter earnings missed estimates.
Also, Results for the second and the third-quarter of this fiscal are not comparable to corresponding quarters of previous fiscal following acquisition of HW Wellness Solutions.
Marico Q3 (Consolidated, QoQ)
Revenues down 1% at Rs 2,470 crore (Bloomberg estimate: Rs 2,498.3 crore)
Ebitda up 5% at Rs 456 crore (Bloomberg estimate: Rs 460.1 crore)
Ebitda margin 18.5% vs 17.3% (Bloomberg estimate: 18.4%)
Net profit up 9% at Rs 328 crore (Bloomberg estimate: Rs 324.7 crore)
The stock gained as much as 3.06% intraday, rising the most in over a month, since Jan. 5, 2023.
Total traded volume stood at 2.5 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 42 analysts tracking the company, 28 maintain a 'buy' rating, 11 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 11.8% over the next 12 months.
Source: Bloomberg, Exchange filing
Zydus Lifesciences Advances In Trade
Shares of Zydus Lifesciences Ltd. rose 8.42% to Rs 471.25 apiece in trade on Monday after the company delivered its third-quarter results during the market hours on Friday. The third-quarter profit beat analysts' estimates for the company.
The company's third-quarter net profit rose 24% year-on-year to Rs 623 crore, according to an exchange filing by the Ahmedabad-based drugmaker. That compares with the Rs 564 crore consensus estimate of analysts tracked by Bloomberg. Sequentially, the profits were up 19%.
Zydus Lifesciences Q3 FY23 Highlights (YoY)
Revenue is up 20% at Rs 4,362 crore, against an estimate of Rs 4,151 crore.
Ebitda was up 27% at Rs 956 crore, against an estimate of Rs 867 crore.
The margin stood at 21.9%, compared to an estimate of 20.9%.
The stock gained as much as 8.98% intraday, rising the most in 52-weeks at Rs 473.7 apiece in trade.
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 33 analysts tracking the company, 22 maintain a 'buy' rating, nine 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 2.7% over the next 12 months.
Source: Bloomberg, Exchange filing
ITC Shares Rise As Ciggarettes, Hotels Business Boosts Q3 Performance
Shares of ITC Ltd. rose 0.% to Rs 383.85 apiece in trade on Monday after its quarterly profit rose, beating estimates, bolstered by continued growth in the cigarette business even as weakness in the farm business persisted.
Net profit attributable to the owner of Aashirvaad and Sunfeast brands rose 23% over a year earlier to Rs 5,006.65 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 4,700 crore consensus estimate of analysts tracked by Bloomberg.
Revenue at India’s largest cigarette maker increased 4% year-on-year to Rs 19,020.65 crore, against a forecast of Rs 18,300 crore.
ITC Q3 (Consolidated figures, YoY)
Revenue up 4% at Rs 19,020.6 crore (Bloomberg estimate: Rs 18,837.1 crore)
Ebitda up 20% to Rs 6704.7 crore (Bloomberg estimate: Rs 6,384.9 crore)
Ebitda margin at 35.2% vs 30.5% (Bloomberg estimate: 33.9%)
Net profit up 23% to Rs 5,006.6 crore (Bloomberg estimate: Rs 4,740.18 crore)
The board declared an interim dividend of Rs 6 per share.
The stock gained as much as 1.98% intraday, rising the most in 52-weeks at Rs 388.2 apiece in trade.
Total traded volume stood at 4.8 times its 30-day average. The relative strength index at 84, implies that the stock maybe overbought.
Out of the 36 analysts tracking the company, 34 maintain a 'buy' rating and two recommend a 'hold' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 10.5% over the next 12 months.
Source: Bloomberg, Exchange filing
Adani Group Stocks Fall
Adani Group stocks started the day with declines amid a continuing stock rout after the National Stock Exchange decided to put Adani Enterprises, Adani Ports and SEZ and Ambuja Cements under short-term additional surveillance measure.
The group stocks have been navigating through losses and extreme volatility after short-seller Hindenburg Research's report accused the Indian conglomerate of fraud and led the Adani group to call off its flagship Adani Enterprises' Rs 20,000 crore follow-on public offering.
Adani Enterprises was trading 4.1% lower, while Adani Ports slipped 0.28%. Ambuja Cements fell 1.59%.
Adani Green Energy declined 5%, while Adani Transmission plunged 10%.
Adani Total Gas was trading 5% lower.
Sensex, Nifty Open Largely Flat
The Indian benchmark indices started the new week on a largely flat note after ending higher and resuming weekly advances on Friday, snapping their two-week gains.
Asian markets were trading lower along with headwinds from an unexpectedly strong U.S. jobs report and the downing of an alleged Chinese spy balloon that’s aggravated geopolitical tensions.
The U.S. stocks halted a three-day advance on Friday in a volatile session that saw equities swerve between modest gains and losses as investors contended with data pointing to a robust labor market.
Amongst the ongoing stress on the Adani Group assets, the latest blows coming from Adani Enterprises Ltd. shelving plans for its first-ever public sale of bonds, according to Bloomberg. The stock rout has roughly halved the market value of firms in the group since Hindenburg Research’s claims for manipulation and accounting fraud.
The S&P BSE Sensex opened up 5 points or 0.01% at 60,847.21 while the NSE Nifty 50 was 36 points or 0.20% lower at 17,818.55.
Adani Ports And SEZ Ltd., ITC Ltd., Axis Bank Ltd., Hero MotoCorp Ltd. and State Bank of India were the top gainers in the gauge.
Whereas, Adani Enterprises Ltd., , Divi's Laboratories Ltd., SBI Life Insurance Co., Tata Steel Ltd., and Infosys Ltd. and were the top losers amongst the NSE Nifty 50 constituents.
10-Year Bond Yield Gains
Yield on the 10-year bond rose 3 bps to 7.31% on Monday.
Source: Bloomberg
Rupee Weakens Against U.S. Dollar
The local currency weakened sharply by 57 paise to 82.41 at the open against the greenback. It closed at 81.84 on Friday.
Source: Bloomberg
Sectors In Focus: IT, Autos & Banks: Trade Setup
Global Cues
U.S. Dollar Index at 103.15
U.S. 10-year bond yield at 3.56%
Brent crude up 0.30% to $80.18 per barrel
Nymex crude at $73.58 per barrel
SGX Nifty down 0.04% to 17,833 as of 7:10 a.m.
Bitcoin up 0.44% to $23,003.28
Bulk Deals
Aarti Pharmalabs: JP Morgan Funds sold 7.14 lakh shares (0.78%) at Rs 255.33 apiece.
Block Deal
GMR Airports Infrastructure: Deccan Value Investors Fund bought 3.1 crore shares (0.51%), Veda Investors Fund bought 5.75 crore shares (0.95%), C/D Investors Fund sold 5.5 crore shares (0.91%) and H/D Investors Fund sold 3.35 crore shares (0.55%) at Rs 37.3 apiece.
Q3 Results Results
Tata Steel, Adani Transmission, LIC Housing Finance, Muthoot Finance, Hitachi Energy India, Sansera Engineering, Suven Pharmaceuticals, Tejas Networks, Action Construction Equipment, Balaji Amines, Bls International Services, Easy Trip Planners, Fairchem Organics, Honda India Power Products, Huhtamaki India, Indo Count Industries, Infibeam Avenues, JK Paper, Kolte-Patil Developers, KPR Mill, Mold-Tek Packaging, Monte Carlo Fashions, Nuvoco Vistas Corporation, Shankara Building Products, Shree Global Tradefin, SJVN, Tasty Bite Eatables, TCPL Packaging, Unichem Laboratories, Uniroyal Marine Exports, Varun Beverages, Vinati Organics, V-Mart Retail, Wardwizard Innovations & Mobility
Earnings Fineprint
Net profit up 68.5% Rs 14,205.3 crore (YoY) (Bloomberg estimate: Rs 13,295 crore)
NII up 24% at Rs 38,068 crore (YoY)
GNPA at 3.14% vs 3.52% (QoQ)
NNPA at 0.77% vs 0.8% (QoQ)
ITC Q3 (Consolidated figures, YoY)
Revenue up 4% at Rs 19,020.6 crore (Bloomberg estimate: Rs 18,837.1 crore)
Ebitda up 20% to Rs 6704.7 crore (Bloomberg estimate: Rs 6,384.9 crore)
Ebitda margin at 35.2% vs 30.5% (Bloomberg estimate: 33.9%)
Net profit up 23% to Rs 5,006.6 crore (Bloomberg estimate: Rs 4,740.18 crore)
The board declared an interim dividend of Rs 6 per share.
Tata Power Q3 (Consolidated, QoQ)
Revenue up 0.7% at Rs 14,129.1 crore (Bloomberg estimate: Rs 13,837.1 crore)
Ebitda 32.6% Rs 2,334.7 crore (Bloomberg estimate: Rs 1,933.7 crore)
Ebitda margin at 16.5% vs 12.5% (Bloomberg estimate: 14%)
Net profit up 12.5% at Rs 1,052.1 crore (Bloomberg estimate: Rs 900.51 crore)
One 97 Communications (Paytm) Q3 (Consolidated, QoQ)
Revenue up 8% at Rs 2,062 crore (Bloomberg estimate: Rs 2,120.4 crore)
Ebitda loss fell 38% at Rs 330.70 crore (Bloomberg estimate: Rs 493.7 crore loss)
Net loss contracted to Rs 392.1 crore (Bloomberg estimate: Rs 529.3 loss)
InterGlobe Aviation Q3 (Consolidated, YoY)
Revenue up 61% to Rs 14,933 crore (Bloomberg estimate: Rs 14,198.4 crore)
Ebitda rose 75% to Rs 3,117.8 crore (Bloomberg estimate: Rs 3,136.7 crore)
Ebitda margin stood at 20.9% Vs 19.2% (Bloomberg estimate: 22.1%)
Net profit up 996% at Rs 1,422.6 crore (Bloomberg estimate: Rs 1,274.7 crore)
Marico Q3 (Consolidated, QoQ)
Revenues down 1% at Rs 2,470 crore (Bloomberg estimate: Rs 2,498.3 crore)
Ebitda up 5% at Rs 456 crore (Bloomberg estimate: Rs 460.1 crore)
Ebitda margin 18.5% vs 17.3% (Bloomberg estimate: 18.4%)
Net profit up 9% at Rs 328 crore (Bloomberg estimate: Rs 324.7 crore)
Results for Q2 and Q3 of this fiscal are not comparable to corresponding quarters of previous fiscal following acquisition of HW Wellness Solutions.
Thyrocare Q3 FY23 (Consolidated, YoY)
Revenue up 6% at Rs 117 crore (Bloomberg estimate: Rs 127 crore)
Ebitda down 28% to Rs 26 crore (Bloomberg estimate: Rs 34 crore)
Ebitda margin at 22.1% Vs 32.7% (Bloomberg estimate: 26.6%)
Net profit down 44% at Rs 13 crore (Bloomberg estimate: Rs 20 crore)
Aarti Industries Q3 FY23 (Consolidated, YoY)
Revenues down 19.68% at Rs 1,667.6 crore (Bloomberg estimate: Rs 1,665.8 crore)
Ebitda down 67.56% at Rs 288.6 crore (Bloomberg estimate: Rs 269.1 crore)
Ebitda margin at 17.31% vs 42.86% (Bloomberg estimate: 16.2%)
Net profit down 81.18% at Rs 136.5 crore (Bloomberg estimate: Rs 125.8 crore)
The board declared interim dividend of Re 1 per share.
P&G Health (Consolidated, YoY)
Revenue up 12% at Rs 309.9 crore.
Net profit up 71% to Rs 76.8 crore.
Ebitda up 76% to Rs 108.9 crore.
Margins at 35.1% Vs 22.3%
The board declared interim dividend of Rs 45 per share.
JK Cement (Consolidated, YoY)
Revenue up 20% at Rs 2,432.5 crore.
Net profit down 73% to Rs 38.9 crore.
Ebitda down 33% to Rs 243.73 crore.
Margins at 10% Vs 18%
Stocks To Watch
Adani Enterprises, Adani Ports and SEZ and Ambuja Cements: The three stocks will be under the NSE's short-term additional surveillance measure or ASM starting Feb. 6. From Monday, the applicable margin on the three stocks will be 50% or existing margin, whichever is higher, subject to maximum rate of margin capped at 100%, the NSE circular had said.
Vodafone Idea: The government will convert the company’s AGR dues into equity. Vodafone Idea has been directed to issue 16.13 million equity shares of face value Rs 10 each at an issue price of Rs 10 each.
Adani Power: The company confirmed that its subsidiary, Adani Power (Jharkhand), has received a communication from Bangladesh Power Development Board to consider a discount on the energy charge, but it is not considering any amendment to the power purchase agreement.
Engineers India: The company has received an EPCM services contract for setting up gas based greenfield 4,000 TPD urea and 2,300 TPD ammonia complex. It has also received orders from ADNOC Offshore, Abu Dhabi, UAE for minor engineering works for offshore facilities and a feasibility study for crude storage tanks at terminal facilities.
Bajaj Finserv: Bajaj Allianz Life Insurance Co., a subsidiary of the company, analysing the potential impact of the Budget recommendation to tax proceeds from non-linked policies with annual premium over Rs 5 lakh.
Samvardhana Motherson International: The board is scheduled to meet on Feb. 8 to consider raising funds via issuance of bonds, debentures, non-convertible debt securities or through any other permissible mode.
M&M Financial Services: The company appointed COO Raul Rebello as MD and CEO-Designate. He will assume the position after Ramesh Iyer, the current vice chairman & managing director of the company, superannuates on April 29, 2024.
Bank of Baroda: RBI fined the bank Rs 30 lakh over violation of norms related to deposit interest rates and KYC.
SGX Nifty Signals A Negative Start For Stock Benchmarks
Asian markets were down as the headwinds from an unexpectedly strong U.S. jobs report and the downing of an alleged Chinese spy balloon aggravated geopolitical tensions.
The U.S. stocks halted a three-day advance on Friday in a volatile session that saw equities swerve between modest gains and losses as investors contend with data pointing to a robust labour market.
The S&P 500 still notched a weekly gain that took the index to its highest level since August. The Nasdaq 100 also scored a weekly advance, despite heavy selling after Apple Inc., Alphabet Inc., and Amazon Inc. reported disappointing results Thursday.
According to Bloomberg, Adani Group assets are set for continued volatility this week, with one of the latest blows coming from Adani Enterprises Ltd. shelving plans for its first-ever public sale of bonds. The stock rout has roughly halved the market value of firms in the group since Hindenburg Research’s claims of manipulation and accounting fraud.
Indian headline indices resumed their weekly advances and rose on Friday, snapping their previous two-week gains.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.04% at 17,833.
Meanwhile, the yield on 10-year Treasuries was at 3.57%. Crude oil prices were trading around the $80 mark, while Bitcoin stayed put to trade above the $22,500 level.
The Indian benchmark indices ended higher on Friday, led by banking, financial, auto, and consumer durable stocks.
The rupee snapped its three-day decline against the U.S. dollar to close higher at the end of the week.
