Stock Market Today: Sensex, Nifty Decline As Banks, I.T., Realty, Adani Group Stocks Drag
The S&P BSE Sensex closed down 251 points or 0.41% at 60,740.95 while the NSE Nifty 50 was 86 points or 0.48% lower at 17,770.90.
KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Second Straight Day
Overseas investors in Indian equities remained net buer for the second day in a row on Monday.
Foreign portfolio investors bought equities worth Rs 1,322.39 crore, according to data from the National Stock Exchange.
Domestic institutional investors also bought stocks worth Rs 521.69 crore.They snapped a 13-day buying streak on Feb. 9.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 45,556.51 crore worth of Indian stocks so far in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.36% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 23 paise against the greenback on Monday to 82.73 at close. It closed 82.50 on Friday.
Source: Bloomberg
Sensex, Nifty Decline Amid Volatility
Indian equity benchmarks declined amid weak Asia trade on Monday as investors await inflation data.
European markets posted modest gains and the U.S. equity futures retreated as investors positioned themselves for an action-packed week that may confirm the inflation battle isn’t over, dashing hopes of a Federal Reserve rate pivot.
Contracts on the S&P 500 and the tech-heavy Nasdaq 100 slipped by about 0.2% following the worst week of the year on Wall Street for stocks and bonds.
The S&P BSE Sensex closed down 251 points or 0.41% at 60,740.95 while the NSE Nifty 50 was 86 points or 0.48% lower at 17,770.90.
Titan Co., Larsen and Toubro Ltd., NTPC Ltd., Bajaj Auto Ltd., and Eicher Motors Ltd. were the top gainers in the gauge.
Whereas, Adani Enterpises Ltd., Adani Ports and SEZ Ltd., State Bank of India, Infosys Ltd., and TCS Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading lower and underperformed the larger peers; S&P BSE MidCap was down 1.25%, whereas S&P BSE SmallCap was lower by 1.17%.
Sixteen out of the 19 sectors compiled by BSE declined, while three advanced in trade.
The market breadth was skewed in favour bears. About 1271 stocks rose, 2,322 declined, and 166 remained unchanged on the BSE.
Stocks Aiding Sensex's Recovery
After falling by 0.72% or nearly 438 points down intraday, the headline index, S&P BSE Sensex recovered in trade.
It is currently trading lower by 0.39% or 235 points at 60,477.62.
Source: Bloomberg
Stocks Contributing To Sensex's Decline In Trade
Sun Pharma Advanced Research Advances In Trade
Shares of Sun Pharma Advanced Research Co. advanced 13.29% to Rs 213.55 apiece in trade on Monday.
The stock gained as much as 13.87% intraday, rising the most since June 21, 2022. Total traded volume stood at 19.2 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Source: Bloomberg
Adani Group Stocks Decline In Trade
Shares of all Adani group companies declined in trade on Monday after NSE removed two of the three Adani stocks placed under "Additional Surveillance Maintenance" framework.
Also, the ratings agency Moody’s affirmed its ratings for eight Adani Group companies and revised the outlook on four of them, over the weekend.
Source: Bloomberg
BHEL Shares Decline On Q3 Earnings Miss
Shares of Bharat Heavy Electricals Ltd. declined after weaker-than-expected Q3 earnings.
The stock was trading 4.91% lower at Rs 71.1 apiece, compared with 0.5% decline in benchmark Nifty 50. It declined as much as 6.43% intraday,.
Total traded volume so far in the day stood at 2.4 times the 30-day average. The relative strength index stood at 35.
Of the 20 analysts tracking the company, two maintained 'buy', three suggested 'hold', while 15 analysts recommended 'sell'. The average of 12-month consensus price target implied a potential downside of 28.3%.
Bharat Heavy Electricals Q3 FY23 (Consolidated, YoY)
Revenue up 2.5% at Rs 5,263.38 crore
Ebitda up 62% at Rs 144.26 crore
Ebitda margin at 2.7% vs 1.7%
Net profit up 56% at Rs 42.28 crore
"BHEL reported a disappointing print, much below estimates. Gross profit declined 12% yoy on a combination of weak execution and declining yoy/qoq gross margin," Kotak Institutional Equities said in a note.
Source: Bloomberg, Exchange filing, Brokerage notes
European Markets Trade Marginally Higher
Info Edge Shares Drop 12% As Profit Declines Sharply In Q3
Shares of Info Edge Ltd. dropped in trade on Monday after the company's third-quarter net profit declined because of an exceptional item.
The company reported an exceptional loss of Rs 411.8 crore in the quarter ended December, however, it reported an exceptional gain of Rs 2,280.40 crore in the same period of previous fiscal.
The exceptional loss included a Rs 33.7 crore loss from its joint ventures in the October to December quarter of the ongoing fiscal, as compared to Rs 2,405.42 crore gain in the same period of the previous fiscal.
Its third-quarter revenue rose 37.14% over a year earlier to Rs 589.5 crore.
Info Edge Q3 FY23 (Consolidated, YoY)
Revenue up 37.14% at Rs 589.52 crore vs Rs 421.4 crore
EBIT up 59.3% at Rs 168.3 crore vs Rs 105.6 crore
EBIT margin at 28.5% vs 25%
Net profit down 99% at Rs 46.4 crore vs Rs 4,632.7 crore
The stock rose as much as 12.13% intraday. Total traded volume stood at 11.1 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.
Out of the 24 analysts tracking the company, 14 maintain a 'buy' rating, six 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 33.7% over the next 12 months.
Source: Bloomberg, Exchange filing
Auto Wholesale Sales January (YoY):
Total auto sales rise 8% to 14.19 lakh units
Passenger vehicle sales grew 17% to 2.98 lakh units
Two-wheeler sales rose 3.74% to 11.84 lakh units.
Three-wheeler sales more than doubled to 48,903 units.
Source: SIAM
City Union Bank Declines 15% On Higher Slippages
Shares of City Union Bank Ltd. fell 15% intraday, on higher slippages during Q3FY23. Slippages stood at Rs 4,391 crore in the October-December quarter, compared with Rs 2,615 crore in the July-September quarter.
Total traded volume stood at 10.8 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 27 analysts tracking the stock, 20 maintain a 'buy' rating, three 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 41.9% over the next 12 months.
Source: Bloomberg, Exchange filing
Talking Point: Do Indian Markets Look Attractive At Lower Levels
Info Edge Declines In Trade
Shares of Info Edge Ltd. declined by 11.42% to Rs 3,378.1 apiece in trade on Monday.
The stock fell as much as 12.13% intraday. Total traded volume stood at 10.9 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 24 analysts tracking the stock, 14 maintain a 'buy' rating, six 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 34.7% over the next 12 months.
Source: Bloomberg, Exchange filing
Lupin Declines In Trade For Second-Straight Session
Shares of Lupin Ltd. declined by 6.83%, to Rs 686.8 apiece in trade on Monday for the second consecutive session as analysts express concerns on growth prospects and margins.
The company's third-quarter net profit fell 72% year-on-year to Rs 153 crore on a high base, which included the impact of a deferred tax reversal. That compares with the Rs 220-crore consensus estimate of analysts tracked by Bloomberg.
Lupin Q3 Results FY23: Key Highlights (YoY)
Revenue rose 4% to Rs 4,322 crore (the consensus estimate is Rs 4,257 crore).
Ebitda was up 39% to Rs 516 crore (consensus estimate: Rs 572 crore).
Margin at 11.9% versus 8.9%. (Consensus estimate: 13.4%).
The stock fell as much as 7.60% intraday. Total traded volume stood at 7.3 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 44 analysts tracking the stock, 11 maintain a 'buy' rating, 16 recommend a 'hold' and 17 suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 3.8% over the next 12 months.
Source: Bloomberg, Exchange filing
Sensex, Nifty Slip As I.T., Banks, Pharma Drag
Indian equity benchmarks opened mixed in the pre-open trade and declined marginally on Monday following the weak Asia trade.
Asia markets retreated as investors positioned themselves for an action-packed week, including the release of the U.S. consumer price data that may confirm the inflation battle isn’t over, dashing hopes of a Federal Reserve rate pivot. Contracts for the U.S. stock futures slid.
As of 12:01 p.m., the S&P BSE Sensex was down 281 points or 0.46% at 60,401.56 while the NSE Nifty 50 was 91 points or 0.51% lower at 17,765.85.
Titan Co., Bajaj Auto Ltd., Larsen and Toubro Ltd., NTPC Ltd., and Eicher Motors Ltd. were the top gainers in the gauge.
Whereas, Adani Enterpises Ltd., State Bank of India, Adani Ports and SEZ Ltd., Ltd., Infosys Ltd., and Bajaj Finance Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading lower; S&P BSE MidCap was down 1.02%, whereas S&P BSE SmallCap was lower by 0.89%.
Fifteen out of the 20 sectors compiled by BSE declined, while five advanced in trade.
The market breadth was skewed in favour bears. About 1,271 stocks rose, 2,129 declined, and 182 remained unchanged on the BSE.
Stocks In Focus: Balkrishna Industries, Coforge, Glenmark And More
Delhivery Shares Decline In Trade
Shares of Delhivery Ltd. declined by 1.93%, as of 9:32 a.m., to Rs 309.35 apiece in trade on Monday after thrid-quarter earnings missed analysts' estimates.
The stock fell as much as 5.50% intraday, the most in three months since Nov. 21, 2022.
Total traded volume stood at 5.8 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 18 analysts tracking the stock, 13 maintain a 'buy' rating, three recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 34.6% over the next 12 months.
Source: Bloomberg, Exchange filing
PSU Banking Stocks Decline
Shares of PSU banking companies declined in trade on Monday and the headline index NSE Nifty 50 was lower by 0.46% in trade.
The NSE PSU Index was down 2.05% in trade. All 12 constituents compiled by the gauge declined.
State Bank of India, Canara Bank, Bank of Baroda, Indian Overseas Bank, Bank of Maharashtra and Punjab National Bank declined nearly 2% in trade.
Source: NSE
Adani Group Company Stocks Decline
Shares of all Adani group companies declined in trade on Monday after NSE removed two of the three Adani stocks placed under "Additional Surveillance Maintenance" framework.
Also, the ratings agency Moody’s affirmed its ratings for eight Adani Group companies and revised the outlook on four of them, over the weekend.
Source: Bloomberg
Oil India Shares Jumps Most In Six Months As It Reports Higher Quarterly Profit Ever In Q3
Shares of Oil India Ltd. climbed 8.07% as of 10:18 am, to Rs 241.6 apiece in trade on Thursday after it reported its highest ever quarterly net profit in the third quarter ended Dec. 31 on the back of a rise in oil and natural gas prices.
The thir-quarter earnings beat all estimates pooled by the Bloomberg analysts. Net profit in October-December was up 76.02% at Rs 2,284.41 crore compared with Rs 1,244.90 crore, in the same period a year back, the company said in a statement.
The rise in profitability was helped by higher realisation on crude oil and gas that the firm produces and sells.
Oil India Q3 FY23 (Consolidated, YoY)
Revenue up 37.14% at Rs 9,301.98 crore (Bloomberg estimate: Rs 5,644.80 crore)
Ebitda up 90.17% at Rs 4,179.75 crore vs Rs 2,197.91 crore (Bloomberg estimate: Rs 2,437.50 crore)
Ebitda margin at 44.93% vs 32.41% (Bloomberg estimate: 43.2%)
Net profit up 76.02% at Rs 2,284.41 crore (Bloomberg estimate: Rs 1,747.10 crore)
The company has declared an interim dividend of Rs 10 per share.
The stock rose as much as 8.57% intraday, rising the most in over six months since Aug. 5, 2022.
Total traded volume stood at 16.2 times its 30-day average. The relative strength index at 14 implies that the stock maybe oversold.
Out of the 20 analysts tracking the company, 15 maintain a 'buy' rating, two 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 4.9% over the next 12 months.
Source: Bloomberg, Exchange filing
Yes Bank Challenges Bombay High Court Decision On AT-1 Bonds Issue
Yes Bank approaches Supreme Court with its challenge
Yes Bank states that the administrator and the bank were empowered to write down AT-1 bonds at the time of reconstruction
Alert: On Jan. 20, Bombay High Court ruled that Rs 8,415 crore worth AT-1 bonds would be reinstated as Yes Bank's administrator did not have the authority to write them down on March 14, 2020. Bombay HC had given six weeks to the bank to challenge the order.
Source: People in the know
I.T. Stocks Decline In Trade
Shares of I.T. companies declined in trade on Monday and the headline index NSE Nifty 50 was lower by 0.45% in trade.
The NSE IT Index was down 1.82% in trade. All 10 constituents compiled by the gauge declined.
HCL Technologies Ltd., Wipro Ltd., Tech Mahindra Ltd., Larsen and Toubro Technology Services Ltd., Mphasis Ltd., TCS Ltd., LTIMindtree Ltd., Infosys Ltd., Persistent Sytems Ltd. and Coforge Ltd. declined in trade.
Source: NSE
Balkrishna Industries Declines In Trade As Q3 Misses Estimates
Shares of Balkrishna Industries Ltd. declined by 8.76%, to Rs 2,160.05 apiece in trade on Monday after third-quarter net income and revenue misses missed analysts' estimates.
The stock fell as much as 9.85% intraday, the most in two years since Feb. 9, 2021.
Total traded volume stood at 19.6 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 29 analysts tracking the stock, 13 maintain a 'buy' rating, seven recommend a 'hold' and nine suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 1.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Glenmark Pharmaceuticals Up As Profit Beat Estimates
Shares of Glenmark Pharmaceuticals Ltd. rose 5.23% in trade to Rs 421.35 apiece as the net profit rose in the third quarter, beating estimates.
The Mumbai-based bulk and generic drugmaker's net profit rose 23% year-on-year to Rs 273 crore in the quarter ended December. That compares with the Rs 251 crore consensus estimate of analysts tracked by Bloomberg.
The after-tax profit includes the impact of certain exceptional items. The company had a one-time gain of Rs 34 crore in Q3, which is net gain from sale of its cardiac brand—Razel's India—and Nepal business, against the remediation cost of the company's Monroe manufacturing site in the U.S.
Glenmark Pharma Q3 FY23 (Consolidated, YoY)
Revenue up 9% at Rs 3,464 crore (Bloomberg estimate: Rs 3,295 crore)
Ebitda down 11% at Rs 620 crore (Bloomberg estimate: Rs 574 crore)
Ebitda margins at 17.9% vs 21.8% (Bloomberg estimate: 17.4%)
Net profit up 23% at Rs 273 crore (Bloomberg estimate: Rs 251 crore)
Coforge Declines After Large Trade
Shares of Coforge Ltd. declined by 6.24%, to Rs 4,064 apiece in trade on Monday after 9.8% equity changed hands in a bunched trade during pre-open.
The stock fell as much as 6.86% intraday, the most in nine months since May 25, 2022.
Total traded volume stood at 100.5 times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 31 analysts tracking the stock, 24 maintain a 'buy' rating, two recommend a 'hold' and five suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 16.9% over the next 12 months.
Source: Bloomberg, Exchange filing
Adani Group Stocks Open Mixed In Trade
Shares of Adani group companies were mixed in trade on Tuesday after NSE removed the two of the three Adani stocks placed under "Additional Surveillance Maintenance" framework and ratings agency Moody’s affirmed its ratings for eight Adani Group companies and revised the outlook on four of them, over the weekend.
ACC Ltd., Adani Ports and SEZ Ltd., Ambuja Cements Ltd., and Adani Enterprises Ltd. advanced in trade while the other group company stocks declined.
Sensex, Nifty Volatile At Open
Indian equity benchmarks opened mixed in the pre-open trade and declined marginally on Monday following the weak Asia trade.
Asian markets declined across the region on Monday after the worst week for stocks and bonds this year as traders increased interest rate expectations ahead of crucial the U.S. inflation data due Tuesday. The S&P 500 ended the week 1.1% lower, while the tech-heavy Nasdaq 100 fell 2.1%, the worst weekly performance this year for the two indexes.
At pre-open, the S&P BSE Sensex opened down 30 points or 0.05% at 60,652.82 while the NSE Nifty 50 was 3 points or 0.01% higher at 17,859.10.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Bajaj Auto Ltd., Mahindra and Mahindra Ltd., and Bajaj Finserv Ltd. were the top gainers in the gauge.
Whereas, Infosys Ltd., Coal India Ltd., HDFC Ltd., Hindustan Unilever Ltd., and Tech Mahindra Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were marginally lower; S&P BSE MidCap was down 0.10%, whereas S&P BSE SmallCap was lower by 0.02%.
Nine out of the 19 sectors compiled by BSE declined, while ten advanced in trade.
The market breadth was skewed in favour bulls. About 1,455 stocks rose, 973 declined, and 176 remained unchanged on the BSE.
Benchmarks Mixed In Pre-Open Trade
The S&P BSE Sensex opened down 30 points or 0.05% at 60,652.82 while the NSE Nifty 50 was 3 points or 0.01% higher at 17,859.10.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.37% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakens by 22 paise against the greenback on Monday to 82.72 at open. It closed at 82.50 on Friday.
Source: Bloomberg
Earnings Led Move In Autos, Capital Good MNC Stocks Likely: Trade Setup
Global Cues
U.S. Dollar Index at 103.74
U.S. 10-year bond yield at 3.74%
Brent crude down 0.91% to $85.60 per barrel
Nymex crude at $78.96 per barrel
SGX Nifty down 0.21% to 17,839.5 as of 7:32 a.m.
Bitcoin up 0.11% to $21,716.66
Pledge Shares
Stove Kraft: Promoter and director Rajendra Gandhi pledged 3 lakh shares on Feb. 8.
Bulk Deals
One97 Communications: Alibaba Singapore E-commerce sold 2.14 crore shares (3.31%) at Rs 642.74 apiece.
Q3 Earnings Results
New India Assurance Company, Allcargo Logistics, Gujarat Gas, Zee Entertainment Enterprises, IRB Infrastructure Developers, FSN E-Commerce Ventures, Castrol India, Suprajit Engineering, Grindwell Norton, Heidelbergcement India, Campus Activewear, Gujarat State Petronet, Carysil, Vijaya Diagnostic Centre, Icra, Ahluwalia Contracts (India), Authum Investment & Infrastructure, Bengal & Assam Company, Borosil Renewables, Godrej Industries, GR Infraprojects, HBL Power Systems, Hinduja Global Solutions, Hindware Home Innovation, Housing & Urban Development Corporation, Indian Railway Finance Corporation, ISGEC Heavy Engineering, ITI, Jindal Worldwide, Jaiprakash Power Ventures, Kama Holdings, Landmark Cars, Linde India, Marksans Pharma, Global Health, Mirza International, MMTC, National Fertilizers, NLC India, Power Finance Corporation, Polyplex Corporation, PTC India, Ratnamani Metals & Tubes, Shree Renuka Sugars, Rhi Magnesita India, R Systems International, Steel Authority Of India, Schneider Electric Infrastructure, Sindhu Trade Links, Sun Pharma Advanced Research Company, Wockhardt
Stocks To Watch: BHEL, Adani Enterprises, Kotak Mahindra, Glenmark Pharma, Nykaa, Oil India
Earnings Fineprint
Bharat Heavy Electricals Q3 FY23 (Consolidated, YoY)
Revenue up 2.5% at Rs 5,263.38 crore
Ebitda up 62% at Rs 144.26 crore
Ebitda margin at 2.7% vs 1.7%
Net profit up 56% at Rs 42.28 crore
Glenmark Pharma Q3 FY23 (Consolidated, YoY)
Revenue up 9% at Rs 3,464 crore (Bloomberg estimate: Rs 3,295 crore)
Ebitda down 11% at Rs 620 crore (Bloomberg estimate: Rs 574 crore)
Ebitda margins at 17.9% vs 21.8% (Bloomberg estimate: 17.4%)
Net profit up 23% at Rs 273 crore (Bloomberg estimate: Rs 251 crore)
Oil India Q3 FY23 (Consolidated, YoY)
Revenue up 37.14% at Rs 9,301.98 crore (Bloomberg estimate: Rs 5,644.80 crore)
Ebitda up 90.17% at Rs 4,179.75 crore vs Rs 2,197.91 crore (Bloomberg estimate: Rs 2,437.50 crore)
Ebitda margin at 44.93% vs 32.41% (Bloomberg estimate: 43.2%)
Net profit up 76.02% at Rs 2,284.41 crore (Bloomberg estimate: Rs 1,747.10 crore)
The company has declared an interim dividend of Rs 10 per share.
Metropolis Healthcare Q3 FY23 (Consolidated, YoY)
Revenue down 3% to Rs 285 crore (Bloomberg estimate: Rs 291 crore)
Ebitda down 6% at Rs 70 crore, (Bloomberg estimate: Rs 73 crore)
Ebitda margin at 24.7% vs 25.7% (Bloomberg estimate: 25.2%)
Net profit down 13% at Rs 36 crore (Bloomberg estimate: Rs 36 crore)
Dish TV India Q3 FY23 (Consolidated, YoY)
Revenues down 22.31% at Rs 552.09 crore
EBITDA down 38.59% at Rs 261.6 crore
Margins at 47.38% vs 59.94%
Net loss of Rs 2.85 crore vs net profit of Rs 80.64 crore
Fortis Heatlhcare Q3 FY23 (Consolidated, YoY)
Revenue up 6.36% at Rs 1,559.88 crore
Ebitda down 3.66% at Rs 276.44 crore
Ebitda margin at 17.72% vs 19.56%
Net profit up 10.98% at Rs 129.56 crore
National Aluminium Co. Q3 FY23 (Consolidated, YoY)
Revenues down 12.81% at Rs 3,289.98 crore
Ebitda down 61.38% at Rs 459.77 crore
Ebitda margin at 13.97% vs 31.55%
Net profit down 69.14% at Rs 256.32 crore
Stocks To Watch
Adani Enterprises/Adani Green Energy/Adani Ports and SEZ/Adani Transmission: Ratings agency Moody’s affirmed its ratings for eight Adani Group companies and revised the outlook on four of them. Moody's affirmed 'Ba3' rating for Adani Green Energy, and changed outlook to negative from stable. Rating for Adani Ports and Special Economic Zone affirmed at 'Baa3', while outlook remains stable. Adani Transmission Step-One rating has been affirmed at 'Baa3', and outlook changed to negative from stable. Adani Transmission Restricted Group 1 rating affirmed at 'Baa3', and outlook remains stable.
Mahindra & Mahindra: The company will sell its entire stake in Mahindra Consulting Engineers to Paris-based Artelia Holding SAS for Rs 10.32 crore.
Kotak Mahindra Bank: The bank will acquire 100% stake in Sonata Finance for Rs 537 crore. After the acquisition the bank will leverage Sonata’s distribution network and provide wider suite of banking products to Sonata’s customer base matching their emerging banking needs.
TVS Motor Company: Life Insurance Corporation of India decreased its shareholding in the company to 3.36% from 5.37%.
BEML: The company received an order worth Rs 377.98 crore for supply of 118 track width mine plough for Arjun MBT MK-1A. The supplies are expected to be completed by January 2026.
Lemon Tree Hotels: The board approved re-appointment of Patanjali Govind Keswani as chairman and managing director of the company. It also approved acquisition of up to 22 crore compulsorily convertible preference shares of Fleur Hotels from the APG Strategic Real Estate Pool NV for Rs 108.98 crore.
Canara Bank: The bank hiked lending rates across tenors in the range of 5-25 basis points, effective Feb. 12, 2023.
Thermax: The company won an order worth Rs 251.7 crore to renovate and modernise electrostatic precipitator package from an Indian public sector company.
SGX Nifty Signals Tepid Opening For Benchmarks
Asian markets declined across the region on Monday after the worst week for stocks and bonds this year as traders increased interest rate expectations ahead of crucial the U.S. inflation data due Tuesday.
The S&P 500 ended the week 1.1% lower, while the tech-heavy Nasdaq 100 fell 2.1%, the worst weekly performance this year for the two indexes.
At 7:32 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.21% at 17,839.5.
Meanwhile, the yield on 10-year U.S. Treasuries was at 3.74%. Crude price was trading around $85-mark, while Bitcoin traded below $22,000-level.
The Indian benchmark indices closed the week lower after a rangebound day of trading, following weak global cues and MSCI rejig of Adani Group stocks weighing on its indexes.
On Friday, after market hours, Moody's took ratings action on eight Adani Group companies.
Rupee closed 2 paise higher against the U.S. dollar at the end of the week, which saw another rate hike by MPC and weaker-than-expected economic data from the U.S.
Foreign investors turned net buyers of Indian stocks on Friday, ending a six-day selling streak. Foreign portfolio investors bought equities worth Rs 1,458.02 crore, while the domestic institutional investors remained sellers for the second day, selling stocks worth Rs 291.34 crore, snapping a 13-day buying streak on Feb. 9.