Stock Market Today: All You Need To Know Going Into Trade On Jan. 31
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Asian markets are set to extend monthly advances on Tuesday in an eventful week that includes a Federal Reserve rate 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 6:20 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was 0.30% up at 17,758.5.
The yield on 10-year Treasuries advanced four basis points to 3.55%. Crude price fell more than 2%, while bitcoin was trading below $23,000-level.
Indian benchmark indices started the week with a recovery, closing marginally higher after a volatile session through the day.
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 the domestic institutional investors mopped up stocks worth Rs 5,512.6 for the sixth day in a row, according to NSE data.
Stocks To Watch
Life Insurance Corporation of India: The insurer told the exchanges that its exposure to Adani Group, including equity and debt, stands at Rs 36,474.78 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 3261 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 mee ton Feb. 02, 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).
Bharat Petroleum Corporation Ltd. Q3 FY23 (Consolidated, YoY)
Revenues up 25.28% at Rs 1,19,169.55 crore (Bloomberg estimate: Rs 96,737 crore)
Ebitda down 17.44% at Rs 4,212.57 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 1,747.01 crore (Bloomberg estimate: Rs 1,449.27 crore)
Larsen & Toubro Q3 FY23 (Consolidated, YoY)
Revenue up 17% at Rs 46,390 crore (Bloomberg estimate: Rs 45,850.48 crore)
Ebitda 12% at Rs 5,073.04 crore (Bloomberg estimate: Rs 5,329.03 crore)
Ebitda margin 11% vs 11.5% (Bloomberg estimate: 11.6%)
Net profit up 23% at Rs 3,065.93 crore (Bloomberg estimate: Rs 2,570.14 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 1,707.95 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 26,557.44 crore (Bloomberg estimate: Rs 23,100 crore)
Ebitda down 83.27% at Rs 287.35 crore
Ebitda margin at 1.08% vs 8.41%
Net loss of Rs 194.95 crore against profit of Rs 589.09 crore
Greenpanel Industries Q3 FY23 (Consolidated, YoY)
Revenues down 1% at Rs 420.16 crore (Bloomberg estimates: Rs 433.83 crore)
Ebitda down 17.16% at Rs 92.03 crore (Bloomberg estimates: Rs 100.65 crore)
Ebitda margin at 21.9% vs 26.18% (Bloomberg estimates: 23.2%)
Net profit down 40.5% at Rs 37.53 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 353.81 crore (Bloomberg estimate: Rs 367.33 crore)
Ebitda up 10.21% at Rs 213.28 crore (Bloomberg estimate: Rs 212.97 crore)
Ebitda margin at 60.28% vs 58.36% (Bloomberg estimate: 57.98%)
Net profit down 0.44% at Rs 205.16 crore (Bloomberg estimate: Rs 171.15 crore)
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
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.
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.
Who’s Meeting Whom
UltraTech Cement: To meet investors and analysts on Jan. 31.
Maharashtra Seamless: To meet investors and analysts on Jan. 31.
Price Band Revised From 20% To 10%: Adani Green, Adani Transmission, Adani Total Gas (BSE and NSE)
Ex-Date Interim Dividend: CCL Products (India), LTIMindtree, Ramkrishna Forgings, Wendt (India)
Ex-Date Income Distribution: India Grid Trust
Ex-Date Final Dividend: Siemens
Record Date Interim Dividend: CCL Products (India), LTIMindTree, Ramkrishna Forgings, Wendt (India)
Record Date Income Distribution: India Grid Trust
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.
Money Market Update
Rupee closed 0.03% higher against the U.S. dollar at 81.50 on Monday, compared to Friday’s close of 81.52.
Nifty February futures ended at 17,742.85, a premium of 55.70 points.
Nifty February futures fell 4.35% and 9,522 shares in Open Interest.
Nifty Bank February futures ended at 40,751.80, a premium of 90.05 points.
Nifty Bank February futures rose 8.71% and 8,458 shares in Open Interest.
Securities added to the ban period: Ambuja Cements
Securities removed from the ban period: Nil
Budget 2023-24 Preview - Capex To Remain At Centre Stage: ICICI Direct
Indian Hotels, Lemon Tree - On A Strong Wicket: HDFC Securities Initiates Coverage
Chennai Petroleum - De-levering To Augment Shareholder Wealth On Stronger GRMs: Anand Rathi Initiates Coverage
Zydus Lifesciences - Transdermal Launches To Gain Pace, Strengthen U.S. Base Business: Systematix
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.