Share Market Highlights: IT and select banking stocks drag Sensex and Nifty down

Ashok Leyland: The company has invested a sum of 249.5 million rupees in TVS Trucks and Buses. The company’s shareholding in TVS Trucks is 49.9%. TVS Trucks has become an associate company.

Airport operator GMR Airports Infrastructure is actively pursuing inorganic opportunities overseas, especially in the Middle East, South Asia, the Philippines, and Jakarta, while within India, it is looking at available brownfield opportunities.

The company is interested only in airports with the capacity to handle over 5 million passengers, the management said at a recent analyst conference of Kotak Institutional Equities, “Chasing Growth 2024.”

Benchmark stock indices Sensex and Nifty edged lower in a volatile trade on Friday, reversing early gains due to selling in IT and select banking shares.

The 30-share BSE Sensex slipped 15.44 points or 0.02 per cent to close at 73,142.80 points with 17 of its constituents closing in the red and 13 in the green.

The index opened higher but later slipped into losses due to profit-taking by investors. The barometer oscillated between a high of 73,413.93 and a low of 73,022 during the day.

The broader Nifty of NSE closed lower by 4.75 points or 0.02 per cent at 22,212.70 points as gains in FMCG, pharma and financial shares were offset by losses in IT and private bank shares.

The 50-share barometer scaled a record high of 22,297.50 in intra-day trade.

Among Sensex shares, HCLTech, Asian Paints, Maruti, JSW Steel, TCS, SBI, ITC and Bharti Airtel were the major losers.

On the other hand, Bajaj Finserv, Mahindra & Mahindra, Titan, L&T and Wipro were the major gainers.

Reliance Industries rose by around 1 per cent to hit a 52-week high intra-day. Its arm Reliance Jio Financial Services soared by more than 14.5 per cent to hit a year’s high level, taking its market valuation to more than Rs 2 lakh crore.

Global markets were mostly higher following sharp overnight gains in US markets driven mainly by stunning December quarter results by technology company Nvidia.

The Shanghai Composite index added 0.6 per cent while Hong Kong’s Hang Seng was unchanged. Tokyo’s markets were closed for a holiday. Germany’s DAX, the CAC 40 in Paris and FTSE 100 in London rose up to 0.1 per cent.

In the domestic market, Foreign Portfolio Investors (FPIs) were net sellers on Thursday as they offloaded securities worth Rs 1,410.05 crore.

“The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000. The immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000.” - Kunal Shah of LKP Securities.

Orchid Pharma stock surged over 6 per cent on the NSE on Friday, following the receipt of approval for its Enmetazobactam injection, a Beta-Lactamase Inhibitor invented in the country.

The company based in Chennai has received the United States Food and Drug Administration (USFDA) approval for its Exblifep, it said in a stock exchange filing and added that the development comes in close succession to the recent recommendation for approval by the European Medicines Agency (EMA).

Orchid Pharma Ltd’s ‘Exblifep’ gets USFDA approval, marking the first Indian NDA-approved product. The invention, Enmetazobactam, addresses antimicrobial resistance needs and is set for a US market launch. The shares were up by 5.70% to Rs 1216.70 on the BSE.

Westlife Foodworld Ltd’s shares fell 3.31% to Rs 789.25 on the BSE, McDonald’s India (West & South) reassured customers of using genuine, high-quality cheese in its products amid reports of its removal from menus in Maharashtra.

A total of 3,921 stocks were actively traded, 2,071 advanced, while 1,744 declined and 106 stocks remained unchanged where 348 stocks hit a 52 week high and 8 stocks hit a 52 week low at 3.13 pm on the BSE.

Top gainers on the NSE - Bajaj Finserv (1.67%), SBI Life insurance company (1.30%), Dr Reddy laboratories (1.25%), Titan company (1.25%), HDFC Bank (1.12%)

Top losers include- HCL technologies (-1.25%), Bharat Petroleum Corporation (-1.22%), Asian paints (-1.10%), Jsw Steel (-1.03%), Maruti Suzuki India (-1.02%)

Zydus Lifesciences Ltd’s shares rose 2.91% to Rs 931.10 on the BSE. The company incorporated a wholly-owned subsidiary company in the name of Zydus Lifesciences Global FZE in the UAE.

Jupiter Life Line Hospitals Ltd.’s shares surged 9.16% to Rs 1570.32 on the BSE. The company leased land for 10 years in Bibvewadi, Pune, for setting up a hospital with an annual lease rental of Rs 9.27 crore.

Intellect Design Arena Ltd has announced the launch of its first principles technology suite, eMACH.ai, for technology-suave bankers in the Middle East and Africa. Intellect Design Arena stock surged by 5.43 per cent on the NSE to trade at ₹942.30 as of 2:50 pm on Friday.

Jindal Worldwide Ltd’s shares rose 2.20% to Rs 368.80 on the BSE. The company has plans to launch three scooters with 12 variants (B2B and B2C) and one sports bike with 2 variants in FY25.

Bandhan Bank Ltd’s shares were up by 2.38% to Rs 208.45. Rajeev Mantri is appointed as the CFO. Accordingly, Abhijit Ghosh ceases to be the interim CFO.

The BSE Sensex fell 18.46 points or 0.03% to 73,139.78 while the NSE Nifty rose 3,45 points or 0.02% to 22,220.90.

Concord Biotech Ltd’s shares rose 2.49% to Rs 1,476 on the BSE. The company received a certificate of good manufacturing practices from Kenyan authorities at its Ahmedabad plant.

Pratap Snacks clarified that it is not in negotiations with ITC for a stake sale. Shares down by 5.85% to Rs 1155 on the BSE.

Ramkrishna Forgings Ltd.’s shares rose 2.02% to Rs 753.30 The company received the board’s approval for the commencement of manufacturing and supplies from the company’s Mexico location.

Indian Railway Catering and Tourism Corporation Ltd’s shares rose 2.81% to Rs 962.25 on the BSE. The company entered into a pact with Swiggy Foods for the supply and delivery of pre-ordered meals. The first phase of the supply pact will include Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam stations.

Kalyani Steels signed an MoU with the Odisha government to establish a 0.7 MTPA steel and automotive components complex and an integrated titanium plant. The projects are estimated to require investments of Rs 11,750 crore. Shares rose 6.40% to Rs 868.50 on the BSE.

Servotech Power Systems Ltd. has bagged a contract from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs.

Servotech Power Systems stock surged 4.99 per cent on the NSE to trade at ₹97.80 as of 1.22 pm on Friday. Meanwhile, Hindustan Petroleum Corporation stock declined 1.69 per cent, trading at ₹530 on the NSE.

A couple of weeks back, the stock of ICICI Bank began its latest leg of rally on the back of the support at₹985. It broke out of a resistance at ₹1,050 this week, improving the probability of further gains. We expect the stock to touch ₹1,100 and then ₹1,150 in the short-term. 

Since the chances for more upside is high, buying call options is a good strategy, especially when the momentum is in favour of the bulls. 

Intellect Design Arena’s shares were up by 5.77% to ₹945 on the BSE.

Power Grid Corporation of India Limited received notices from NSE and BSE regarding non-compliance with the provision of having the requisite number of Independent Directors on its board, with a fine of ₹5,42,800 each imposed by both exchanges. The company requested a waiver of the fine. 

The shares were up by 0.58% to ₹284.20 on the BSE.

Benchmark indices continue to trade marginally higher on Friday. Nifty 50 traded at 22,258.10, up by 40.65 points or 0.18 per cent as of 12.46 p.m., while BSE Sensex rose by 133.14 points or 0.18 per cent to trade at 73,291.38.

All sectoral indices continued to trade in green, except for Nifty Oil & Gas which slipped by 0.40 per cent and Nifty PSU bank which declined by 0.63 per cent. Nifty Bank traded at 47,052.90, up by 0.28 per cent. Sectoral indices such as media (1.05 per cent), pharma (0.77 per cent), and realty (0.71 per cent) were the major gainers.

Of the 3,854 stocks that were traded on the BSE as of 12.51 p.m., 2,207 of them advanced, 1,544 stocks declined and 103 were unchanged. The number of stocks that hit 52-week high were 322, while those that hit 52-week low were 8.

​Exhicon Events Media Solutions Limited​ to organise Maharashtra’s Namo Maharojgar Fair, a job fair aimed at revitalizing the job market in the Konkan division. Shares up by 0.43% to Rs 398 on the BSE.

Satin Creditcare Network Limited received the ISO 27001:2022 certification for the high standards of information security. Shares fell 0.54% to ₹247.25 on the BSE.

Global research firm Goldman Sachs on Friday downgraded its rating on State Bank of India, ICICI Bank and YES Bank and upgraded Bajaj Finance citing the end of the “Goldilocks period” for financial sector entities.

Goldman Sachs downgraded SBI and ICICI Bank from ‘buy’ to ‘neutral’ basis a 4 per cent downside and 3 per cent upside, respectively. Further, it downgraded YES Bank from ‘neutral’ to ‘sell’ attributing the call to a 37 per cent downside on the stock. The firm cut the earnings estimates for financial services companies by 5 per cent over FY25 and 2 per cent over FY26 on average.

“We believe the proverbial Goldilocks period (strong growth and strong/visible profitability) is over for the financial sector in the near-term as headwinds are increasing,” it said in a report.

LIC’s share price advanced 1.02% to ₹1074.80 on the BSE.

The project, secured at a tariff of ₹2.98 per unit, is expected to generate 107 MUs in the first year and a cumulative energy generation of 2,477 MUs over 25 years. 

SJVN’s shares down by 0.78% to ₹120.60 on the BSE.

Bharti Airtel’s Digital TV, in collaboration with CMEPL, launched an animation entertainment channel, Anime Booth, offering content in Hindi. 

The shares were down by 1.01% to ₹1123.75 on the BSE.

While 312 stocks hit 52-week high, 7 stocks hit 52-week low at 12 p.m. on the BSE

Top gainers on the NSE at 12 pm include - Cipla (1.52%), Dr Reddy’s laboratories (1.22%), SBI Life insurance company (1.15%), HDFC Bank (1.04%), Titan company (0.95%)

Top losers include- Asian Paints (-1.21%), Bharat Petroleum Corporation (-1.20%), NTPC (-1.07%), Bajaj Auto (-1.04%), Bharti Airtel (-0.89%)

The stock price of Jio Financial Services surged over 8 per cent on Friday, hitting a 52-week high at ₹347.

As of 11:13 am, the stock surged by 8.39 per cent on the NSE, trading at ₹328.25. 

The company, in January 2024, reported a 56 per cent decline in consolidated net profit to ₹294 crore for the third quarter ended December 2023 compared to the previous quarter.

4:00 PM Tiger Logistics

Dial: +91 22 6280 1341

Weblink: http://tinyurl.com/yc673zpd

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CEAT Limited has been selected as an official partner by the Board of Control for Cricket in India (BCCI) for the Indian Premier League (IPL), with an aggregate spend of about ₹240 crore over five years. 

CEAT’s shares were up by 1.19% to ₹2,939.15 on the BSE.

Bank Nifty futures (February expiry) began today’s session with a gap-up at 47,100 versus yesterday’s close of 46,980. It is currently hovering around 47,200, up 0.5 per cent.

As long as Bank Nifty futures remain above the support at 47,000, the bias will be bullish. Nevertheless, there is a hurdle at 47,400 which is now blocking the bulls.

If the contract surpasses the barrier at 47,400, the rally will most likely be extended to 47,700 and then to 48,000, potential resistance levels.

Earlier, Aditya Birla Group Chairman Kumar Mangalam Birla emphasised the group’s commitment to ​Vodafone Idea and said that efforts are underway ​to attract external investors. 

Without providing a timeline for onboarding such investors, Birla said: “We remain very committed to Vodafone Idea and efforts are on to get outside investors.”

Vodafone Idea announced in a BSE filing that the board will meet on February 27 to consider fundraising proposals. 

​Nifty hit a new high in early trade on Friday ​by reaching over the 22,290-level. It traded at 22,274.50, up by 57.05 pts or 0.26 per cent, and BSE Sensex traded at 73,334.89, higher by 176.65 pts or 0.24 per cent as of 10.17 am.

Mentioning that the Nifty witnessed a strong pullback to erase the loss and a decisive breach above 22000 zone, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher Pvt. Ltd, said, “With sentiment maintained positive, we anticipate the index to achieve next targets of 22400 and 22800 levels, respectively in the coming days. The support for the day is seen at 22100, while the resistance is seen at 22400.”

All sectoral indices traded in the green, except Nifty oil and gas. Nifty Bank traded at 47,112.10, up by 0.41 per cent, and Nifty Realty was higher by 1.55 per cent at 923.75. 

The Nifty 50 February Futures (22,288) is up 0.2 per cent. There is resistance near current levels. A rise from here can take it up to 22,370 – the next important intraday resistance. 

On the other hand, if the contract declines from here and breaks below 22,230, then it can fall to 22,170 during the day.

Indiabulls Housing Finance Limited

Series E1

ISIN* IN9148I01010

Face Value ₹2 per share

Paid-up Value ₹0.67 per share

Issue Price ₹150 (₹50 paid on application)

Security Description Equity shares of ₹2/- each (₹0.67/- partly paid up) allotted under Right Issue.

Date of allotment 15-Feb-2024

No. of securities 246226515

Distinctive number range 492453030 to 738679544

Market lot 1

Jana Small Finance Bank Ltd. | CMP ₹456 | M Cap ₹4771 cr | 52 W H/L 482/365

Result has improved

Advances came at ₹23610 cr (28% YoY, 2.5% QoQ)

Net Interest Income came at ₹548 cr vs YoY ₹441 cr, QoQ ₹526 cr

Non Interest Income came at ₹140 cr vs YoY ₹170 cr, QoQ ₹164 cr

PBP came at ₹295 cr vs YoY ₹285 cr, QoQ ₹283 cr

Provisions came at ₹161 cr vs YoY ₹166 cr, QoQ ₹160 cr

Credit Cost came at 2.7% vs YoY 3.6%, QoQ 2.8%

Adj. PAT came at ₹135 cr vs YoY ₹119 cr, QoQ ₹123 cr

Gross NPA came at ₹487 cr vs QoQ ₹521 cr at 2.19% vs QoQ 2.44%

Net NPA came at ₹156 cr vs QoQ ₹183 cr at 0.71% vs QoQ 0.87%

Quarter EPS is ₹12.9

Stock is trading at trailing P/Adj BV of 1.9x

“This global bull run led by the mother market US is showing no signs of exhaustion. In the US the rally is being led by the tech stocks . Nvidia’s excellent results have sparked a rally in all AI related tech stocks. This is having its repercussions in the tech stocks in India, too.

“The steady climb of the Nifty setting records after records is an indication that the buy on dips strategy is working. This trend may continue. But very soon we are likely to have a days of sharp corrections when DIIs resort to some profit booking and FIIs continue to sell persuaded by the high US bond yields which are likely to remain high for sometime. Fed rate cut expectations are much lower than at the beginning of this year. That too will start exerting pressure on the market. Long-term investors should remain invested in this bull market. Partial profit booking from the overvalued mid and small caps and moving the money to high quality large cap banks and fixed income would be a safe strategy in the present context.”

Kirloskar Ferrous Industries’ shares declined by 0.84% to ₹584.60 on the BSE. 

The rupee traded on a flat note at 82.85 against the US dollar in early trade on Friday amid outflow of foreign funds and volatile crude oil prices in the overseas market.

Positive equity market sentiment and a weak American currency, however, provided support to the domestic unit, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 82.87 and inched up further to trade at Thursday’s closing level of 82.85 against the greenback.

Firstsource Solutions: To meet analysts and investors on Feb. 27. 

Heritage Foods: To meet analysts and investors on Feb. 27. 

Tejas Networks: To meet analysts and investors on Feb. 27. 

Aditya Birla Capital: To meet analysts and investors on Feb. 27. 

ICICI Prudential Life Insurance: To meet analysts and investors on Feb. 28. 

Landmark Cars: To meet analysts and investors on Feb. 27

Dharmaj Crop Guard: To meet analysts and investors on Feb. 26. 

Ceat: To meet analysts and investors on March 4. 

Titan: To meet analysts and investors on Feb. 26, March 1, March 4. 

Pricol: To meet analysts and investors on March 22. 

UCO Bank: To meet analysts and investors on Feb. 27. 

IndusInd Bank: To meet analysts and investors on Feb. 28. 

Godawari Power and Ispat: To meet analysts and investors on Feb. 29. 

Mold-Tek Packaging: To meet analysts and investors on March 4. 

Sky Gold: To meet analysts and investors on Feb. 27.

183 stocks hit a 52 week high and 5 stocks hit a 52 week low.

Top gainers on the NSE at 9.30 am include - Titan Company (1.23%), Hero MotoCorp (1.19%), Grasim Industries (1.07%), LTIMindtree (0.88%), HDFC life (0.88%)

Top losers include- Bharti Airtel (-1.25%), Asian paints (-0.94%), Power Grid Corporation of India (-0.62%), Britannia Industries (-0.54%), Axis Bank (0.54%)

Downgrade SBI To Neutral, Target ₹741

Downgrade ICICI Bank To Neutral, Target ₹1,068

Downgrade Yes Bank To Sell, Target ₹16

Upgrade Bajaj Fin To Neutral From Sell, Target ₹6,815

Retain Buy On HDFC Bank, Target ₹1,915

Goldilocks period is likely over for financial sector in near-term due to

1) Rising pressure on cost of funds due to structural challenges in the funding environment

2) Growing concerns on rising consumer leverage posing potential asset quality challenges, particularly in unsecured lending. $127 billion loan book in the sector

3) Pressure on operating costs due to elevated wage inflation as well as the need to expand the distribution network for future deposit growth

Focus on raising high-margin PCR share; continued de-leveraging

Target price: ₹700

“We hosted the management of JK Tyre, represented by Anuj Kathuria, President (India) and Sanjeev Aggarwal, CFO, for a series of investor meetings. JKI is accelerating focus on high-growth, high-margin PCR via well-timed capex (operating at ~95% utilisation now), largely in high-margin SUV tyres, even as overall capex remains calibrated, thus driving further deleveraging. 

“Consumers in both, commercial and passenger tyres, are increasingly looking at features besides only price (like mileage, comfort, safety, performance); in turn, this is driving gradual de-linking of margins to underlying commodities. We retain BUY on JKI, with unchanged TP of ₹700 at 15x FY26E PER; JKI remains undervalued despite the ongoing sharp improvement in performance across P&L/balance sheet/return ratios (trades at ~10x FY26E PER vs. ~14-15x peer average).”

Ex-Dividend 26 February 2024 (Monday)

Last date for Cum-Dividend Today

Fineotex Chemical Ltd.

Dividend Per Share ₹1.2

Previous day Closing Price – ₹449.8

Gateway Distriparks Ltd

Dividend Per Share ₹0.75

Previous day Closing Price – ₹106

Natco Pharma Ltd.

Dividend Per Share ₹1.25

Previous day Closing Price – ₹1008.9

Suprajit Engineering Ltd.

Dividend Per Share ₹1.1

Previous day Closing Price – ₹397.1

Vibrant Global Capital Ltd

Dividend Per Share ₹1.25

Previous day Closing Price – ₹82.51

At 9.17 am on Friday, April Brent oil futures were at $83.28, down by 0.47 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.19, down by 0.53 per cent. March crude oil futures were trading at ₹6488 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6535, down by 0.72 per cent; and April futures were trading at ₹6476 as against the previous close of ₹6515, down by 0.60 per cent.

YES Securities takes a closer look at 9MFY24 credit costs and other aspects of all banks and recommends the Axis Bank, Bank of Baroda, HDFC Bank and ICICI Bank as top picks.

· Banks whose normalized credit cost run rate most lags FY24E consensus are AXSB, CUB, BOB, INBK (positive read-across) 

Again, notably, some of these banks have already been in our most preferred list and which remain so, viz. BOB and AXSB.

· While NIM may see lesser volatility going forward, there are multiple moving parts to monitor in this regard

Tactically, BOB, INBK and SBI have a larger share of non-EBLR floating rate loans at 63%, 61% and 42%, respectively, which implies some residual potential of yield rise from upward MCLR book repricing. Structurally, over FY18-23, IDFCB, RBL, AXSB and ICICI have seen the greatest decline in share of low-yield loans, amounting to 17.4%, 11.1%, 10.9% and 8.2% points, respectively.

· AXSB is the large cap bank with the most improved fee income to assets in 9MFY24 compared with FY23

The fee income to assets for AXSB has risen 16bps in 9MFY24 compared with FY23. The rise has also been healthy for IDFCB, CSB and RBL at 23 bps, 16 bps and 15 bps, respectively. However, IDFCB and RBL are achieving this basis a sub-optimal dependence on small-ticket unsecured lending.

· We most prefer AXSB, BOB, HDFCB, ICICI, FED and INBK whereas we least prefer KMB, IIB, RBL, IDFCB and DCB

AXSB and BoB are our top 2 picks. We upgrade HDFCB to BUY, placing it at number 3 in our pecking order, followed by ICICI, FED and INBK at 4, 5, and 6, respectively. We, also, upgrade smallcap bank CUB to BUY for the first time, placing it at number 8 in the pecking order. CSB and SBI are in the middle of our pecking order at number 7 and 9, respectively.

The new plant in Mathura is going to be fully operational by next FY and will make the total capacity of the Company to 147 MTPD.

95-96% of their sales come from the INR 5 pack from T2/T3 cities in east India where they are the market leaders in the organized space (no direct organized competition). They recently launched the INR 10 category.

Guidance: They plan to close in revenues of INR 275 Cr this year, INR 550 Cr next year, and INR 850-900 Cr in FY26 with low double-digit margins.

Efforts to increase consignment value to lower overall freight cost remain the key focus of the company as they continue to push heavy-weight premium products like glucose water, cakes, fryums, and noodles.

They are the leading manufacturer of fryums in West Bengal and Jharkhand and are trying to tap into the instant noodle market in Assam where noodle consumption is extremely high.

The company is on the lookout for suitable contract manufacturing partners in Assam, Orissa and Bihar to expand their geographical reach and build their brand presence. Annapurna Swadisht Limited is also actively looking at export markets.

We monitor monthly indicators to assess freight and cargo movement across the road, port, and rail networks. While rail volumes grew 6% YoY during Jan-24, truck freight rates remained stagnant due to unchanged fuel prices. ATF prices stayed flat in Feb-24 MoM, correcting 13% from Oct-23 peak, which bodes well for Blue Dart Express. Container shipping rates have witnessed marginal reprieve since the onset of the Red Sea crisis, correcting 14% from Jan-24 peak, but still remains elevated. Such disruption in global trade could cause a short-term, supply-demand mismatch of containers and impact railway logistics operators like Container Corporation of India (NR) and Gateway Distriparks (NR).

Truck freight rates remain stagnant; BDAL volumes flat YoY

Average freight rates on trunk routes (Delhi to Mumbai, Chennai and Kolkata) stayed flat sequentially (flat on a 3M rolling average basis as well), as diesel prices remained unchanged since Jun-22. This impacts operating margins of PTL players like VRL Logistics, owing to their inability to absorb cost inflation (ex-fuel) on the back of flat realizations. Bluedart Aviation (BDAL) volumes remained muted (flat YoY, in line with its 3M rolling average) in Jan-24. ATF prices stayed flat in Feb-24 on a MoM basis, correcting 13% from the Oct-23 peak, which bodes well for Blue Dart Express (transitory benefit, as they pass fuel fluctuations to customers with a 1-2 month lag).

Bulk commodities drive growth in rail cargo in Jan-24

Rail cargo grew 6%/3% YoY/MoM, respectively, in Jan-24 (143mn ton), buoyed by bulk commodities such as cement (9% MoM), other goods (5% MoM), foodgrains (6% MoM), and coal (4% MoM), while container volumes were down 2% YoY/9% MoM, which could be on the back of demand-supply mismatch of EXIM containers due to the Red Sea issue. Reiterating the pickup observed in raw material for steel plants, the volume touched an all-time high of 3.5mn ton (4%/35% MoM/YoY) (~3.2mn ton in Q3FY24 vs. the FY19-23 average of 2.4mn ton), indicating further upsurge in the construction capex cycle.

Red Sea issue aggrandizing container availability concerns

As tensions in the Middle East continue to escalate with strong stance of Houthi rebels on ships passing through, the situation has seen global powers stepping in, now with China, Canada, and US getting impacted. The intermittent report of peace talks along with freight container operators normalizing their supply chain over the last two months has led to a halt in the steep rally of container rates (as reported in our last monthly report). The container rates have seen some respite and corrected by 14% from the January highs. This disruption in global trade is expected to lead to a short-term, supply-demand mismatch of containers, and impact railway logistics operators like Container Corporation of India (NR) and Gateway Distriparks (NR) in Q4FY24.

Container volumes at ports see disruption in Jan-24

Volume growth at major ports was 4% MoM in Jan-24 (73 mn ton), with container volumes decreasing to 14.6mn ton, witnessing a 2% MoM dip. Iron-ore and coal volumes grew 26% and 8% YoY, while fertilizer and other liquid volumes saw a dip of 17% and 23% YoY, respectively. Among major ports, Mormugao, Cochin, New Mangalore, Paradip, and Vishakhapatnam registered growth of 59%, 22%, 18%, 15%, and 12% YoY, respectively, while Kolkata, JNPT, Mumbai, and Kandla saw a dip of 25%, 11%, 7%, and 6% YoY, with other ports seeing minor movement on either side.

V-Guard Industries

Rating: BUY

Target Price : INR 410

Upside : 31%

CMP : INR 313 (as on 21 February 2024)

Elara Securities

Time to flex the inflection point

Green shoots from non-South expansion and Sunflame acquisition

V-Guard Industries (VGRD IN) is poised to grow its earnings at 35% CAGR over FY23-26E, led by non-South expansion and Sunflame acquisition. Non-South revenue mix will grow to 52% in FY26E from 45% in FY23. New products launches (fans, switchgears, appliances, pumps), Sunflame acquisition (its non-South market contributed 80% in FY23), and network expansion will grow its non-South revenue share.

Telecommunications; Dec-23 TRAI subscriber data: Bharti active subs pick up again

Emkay Global Research

The telecom industry’s VLR base rose by 1.9mn in Dec-23 vs. the 0.5mn increase in Nov-23. This was led by reported subscriber base increasing by 4.3mn in Dec-2023. While VIL’s VLR subscribers are down by 1.8mn MoM, Bharti/Jio saw VLR subscriber increase of 3mn/1.2mn, respectively. In terms of overall subscribers, Jio continued to report the highest addition for the 21st straight month (at 4mn MoM in Dec-23), with Bharti lagging at 1.9mn adds. VIL reported subscriber loss of 1.4mn MoM, as the loss rate picked up from 1.1mn in Nov-23. Jio seems to have gained from the launch of JioBharat phone. Jio dominated the wireless broadband subscriber addition, with increase of 4mn; Bharti followed, logging a 2.3mn rise MoM. VIL’s wireless broadband subscriber-count was up by 0.7mn MoM. Jio’s wireline addition rate picked up, with the addition of 0.23mn subscribers (vs. 0.18mn adds in Nov-23). Even as Jio and Bharti continue with 5G rollouts, the timing of the tariff hike remains the key trigger. VIL needs a sizable fund-raise to increase capex for restricting its subscriber loss. We continue to favor Bharti and Jio among telcost.

GRASIM INDUSTRIES: Ambitious targets for the paint business

(GRASIM IN, Mkt Cap USD17.7b, CMP INR2201, TP INR2670, 21% Upside, Buy)

Motilal Oswal

Aims for revenue of INR100b and turning profitable in three years

- Grasim Industries (GRASIM) on 22nd Feb’24 inaugurated its paint plants at three locations - Panipat (Haryana), Cheyyar (Tamil Nadu), and Ludhiana (Punjab). Construction at other three plants at Chamarajanagar (Karnataka), Mahad (Maharashtra) and Kharagpur (West Bengal) is in full swing and they will be commissioned in phases in FY25.

- GRASIM has the Paint business under the brand name, “Birla Opus”.

- The company announced its foray into the paint business on 22nd Jan’21 with an initial capital outlay of INR50b. Later in May’22, the management indicated that the capital investments in this business would be INR100b (cumulative capex stood at INR59.96b as of Dec’23) with an aggregate installed capacity of 1.33m kl. This capacity will be further increased by 0.5m kl in the second phase at a much lower cost.

- The company aims to achieve a turnover of INR100b in the next three years and would become profitable at that time. The sales and distribution network is in place to support the launch of Birla Opus and the company plans to cover all towns with a population of over 100k by Jul’24 and 6,000 towns by FY25-end. GRASIM will focus on customer satisfaction, product quality, better incentives to contractors, and faster delivery of products (within four hours of placing orders at most of the locations).

- We largely retain our EPS estimates for FY24-26. Reiterate BUY with a TP of INR2,670 as we value its: 1) holding in subsidiary companies by assigning a discount of 40%; 2) standalone business at 7x EV/EBITDA, and 3) paint business at 1x of investments. We do not change our assumptions for the paint business as of now and would wait for the scalability of operations. We believe that the value of the company’s paint business is not captured in its CMP

The intiital public offering of GPT Healthcare subscribed 0.37 times on Day 1 of issue opening, mainly thanks to retail investors.

The ₹525.14-crore IPO of GPT Healthcare comes at a price band of ₹177-186. The issue consists of a fresh issue worth ₹40 crore and an offer for sale (OFS) of up to 2.608 crore shares (worth ₹485.14 crore) by investors selling shareholders worth ₹485.14 crore.

BHARATFORG

Interim Dividend - Rs. - 2.5000 

BLS

Interim Dividend - Rs. - 0.5000 

BOSCHLTD

Interim Dividend - Rs. - 205.0000

CANTABIL

Interim Dividend - Rs. - 0.4000 

CAREERP

Interim Dividend - Rs. - 1.0000 

DYNAMATECH

Interim Dividend - Rs. - 5.0000 

GCSL

Interim Dividend - Rs. - 0.3000 

GRSE

Interim Dividend - Rs. - 7.9200 

INA

E.G.M. 

INDNIPPON

Interim Dividend - Rs. - 10.2500

ISCITRUST

Income Distribution (InvIT) 

KIRLOSENG

Interim Dividend - Rs. - 2.5000 

KSCL

Buy Back of Shares 

MODISONLTD

Interim Dividend - Rs. - 0.5000 

NATIONALUM

Interim Dividend - Rs. - 2.0000 

NICCOPAR

Interim Dividend - Rs. - 0.2000 

NIRLON

Interim Dividend - Rs. - 15.0000

PRIMINDE.G.M. 

REMLIFE

Stock Split From Rs.5/- to Rs.1/-SANDESH

Interim Dividend - Rs. - 5.0000 

SAURASHCEM

Interim Dividend - Rs. - 1.0000 

SUNTV

Interim Dividend - Rs. - 2.5000 

TAPARIA

Interim Dividend - Rs. - 20.0000

UNIDT

Interim Dividend - Rs. - 0.6000 

XCHANGING

Interim Dividend - Rs. - 15.0000

ZYDUSLIFE

Buy Back of Shares

AGIIL

General 

BFLAFL

Increase in Authorised Capital 

BLSINFOTE

General 

ENKEIWHEL

Audited Results 

ESAFSFB

General 

FOSECOIND

Final Dividend;Audited Results 

PRIMIND

Issue Of Warrants 

RAIN

Audited Results 

SABTN

General 

SANOFI

Dividend;Audited Results 

TCC

Preferential Issue of shares;General 

VALECHAENG

Quarterly Results 

VANICOM

Genera

Silver prices fell below $22.9 after reaching a seven-week high of $23.4 on February 16th, as traders alter their positions for the Fed’s rate cuts, while escalating Middle East tensions fuel some safe-haven flows. A Fed member sees ‘no haste’ to decrease interest rates to determine if a recent increase in inflation signifies stalled progress towards price stability or is simply a bump in the road. Minutes from the Fed’s most recent policy meeting revealed that the majority of the central bank’s members are concerned about the risks of decreasing interest rates too quickly. According to the CME Fed Watch Tool, markets currently expect a 64% chance of a rate cut in June.

Key economic data slated for release includes German Final GDP q/q, German ifo Business Climate from Euro Zone, Eurogroup Meetings rom Euro Zone.

Gold prices were set for their first weekly increase in two weeks, boosted by a weaker dollar and safe-haven buying as investors awaited more signals on when the US Federal Reserve could begin decreasing interest rates. The turmoil in the Middle East has boosted bullion’s safe-haven appeal. With inflation falling and the labour market normalising, the economy’s risks have become “two-sided,” but it is not yet time to lower interest rates, according to U.S. Federal Reserve Governor Lisa Cook.

Key economic data slated for release includes German Final GDP q/q, German ifo Business Climate from Euro Zone, Eurogroup Meetings rom Euro Zone.

Shares of One97 Communications may come under pressure, as the fintech firm Google Pay announced the expansion of soundpods for merchants across India. The company introduced soundpods last year in India on a limited pilot scale. Like Paytm’s soundbox, Google Pay (GPay) soundpod is an audio notification service provided through a speaker device that alerts merchants after QR code payments.

Lunolux Ltd, promoter of Eureka Forbes, on Thursday divested a 10 per cent stake in the home appliances company for ₹979 crore through an open market transaction. Aditya Birla Sun Life Insurance, Plutus Wealth Management LLP, Goldman Sachs, Morgan Stanley Asia Singapore Pte, Societe Generale, Cassini Partners LP, Bofa Securities Europe SA and Hill Fort India Fund LP were among the buyers of the said Eureka Forbes’ shares. According to the bulk deal data available with the BSE, Lunolux Ltd offloaded 1,93,47,924 shares at an average price of ₹506.06. Lunolux Ltd is an affiliate of US-based private equity firm Advent International.

National Thermal Power Corporation (NTPC) Vindhyachal will establish a carbon capture plant this year, per a report by PTI. Once ready, the plant is expected to be the country’s first to capture carbon dioxide emitted from a power plant and convert it into methanol, which will be used in the boiler operations of the unit, Executive Director of the NTPC’s Vindhyachal Project E Satya Phani Kumar said.

The board of Morepen Laboratories has given its approval to raise up to ₹350 crore by way of issuance of equity shares, convertible preference shares or debentures or other means through one or more qualified institutions.

The board of IRB Infrastructure Developers has approved a fundraise of up to $550 million through foreign currency bonds. The bonds will be issued via public or private placement, on a preferential allotment basis, in one or more tranches/series to eligible investors

Tata Elxsi, through its NEURON product suite, announces a strategic partnership with Accuknox, the developer of Nimbus, a modern cloud-native security solution. This collaboration marks a significant advancement in network transformation and security, offering operators a comprehensive solution for building and securing autonomous networks.

The board of AVG Logistics has allotted 15,47,449 shares to 24 non-promoters at ₹371 per share. The allottees included India Emerging Giants Fund, Amitabh Sonthalia, Keval Doshi, Matrix Incrementym, Shreeji Capital and Finance Ltd and Vikasa India EIF I Fund- Emerging Giants Fund.

Archean Chemical Industries Limited has announced that the entire sale consideration of ₹76.91 crore has been paid and the liquidator has issued the sale certificate in favour of Idealis Chemicals Private Ltd which is its wholly owned subsidiary.

The Ministry of Health Pharmacy and Poisons Board, Republic of Kenya, conducted an inspection at Concord Biotech Limited’s Valthera-Dholka (Unit II) in Ahmedabad. The inspection has been completed successfully, without any adverse remarks and the company has received the certificate of good manufacturing practices.

Ramkrishna Forgings Limited has received its board approval for commencement of manufacturing and supplies from the company’s Mexico location. The operation in Mexico is backed by a 10-year $3.5 million per annum “take or pay” agreement for machining components with a North American customer, solidifying the company’s commitment to delivering excellence and reliability in products and services.

Jupiter Life Line Hospitals Ltd has acquired land in Bibvewadi, Pune, with an area of about 11,500 square metre, on a leased basis. The period for lease is 10 years with an annual lease rental of ₹9.27 crore. Further, the company will have the option to purchase the land after three years. The land is leased for setting up a hospital. The board has approved a limit of not more than ₹500 crore of capital expenditure for the proposed project.

Zuari Industries Limited (Formerly Zuari Global Limited) has executed sale deed on 22 February 2024 with Zuari Infinity Private Limited, an unrelated party, for sale of certain land parcels of the company aggregating to 2,25,539 sq. mtrs. situated at Village Sancoale, Taluka Mormugao, Goa. The company has received total consideration of ₹83,44,94,300 towards the sale of land parcels.

Bajaj Auto Limited has made further investment of ₹45.75 crore in Yulu Bikes, which is touted as India’s largest shared electric two wheeler mobility company. Post the fresh investment, the company’s shareholding in Yulu Bikes now stands at 18.8 per cent of the paid up equity share capital of Yulu Bikes.

Bharat Forge infused funds of about ₹133.58 crore in Bharat Forge Global Holding GmbH, a wholly owned subsidiary of the company. This amount will then be invested by BFGH into Bharat Forge Holding GmbH for subsequent investment in Bharat Forge Aluminiumtechnik GmbH, a wholly owned subsidiary of BFH. BFAT was incorporated in Germany. BFAT had a turnover of Euro 110.88 million for the period January 2022 - December 2022.

Godrej Properties, which had emerged as the highest bidder for two adjacent plots in Sanpada, Navi Mumbai, from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) in the e-auctioning in October 2023 and got it cancelled by the authority, filed a writ petition before the High Court of Judicature at Bombay. The High Court has ruled in favour of the company by quashing the cancellation order.

The board of AngelOne has approved a proposal for raising of funds in one or more tranches by way of issuance of such number of equity shares having face value ₹10 each or any other eligible securities or any combination thereof, for an aggregate amount not exceeding ₹2,000 crore by way of a preferential issue, further public offer or qualified institutions placement or other permissible mode or through a combination thereof.

Nesco Ltd has received a letter dated from the Collector and District Election Officer, Mumbai Suburban District Office, seeking possession of Nesco’s exhibition hall nos. 4, 5 and portion of hall 3, including the parking spaces (Premises) under Section 160 of Representation of the People Act, 1951 of Parliament for setting up strong rooms for counting of votes and for the upcoming Lok Sabha elections. The management is in the process of assessing the material impact of these events, if any, in terms of the materiality policy of the company framed under the listing regulations.

Sona BLW Precision has received certification under auto production linked incentive (PLI) scheme for its product “Hub Wheel Drive Motor” for electric two-wheelers. The company has filed seven applications for different products under the PLI scheme, and it has received the certification for its first product.

Dilip Buildcon informed the exchanges that its wholly-owned subsidiary has executed the concession agreement with the Public Works Department of the Goa government for the construction of viewing galleries and observatory towers for the new Zuari bridge. The project is worth ₹270 crore with a 60-month completion period.

IPO Offerings

Juniper Hotels: The public issue was subscribed to 0.23 times on day 2. The bids were led by retail investors (0.87 times), non-institutional investors (0.14 times), and institutional investors (0.6 times). 

GPT Healthcare: The public issue was subscribed to 0.37 times on day 1. The bids were led by retail investors (0.66 times), non-institutional investors (0.18 times), and no bids from institutional investors. 

The board of IRB Infrastructure Developers has approved a fundraise of up to $550 million through foreign currency bonds. The bonds will be issued via public or private placement, on a preferential allotment basis, in one or more tranches/series to eligible investors

Tata Elxsi, through its NEURON product suite, announces a strategic partnership with Accuknox, the developer of Nimbus, a modern cloud-native security solution. This collaboration marks a significant advancement in network transformation and security, offering operators a comprehensive solution for building and securing autonomous networks.

The board of AVG Logistics has allotted 15,47,449 shares to 24 non-promoters at ₹371 per share. The allottees included India Emerging Giants Fund, Amitabh Sonthalia, Keval Doshi, Matrix Incrementym, Shreeji Capital and Finance Ltd and Vikasa India EIF I Fund- Emerging Giants Fund.

Archean Chemical Industries Limited has announced that the entire sale consideration of ₹76.91 crore has been paid and the liquidator has issued the sale certificate in favour of Idealis Chemicals Private Ltd which is its wholly owned subsidiary.

The Ministry of Health Pharmacy and Poisons Board, Republic of Kenya, conducted an inspection at Concord Biotech Limited’s Valthera-Dholka (Unit II) in Ahmedabad. The inspection has been completed successfully, without any adverse remarks and the company has received the certificate of good manufacturing practices.

Ramkrishna Forgings Limited has received its board approval for commencement of manufacturing and supplies from the company’s Mexico location. The operation in Mexico is backed by a 10-year $3.5 million per annum “take or pay” agreement for machining components with a North American customer, solidifying the company’s commitment to delivering excellence and reliability in products and services.

Jupiter Life Line Hospitals Ltd has acquired land in Bibvewadi, Pune, with an area of about 11,500 square metre, on a leased basis. The period for lease is 10 years with an annual lease rental of ₹9.27 crore. Further, the company will have the option to purchase the land after three years. The land is leased for setting up a hospital. The board has approved a limit of not more than ₹500 crore of capital expenditure for the proposed project.

Zuari Industries Limited (Formerly Zuari Global Limited) has executed sale deed on 22 February 2024 with Zuari Infinity Private Limited, an unrelated party, for sale of certain land parcels of the company aggregating to 2,25,539 sq. mtrs. situated at Village Sancoale, Taluka Mormugao, Goa. The company has received total consideration of ₹83,44,94,300 towards the sale of land parcels.

Bajaj Auto Limited has made further investment of ₹45.75 crore in Yulu Bikes, which is touted as India’s largest shared electric two wheeler mobility company. Post the fresh investment, the company’s shareholding in Yulu Bikes now stands at 18.8 per cent of the paid up equity share capital of Yulu Bikes.

Bharat Forge infused funds of about ₹133.58 crore in Bharat Forge Global Holding GmbH, a wholly owned subsidiary of the company. This amount will then be invested by BFGH into Bharat Forge Holding GmbH for subsequent investment in Bharat Forge Aluminiumtechnik GmbH, a wholly owned subsidiary of BFH. BFAT was incorporated in Germany. BFAT had a turnover of Euro 110.88 million for the period January 2022 - December 2022.

Godrej Properties, which had emerged as the highest bidder for two adjacent plots in Sanpada, Navi Mumbai, from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) in the e-auctioning in October 2023 and got it cancelled by the authority, filed a writ petition before the High Court of Judicature at Bombay. The High Court has ruled in favour of the company by quashing the cancellation order.

The board of AngelOne has approved a proposal for raising of funds in one or more tranches by way of issuance of such number of equity shares having face value ₹10 each or any other eligible securities or any combination thereof, for an aggregate amount not exceeding ₹2,000 crore by way of a preferential issue, further public offer or qualified institutions placement or other permissible mode or through a combination thereof.

Nesco Ltd has received a letter dated from the Collector and District Election Officer, Mumbai Suburban District Office, seeking possession of Nesco’s exhibition hall nos. 4, 5 and portion of hall 3, including the parking spaces (Premises) under Section 160 of Representation of the People Act, 1951 of Parliament for setting up strong rooms for counting of votes and for the upcoming Lok Sabha elections. The management is in the process of assessing the material impact of these events, if any, in terms of the materiality policy of the company framed under the listing regulations.

Sona BLW Precision has received certification under auto production linked incentive (PLI) scheme for its product “Hub Wheel Drive Motor” for electric two-wheelers. The company has filed seven applications for different products under the PLI scheme, and it has received the certification for its first product.

Dilip Buildcon informed the exchanges that its wholly-owned subsidiary has executed the concession agreement with the Public Works Department of the Goa government for the construction of viewing galleries and observatory towers for the new Zuari bridge. The project is worth ₹270 crore with a 60-month completion period.

Bulk Deals

RBL Bank: Mathew Cyriac bought 32.75 lakh shares (0.54%) at Rs 265.58 apiece.

Insider Trades

Elecon Engineering: Promoter K. B. Investments sold 1.71 crore shares. 

Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares. 

Greenply Industries: Promoter Rajesh Mittal bought 8,500 shares.

Choice International: Promoter Ns Technical Consultancy bought 1 lakh shares. 

Ashapura Minechem: Promoter Ashapura Industrial Finance bought 15,000 shares. 

Lincoln Pharmaceuticals: Promoter Renukaben Maheshbhai Patel sold 11,353 shares.

Pledge Share Details

Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge for 2.5 lakh shares.

Trading Tweaks

Moved into short-term ASM framework: Jubilant Industries, Zomato, and Swelect Energy Systems. 

Ex/Record Interim Dividend: Aegis Logistics, Bharat Forge, BLS International Services, Bosch, Cantabil Retail, Dynamatic Technologies, Garden Reach Shipbuilders & Engineers, India Nippon Electricals, Kirloskar Oil Engines, National Aluminium, Saurashtra Cement, Sun TV Network, United Drilling Tools. 

Ex/Record Buyback: Kaveri Seed Company, Zydus Lifesciences. 

Ex/Record Stock Split: Remedium Lifecare.

Domestic markets are expected to open on a flat-to-positive note on Friday, tracking mixed global cues. As foreign portfolio investors (FPIs) continue their selling and domestic markets are equally on buy mode, benchmark indices are likely to move within in a range with positive bias, say analysts.

Gift Nifty at 22,310 indicates a flat opening for Nifty50 index as Nifty (Feb) futures closed at 22,243.25 and Nifty (March) futures at 22,383. As the markets are ruling at all-time high levels and are at elevated valuation, experts advise investors to remain cautious and advise profit taking.

• ABFRL

• ASHOKLEY 

• BALRAMCHIN 

• BANDHANBNK 

• BIOCON 

• GMRINFRA 

• GNFC 

• HINDCOPPER 

• INDUSTOWER 

• NATIONALUM 

• PEL 

• PVRINOX 

• RBLBANK

• SAIL 

• ZEEL

Olectra Greentech Ltd has been awarded a contract from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for supply of 2,400 electric buses.

The company’s stock ended 1.95 per cent higher on the NSE, closing at ₹2,102.95. The stock had hit a 52-week high today at ₹2,221.95.

As per the company’s regulatory filing, the letter of award from the authority pertains to the supply, operation, and maintenance of those electric buses on a gross cost contract basis (GCC) or OPEX model basis for 12 years.

Indian economy is estimated to grow at 6.5 per cent during Fiscal Year (FY) 2024-25, India Ratings and Research (Ind-Ra) said on Thursday. The agency also expects the pace of private investment to accelerate if the present government returns to power.

The agency’s projection is 50 basis points (bps) lower than Reserve Bank of India’s (RBI) projection of 7 per cent, but at par with International Monetary Fund’s (IMF) projection of 6.5 per cent. Growth during current fiscal is estimated at 7.3 per cent

Aditya Birla Group has made its entry into the cut-throat paints business with the launch of three factories in Tamil Nadu, Haryana and Punjab, and expects to garner a revenue of ₹10,000 crore and turn profitable in three years.

Branded as Birla Opus, Kumar Mangalam Birla-led Grasim Industries plans to put up 1,332 million litres per annum (mlpa) of capacity, which will be higher than the current cumulative capacity of second, third and fourth players in the industry.

To start with, Grasim Industries has stared production at three units at Panipat (Haryana), Ludhiana (Punjab) and Cheyyar (Tamil Nadu) with 533 mlpa and expects the remaining capacity at Chamarajanagar (Karnataka), Mahad (Maharashtra) and Kharagpur (West Bengal) by end of next fiscal. The company has plans to increase capacity by another 500 mlpa at the lowest cost in the existing facilities.

Ashok Leyland has announced the production rollout of its three millionth commercial vehicle at its Pantnagar manufacturing facility, Uttarakhand.

“The rollout of the three millionth vehicle from our factory validates the joint efforts made by our numerous teams including our supplier and technology partners,” said Ganesh Mani, Chief Operating Officer, Ashok Leyland.

Choice International

Target: ₹1,456

CMP: ₹1,370.80

“In Q3-FY24, Narayana Hrudayalaya reported earnings slightly below expectations, with revenue reaching ₹1,203.60 crore, a 6.7 per cent y-o-y increase but a 7.8 per cent q-o-q decline due to seasonality. EBITDA grew by 9.6 per cent y-o-y to ₹278.90 crore but decreased by 9.5 per cent q-o-q. The EBITDA margin expanded by 62 bps y-o-y but contracted by 43 bps q-o-q to 23.2 per cent, aligning with estimates.

APAT witnessed a 22.3 per cent y-o-y growth but a 17 per cent q-o-q decline to ₹188.10 crore. As of December 2023, the company operated 39 healthcare facilities with 5,646 operational beds.”

Prabhudas Lilladher

“We hosted a non-deal roadshow of Jubilant Ingrevia. The company appears to be coming out of woods with focus on non-commodity side of the chemicals basket.

Across its three business segments- Chemical Intermediates (CI), Specialty Intermediates (SI) and Nutrition and Health Solutions (NHS), the company is spending ₹1,800 crore of capex out of which ₹1,200 crore is already done. The mantra of +20% for EBITDAM and ROCE for new projects may bode well, provided the company executes well and the demand is favourable.”

Aditya Birla Group Chairman Kumar Mangalam Birla emphasised the group’s commitment to Vodafone Idea and said that efforts are underway to attract external investors. 

Without providing a timeline for onboarding such investors, Birla said: “We remain very committed to Vodafone Idea and efforts are on to get outside investors.”

Reliance Industries’ (RIL) arm is all set to establish a ship leasing entity at IFSC - GIFT city in Gujarat. The total investment and expenses will be to the tune of ₹22,033 crore. Reliance International Leasing IFSC has proposed to set up the leasing entity in GIFT IFSC. 

The setting up of the shop is subject to the SEZ committee’s approval.

The proposal made to GIFT SEZ Authority is “for approvals to set up a ship leasing firm to carry on the business of Operating Lease of ships, vessels and voyage charters,” sources said. 

Japan Market - Holiday 

12:30 EURO German Final GDP q/q (Expected: -0.3% versus Previous: -0.3%) 

14:30 EURO German ifo Business Climate (Expected: 85.5 versus Previous: 85.2)

FOSECOIND, RAIN, SANOFI, VALECHAENG

Q3FY24 Earning Calendar 26.02.2024

STOVEC IND

Warner Bros. Discovery, Inc. (Pre market) (Sector- Media)

AerCap Holdings N.V. (Pre market) (Sector- Aviation)

RB Global, Inc. (Pre market) (Sector- Service)

Lamar Advertising Company (Pre market) (Sector- Media)

Berkshire Hathaway Inc. (TENT) (Sector- Financial)

POSCO Holding (TENT) (Sector- Metal)

Recent Interview

Astra Micro: Atim Kabra

Welcome Space FDI Announcement; Expect Our Space Biz To Grow To 10%: Astra Microwave

https://www.youtube.com/watch?v=BV1dU_iQwAk

Brigade Ent: Pradyumna Krishnakumar, Executive Director

Brigade’s Roadmap For Scaling New Heights

https://www.youtube.com/watch?v=e2MylnbmLmA

Emkay Global: Seshadri Sen, Head Research

Q3FY24 Earnings Were Strong & Largely In-line With Estimates: Emkay Global

https://www.youtube.com/watch?v=kqfqgLzGiwo

GPT Infra: Atul Tantia, ED

Will Repay Additional Debt Of ?16 Cr & Become Debt-free In This Calendar Year: GPT Healthcare

https://www.youtube.com/watch?v=T64OJBdZkok

Indian Hotels: Puneet Chhatwal, MD

Will Be Opening 2 Or More Hotels A Month In FY25; Demand Is Strong, Supply Is Constrained: IHCL

https://www.youtube.com/watch?v=NaDz7TFG-Vg

Jubilant Food: Sameer Khetarpal, CEO and MD

Jubiliant Food Brings Popeyes To Delhi | MD & CEO Sameer Khetarpal Share Details

https://www.youtube.com/watch?v=1J4P46f3Fog

Mazagon Dock Ltd: Sanjiv Singhal, CMD

Big Ticket Orders, Exports & Guidance For FY25

https://www.youtube.com/watch?v=ImZHp_TSYLI

Mahanagar Gas: Ashu Singhal, MD

FY24 EBITDA/scm Will Be Better Than Guidance Of Rs 10-12/scm: Mahanagar Gas

https://www.youtube.com/watch?v=pL16W6oehTQ

Nazara Techno: Nitish Mittersain, Jt. MD

Nazara Doubling Down On E- Sports Biz

https://www.youtube.com/watch?v=IaKsI-Um_1o

Poly Medicure: Himanshu Baid, MD

Poly Medicure’s Key Growth Levers, Domestic Demand & Exports & More

https://www.youtube.com/watch?v=9i7Qr2nXNZg

Events today

https://www.researchbytes.com/Default.aspx?cc=event

Results today

https://www.researchbytes.com/Default.aspx?cc=result

The Board of Directors of the company is scheduled to meet on Feb 27 to consider and approve the proposal relating to fund raising.

Gujarat Mineral Development Corpn Ltd (GMDC) has announced allocation of ₹1,138 crore towards new lignite projects. The company has allocated ₹629 crore to expedite the operationalisation of the allotted coal blocks in Odisha.

Market Levels

BSE Sensex: 73158.24 (+535.15)

Nifty 50: 22127.45 (+162.40)

NIFTY MID CAP 100: 49128.35 (+497.85)

NIFTY SMALL CAP 100: 16114.45 (+109.60)

Index PE & PBV

SENSEX PE / PBV : 25.01 / 3.71

NIFTY 50 PE / PBV : 

22.94 / 3.89

NIFTY MIDCAP 100 PE / PBV : 25.48 / 3.93

NIFTY SMALLCAP 100 PE / PBV : 29.69 / 3.98

Inflow/Outflow*the *(Daily/MTD) 

FII / FPI Activity: (₹1410.05 cr) / (₹17679.38 cr)

DII Activity: ₹1823.68 cr/₹20119.15 cr

Volatility Index

India VIX - 15.19

Commodities

Brent Crude: $82.78

Gold USD Oz/10 gm: $2026.38 = ₹62102

Silver: ₹70797

Currency

₹/$: 82.84

US Dollar Index (DXY) - 103.95

10-Year Yield

7.26% GOI 2033: 7.08% (Old)

7.18% GOI 2033: 7.06% (New)

US 10-Yr Yield - 4.34%

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI.

The upmove in Data Patterns (India) has gained momentum. The 8.7 per cent surge on Thursday has taken the stock well above the key resistance level of ₹2,100. This has brought the prolonged consolidation that was in place since September to an end.

Strong support will be around ₹2,100 which can limit the downside. Moving average cross overs on the chart strengthens the bullish case.

Asian stocks extended gains Friday, fuelled by the global rally in equities that’s seen share markets from the US to Europe and Japan hit all-time highs, per a report by Bloomberg.

Australian and South Korean shares opened higher, while a gauge of US-listed Chinese stocks climbed over 1%. Futures for Hong Kong equities slipped and Japanese markets are closed Friday for a public holiday. 

The bullish mood continued on Wall Street overnight, with a buoyant outlook for Nvidia Corp., the most valuable chipmaker, helping it surge 16% amid artificial-intelligence mania, while fresh data showed the world’s largest economy is still going strong, the report added.