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Business News/ Markets / Live Blog/  Market Closing Highlights: Sensex ends 480 pts higher, Nifty holds 21,700; Bank index soars over 1%, metals tumble
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Market Closing Highlights: Sensex ends 480 pts higher, Nifty holds 21,700; Bank index soars over 1%, metals tumble

Sensex Today | Share Market Live Updates : Foreign institutional investors (FIIs) net bought shares worth 126.60 crore, while domestic institutional investors (DIIs) purchased 1,711.75 crore worth of stocks on February 12, provisional data from the NSE showed.

Sensex Today | Share Market Live Updates : Some of the companies reporting December-quarter results on Tuesday, February 13, are Eicher Motors, Hindalco Industries, Siemens, Zee Entertainment Enterprises, IRCTC, Bharat Heavy Electricals, Bosch, National Aluminium Company, Gujarat Gas, Indiabulls Real Estate, Innova Captab, INOX India, Medi Assist Healthcare Services, Info Edge India, NBCC, Oil India, Rashtriya Chemicals & Fertilizers, and Sula Vineyards. Photo: AP Premium
Sensex Today | Share Market Live Updates : Some of the companies reporting December-quarter results on Tuesday, February 13, are Eicher Motors, Hindalco Industries, Siemens, Zee Entertainment Enterprises, IRCTC, Bharat Heavy Electricals, Bosch, National Aluminium Company, Gujarat Gas, Indiabulls Real Estate, Innova Captab, INOX India, Medi Assist Healthcare Services, Info Edge India, NBCC, Oil India, Rashtriya Chemicals & Fertilizers, and Sula Vineyards. Photo: AP

Sensex Today | Share Market Live Updates : European shares fell on Tuesday as investors turned cautious ahead of U.S. consumer price data that is crucial to determine the Federal Reserve's interest rate trajectory, and also assessed corporate earnings updates from earlier in the day.

The pan-European STOXX 600 index retreated 0.2% from a two-year high, as of 0806 GMT, with rate-sensitive technology shares hitting a one-week low after a 1.3% drop.

All eyes will be on the U.S. consumer price index for January, due at 1330 GMT, that will help shape investors' expectations on when the central bank is likely to cut interest rates.

Japan's Nikkei share average closed at a fresh 34-year high on Tuesday as trading resumed after a long holiday weekend, with tech-related shares and strong corporate earnings supporting the benchmark stock index.

The Nikkei climbed 2.89% to 37,963.97 to its highest since January 1990, after briefly breaching 38,000 points.

The broader Topix rose 2.12%.

The yield on 10-year Treasury notes was up very slightly at 4.19%. The dollar index, which measures the U.S. currency against six rivals, was little changed at 104.24. The euro was roughly flat at $1.0761.

In commodities, Brent crude oil futures were at $82.06, up 0.1% on the day.

13 Feb 2024, 03:52:14 PM IST

Sensex Today Highlights: Sensex ends 480 pts higher, Nifty holds 21,700; Nifty Bank soars over 1%, metals tumble

India's benchmark indices ended higher in today's session, marked with choppy trading.

At close, Sensex was up 482.68 points, or 0.68%, at 71,555.19 and Nifty rose 127.20 points, or 0.59%, to end at 21,743.25.

Japanese shares touched a 34-year peak on Tuesday, while European stocks and S&P 500 futures slipped as investors waited for a US inflation report that could shape Federal Reserve policy.

Back home, Bank Nifty was the top sectoral performer on Tuesday, rising 1.2%, led by gains in PNB, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.

Nifty Healthcare, Consumer Durables and Oil & Gas also rose. Nifty Metal was the worst hit, declining nearly 2%.

 

13 Feb 2024, 03:21:51 PM IST

Sensex Today Live: Off-Key: Theatre owners concerned over lack of buzz around Bollywood tunes

The once potent synergy between Hindi film music and box office success appears to be weakening, particularly among audiences in smaller towns. Traditionally, hit songs could boost a film's opening box office revenue by at least 20%, serving as a vital marketing tool. However, the emergence of independent music and a noticeable decline in music marketing efforts by studios are diminishing the role of film soundtracks in creating pre-release excitement, say theatre owners.

The success of recent films like Pathaan and Animal underscores that effective music can still be crucial in building anticipation before a movie's release. (Read the full story here.)

13 Feb 2024, 03:09:41 PM IST

Sensex Today Live : Opinion - Has the investment cycle of our economy finally turned up?

A question asked often is whether or not private sector investment is on track. The answer at best is a shoulder shrug, as the signals available differ. It is usually argued that when the government spends big on infrastructure, it crowds in private investment. Construction means more business for sectors like steel, cement, capital goods, etc, thus leading to a virtuous circle of economic activity. This explanation has been advanced for over five years, but there is still no straight answer, as we still await a private-investment pick-up. How can one form an informed judgement on this aspect of India’s economy? (Read the full story here.)

13 Feb 2024, 03:01:44 PM IST

Sensex Today Live : 3 pm market update

India's benchmark indices were trading in the green in a day marked with choppy trading.

At 3 pm, Sensex was up 477.06 points, or 0.67%, at 71,549.55 and Nifty was up 116.65 points, or 0.54% at 21,732.70.

13 Feb 2024, 02:48:59 PM IST

Sensex Today Live : Mint Primer - From Europe to India, why are farmers angry?

Farmers have laid siege to European cities with tractors protesting subsidy cuts, cheap imports, high energy prices and imposition of green policies. In India, farmers are preparing for another showdown. What’s going on? Is there a common thread? Mint explains:

How widespread are the protests?

Beginning January, farmers from several member-nations of the European Union (EU)—Belgium, Bulgaria, France, Germany, Hungary, Italy, Poland and Spain—invaded cities with their tractors, burning tyres, dumping manure, raiding supermarkets, blocking access to ports and highways and choking city centres.

Which green policies are under fire?

Back in 2019, Dutch farmers took to the streets after the government disclosed plans to cut nitrogen emissions by slashing livestock population. In January this year, German farmers paralyzed Berlin after the government said it will phase out tax breaks on diesel for agricultural use; in France, farmers sprayed manure on state buildings protesting fuel subsidy cuts. (Read the full story here.)

13 Feb 2024, 02:40:46 PM IST

Sensex Today Live : This 'rooftop solar' penny stock is flying. Should investors turn bullish?

Around six months ago, we had posted a video on Visaka Industries, arguing how the risk-reward equation of investing in the stock seems to be in favour of investors.

It was not a recommendation but a suggestion to keep the stock on your watchlist.

We describe penny stock as one that is trading at a double-digit price irrespective of its market cap and liquidity.

Visaka, with its share price of 82 per share, perfectly fitted this description as it was indeed trading at a double-digit price. However, it is now a three-digit figure. (Read the full story here.)

13 Feb 2024, 02:35:06 PM IST

Sensex Today Live : Investec sees 90% probability of a market correction in 2024; check top stock picks

The Indian market has outperformed major global markets in the past one year as well as in the past decade. Given the outperformance of large-cap (23%) and mid-cap (58%) stocks in the past year, brokerage house Investec believes the probability of a correction (10% drawdown) in 2024 is high.

In fact, the probability is close to 90 percent, the brokerage forecasted. Investec, however, does not see an imminent crash (over 25% decline) as valuation is not excessive, and historical imbalances have been corrected. (Read the full story here.)

13 Feb 2024, 02:29:59 PM IST

Sensex Today Live : Elara Securities India recommends to 'BUY' Aurobindo Pharma

Rating: BUY

Target Price : INR 1208

Upside : 19%

CMP : INR 1019 (as on 12 February 2024)

Please find the attached report.

cGMP cloud over good results

Q3FY24 beats expectations

Aurobindo Pharma (ARBP IN) beat our revenue and EBITDA estimates by 2% and 9% in Q3FY24. Revenue across business segments came broadly in line with our expectations. Lower other expenses helped EBITDA margin come in 150bps above our estimate, leading to an EBITDA beat. We estimate ~USD 40mn contribution from high-margin gRevlimid in Q3FY24. ARBP Aurobindo management intends to spread out gRevlimid opportunity more of less smoothly across quarters.

cGMP clouds over otherwise strong US outlook

Strong pick-up in the US generics cycle continues and ARBP is among the best-placed to capitalize on it. Strong pipeline that includes gRevlimid, gMyrbetriq, gOpsumit, gPomalyst and several other injectables and biosimilars add to robust outlook. However, the recent US FDA inspection in ARBP's injectables facility and the subsequent shut-down of some production lines cloud the business outlook. While the management aims to return to normalcy in 2-3 months, we are not so confident. We still have not ruled out the possibility of an import alert on the facility, which can have a 15%+ impact on consolidated EBITDA in our estimates.

Biosimilars, Penicillin G, biologics CDMO – other growth drivers

ARBP’s biosimilars program may be a major growth driver, near-to-medium term. The penicillin-G project may start contributing in FY25. Per back-of-the envelope calculation, it may contribute ~USD 300mn revenue in 2-3 years. Biologics CDMO may be another growth driver in 3-4 years – recently-announced partnership with MSD is a strong start.

Valuation: Maintain BUY; TP retained at INR 1,208

We maintain FY24E core EPS but lower FY25E by 2% to reflect temporary disruption in the injectables facility. ARBP trades at 16.4x FY25E core EPS. Valuation is attractive; but one should keep in mind the risk from adverse US FDA action on the injectables facility. We maintain BUY with TP retained at INR 1,208, which is 16.9x FY26E core EPS plus cash per share.

13 Feb 2024, 02:22:23 PM IST

Sensex Today Live : Colin Shah, MD of Kama Jewelry gives his view on the the Fourth Tranche of Sovereign Gold Bond

“With an issue price of 6,263 per gram, the subscription of the 4th tranche of Sovereign Gold Bond launched today is expected to garner major traction. Both household as well as institutional investors are increasingly getting attracted towards this asset class owing to the plethora of benefits that come along with lucrative returns. As the Indian economy resiliently navigate through choppy waters, investments in SGB tranche is one of the safest harbours for the investors which they can hedge against the headwinds.

With India traditionally inclined towards gold for domestic investments, we foresee the behavioural shift in buyers towards SGBs for investment-driven purpose, thus positioning physical gold as lifestyle statement for adornment purpose."

13 Feb 2024, 02:13:52 PM IST

Sensex Today Live : Pankaj Shrestha, Head of Investment Services at Prabhudas Lilladher gives his view on the latest tranche of Sovereign Gold Bond

"Sovereign Gold Bond (SGB)can be an ideal investment avenue for long term investors who are willing to hold onto their investments for 5-8 years. One of the significant advantages is that there is no tax on the capital gains if investment is held till maturity. Apart from this, SGB provide additional assured annual interest of 2.50% until maturity, over and above gold returns. These benefits are unique to SGB’s and are not available in any other form of gold investments. SGB has become more attractive investment option after withdrawal of Long-Term Capital Gains (LTCG) benefit from Gold ETF & Gold Mutual Funds w.ef. 1st April’23."

13 Feb 2024, 02:11:01 PM IST

Sensex Today Live : Elara Securities India gives monthy update on the Metals & Mining sector

Year-end production adjustment

China drags global crude steel production ~5% YoY

After witnessing YoY growth for the past two months, World Steel Association (WSA) data indicates global crude steel production declined ~5% YoY to 135.7mn tonne in December. This contraction was primarily due to a sharp fall of ~15% YoY in China’s production as it attempted to restrict production to the past year’s level. The Rest of the World (ROW) saw growth of ~6% YoY. Production was down ~6% MoM, dragged by a fall of ~11% and ~1% in China and ROW, respectively. Overall global crude steel production in CY23 remains flat YoY, with a steady trend in China and ~1% YoY growth in ROW. In December, India’s crude steel production rose ~10% YoY and ~4% MoM. As per provisional data, India’s crude steel production rose ~5% YoY and ~1% MoM in January.

Domestic steel prices remain weak in January

Steel prices showed a varied pattern in January with most major regions barring India witnessing MoM uptick. China registered ~1% MoM rise in exports prices of hot rolled coil (HRC), followed by North Europe up ~7% MoM, Japan up ~2% MoM and the US up ~4% MoM. Conversely, India saw another subdued month, as HRC prices declined ~2% MoM while primary long products prices fell ~3% MoM. This decline was attributed to subdued demand, increased domestic supply, higher inventory levels, and availability of low-priced imported products. Current (February to date) domestic HRC prices are broadly flat MoM, but primary long product prices are up ~1% MoM vs January average. In January, iron ore prices in Australia and China declined ~1% MoM each. February to date, iron ore prices in China and Australia are down ~4% MoM and ~5% MoM, respectively. After announcing a price hike in early January, NMDC took another price hike of INR 400/tonne each for lumps and fines on 24 January 2024.

Mixed price trend for key non-ferrous metals

In January, a mixed pricing trend prevailed for major non-ferrous metals. Thus, prices of LME aluminium and LME zinc were up ~1% MoM each while LME lead prices were up ~3% MoM. Contrary to that, prices of LME copper and LME nickel fell ~1% MoM and ~2% MoM, respectively.

Coal price fluctuations continue in January

In January, prices of coking and thermal coal registered a mixed trend. Coking coal prices in China were down ~2% MoM but up ~2% MoM in Australia. On the other hand, thermal coal prices in China and South Africa declined ~3% MoM and ~8% MoM, respectively. February to date, coking coal prices in China and Australia are down ~2% and ~4% MoM, respectively, whereas thermal coal prices in China and South Africa are down ~1% MoM and ~4% MoM, respectively, vs the January average.

Our view: domestic steel prices likely to remain range-bound

Prices for long products may remain stable due to weak thermal coal prices, rising inventory, and subdued demand. However, higher input cost and likely lower production from China due to Lunar Holiday may result in uptick in flat prices. Aluminium prices, in the near term, are expected to have an upward bias, due to the Red Sea crisis and likely shutdown of Magnitude 7 Metals’ aluminium smelter at Marston in Missouri, the US, amid extreme cold weather conditions and persisting financial challenges. The smelter accounts for a third of all primary aluminium output from the US, which would further create supply-side issues, specifically in North America.

13 Feb 2024, 02:09:36 PM IST

Sensex Today Live : Sector Indices Heat Map

Across sectors, the Bank indes was up more than 1.5%, while the Metal index was down over 2%.

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13 Feb 2024, 02:04:48 PM IST

Sensex Today Live :  Broader market indices heat map

The broader market was seen holding onto its gains with only the smallcap index in the red.

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13 Feb 2024, 02:01:50 PM IST

Sensex Today Live : 2 pm market update

India's benchmark indices were trading in the green in a day marked with choppy trading.

At 2 pm, Sensex was up 474.51 points, or 0.57%, at 71,547 and Nifty was up 118.70 points, or 0.55% at 21,734.75.

13 Feb 2024, 01:34:11 PM IST

Sensex Today Live : Should investors lap up or ignore SBI Energy Opportunities Fund?

India’s energy landscape seems to be getting some fairly deserved attention, particularly from fund houses. India’s largest fund house—SBI Mutual Fund—recently launched a thematic fund focused on the energy space. The SBI Energy Opportunities Fund will invest in stocks that belong to the energy sector to take advantage of rising energy demand. (Read the full story here.)

13 Feb 2024, 01:20:03 PM IST

Sensex Today Live : NHPC share price jumps even as brokerages have mixed views on its prospects

Brokerage houses are divided on NHPC in response to the third-quarter results of the Indian public sector hydropower provider. With an increased target price of 91, up about 6% from the prior target price of 86, JM Financial is still recommending NHPC as a "buy." Additionally, the brokerage believes that the stock has over 12% potential. On the other hand, Kotak Institutional Equities has revised its target price for NHPC stock to 60 per share and downgraded it from 'Add' to'sell'. (Read the full story here.)

13 Feb 2024, 01:06:36 PM IST

Sensex Today Live : Cyient is Axis Securities' ‘pick of the week’ – 4 key reasons why

Following a multibagger surge in the stock in the last 1 year, domestic brokerage house Axis Securities has picked IT stock Cyient as its 'top pick of the week'. This is on the back of accelerating demand for ER&D services, new growth areas, and robust order intake for core services (DET).

The brokerage has a ‘buy’ call on the stock with a target price of 2,460, implying a potential upside of 13.5 percent from its current market price of 2,166.40 (as on February 13, 2024).

Cyient Ltd. (Cyient) is a global digital engineering and technology solutions company established in 1991 in Hyderabad India. Cyient collaborates with its customers to design digital enterprises, build intelligent products and platforms and solve sustainability challenges. The company has a strong presence in Europe, the US and other geographies. (Read the full story here.)

13 Feb 2024, 01:02:20 PM IST

Sensex Today Live : 1 pm market update

Off the day's highs, benchmark indices were trading in the green.

At 1 pm, Sensex was up 321.07 points, or 0.45%, at 71,393.56 and Nifty was up 92.75 points, or 0.43% at 21,708.80.

13 Feb 2024, 12:56:11 PM IST

Sensex Today Live : Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher, gives technical outlook and 'BUY' rating for Asian Paints

BUY ASIAN PAINTS

CMP: 2,968

TRGT: 3,340

SL: 2,860

TECHNICAL PICK - The stock after witnessing a decent correction has once again attained the long term trendline support zone at 2900 levels where it has shown signs of bottoming out and has indicated a pullback with bias improving. Previously, on two occasions, it had indicated a decent trend reversal from the trendline support zone, and currently, in a similar manner, we anticipate further rise in the coming days with the RSI, hovering near the highly oversold zone has indicated a trend reversal to signal a buy. With the risk-reward favorable and the chart looking very attractive, we suggest a buy in the stock for an upside target of 3340 keeping the stop loss at 2860 level.

13 Feb 2024, 12:36:17 PM IST

Sensex Today Live : Elara securities India recommends to 'BUY' PI Industries

Rating: BUY

Target Price : INR 4270

Upside : 25%

CMP : INR 3403 (as on 12 February 2024)

Growth momentum to continue

Better product mix driving EBITDA

PI Industries (PI IN) reported healthy Q3, driven by robust exports growth, better product mix and operating leverage benefit. Topline grew 18% to INR 19bn, in line with our estimates. Gross and EBITDA margin expanded 640bps and 344bps respectively, positively impacted by a one-off item related to recovery of theft material, leading to benefit of INR 700mn. Excluding one-off, EBITDA growth was in line.

Pyroxasulfone – Concerns addressed

On Pyroxasulfone, the management clarified that: (a) while the product may be going off-patent in a few geographies but in most developed geographies, the product is being sold as a combination formulation product, which has significantly longer patent life. Combination formulation products are not significantly impacted by the key molecule going generic. (b) When the product goes generic, then the market expands multi-fold. Pyroxasulfone is expected to be a multi-billion dollar market, while the current size is only USD 600-700mn. Hence, PI has huge market available to expand in.

Agrochemical exports up 13%

Total agrochemical business grew 10% to INR 18bn, of which custom synthesis manufacturing (CSM) business grew 13% YoY, while domestic agrochemical business declined 6% YoY. Exports grew on the back of better volumes and ramp-up of recently commercialised molecules. Pharma business clocked revenue of INR 1.3bn. Excluding one-offs, agrochemical EBIT margin expanded 650bps to 27.9%. Pharma business is currently operating at a loss of INR 183mn at the EBIT level.

Valuation: Reiterate Buy with a TP of INR 4,270

Expect continued growth momentum on: 1) healthy orderbook, 2) aggressive capacity expansion plan, 3) sustained R&D investment to prop up tech capability and leverage new opportunities and 4) business scale-up in two recently acquired entities. We introduce FY26E estimates and trim FY24E/25E EBITDA 6%/7% on slower-than-expected ramp-up in pharma business. We roll forward valuation to September 2025E. Maintain Buy with a TP of INR 4,270 (unchanged), on 30x September25E EPS of INR 144.

13 Feb 2024, 12:24:01 PM IST

Sensex Today Live : HFCL Secures order worth ₹141 crore (Capex INR 119 Crore + AMC INR 22 Crore) from BSNL, to supply Unlicensed Band Radio in 5Ghz frequency band with 1GBPS capacity

Emerges as the First “Made in India" Backhauling Solutions Provider for Mobile Networks using Unlicensed Band Radio (UBR)

· BSNL Releases first purchase order from Advance Purchase Order worth ~179 Crores

· HFCL secures landmark deal to supply indigenously designed and developed UBRs in 5Ghz frequency band with 1GBPS capacity under this land mark deal

· HFCL to help BSNL build their PAN India 4G and 5G ready network infrastructure while enabling substantial savings in network roll-out and spectrum usage charges

· HFCL showcases technological excellence with latest generation products like UBR, having delivered more than 3.5 lakh units to its existing customers in India and Global Markets

13 Feb 2024, 12:17:44 PM IST

Sensex Live Toda : Sector Indices Heat Map

Across the sector indices, Metal, Realty, Media and IT were the top losers.  

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13 Feb 2024, 12:15:29 PM IST

Sensex Today Live : Broader market indices heat map

In the broader markets, the Smallcap and Midcap indices were under pressure, trading in the red. 

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13 Feb 2024, 12:13:40 PM IST

Sensex Today Live : Gainers and Losers on Nifty

On Nifty 50, Coal India, UPL, and HDFC Life were the top gainers, while Hindalco, Grasim, and Adani Enterprises were the top losers.  

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13 Feb 2024, 12:11:37 PM IST

Sensex Today Live : Gainers and Losers on Sensex

ICICI Bank, Reliance Industries, NTPC, Bajaj FinServ and Axis Bank were the top gainers on Sensex, while Mahindra & Mahindra, Wipro, IndusInd Bank, Tata Motors and ITC, were the top losers.  

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13 Feb 2024, 12:06:36 PM IST

Sensex Today Live : ICICI Direct gives technical outlook on the markets

Equity benchmarks started the week on a subdued note ahead of inflation data. The Nifty settled the Monday’s session at 21616, down 166 points or 0.8%. The market breadth turned negative with A/D ratio of 1:4 as broader market underperformed weighed down by Nifty midcap and small cap down 2.5% and 4%, respectively. Sectorally, barring IT, pharma all other indices ended in red dragged down by financials, metal, oil & gas.

Technical Outlook

The index started the session on a muted note and gradually inched southward as the day progressed. As a result, daily price action formed a bear candle carrying lower high-low, indicating profit booking in the vicinity of All Time High

We believe, current profit booking in the broader market (Nifty Midcap) would find its feet around 46500 that would make market healthy and provide fresh entry opportunity in quality stocks as we approach the fag end of the earning season. In the process, Nifty would prolong the consolidation in 22000-21100 range. Thus, buying on dips would be the prudent strategy to adopt as strong support is placed at 21100. Our positive bias is further validated by following observations

Most global indices inched up marginally to record new 52-week highs ahead of next week’s US inflation numbers

steady oil prices and bond yields are likely to act as tailwind

The formation of lower high-low on the weekly chart indicates short term corrective bias that makes us revise support base at 21100 as it is confluence of:

61.8% retracement of mid Dec-Jan rally (20508-22124)

January 2024 low is placed at 21137

13 Feb 2024, 12:02:31 PM IST

Sensex Today Live : 12 pm market update

Follwing a choppy start, Indian benchmark indices were climbing up.

At 12 pm, Sensex was up 431.89 points, or 0.61%, at 71,504.38 and Nifty was up 103.90 points, or 0.48% at 21,719.95.

13 Feb 2024, 11:55:26 AM IST

Sensex Today Live : MCX technical glitch - Commodity trading time delayed to 1 pm, team working to resolve issue, says Exchange

The Multi Commodity Exchange (MCX) has failed to begin commodity derivatives trading at 11 am and has again delayed the opening time of commodity markets on Tuesday, February 13, due to some technical glitches.

Commodity trading on MCX will now resume at 1 pm instead of the normal trading time from 9 am. The commodity bourse earlier delayed time to 10 am and then 11 am.

However, the technical issue has yet not been solved.

13 Feb 2024, 11:52:27 AM IST

Sensex Today Live : Yes Securities gives Q3FY24 Con-Call Highlights of Aurobindo Pharma

§ Eugia 3 plant inspection – shut down majority of plant with non-aseptic lines expected to come back in few weeks and aseptic to come in next month; can have a impact of US$20mn in Q4 FY24

§ Were expecting US$25-30mn of new product approvals from Eugia 3 but now Revlimid would be the major driver from Eugia 1 which was audited in Jul’23 with zero observations

§ Would streamline Eugia 3 plant by end of current fiscal; it contributes 40% to Eugia’s revenues and is important for Aurobindo too though have a diversified manufacturing base

§ Eugia 3 observation relate to some aseptic practices and hence looking to segregate septic and aseptic lines

§ R&D higher due to spending on clinical trials during the quarter

§ Low single digit price erosion QoQ in Q3 and remain positive on margin in Q4

§ Confident of 20% EBIDTA margin set internally for FY24

§ Pen G plant to start operation by Q1 FY25; Vizag injectable plant revenue to start from FY26

§ Biosimilars plant to start operation in FY26. Hope to commercialize Trastuzumab in a 1-2 quarters post SEC approval. Of the 3 filings in Canada, MHRA, hope to translate into approvals by end of next fiscal year and hence begin commercialization in 4-5 quarters. Xolair and Phase 3 immunology asset to be filed in Europe in 2025 and other regulated markets like US with commercialization in 2026.

§ About 3 biosimilars could be approved in US by 2026. Xolair guidance of US$120-180mn in 5 years with US$20mn from emerging markets

§ Despite large price erosion in Europe, believe would make 85% gross margin on biosimilars. Would not build a field force from grounds up in US or Europe for selling biosimilars

§ In-licensed product, an equivalent of Pegfilgrastim, from Evive Biotech to be launched in H2 CY24; would start with US, product already selling in China but not by Aurobindo. Received FDA approval in Nov’23

§ CMO update - hope to supply drug substance to MSD Singapore entity by 2027-28; should sign a definitive agreement on this project and discussions are progressing well

§ Freight cost impact – not significant and 0.1-0.2% of EBIDTA at worst at this point in time

§ Europe business – recent notification of EU to stock up on critical products (list of ~200 odd products) could lead to meaningful offtake

§ Pneumococcal vaccine – received SEC recommendation based on trial conducted in infants; did not meet timeline of immunization tender as still have to procure manufacturing license. During this period conducted a 2+1 dosage (2 doses followed by a booster dose 9 months later) and submitted findings to SEC committee. Next 2-3 quarters do not see putting this product out in the market

§ ROW markets – expect momentum to continue as new manufacturing plant comes on line in Q2 FY25

13 Feb 2024, 11:42:27 AM IST

Sensex Today Live : Yes Securities reviews SAIL Q3FY24 results

Lower sales volume dent the realizations and the margins | CMP: 123.45; Rating: REDUCE

§ Revenue from Operations for the quarter stood at 233,486 mn (vs our estimate of 278,125 mn), reporting a 21.4% fall as compared to Q2FY24 and a 6.8% fall on a YoY basis.

§ EBITDA margins came in at 9.8% as compared to 13.5% / 8.7% in Q2FY24/Q3FY23 respectively. Consolidated absolute EBITDA stood at 22,862 mn (vs our estimate of 33,110 mn), recording a 43.2% fall from Q2FY24 however was up 5% on a YoY basis.

§ Net Profit for the company came in at 4,229 mn as compared to 13,056 mn during Q2FY24 beating consensus thereby showcasing the topsy turvy business operations story for the company.

§ On the realizations front, the company sustained its Realization/t at 56,262/t (vs 62,289/t in Q1FY24). The realizations came in lower by ~10% on a QoQ basis despite the steel prices remained mostly flat during the period. EBITDA/t fell from 8,431/t in Q2FY24 to 5,509/t.

§ The Board of Directors also declared an interim dividend @10% of the paid up equity capital (i.e. 1/- per equity share of 10/- each) with record date of 20th February, 2024.

§ Production Highlights:

§ The company’s production figures came in at 4.71 mt for the quarter recording a ~2% fall on a QoQ basis and a 7% rise on a YoY basis.

§ The total volume of sales came in at 4.15 mt, a 13% fall over Q2FY24 and a 1.2% fall as compared to Q3FY23.

§ We currently have a REDUCE rating on SAIL and shall be reviewing the same post the company’s conference call scheduled on 14th of February at 12:00 pm IST. 

13 Feb 2024, 11:27:26 AM IST

Sensex Today Live : Yes Securities downgrades Amber Enterprises to 'NEUTRAL' post Q3FY24 results report

Recommendation: NEUTRAL

CMP: 3,697

Target Price: 3,952

Potential Return: +6.9%

Electronics and Mobility to drive earnings in medium term; downgrade to Neutral

We believe AMBER’s focus on enhancing its capabilities on the components side and its JV with Titagarh wagons will significantly increase its addressable market in mobility. Further, acquisition of Asccent circuit will result in increased PCBA manufacturing for the electronics universe. We now estimate Amber’s Revenue/EBITDA/PAT to grow at 12%/21%/32% CAGR over FY23-26E. We downgrade the stock to Neutral with PT of Rs3,952 as there has been sharp runup in the stock price in past few months; we will wait for the delivery revenue and earnings on the components as well on the mobility side before becoming outwardly bullish on the stock.

13 Feb 2024, 11:13:50 AM IST

Sensex Today Live : Yes Securities retains 'NEUTRAL' rating on ONGC post Q3FY24 results report

Recommendation: NEUTRAL

CMP: 258

Target Price: 282

Potential Return: +9.5%

EBITDA lower than estimates on lower crude realization, however PAT in line on higher other income

ONGC’s earnings saw lower-than-estimated EBITDA due to a reduced crude realization and volumes, but PAT met expectations with an increased other income. Crude and natural gas production and realization experienced YoY and QoQ declines. Depreciation, finding cost, and statutory levies showed variations. Other expenses rose, while other income surged by 141% YoY, including a dividend income of 11.62bn. OVL's performance improved in crude and gas production while the profitability declined QoQ. An interim dividend of 4/sh was approved, with expectations of a higher final dividend. We maintain a Neutral rating on ONGC, with a revised TP of 282/sh.

13 Feb 2024, 11:02:41 AM IST

Sensex Today Live : 11 am market update

Follwing a choppy start, Indian benchmark indices were climbing up.

At 11, am, Sensex was up 427.51 points, or 0.60%, at 71,500 and Nifty was up 107.05 points, or 0.5% at 21,723.10.

13 Feb 2024, 10:50:13 AM IST

Sensex Today Live : Yes Securities recommends to 'BUY' Bharat Forge post Q3FY24 results report

Result Report Q3 FY24

Recommendation: BUY

CMP: 1,130

Target Price: 1,328

Potential Return: +17.5%

Weak outlook under weigh healthy margins

Bharat Forge (BHFC) 3QFY24 results were ahead of our estimates by 5.5-8% on EBITDA/Adj.PAT. This was led by better-than-expected ASPs at ~Rs336.7k/ton (+8% YoY/ +5.5% QoQ, 20 quarter high, est Rs315k), partially offset by weak tonnage at 67.2k tons (+7% YoY/ -4.6% QoQ, est 71k tons). With diversifying rvenues, BHFC is better placed than its previous cycles to benefit from i) steady orders and ramp up in domestic/exports PVs and CVs and ii) stable to positive outlook for industrials (with strong wins in segments like Aerospace, defense, mining, agriculture). We cut FY25/26 EPS by ~1-3% to factor in for lower shipment and gradual improvement in global subs. We reiterate BUY with revised TP of Rs1,328 (v/s Rs1,342 earlier) based on 28x to Mar’26 EPS. BHFC trades at 27x/23.8x of FY25/26 consol EPS (v/s ~42x 10 year LPA), do not fully reflect diversifying profit pools (execution in industrial segment led by defense, aerospace).

13 Feb 2024, 10:36:32 AM IST

Sensex Today Live : Yes Securities recommends to 'BUY' Samvardhana Motherson post Q3FY24 results report

Recommendation: BUY

CMP: 114

Target Price: 139

Potential Return: +21.8%

Healthy operating performance

Samvardhana Motherson 3QFY24 exceeded out/street EBITDA by 10-17%, led by QoQ margins across verticals. This led to reported consol margins at 9.2% (+120bp YoY/QoQ each, est 8.3%). Adjusted for one-offs MTM of Rs690m (devaluation of Argentinian currency), margins came in at 9.5%. The margins for inorganic business came in at ~10.3% (though may not be extrapolated given seasonality to play out). We believe, meaningful contribution from recent acquisitions have started to kick in which should drive revenue/EBITDA/Adj.PAT CAGR of 13%/20.5%/34% over FY24-26E. Moreover, margins are likely to expand to ~10.6% by FY26E (v/s 7.9% in FY23 and 8.6% in 9MFY24) led by ready capacity to execute healthy orders. While we cut FY25 EPS by ~8% to factor in for increased interest cost, depreciation and cost inflation (red sea, wage revision, forex volatility), we raise FY26E EPS as we expect normalization of these cost burdens. Maintain BUY with revised TP of Rs139 (earlier Rs128), valuing co at 20x FY26 consol EPS (unchanged).

13 Feb 2024, 10:25:27 AM IST

Sensex Today Live : SAIL share price drops 5% as Q3 profit declines 22%; here's what the analyst says

Steel Authority of India (SAIL) share price slumped over 5% on Tuesday's trading session after State-owned company's Q3 profit saw a 22% decline. SAIL share price today opened at 119 apiece on BSE. The Steel Authority of India share price today touched an intraday low of 116.35 and a high of 120.45.

SAIL share prices have seen a sharp sell-off in the last couple of weeks, and this week in the first two sessions, the prices are down more than 11%.

"Today as well, the prices are down around 4% post-result. As of now, broader markets are under pressure, so one should wait for the bearish momentum to cool down and then re-enter longs. 110 is the next very strong support, whereas 125 is resistance," advised Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

13 Feb 2024, 10:12:04 AM IST

Sensex Today Live : Sector Indices Heat Map

Across sectors, Banks, Financial Services, Auto and Pharma were performing well, while Metal, Realty and Media stocks were in the red. 

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13 Feb 2024, 10:09:25 AM IST

Sensex Today Live : Broader market indices heat map

Across the broader market, the Smallcap index was down over 1%. 

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13 Feb 2024, 10:03:29 AM IST

Sensex Today Live : 10 am market update

Indian benchmark indices were volatile in opening trades, while broader markets were trending down.

At 10, am, Sensex was up 283.87 points, or 0.40%, at 71,356.36 and Nifty was up 55.95 points, or 0.26% at 21,672.

13 Feb 2024, 09:50:49 AM IST

Sensex Today Live : Hindalco shares down nearly 15% ahead of Q3FY24 results

The company's subsidiary Novelis recorded a net income attributable to common shareholders of $121 million for the quarter ended December FY24, growing 10-fold over $12 million in the year-ago period. Net sales decreased 6% YoY to $3.9 billion for the third quarter of the fiscal year 2024, driven by lower average aluminium prices as shipments were in line with prior-year levels.

13 Feb 2024, 09:42:35 AM IST

Sensex Today Live : Gainers and Losers on Nifty

Coal India, Divi's Laboratories, Hero MotoCorp were the top gainers on Nifty, while Hindalco, Grasim, Adani Enterprises were the top losers. 

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13 Feb 2024, 09:33:45 AM IST

Sensex Today Live : Gainers and Losers on Sensex

ICICI Bank, NTPC, ITC, Reliance and Kotak Mahindra Bank, top gainers on Sensex. 

Power Grid Corp. JSW Steel, Tata Steel, Wipro, Airtel, top losers. 

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13 Feb 2024, 09:28:42 AM IST

Sensex Today Live : MCX faces technical glitch; commodity markets to open at 10 am

The Multi Commodity Exchange (MCX) faced some technical glitches on Tuesday morning. Hence, the commodity trading on the exchange will begin at 10 am.

13 Feb 2024, 09:26:35 AM IST

Sensex Today Live : Paytm bleeds red; down over 5% following RBI Governor comments

Paytm: Reserve Bank of India (RBI) governor Shaktikanta Das on Monday ruled out any review of the central bank’s action against Paytm Payments Bank, saying the decision was taken after a lot of consideration and a comprehensive analysis of the lender’s functioning. The RBI on January 31, had directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTTags and other instruments after February 29 citing large scale non-compliance of regulations and supervisory concerns. “At the moment let me say very clearly, there is no review of this decision," Das said at a press conference after a meeting of the RBI’s central board of directors. The meeting was also addressed by finance minister Nirmala Sitharaman.

13 Feb 2024, 09:20:28 AM IST

Sensex Today Live : Sensex, Nifty open in the green tracking Asian peers

Indian benchmark indices opened in the green on Tuesday, tracking Asian peers, and in the backdrop of easing inflation domestically.

Sensex was up 219.59 points, or 0.31%, at 71,292.08 and Nifty was up at 21,664.30 at market open.

13 Feb 2024, 09:07:12 AM IST

Sensex Today Live: Sensex, Nifty climb in pre-open

Indian benchmark indices were in the green in pre-open on Tuesday.

Sensex was up 141.81 points, or 0.20%, at 71,214.30 and Nifty was up 63.50 points, or 0.29%, at 21,679.55 during pre-open.

13 Feb 2024, 08:56:34 AM IST

Sensex Today Live : Reliance Securities gives technical outlook on Bank Nifty

Bank Nifty led the negative momentum in broader markets and PSU banks followed through the action with sharp profit booking down by 4.5% for the day reversing last week gains.

The key support is at the 200 day average at 44,500 levels would push the index further lower and witness the next round of sell off.

We believe if it breaks the 200 day average then PSU banks would start declining higher from current levels which is being an outperformer till date.

Bank Nifty highest call OI is at 46,000 levels while on the downside put OI will has moved lower to 44,500 levels.

13 Feb 2024, 08:51:30 AM IST

Sensex Today Live : Reliance Securities gives technical outlook on Nifty-50

NIFTY-50 has broken on the downside from its inside range and we expect further profit booking if we sustain below the 50 day average placed at 21,450 levels

The positive momentum will be only above 21,800 levels which is the intermediate highs and on the downside 21,100 will be next support levels.

RSI is being trending lower below the average line and other key technical indicators are also piercing downwards on longer time frame charts.

Highest call OI is at with 22,000 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry.

13 Feb 2024, 08:47:45 AM IST

Sensex Today Live : Stocks to Watch Today

Coal India, Eicher Motors, SAIL, Mazagon Dock Shipbuilders, and Aurobindo Pharma, are among some of the stocks likely to be in focus on Tuesday, February 13.

13 Feb 2024, 08:44:58 AM IST

Sensex Today Live : MSCI Rejig: PNB, BHEL, NMDC, among five additions to India Standard Index; 27 stocks added to Small Cap index

Punjab National Bank, NMDC, BHEL, Union Bank of India and GMR Airports have entered the MSCI Global Standard Index, according to its February quarterly review.

The index provider has also increased the weights of 12 stocks and reduced the weightage of 2 stocks from the index.

The weights of Zomato, DLF, MRF, Hindalco Industries, Interglobe Aviation, Dr Reddy’s Laboratories, Hero MotoCorp, HDFC AMC, Lupin, Astral, One 97 Communications and Bandhan Bank have been increased.

On the contrary, Jio Financial Services and Container Corporation of India have seen their weight decrease in the MSCI Global Standard Index. (Read the full story here.)

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