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Business News/ Markets / Live Blog/  Sensex ends 250 pts lower, Nifty down 85 pts; Adani stocks lag; Titan, L&T shine
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Sensex ends 250 pts lower, Nifty down 85 pts; Adani stocks lag; Titan, L&T shine

Share Market Close: Benchmark indices ended in the red with Sensex closing below 60,500 and Nifty below 17,800. PSU Bank and IT indices came under pressure with almost all indices ending in the red. L&T and Titan gained, while Adani stocks, SBI, and Infosys dragged.

Stock market today: Indices to remain under caution as Moody's downgrades four Adani stocks (MINT)Premium
Stock market today: Indices to remain under caution as Moody's downgrades four Adani stocks (MINT)

Adani stocks ended lower on Monday as Moody's Investors Service downgraded four Adani stocks from 'stable' to ‘negative’. The group earlier information that it has halved its revenue growth target and aims to scale down fresh capital expenditure in a bid to rebuild investor confidence after its listed entities have lost more than $120 billion in market value.

13 Feb 2023, 03:40:06 PM IST

Indices close in red as Sensex sheds 0.41% and Nifty 0.48% amidst continued pressure on Adani Group

Indian shares declined on Monday ahead of domestic retail inflation data due later in the day while the ongoing uncertainty and spillover effects from the Adani Group's market rout continued to create an overhang.

The Nifty 50 index closed 85 points down at 17,770, while the S&P BSE Sensex fell 250 points to end below 60,500, at 60,431.

All sectoral indices closed in the red with IT, Metal, Realty, Media, and PSU Bank shedding more than a per cent. No sector managed to make it notable gains but FMCG closed flat.

Adani stocks continued their downward trend after Moody's downgraded four of their stocks' outlook from stable to negative. Adani Enterprises shed 7.5%, while Adani Ports dropped 5.5%. SBI and Infosys also closed lower and shed more than 2.5%. Titan, L&T, NTPC, Bajaj Auto, and Eicher Motors jumped in today's trading.

Global stock markets were mixed Monday ahead of a U.S. inflation update traders worry might lead to more interest rate hikes.

Japan's Nikkei share average ended lower on Monday, as heavyweight technology stocks tracked weakness in the Nasdaq in the previous session, while stocks of companies with dim earnings outlook weighed on investor sentiment. The Nikkei share average fell 0.88%.

China stocks rose on Monday as a strong rebound in January credit demand lifted the market's sentiment, while Hong Kong shares seesawed on geopolitical tensions between Beijing and Washington.

China's blue-chip CSI300 Index closed up 0.9%, while the Shanghai Composite Index added 0.7%. Hong Kong's benchmark Hang Seng Index slipped 0.1%, but the Hang Seng China Enterprises Index finished up 0.3%.

European shares opened higher on Monday, ahead of U.S. inflation data due later in the week, while real estate stocks fell on disappointing quarterly results from Sweden's Castellum. The pan-European STOXX 600 rose in the morning session after posting its first weekly decline in three on Friday.

UK's FTSE 100 edged higher on Monday supported by a strong performance by industrial technology firm Smiths Group, even as investors maintained a cautious stance. The blue-chip FTSE 100 was up hovering close to its record-high levels scaled last week.

Sensex at Close
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Sensex at Close
13 Feb 2023, 03:29:45 PM IST

LKP Securities on today's market: Traders booked profits on a rather dull day of trade

S Ranganathan, Head of Research at LKP securities: With the Third Quarter Earnings Season coming to a close this week, Markets traded weak throughout the day ahead of the Inflation Print expected today. PSU Banks & IT stocks dragged Indices as traders booked profits on a rather dull day of trade wherein most of the sectoral indices ended in the red. Equity ownership of Retail Investors now stands at a record 24.5% at the end of third quarter even as they remind themselves of rising fixed income rates on dull days like today.

13 Feb 2023, 03:20:45 PM IST

Wholesale passenger vehicles sales for January climbs 17.2%: SIAM

With strong demand for utility vehicles (UV) and better consumer sentiment, the wholesale passenger vehicles sales volume in India rose 17.2% in January, said Society of Indian Automobile Manufacturers (SIAM) said on 13 January.

According to SIAM data, the wholesale passenger vehicle volumes rose to 298,093 units – a record-high for January – from 254,287 units a year ago.

Earlier in February, the Federation of Automobile Dealers Associations (FADA) said passenger vehicle sales grew 22% in January and added that the reopening of factories in China would help improve supply. (Read More)

13 Feb 2023, 03:02:15 PM IST

Coforge share price drops 7% on reports of bulk share deal

The share price of Coforge opened at 4,070.25 compared to previous close of 4,330.20 on news reports that company shares changed hands in pre-open trade today. The stock hit a high of 4,125.55 and a low of 4,038.95 through the day so far on BSE.

At the time of writing this copy, the share price was down 254.20, or 5.87%, at 4,076, on BSE. The current market-cap of the company stands at 25,009.1 crore. (Read More)

13 Feb 2023, 02:56:45 PM IST

LIC share price may give 25% return in long term, says Yes Securities

Highlighting the reason for being bullish on LIC shares, Yes Securities says, "The ULIP product line, which is low-margin, has risen faster than other Non-Par products. Management states that LIC’s market share in ULIP is small and there is more headroom for this product line to grow. However, its impact on margin will be offset by Non-Par Savings (Non-ULIP) and Annuities. It may be noted that there have been 6 new product launches in 9M, all in the Non-ULIP Non-Par segment, barring one. On repricing, Annuity prices had been revised in August, which also impacted margin negatively. The repricing on Annuity products was done to make the product more competitive and growth will more than offset the negative impact on margin." (Read More)

13 Feb 2023, 02:38:53 PM IST

Realty index sheds more than a per cent with all stocks trading lower

Realty Index
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Realty Index
13 Feb 2023, 02:31:39 PM IST

Ad and marketing agency Cheil India appoints Neeraj Bassi as chief growth officer

Advertising and marketing agency Cheil India has announced the appointment of Neeraj Bassi as its chief growth officer. Bassi, the company said, will lead the country’s business growth by adding new clients and will help in delivering work that builds on its capabilities in the creative, media, data, activation, and retail segments. In his current role, Bassi will report to Carlos Limseob Chung, who is the managing director and also to Sanjeev Jasani, the company’s chief operating officer.

He has about 25 years of experience with expertise in brand management, internal process transformation, and strategic management, the company said in its statement. (Read More)

13 Feb 2023, 02:19:58 PM IST

China stocks rise after credit data; Hong Kong seesaw on Sino-U.S. tensions

China stocks rose on Monday as a strong rebound in January credit demand lifted the market's sentiment, while Hong Kong shares seesawed on geopolitical tensions between Beijing and Washington.

** China's blue-chip CSI300 Index closed up 0.9%, while the Shanghai Composite Index added 0.7%.

** Hong Kong's benchmark Hang Seng Index slipped 0.1%, but the Hang Seng China Enterprises Index finished up 0.3%.

** Other Asian shares slid and the dollar rose as investors hunkered down for U.S. inflation data that could jolt the outlook for interest rates globally.

** New bank loans in China jumped more than expected to a record 4.9 trillion yuan ($720.21 billion) in January, as the central bank looks to kickstart a recovery in the world's second-biggest economy after the lifting of harsh pandemic controls.

** "The strong credit data let the market see the hope that social finance gradually bottomed out and the economy will recover," analysts at China Merchants Securities said, expecting the A-share market will be boosted in the short term. (Reuters)

13 Feb 2023, 01:55:57 PM IST

Policybazaar shares surge. 'On course to profitability', say analysts post PB Fintech's strong Q3 results

Shares of PB Fintech Ltd (Policybazaar) surged more than 2% to 545 apiece on the BSE in Monday's trading session after the company's net loss narrowed to 87 crore during the third quarter ended December 2022 as compared to 298 crore loss in the year ago period. Its revenue from operations rose 66% year-on-year (YoY) to 610 crore.

“PB Fintech (PB) reported a strong set of Q3FY23 numbers as premium throughput increased 70.3% YoY. This largely drove a 66.1% YoY jump in revenue and also EBITDA loss reduction to 1.33 bn (from 3.17 bn YoY). Adj. EBITDA margin improved in existing/new initiatives segments to 6.1%/(29.2)% as the company is focused on improving productivity in the core insurance platform and new initiatives while building trail revenues in the credit business," said brokerage Nuvama Research who sees the company on the course to profitability. (Read More)

13 Feb 2023, 01:42:06 PM IST

JSW Steel crude steel production up 15% YoY in January

Sajjan Jindal-led JSW Steel on Monday reported a 15% year-on-year (YoY) rise in its crude steel production at 18.91 lakh tone in January.

The company’s crude steel production was at 16.46 lakh tonne (LT) in January 2022, the company said in a statement.

“JSW Steel reported highest-ever standalone crude steel production for the month of January, 2023 at 18.91 lakh tonne, a growth of 15% y-o-y on standalone basis," JSW Steel said in a regulatory filing. (Read More)

13 Feb 2023, 01:36:11 PM IST

Apple supplier Salcomp to boost Indian workforce to 25,000

Finland's Salcomp, a supplier to Apple, is planning to more than double its workforce in India to nearly 25,000 over the next three years, a company executive said on Monday.

"China Plus One strategy is at its peak at this moment ... The whole supply chain is now kind of looking at an alternative. And India is poised to be one of the best alternatives," said Sasikumar Gendham, managing director, Salcomp Manufacturing India.

"It's time to really diversify and decluster supply chain beyond China."

Salcomp, a major supplier of chargers to the iPhone maker, is also setting up a housing complex with entertainment and education for about 15,000 people, said Gendham.

Salcomp, which currently employs about 12,000 people in Chennai with 85% of them being women, had reached an agreement in 2019 to take over a facility, formerly owned by Finnish telecom equipment maker Nokia, in the southern Indian city of Chennai and started operations in 2020. (Reuters)

13 Feb 2023, 01:26:12 PM IST

Adani Ports and Adani Enterprises shed 6% and 7%, respectively

Adani Ports
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Adani Ports
13 Feb 2023, 01:16:01 PM IST

Domestic commercial vehicle sales volume may grow 9-11 pc in FY24: Report

Domestic commercial vehicle sales volume is expected to grow 9-11 per cent in FY24 driven by medium and heavy commercial vehicles and an estimated economic growth of around 6 per cent, rating agency CRISIL said on Monday.

Besides, an increased allocation to infrastructure spending in the Union Budget for next fiscal year will support demand, it said.

This would be the third consecutive year of growth in the domestic CV industry, according to CRISIL.

Of the total domestic CV sales, the light commercial vehicle (LCV) segment may grow 8-10 per cent while the medium and heavy commercial vehicle (MHCV) sale is expected to register a higher growth of 13-15 per cent in FY24, it said.

“With strong demand prospects, we expect LCV sale volumes to grow 8-10 per cent next fiscal, and cross pre-pandemic (fiscal 2019) sale volumes. MHCV sale volumes will continue to grow faster than LCVs at 13-15 per cent next fiscal, but are expected to exceed pre-pandemic sale volumes in fiscal 2025," said Anuj Sethi, Senior Director at CRISIL Ratings. (PTI)

13 Feb 2023, 01:13:59 PM IST

IMF, Pakistan to resume talks on unlocking bailout funds, official says

Talks between the International Monetary Fund and Pakistan will resume virtually on Monday, a Pakistani official said, as the two sides look to reach a deal to unlock funding critical to keep the cash-strapped south Asian country afloat.

The two could not reach a deal last week and a visiting IMF delegation departed Islamabad after 10 days of talks, but said negotiations would continue. Pakistan is in dire need of funds as it battles a wrenching economic crisis.

"Duration (of the talks) cannot be confirmed but we intend to wrap these up at the soonest," Finance Secretary Hamed Yaqoob Sheikh told Reuters in a text message, confirming that talks were resuming on Monday.

Talks centre around reaching an agreement on a reforms agenda under the country's $6.5 billion bailout programme, which it entered in 2019. An agreement on the ninth review of the programme would release over $1.1 billion. (Reuters)q

13 Feb 2023, 12:42:53 PM IST

L&T leads the stock chart as it gains 2% in today's session

L&T
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L&T
13 Feb 2023, 12:27:30 PM IST

Natco Pharma files generic Olaparib tablets in US

Natco Pharma on Monday said it has submitted Abbreviated New Drug Application (ANDA) certification with the US Food and Drug Administration (FDA) for the generic version of Olaparib Tablets -- of 100mg and 150mg.

Olaparib is indicated primarily for certain forms of ovarian, breast, pancreatic and prostrate cancer. It is marketed in the US by AstraZeneca under brand Lynparza.

"NATCO and its co-development and marketing partner Alembic Pharmaceuticals believe that the ANDA is possibly sole first-to-file based on its filing date and may be eligible for 180 days of marketing exclusivity at the time of launch of the product," the pharma company said in a regulatory filing to the exchanges. (ANI)

13 Feb 2023, 12:22:09 PM IST

This healthcare stock is up 250% in 4 years; Prabhudas Lilladher sees 35% upside

Narayana Hrudayalaya shares are one of the multibagger stocks that Dalal Street has delivered in post-Covid stock market rebound. Even though this multibagger healthcare stock has remained sideways to negative for last one year, it has given near 250 per cent return to its long term investors in last four years. In fact, the stock witnessed huge buying interest by bulls after ushering in 2019. In this period, this healthcare stock has risen from around 200 to 715 apiece levels.

However, despite sideways to negative trend for last one year, Prabhudas Lilladher has given 'buy' tag to this healthcare stock. The brokerage believes that the stock may go up to 965 apiece levels in long term. Narayana Hrudayalaya share price today on NSE is around 715 per share, which mean the brokerage is expecting more than 250 per cent return from this healthcare stock. (Read More)

13 Feb 2023, 12:10:19 PM IST

Nissan, Renault to invest $600 million to make new models in India

Nissan Motor Co and Renault SA said on Monday they would invest $600 million to make six new models in India.

The Japanese and French automakers will work on the projects from their base in Chennai, turning it into an export hub, they said in a statement.

The six models, with each automaker making three, will be built on joint platforms and will also be exported, they said. The new models will consist of two electric vehicles, the first EVs to be rolled out by the automakers in India, and four sports utility vehicles (SUVs). (Reuters)

13 Feb 2023, 12:01:47 PM IST

Noon Update: Indices remain under pressure as Sensex is trading 250 pts lower and Nifty 75 pts

PSU Bank and IT indices along with Adani stocks drag the market on Monday

Sensex at Noon
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Sensex at Noon
13 Feb 2023, 11:48:37 AM IST

Balkrishna Industries stock slumps 10% on muted Q3 earnings

In recent quarters, it has been a bumpy ride for investors in the Balkrishna Industries Ltd stock as fears of a global recession have hurt the tyre maker's performance in some global markets.

In this backdrop, the December quarter (Q3FY23) results do not offer much respite. Its reported profit after tax, declined by 70% year-on-year (y-o-y) to 99.6 crore, on the back of elevated interest costs and unrealised forex loss.

Volumes declined 5.5% y-o-y and 16% sequentially to 66,480 tonne. Currently, the tyre maker is experiencing channel inventory clearance in its end markets, which has weighed on its volume growth. (read More)

13 Feb 2023, 11:29:04 AM IST

Media index drags teh market as it sheds more than a per cent with all stocks in red 

Media Index
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Media Index
13 Feb 2023, 11:26:59 AM IST

Yes Bank challenges Bombay High Court ruling on AT1 bond write-off

Yes Bank has reportedly challenged the Bombay High Court ruling on the write-off of Additional Tier-1 (AT1) bonds worth 8,400 crore issued by the , bringing relief to investors.

The bonds were written off as part of a restructuring plan to rescue Yes Bank in March 2020. Equity holders, on the other hand, did not face a similar write-down, but 75% of their shares were subject to a lock-in for three years. (Read More)

13 Feb 2023, 11:25:32 AM IST

PL Stock Report on Aurobindo Pharma (ARBP IN), Voltas (VOLT IN), and Indian Railway Catering and Tourism Corporation (IRCTC IN)

Prabhudas Lilladher Pvt Ltd on:

Aurobindo Pharma (ARBP IN): Rating: BUY | CMP: Rs469 | TP: Rs565

Q3FY23 Result Update - Risk reward favorable

Quick Pointers:

§ US sales up by 10% QoQ; on higher demand, volume uptick and price stability.

§ R&D spend to remain elevated, given clinical trials towards biosimilar projects.

We cut our FY24/25E EPS est. by 7%/3% to factor in lower margins and upgrade to ‘BUY’ from Accumulate with revised TP of Rs565 (Rs550 earlier) based on 12x Dec 2024E earnings. Aurobindo Pharma’s (ARBP) Q3FY23 revenue growth of 7% YoY was healthy across US and EU markets, however higher R&D spend and lower GMs led to in-line EBITDA. We expect margin trajectory to improve from FY24. However, pick up in US sales hinge on timely niche approvals along with stabilization of pricing pressure in base business. We believe ARBP has multiple growth drivers in place with investments in vaccines, injectables, biosimilars and PLI, which are expected to be reflected from FY24. At CMP, stock is trading at 10x FY25E P/E. Upgrade to ‘BUY’ given recent correction in stock price and attractive valuations.

Voltas (VOLT IN): Rating: BUY | CMP: Rs850 | TP: Rs980

Q3FY23 Result Update - Weak performance, losses due to one-off

Quick Pointers:

§ One-off loss of Rs1.4bn related to project business impacted bottom-line.

§ Relatively lower growth in UCP segment (11.2% YoY) vs peers.

We downward revise our FY23/FY24/FY25 adjusted earnings by 27.2%/10.3%/5.7% to factors in 1) margin contraction in UCP segment (-90bps YoY Q3FY23), due to high cost inventory & price competition, 2) losses in EMPS business (-Rs461mn) given delay in collections & settlements and 3) continued losses in Voltas Beko (-Rs326mn). Voltas (VOLT) share price declined ~35% YTD FY23, over concerns of losing market share in RAC and one-off losses in EMPS, however, we believe it has limited downside risk. In YTD Dec-22 the company reported market share of 22.5% (vs 25.8% YTD Nov-21 & 22.8% YTD Sep-22), largely due to aggressive pricing from competitors. Management expects good volume growth in upcoming summer season, while not taking price hikes because of competition will impact margins.

We continue to like VOLT for long term, despite near term challenges related to margins given 1) its leadership position in RAC 2) balance sheet comfort (Rs8.6bn net cash H1FY23) and 3) better traction in order flow from domestic/international. We estimate 18.7% EPS CAGR over FY22-25 and maintain ‘BUY’ rating with SOTP based revised TP of Rs980 (earlier Rs1030) valuing UCP business at 45x FY25EPS.

Indian Railway Catering and Tourism Corporation (IRCTC IN): Rating: HOLD | CMP: Rs644 | TP: Rs694

Q3FY23 Result Update - Traction in non-convenience fee continues

Quick Pointers:

§ In 3QFY23, ~102mn tickets were booked with a convenience fee contribution of ~67% to internet ticketing revenue.

We upgrade our FY23E/FY24E/FY25E EPS estimates by 2%/6%/7% respectively as 1) we increase our ticketing volume estimates which have shown resilience despite 2S reversal amid rising online penetration and 2) continued traction in non-convenience revenue. Indian Railway Catering & Tourism Corporation’s (IRCTC IN) results were broadly in-line with revenues of Rs9,181mn (PLe Rs8,791mn) and EBITDA margin of 35.5% (PLe 36.2%). Given majority of the benefits of catering price hike & rail neer expansion will be reflected in FY23E, we foresee growth challenges ahead and expect sales/PAT CAGR of 9%/11% over FY23E-FY25E. IRCTC trades at 51x/45x our FY24E/FY25E EPS estimates and we believe current valuations are pricey in absence of meaningful growth levers. Consequently, we maintain our HOLD rating on the stock with a DCF based TP of Rs694. At our TP, stock is implicitly valued at 47x Sep-FY24EPS of Rs14.9.

 

13 Feb 2023, 11:16:42 AM IST

Coforge announces partnership with Denodo

Leading digital services and solutions provider Coforge, formerly known as NIIT Technologies, on Monday announced its partnership with Denodo, a data integration, management and delivery platform, to enable banks and other financial organisations to engage in agile modernisation projects without affecting daily operations.

Under the partnership, Palo Alto-headquartered Denodo will bring its logical data integration and data management approach, powered by data virtualisation, while Coforge will bring its design and implementation expertise to banking, financial services and insurance (BFSI) clients.

According to a Coforge statement released on Monday, this association will enable companies to overcome challenges like security, compliance, systemic risks, downtime, and data migration quality, so they can gain the necessary agility to engage in migration or modernisation projects in response to diverse business needs.

Suresh Chandrasekaran, Executive Vice-President at Denodo, said, "We are excited to embark on this strategic collaboration with Coforge to help accelerate business transformation at banks and financial services organisations through agile self-service data delivery and data modernisation, while also addressing key challenges such as security, governance, and migration risk..." (ANI)

13 Feb 2023, 11:01:12 AM IST

SBI stock drags in today's sessions as it sheds around 2.5%

SBI
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SBI
13 Feb 2023, 10:46:56 AM IST

Oil Declines as Slowdown Concerns Vie With Russia Supply Cutback

Oil retreated as concerns about slowing global growth offset Russia’s plan to curb supply in retaliation for western sanctions.

West Texas Intermediate fell below $79 a barrel after soaring by more than 8% last week. Although Moscow will reduce supply by half a million barrels a day in March as curbs on flows tighten, investors remain wary that the Federal Reserve needs to keep pushing interest rates higher to tame inflation. The Fed’s drive has weighed on appetite for risk assets including commodities.

The White House said Russia’s plan to slash oil output, which was announced on Friday, showed the extent to which President Vladimir Putin is willing to use resources like energy as a weapon. Despite the move, Moscow’s partners in the OPEC+ coalition signaled they won’t boost production to fill in for the cutback.

Oil has had a bumpy start to 2023 as investors contend with the continued fallout for the energy market from the war in Ukraine, as well as the impact from China’s reopening after Covid Zero curbs were dropped. Last week, Saudi Arabia raised prices for Asian buyers, signaling it’s optimistic about demand. In addition, there has been a host of minor supply disruptions in Europe. (Bloomberg)

13 Feb 2023, 10:46:21 AM IST

This power stock gives multibagger return of 109% in 9 months, to get included in MSCI India index

Shares of CG Power and Industrial Solutions Ltd (CG Power) have given multibagger return in nine months by rising more than 109% during the period, from 160 apiece level to currently hovering around 332 on the BSE in Monday's early deals.

The rally comes amid global index provider MSCI adding CG Power to the India index, and the change in constituents for the MSCI India Domestic Index will take place as of the close of February 28, 2023. CG is an engineering conglomerate with a diverse portfolio of products, solutions and services for Power and Industrial equipment and solutions. The multibagger stock has gained more than 39% in a month. (Read More)

13 Feb 2023, 10:16:36 AM IST

PSU Bank index sheds 2% with all stocks trading in the red

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13 Feb 2023, 10:00:52 AM IST

Adani Enterprises started higher but quickly moves to red as it sheds 3%

Adani Enterprises
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Adani Enterprises
13 Feb 2023, 09:59:59 AM IST

Nalco shares surge even as Q3 profit drops. Should you buy the metal stock?

Shares of National National Aluminium Company Limited (NALCO) surged more than 2% to 78 apiece on the BSE in Monday's opening deals even as the aluminium maker and seller reported a 69% decline in its consolidated net profit at 256 crore for the quarter ended December 31, 2022 as compared to 830 crore in the year-ago period. Meanwhile, its consolidated income dropped to 3,356 crore.

"LME aluminium has been trading in a rangebound manner as higher production outlook is counterbalanced by expectations of good demand from China reopening. However, energy prices have been on a downtrend which is expected to help the margin expansions going forward. Commissioning of Utkal D coal block are expected to aid some cost reduction in FY24. We expect the performance have already bottomed out on peak power cost and henceforth EBITDA/t will improve. We have upgraded our FY24 EBITDA estimates driven by US$ 250/t higher aluminium realisation expectation," said brokerage PhillipCapital. (Read More)

13 Feb 2023, 09:42:02 AM IST

Geojit Financial Services on today's market: Capital goods, IT, cement and high quality banks after the correction are on strong wicket

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There is no clear direction in the market. There are both negative and positive signs. The rise in the dollar index to 103.7 and the hardening of bond yields are unfavourable for emerging market equity. Rising yields indicate that rates will remain higher for longer. Also, the spike in Brent crude to around $86 is a macro concern for India.

The positive is that the sustained FII selling has reversed with a 1458 crore buy figure on Friday. It remains to be seen whether this trend will sustain. If it does, bulls can take the markets higher. Capital goods, IT, cement and high quality banks after the correction are on strong wicket.

13 Feb 2023, 09:36:13 AM IST

Metal index shines in early trading with most stocks trading higher in today's session

Metal Index
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Metal Index
13 Feb 2023, 09:35:36 AM IST

Japan's Nikkei hits over 2-week low on tech declines

Japan's Nikkei share average touched a more than two-week low on Monday, as heavyweight technology stocks tracked a weak performance of the Nasdaq in the previous session, while stocks with dim outlook weighed on investor sentiment.

By 0204 GMT, the Nikkei share average had fallen 1.3% to 27,319.05, after falling to as low as 27,266.96, its lowest since Jan. 25.

The Nasdaq ended lower on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast.

Chip equipment maker Tokyo Electron slipped 4.85%, becoming the biggest drag on the Nikkei. Its peer Advantest fell 2.56%, while technology investor SoftBank Group lost 4.85%.

Shiseido slipped 5.5% after the cosmetic maker forecasted 18% decline in its annual net profit.

Olympus lost 3.27% after the medical equipment maker lowered its annual net profit forecast. (Reuters)

13 Feb 2023, 09:27:44 AM IST

Titan shines in early trading as it leads the stock chart; gains a per cent

Titan
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Titan
13 Feb 2023, 09:26:56 AM IST

DBS says not concerned about exposure to Adani group

DBS Group has a tightly managed exposure to India's troubled Adani group of companies, Piyush Gupta, the chief executive officer (CEO) of Southeast Asia's largest bank said on Monday. He added that the company does not see any material increase in refinancing costs for Indian business groups despite attacks on Adani Group.

"They're solid, cash-generating companies, so we're not concerned about the exposure," he told reporters at a media briefing, as quoted by Reuters, adding that the exposure to India's Adani Group is to operating companies, cash flow is ring-fenced. (Read More)

13 Feb 2023, 09:22:31 AM IST

Indices trade flat at the opening on Monday with Adani stocks gaining, while IT stocks shedding

Sensex at Open
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Sensex at Open
13 Feb 2023, 09:08:25 AM IST

ABB India order book to remain above ₹10,000 crore in 2023, says top official

Electrification and automation major ABB India is expecting that its order book will remain above 10,000 crore and grow further in 2023 in view of momentum in the market, says a top company official.

ABB India achieved a significant milestone in order booking by reaching 10,028 crore in calender year 2022 and 2,335 crore in the fourth quarter (October-December) of 2022.

Talking to PTI, country head and managing director of ABB India Sanjeev Sharma said, "Our target is not to fall below 10,000 crore order book where we reached today."

Explaining about the expectation, he said that he is thinking so because the momentum is there in the market and geopolitical reasons are in favour of India as one such factor is high energy prices in Europe. (PTI)

13 Feb 2023, 09:03:15 AM IST

Sensex remains flat at the preopen session; Adani Group, BHEL, Delhivery stocks in focus today

Sensex at Preopen
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Sensex at Preopen
13 Feb 2023, 08:59:26 AM IST

Vodafone Idea hold talks to refinance ₹3,000-4,000 cr of loans: Report

Debt-ridden telecom operator Vodafone Idea has started fresh talks with key lenders – State Bank of India, Punjab National Bank and HDFC Bank – to refinance 3,000 to 4,000 crore of loans, according to an Economic Times report.

The report further said that refinancing of some debt will help free up cash for Vodafone Idea, which needs to pay substantial vendor dues – to tower companies such as Indus Towers and network equipment makers like Ericsson and Nokia. (Read More)

13 Feb 2023, 08:50:40 AM IST

Ambuja Cements continues to be among stocks under F&O ban on NSE

As many as two stocks have been put under the ban for trade on Monday, February 13, 2023 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Cement maker Ambuja Cements and housing finance firm Housing Finance continue to be the two stocks that are part of the F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day. (Read More)

13 Feb 2023, 08:38:51 AM IST

Buy or sell: Vaishali Parekh recommends 3 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, here we list out full details in regard to those intraday stocks for today:

1] Voltas: Buy at 849, target 877, stop loss 836;

2] Tata Motors: Buy at 445, target 460, stop loss 438; and

3] Indian Hotel: Buy at 323, target 335, stop loss 317. (Read More)

13 Feb 2023, 08:32:35 AM IST

Domestic market ownership rises for 5th quarter in a row to 24.44% in Dec

The equity ownership of domestic investors, including institutions and high networth individuals, touched an all-time high of 24.44 per cent in December quarter, making it the fifth consecutive quarterly increase.

Retail investors' ownership in the market stood at 7.23 per cent in December 2022, marginally down from 7.34 per cent in September 2022. But in rupee terms, the same increased to 19.94 lakh crore from 19.48 lakh crore in the previous quarter, registering an increase of 2.35 per cent.

In September 2022, the share was 24.25 per cent, according to data collated by market information major Prime Database, based on the shareholding patterns of 1,832 of the total 1,857 companies on NSE for the quarter to December 2022. (Read More)

13 Feb 2023, 08:21:00 AM IST

Stocks to Watch: Adani Group, BHEL, Kotak Mahindra Bank, Delhivery, Oil India, Inox Wind, PB Fintech, Glenmark Pharma, Indiabulls Real Estate, and Biocon

Castrol India, Nykaa, Godrej Industries, Hinduja Global Solutions, HeidelbergCement India, New India Assurance and Zee Entertainment will be among the stocks in focus as they declare their December quarter earnings today. (Read More)

13 Feb 2023, 08:13:35 AM IST

India's forex reserves decline after three weeks' rise

India's foreign exchange reserves declined by USD 1.494 billion to USD 575.267 billion in the week ending on February 3, according to the Reserve Bank of India's latest data.

This decline snapped the previous three straight weeks' rise in overall reserves.

During the week that ended on January 27, the reserves rose by USD 3.03 billion to USD 576.761.

According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, declined by USD 1.323 billion to USD 507.695 billion.

Gold reserves declined by USD 246 million to USD 43.781 billion.

At the start of last year -- 2022, the overall forex reserves were at about USD 633 billion.

Much of the decline can be attributed to RBI's intervention and a rise in the cost of imported goods. In October 2021, the country's foreign exchange reserves reportedly touched an all-time high of about USD 645 billion. (ANI)

13 Feb 2023, 08:12:09 AM IST

India's green bond issuances just 3.8 pc of overall domestic corporate bond market: Report

The green bond market in the country, which is projected to require more than USD 10 trillion to meet its green goals, accounts for just 3.8 per cent of the overall outstanding corporate bonds worth more than USD 500 billion, says a report. In a report on Friday, Fitch Ratings said that as of January 2023, GSSS (Green, Social, Sustainability and Sustainability-linked Debt) bonds accounted for USD 20 billion or 3.8 per cent of the country's overall corporate bond market while the government bond market is more than double this size.

One of the main reasons for the small size of the domestic green bond market is that issuers are heavily concentrated in the energy sector and especially renewable energy led by solar projects, it said.

As per the report, another reason for the low green bonds base is that all of them are denominated in the rupee and held by domestic banks, insurers and the RBI while vast majority of issuers -- as much 90 per cent -- prefer issuing GSSS bonds in dollars.

It can be noted that the Reserve Bank of India (RBI) issued 16,000 crore worth sovereign green bonds in two equal tranches on January 23 and February 9, respectively. (PTI)

13 Feb 2023, 07:53:35 AM IST

Tata Steel to merge 7 subsidiaries by FY24, says CEO T V Narendran

Tata Steel CEO and managing director TV Narendran said that the merger of 7 subsidiary companies with Tata Steel is expected to be completed in 2023-24 fiscal year, news agency PTI has reported.

The seven subsidiaries to be merged with the company are Angul Energy, Tata Steel Long Products (TSPL), The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, and Tata Steel Mining and S&T Mining Company.

Earlier in September 2022, the board had approved a proposal to merge six of its subsidiaries into itself for greater synergies, higher efficiency and reduce costs. (Read More)

13 Feb 2023, 07:52:22 AM IST

Adani crisis makes FPIs double down on bearish bets

Foreign portfolio investors (FPIs) doubled down on their bearish stance since the Adani Group crisis surfaced, selling not only shares but also the highest number of Nifty and Bank Nifty (index) futures contracts in four months.

As of 10 February, FPIs sold 105,540 index futures on an outstanding basis as part of hedges and speculative bets to protect their portfolios or gain from anticipated market corrections, experts said. This is in addition to the $2.67 billion they’ve sold in cash between 24 January and 9 February.

This shift in investment strategy may also reflect concerns among portfolio investors about the implications of the Adani crisis for the Indian economy. (Read More)

13 Feb 2023, 07:37:53 AM IST

Rupee falls 7 paise to 82.58 against US dollar

The rupee depreciated 7 paise to close at 82.58 against the US dollar on Friday, tracking rising crude oil prices and a muted trend in domestic equities.

Forex traders said the rupee consolidated in a narrow range amid risk aversion in global markets.

At the interbank foreign exchange market, the local unit opened at 82.61 against the American currency and touched a low of 82.64 and a high of 82.34 intra-day.

It finally settled at 82.58 against the greenback, down 7 paise from its previous close of 82.51.

According to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, weak domestic equities and a strong dollar impacted the local unit.

"Dollar strengthened on expectations of a rate hike by the Fed and a weak Pound amid disappointing GDP data from the UK," he said.

"We expect the Rupee to trade with a slight negative bias amid risk aversion in global markets and sharp pullback in crude oil prices. Strong dollar on hawkish tone of Fed may also put pressure on Rupee," Choudhary added. (PTI)

13 Feb 2023, 07:37:07 AM IST

Domestic market ownership rises for 5th quarter in a row to 24.44% in Dec

The equity ownership of domestic investors, including institutions and high networth individuals, touched an all-time high of 24.44 per cent in December quarter, making it the fifth consecutive quarterly increase.

Retail investors' ownership in the market stood at 7.23 per cent in December 2022, marginally down from 7.34 per cent in September 2022. But in rupee terms, the same increased to 19.94 lakh crore from 19.48 lakh crore in the previous quarter, registering an increase of 2.35 per cent.

In September 2022, the share was 24.25 per cent, according to data collated by market information major Prime Database, based on the shareholding patterns of 1,832 of the total 1,857 companies on NSE for the quarter to December 2022. (Read More)

13 Feb 2023, 07:34:44 AM IST

Amazon, Flipkart among 20 e-tailors given notices for selling drugs without licence

Amazon and Flipkart Health plus are among the 20 online sellers that have been issued show-cause notices by the Drugs Controller General of India (DCGI) over the online sale of drugs in violation of norms.

The show-cause notice dated February 8 by DCGI V G Somani cited a Delhi High Court order dated December 12, 2018, which prohibits online sales of medicines without a licence.

The notice stated that the DCGI had forwarded the order to all state and Union Territories in May and November 2019 and again on February 3 for necessary action and compliance.

"In spite of the same, you are found to be engaged in such activities without a licence," the notice to the online medicine sellers said.

"...You are hereby asked to show cause within 2 days from the date of issue of this notice, why action shall not be taken against you for sale, or stock, or exhibit or offer for sale or distribution of drugs in contravention of the provisions of the Drugs and Cosmetics Act 1940 and rules made thereunder," the notice said. (PTI)

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