Morning Update :–Britannia, Axis Bank, Asian Paints, Coal India and HDFC Life were among major gainers on the Nifty, while losers were Power Grid Corp, UPL, Infosys, Maruti Suzuki and Dr Reddy’s Labs.
Sensex – Rise +225 Points at 72,412
Nifty 50 – Rise  +79 Points at 22,008
Indian Market
FII AND DII
| FII Bought | 92.52 Cr |
| DII Bought | Â 1,096.26 Cr |
Indian Market News
- Asian markets are trading higher, with the Kospi, Hang Seng, and Straits Times up 1% each.
- The dollar is on the defensive following a fall from its nearly three-month peak.Â
- Oil prices rise on lower-than-expected US output increase.
- Vikas Ecotech repays additional Rs 75 million to the bankers.
- Canara Bank’s board will propose stock split on February 26.
- S&P 500 closes higher; attention on results and US interest rates.
- Moody’s downgrades UPL and maintains its negative outlook.
- Exicom Tele-Systems may issue an IPO, presumably by the end of February.
- Capital Small Finance Bank IPO: Anchor investors buy Rs 157 crore worth of shares.
- Rashi Peripherals IPO starts on February 7, institutional investors pick up Rs 180 crore shares from the anchor book.
- Nykaa’s Q3 net profit more than doubles to Rs 17.5 crore, as revenue rises 22%.
- Lupin gets US FDA approval for Bromfenac ophthalmic solution.
- Gensol Engineering raises Rs 900 crore of equity in a preferential round.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty imply a flat morning for India’s wider market, which has gained 8 points. The Nifty futures were trading near the 22,120 mark.
US Markets
The S&P 500 closed marginally higher on Tuesday, as investors looked at a mixed bag of earnings from major U.S. corporations and analysed comments from Federal Reserve policymakers for hints about the Fed’s first expected interest rate decrease.
The Dow Jones Industrial Average gained by 141.24 points, or 0.37 percent, to 38,521.36. The S&P 500 rose 11.42 points, or 0.23 percent, to 4,954.23, while the Nasdaq Composite rose 11.32 points, or 0.07 percent, to 15,609.00.
Asian Markets
Asian markets were trading higher on Wednesday morning, with the Kospi up over 2% and the Nikkei trading modestly higher.
Dollar
The dollar fell against major currencies on Tuesday, a day after reaching its highest level in nearly three months, as good economic data and Federal Reserve policymakers’ hawkish stance on interest rates boosted the US currency.
The dollar index, which measures the US currency against six others, lost 0.24 percent to 104.19 after reaching 104.60 on Monday, its highest level since November 14.
Gold Prices
Gold rose on Tuesday following a drop in the US dollar and Treasury yields, as traders waited for comments from numerous Federal Reserve officials this week to determine the anticipated pace of interest rate decreases this year.
Spot gold climbed 0.6 percent to $2,035.89 per ounce, after hitting its lowest level since January 25 in the previous session. US gold futures closed 0.4 percent higher at $2051.4.
Crude
Brent and US crude futures originally rose by more than $1 per barrel on Tuesday after the US Energy Department said crude oil production will expand less than expected, but then lost some of their gains amid rumours of a possible long cease-fire in the Gaza War.
Brent crude prices closed at $78.59 a barrel, up 60 cents (0.77 percent), while US West Texas Intermediate crude futures rose 53 cents (0.73 percent) to settle at $73.51.
News Updates
Britannia Industries reports Q3 earnings of Rs 556 crore, down 40% YoY.
Due to a high base, Britannia Industries’ consolidated profit for the quarter that ended in December FY24 was Rs 555.66 crore, a dramatic drop of 40.4 percent from the same period the previous year. A net profit of Rs 375.6 crore was attributable to exceptional gains in Q3FY23. For the quarter, revenue from operations increased by 1.4% YoY to Rs 4,256.3 crore.
Zurich Insurance Company’s acquisition of a 70% share in Kotak Mahindra General Insurance Company is approved by CCI.
Zurich Insurance Company has been given permission to purchase a 70% share in Kotak Mahindra General Insurance Company by the Competition Commission of India (CCI). Zurich Insurance plans to use a combination of new growth capital and share purchases to buy a 51 percent interest in Kotak Mahindra General Insurance Company. Furthermore, over time, Zurich Insurance will also purchase a further up to 19% share in Kotak Mahindra General Insurance.
Stocks in news
Lupin: The pharmaceutical company has been given permission by the US Food and Drug Administration (US FDA) to market a generic version of Sun Pharmaceutical Industries’ BromSite ophthalmic solution in the US market. The FDA approved the company’s abbreviated new drug application for bromfenac ophthalmic solution.
Biocon: The US FDA has tentatively approved the biopharmaceutical company’s ANDA for dasatinib tablets. Adults with Philadelphia chromosome-positive chronic myeloid leukaemia may use this medicine to treat their condition.
Kotak Mahindra Bank: The Competition Commission of India (CCI) has given its approval for Zurich Insurance Company to purchase a 70% share in Kotak Mahindra General Insurance Company.
Britannia Industries: Because of its high base, the biscuit manufacturer’s consolidated profit for the quarter that ended in December FY24 was Rs 555.66 crore, a dramatic drop of 40.4 percent from the same period the previous year. A net profit of Rs 375.6 crore was attributable to exceptional gains in Q3FY23. For the quarter, revenue from operations increased by 1.4% YoY to Rs 4,256.3 crore.
NLC India: Despite lower topline and operating numbers, the coal mining business recorded consolidated net profit of Rs 250.4 crore for the October–December period of FY24, compared to a loss of Rs 406.7 crore in the same period of the previous fiscal year. During the quarter, consolidated revenue from operations decreased by 14% YoY to Rs 3,164.4 crore.
FSN E-Commerce Ventures: For the quarter ended December FY24, the Nykaa brand operator reported a 106 percent year-over-year increase in net profit at Rs 17.5 crore. Revenue increased by 22 percent to Rs 1,788.8 crore, while gross merchandise value increased by 29 percent compared to the same time last year.
Max Financial Services: In the third quarter of FY24, the company reported a consolidated profit of Rs 171.2 crore, a 36.4 percent decrease from the same time in the previous fiscal year. During the quarter, revenue from operations increased by 39% YoY to Rs 12,356 crore. Axis Bank’s capital infusion of Rs 1,612 crore into Max Life has been approved by the Insurance Regulatory and Development Authority of India (IRDAI), pending permission from the Competition Commission of India (CCI).
Navin Fluorine International: Due in part to disappointing topline and operating results, the chemicals company reported a consolidated profit of Rs 78.02 crore for the quarter that ended in December FY24, a severe decline of 26.8% from the same period in the previous fiscal year. Operating revenue for the quarter was Rs 501.8 crore, an 11% YoY decline.
NLC India: Despite lower topline and operating numbers, the coal mining business recorded consolidated net profit of Rs 250.4 crore for the October–December period of FY24, compared to a loss of Rs 406.7 crore in the same period of the previous fiscal year. During the quarter, consolidated revenue from operations decreased by 14% YoY to Rs 3,164.4 crore.
JB Chemicals & Pharmaceuticals: The company’s strong operating results helped it post a 26% year-over-year increase in net profit for the third quarter of FY24, totaling Rs 134 crore. The quarter’s revenue from operations climbed by 7% year over year to Rs 845 crore. The growth in the domestic formulations business was 14% YoY, while the foreign forms business experienced a 0.8 percent decline to Rs 383 crore in Q3 FY24. As on February 23 of this year, JB Chemicals has named Narayan Saraf as its Chief Financial Officer.
Berger Paints: The paint manufacturer reported a 49.2 percent year-over-year increase in consolidated profit for the October–December fiscal year of FY24, amounting to Rs 300.2 crore. This development was fueled by strong operating results and decreased input costs. For the quarter, revenue from operations increased by 7% year over year to Rs 2,882 crore.
Godawari Power & Ispat: Despite a reduced top line, the firm reported a 79 percent year-over-year increase in consolidated profit at Rs 229.3 crore for the quarter that ended in December of FY24. This development was made possible by strong operating results and a decline in input costs. Operating revenue for the quarter was Rs 1,309 crore, a 10.5 percent YoY decline.
Endurance Technologies: In spite of an increase in input prices, the auto component maker reported a consolidated profit of Rs 152.3 crore for the quarter that concluded in December FY24, up 40.7 percent from the same time the previous year. With Rs 2,561.1 crore in revenue from operations for the quarter, it was 22% more than the same time in the previous fiscal year.
EIH: With strong topline and operating metrics, the hospitality company reported a 54.6 percent year-over-year increase in consolidated profit for the quarter that concluded in December of FY24, totaling Rs 230 crore. To reach Rs 741.3 crore for the quarter, revenue from operations climbed by 26.4 percent year over year.
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