Morning Update :–The Nifty saw big gains from Coal India, Hero MotoCorp, NTPC, Tata Consumer, and BPCL, while Hindalco, JSW Steel, Power Grid, ONGC, and UltraTech Cement fell.
Sensex – Rise +40 Points at 71,113
Nifty 50 – Fall  -5 Points at 21,610
Indian Market
FII AND DII
| FII Bought | Â Â 126.60Â Cr |
| DII Bought | 1,711.75 Cr |
Indian Market News
- Oil prices are nearly flat, as demand concerns offset Middle East risk.
- Asian markets trade higher, with the Nikkei up 2% and the Kospi up 1%.
- Bitcoin reaches $50,000 mark for the first time in over two years.
- Gold trades in a narrow range ahead of critical US inflation data.
- Coal India’s Q3 profit rises 18% YoY to Rs 9,093.69 crore.
- The dollar approaches 150 yen ahead of the US inflation test, but bitcoin remains high.
- December IIP growth increases to 3.8%.
- India’s January CPI inflation eases to 5.10%, while core inflation falls to 3.6%.
- Nasdaq falls from near all-time high, while Dow rises little ahead of inflation report. Â
- HFCL receives a purchase order worth Rs 141 crore from BSNL
- Ashok Leyland invests Rs 536.7 crore in UK-based Optare Plc through equity shares in the second tranche.
- GlaxoSmithKline Pharma’s Q3 net profit fell 72% to Rs 46 crore.
- APM Terminals Pipavav’s Q3 net profit increased 39% to Rs 110 crore.
- Brookfield REIT’s Q3 net operating income is up 89% YoY.
- Bharat Forge Q3 net up 31% to Rs 378 crore.
- Coal India’s Q3 profit rises 18% YoY at Rs 9,094 crore.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 52.50 points, or 0.24 percent, suggests that the Indian index as a whole is off to a good start. The 21,745 mark was the focal point of the Nifty futures trade.
US Markets
While the Dow slightly increased ahead of two US inflation data this week that could have an impact on Federal Reserve policy, the Nasdaq fell on Monday afternoon after momentarily reaching its record closing high from November 2021.
Although it closed little lower, the benchmark S&P 500 was still just above the 5,000-point milestone that it had crossed on Friday.
This week, traders watched the Consumer Price Index (CPI) and Producer Price Index (PPI) for January to determine the likelihood of interest rate reductions. Data on retail sales, industrial production, and preliminary University of Michigan consumer sentiment are also released to the market this week.
The Nasdaq Composite dropped 42.74 points, or 0.27 percent, to 15,947.92, while the S&P 500 lost 4.12 points, or 0.08 percent, to close at 5,022.49 points. At 38,807.45, the Dow Jones Industrial Average increased by 135.76 points, or 0.35 percent.
Asian Markets
As several Asian markets, notably South Korea and Singapore, resumed trading after the Lunar New Year break, the majority of these markets saw gains.
Reuters polled experts predicted that Japan’s corporate goods price index would rise by 0.1 percent in January, but it actually jumped by 0.2 percent. This is in contrast to the updated December growth figure of 0.2 percent.
The Topix gained 1.02 percent, while Japan’s Nikkei 225 surged 1.82 percent on opening day, breaking through the 37,000 barrier and reaching 34-year highs.
Dollar
In response to investors’ anticipation of U.S. retail sales and inflation data this week, which could provide insight into the timing of the Federal Reserve’s much-anticipated interest rate reductions, the dollar saw a little increase against other major currencies on Monday.
News Updates
IIP growth in December increases to 3.8%.
India’s industrial output growth increased marginally to 3.8 percent in December 2023, according per data issued on February 12 by the Ministry of Statistics and Programme Implementation.
The most recent Index of Industrial Production (IIP) result for industrial growth is 3.8 percent, which is higher than the November 2023 figure of 2.4 percent.
India’s industrial output increased by 5.1% in December 2022.
In the meantime, industrial growth from April to December 2023 was 6.1%, up from 5.5% in the same period in 2022.
India’s core inflation declines to 3.6% and CPI inflation eases to 5.10% in January.
Food prices declined in January, causing India’s headline retail inflation rate to drop to 5.10 percent, a three-month low, according to statistics issued on February 12 by the Ministry of Statistics and Programme Implementation.
In December 2023, the Consumer Price Index (CPI) indicated 5.69 percent inflation. The most recent CPI inflation rate, 5.10 percent, is in line with forecasts; analysts had estimated that prices would have increased by 5.09 percent annually in the first month of 2024.
Despite a slight decline in January, headline retail inflation has now exceeded the Reserve Bank of India’s (RBI) medium-term objective of 4 percent for 52 consecutive months. For the fifth consecutive month, however, inflation has now remained within the tolerance range of 2 percent to 6 percent.
Quarterly profit for Coal India soars 18% YoY to Rs 9,093.69 crore.
For the quarter that concluded on December 31, 2023, Coal India recorded a 17.8% increase in consolidated net profit to Rs 9,093.69 crore. In the same period last year, the government-owned corporation declared a net profit of Rs 7,719.11 crore.
In the reviewed quarter, revenue from operations climbed by over 2.7 percent to Rs 36,153.17 crore. Furthermore, CIL’s consolidated revenues rose from Rs 36,754.29 crore in the same period of the previous fiscal year to Rs 38357.23 crore in the October–December period.
Stocks in news
Coal India: The biggest coal mining firm in the nation reported a consolidated profit of Rs 9,093.7 crore for the third quarter of FY24, up 17.8% from the same period last year. The company attributed its growth to increased other income, a strong operating margin, and a decrease in input costs. For the quarter, revenue from operations increased by 2.8% year over year to Rs 36,154 crore.
JSW Energy: Solar Energy Corporation of India (SECI) has awarded a Letter of Awards to JSW Neo Energy, a fully owned subsidiary of the business, for a 500 MW wind capacity.
Steel Authority of India: For the October–December fiscal year of FY24, the state-owned steel firm reported a consolidated net profit of Rs 423 crore. This is a 22 percent decline from the Q3FY23 extraordinary gain of Rs 298 crore. Operating revenue for the quarter was Rs 23,349 crore, a 6.8% decrease from the previous year.
Hindalco Industries: Novelis, a subsidiary, reported net income attributable to common shareholders of $121 million for the quarter that concluded in December of FY24, a 10-fold increase from the $12 million reported in the same period the previous year. For the third quarter of the fiscal year 2024, net sales dropped 6% YoY to $3.9 billion, mostly due to lower average aluminium prices even though shipments were in line with previous years.
Dilip Buildcon: Despite strong topline and operating performance, the construction and infrastructure development business saw a 3.3 percent year-over-year fall in consolidated profit at Rs 107.4 crore, which was impacted by lower extraordinary gains. With Rs 2,876.8 crore in revenue from operations during the quarter, it was up 23.87 percent over the same period last year.
Skipper: Despite a low operating margin, topline helped the power transmission and distribution structures maker record a 115.3 percent year-over-year growth in net profit at Rs 20.4 crore for the third quarter of FY24. For the quarter, revenue from operations increased by 80.2 percent year over year to Rs 801.6 million.
Must read book about investing – check here
Read more Check the latest news Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update