Morning Update :–Major Nifty gainers were Divis Labs, Dr. Reddy’s Labs, UPL, HCL Technologies, and Wipro; losers included Hero MotoCorp, Power Grid Corporation, ONGC, Coal India, and SBI.
Sensex – Rise +89 Points at 71,684
Nifty 50 – Rise  +30 Points at 21,812
Indian Market
FII AND DII
| FII Bought | Â 141.95 Cr |
| DII Sold | 421.87 Cr |
Indian Market News
- Oil prices fall this week following Israel’s announcement of “concluded” Gaza strikes.
- In a data-packed week, gold stalls in light trading as investors focus on the Fed.
- Gold Plus Glass Industry submits draft documents for plans to go public, including a fresh offering of Rs 500 crore.
- The S&P 500 closes above 5,000 for the first time thanks to a megacaps rally.
- Stock in Apeejay Surrendra Park Hotels could list for 20–25% more than the IPO price.
- Revenue increases 25% and NSE Q3 net profit jumps 8% to Rs 1,975 crore.
- At Rs 15.60 lakh cr, direct tax collection surpasses the revised FY24 target by 80%.
- For its massive IPO of its Indian arm, Hyundai has chosen JP Morgan, Citi, and HSBC as consultants.
- Hero MotoCorp reported Q3 PAT of Rs 1,073 crore, up 51%.
- Revenue declines 2.2% YoY and ONGC’s Q3 net profit lowers 7.9% to Rs 10,748 cr.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty predict a solid start for India’s broader index, with a 108-point increase (0.49 percent). The Nifty futures were trading near the 21,958 mark.
US Markets
The S&P 500 ended above 5,000 for the first time on Friday, while the Nasdaq briefly traded above 16,000, boosted by megacaps and chip firms, notably Nvidia, as investors bet on artificial intelligence technology and expected solid earnings data.
The Dow Jones Industrial Average dipped 54.64 points, or 0.14 percent, to 38,671.69, while the S&P 500 rose 28.70 points, or 0.57 percent, to 5,026.61, and the Nasdaq Composite rose 196.95 points, or 1.25 percent, to 15,990.66.
Asian Markets
Asia markets were neutral Monday, marking the start of a holiday-shortened week for most countries, while China remains closed.
Many major financial markets in Asia-Pacific were closed on Monday, including Hong Kong, Taiwan, and South Korea.
Japan’s Nikkei 225 opened 0.1% higher, while the broader Topix fell 0.2% at the open.
News Updates
Hero MotoCorp’s Q3 PAT increased by 51% to Rs 1,073 crore, exceeding analyst projections.
For the quarter that concluded on December 31, 2023, Hero MotoCorp reported a 51% YoY increase in standalone net profit to Rs 1,073.38 crore. During the same period previous year, the largest two-wheeler maker in the country recorded a net profit of Rs 711.06 crore.
The two-wheeler company located in New Delhi had a 21% increase in revenue to Rs 9,723.73 crore during the third quarter of this fiscal year. The company recorded sales of Rs 8,030.98 crore in Q3FY23.
The Q3 FY 24 financial results surpassed analyst projections. Hero MotoCorp was predicted by the average estimate of six brokerage companies to record a 47.39 percent increase in net profit at Rs 1,048 crore. According to the same analyst forecasts, its operating revenue was anticipated to increase by 21.1 percent to Rs 9,728 year over year.
Revenue declines 2.2% YoY and ONGC’s Q3 net profit lowers 7.9% to Rs 10,748 cr.
In the final quarter of the 2023–24 fiscal year, the Oil and Natural Gas Corporation (ONGC) reported a consolidated net profit decrease of around 8 percent, coming in at Rs 10,748 crore.
For the third quarter of the current fiscal year, the company that specialises in oil and gas exploration recorded a 2.2 percent decline in operating revenue, or Rs 1,65,569 crore. This stands in contrast to the Rs 1,69,213 crore that was recorded during the same time last year.
A second interim dividend of Rs 4.00 per share has also been announced by ONGC. Eligible shareholders will receive payment of this dividend on or before March 10, 2024.
The company’s total crude oil production in the third quarter was 5.2 million metric tonnes (MMT), down 3.3% from the same period the previous year. In the meantime, during the first nine months of FY24, ONGC’s overall oil output decreased by 2.9%.
Paytm creates an advisory group led by former Sebi CEO Damodaran.
A day after the banking regulator chastised the lender for persistently breaking the rules, the board of One97 Communications Ltd, the company that operates the Paytm payments app, established a panel led by N. Damodaran, a former chairman of India’s markets regulator, to advise Paytm Payments Bank Ltd on compliance and regulation.
The committee, which consists of two more members and is chaired by Damodaran, will collaborate with One97 Communications’ board to enhance compliance and regulatory affairs, the business informed the exchanges.
The committee comprises banker R Ramachandran, a former chairman and managing director of Andhra Bank, and M.M. Chitale, a former president of the Institute of Chartered Accountants of India (ICAI) and a former member of the Banking Codes and Standards Board of India’s governing council, according to One97 Communications.
The RBI placed significant business limitations on Paytm Payments Bank on January 31 due to the bank’s persistent failure to comply with prudential requirements.
At Rs 15.60 lakh cr, direct tax collection surpasses the revised FY24 target by 80%.
To date in the current fiscal year, net direct tax collection has increased by 20% year over year to Rs 15.60 lakh crore, or 80% of the revised budget forecasts for the entire fiscal year.
“Provisional data on direct tax receipts show continued steady rise. The Central Board of Direct Taxes (CBDT) released a statement stating that gross collections from direct tax collections up to February 10, 2024, are at Rs 18.38 lakh crore, which is 17.30 percent higher than the gross collections for the same period last year.
Up to February 10 of FY24, direct tax receipts, net of refunds, totaled Rs 15.60 lakh crore, a 20.25 percent increase over net collections during the same period the previous year.
This amount collected accounts for 80.23 percent of the revised total estimated direct tax revenue year 2023–2024.
Stocks in news
Apeejay Surrendra Park Hotels: On February 12, The Park Hotels plans to float its equity shares on the exchanges. The price per share for the final issue has been set at Rs 155.
Oil and Natural Gas Corporation: For the quarter that concluded in December of FY24, the state-owned oil and gas exploration business reported consolidated earnings of RS 9,536 crore, a decrease of 13.7 percent from the same time the previous year. With the realisation of crude oil prices falling 6.4 percent year over year to $81.59 a barrel, revenue from operations decreased 9.8 percent year over year to Rs 34,789 crore for the quarter.
Aurobindo Pharma: Driven by robust operating results, the pharmaceutical company reported consolidated net profit of Rs 936 crore for the October–December fiscal year of FY24, a significant increase of 90.6 percent over the same time the previous year. The quarter’s operating revenue rose 14.7% YoY to Rs 7,352 crore, with growth observed in a number of different industries.
Divis Laboratories: The pharmaceutical firm recorded a 17 percent increase in net profit to Rs 358 crore for the third quarter of FY24 compared to the same time in the previous fiscal year. Operational revenue increased by 8.6 percent year over year to Rs 1,855 crore.
Multi Commodity Exchange of India: Despite robust topline growth, the commodity exchange reported a net loss of Rs 5.35 crore for the quarter that ended in December of FY24, compared to a profit of Rs 38.79 crore in the same period of the previous fiscal year. For the quarter, revenue from operations increased by 33.4 percent year over year to Rs 191.5 crore.
Tata Power Company: Better realisation in the major business categories of generation, transmission & distribution, and renewables helped the Tata Group company report net profit of Rs 1,076 crore for the third quarter of FY24, up 2% from the same period last year. For the quarter, operating revenue reached Rs 14,841 crore, an increase of 3% year over year.
Indian Railway Finance Corporation: During the third quarter of FY24, the miniratna public sector company reported net profit of Rs 1,604 crore, a decrease of 1.8 percent from the same period the previous year. For the quarter, revenue from operations increased by 8.4% YoY to Rs 6,742 crore.
PI Industries: With robust growth in topline and operating statistics, the agri-sciences company reported a 27.5 percent year-over-year increase in consolidated net profit for the October–December fiscal year of FY24, coming in at Rs 448.6 crore. For the quarter, revenue from operations increased by 17.6% YoY to Rs 1,897.5 crore.
Landmark Cars: The retailer of luxury vehicles reported a consolidated net profit of Rs 18.2 crore for the October–December fiscal year, a decrease of over 30% from the same period in the previous fiscal year. For the quarter, revenue from operations reached Rs 959.2 crore, up 9.5 percent year over year.
Bandhan Bank: Thanks to a dramatic decline in provisions and contingencies, the private sector lender reported a staggering 152 percent year-over-year gain in net profit at Rs 733 crore for the third quarter of FY24. For the quarter, net interest income increased by 21% YoY to Rs 2,525 crore. Asset quality improved throughout the quarter, with net non-performing assets (NPA) falling 11 basis points on a quarter-over-quarter basis to 2.21 percent and gross non-performing assets (NPA) declining 30 basis points sequentially to 7.02 percent.
Cello World: The consumer electronics company reported a 4.7 percent increase in total net profit to Rs 906.6 crore for the quarter that ended in December of FY24. Operating revenue for the quarter was Rs 5,270.5 crore, up 7.8% on a QoQ basis.
Shree Renuka Sugars: Despite a higher topline affected by weak operating numbers with higher input costs and financing costs, the sugar producer reported a consolidated net loss of Rs 172.3 crore for the quarter ended December FY24, compared to a profit of Rs 14.3 crore in the corresponding period of the previous fiscal year. For the quarter, revenue from operations increased by 18.1% YoY to Rs 3,014 crore. The board of directors has given the business permission to use QIP to raise up to Rs 2,500 crore.
Multi Commodity Exchange of India: Despite robust topline growth, the commodity exchange reported a net loss of Rs 5.35 crore for the quarter that ended in December FY24, compared to a profit of Rs 38.79 crore in the same time last fiscal year. For the quarter, revenue from operations increased by 33.4 percent year over year to Rs 191.5 crore. In October 2023, the holding firm added an additional Rs 13.12 crore to the settlement guarantee fund. Also, the software maintenance charges and product license payments more than doubled to Rs 146.32 crore from Rs 67.60 crore YoY.
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