Morning Update :–The Nifty saw big gains from BPCL, Adani Enterprises, Hindalco Industries, Apollo Hospitals, and Britannia Industries, while Infosys, Wipro, Eicher Motors, LTIMindtree, and IndusInd Bank fell.
Sensex – Fall -608 Points at 70,946
Nifty 50 – Fall -167 Points at 21,575
Indian Market
FII AND DII
| FII Bought | Â Â 376.32Â Cr |
| DII Bought | 273.94 Cr |
Indian Market News
- Wall Street closes substantially down as high inflation prompts sell-off.
- In January, US consumer inflation slowed, although not as much as projected.
- Oil prices fall on stubborn inflation and larger-than-expected US crude stock build.
- Dollar reigns supreme as strong CPI cools chances on Fed cuts.
- Zee Entertainment’s Q3 profit increased by 1.4x to Rs 58.5 crore, while revenue increased by 14.8%.
- Godrej Properties obtains a 12.5-acre land tract in Hyderabad
- Moody’s revises ratings outlook for four Adani Group entities.
- Capital Small Finance Bank will offer shares on the BSE and NSE on February 14.
- Jana Small Finance Bank will launch on the bourses on February 14.
- CNBC-TV18 reported that 68.4 lakh shares changed hands during the BSE’s block deal window.
- Nomura’s View On Eicher Motors
- Rashi Peripherals will make its stock market debut on February 14.
Global Markets updates
GIFT Nifty
The GIFT Nifty has lost 185 points, or 0.85 percent, indicating a bad start for India’s broader market. The Nifty futures were trading near the 21,633 mark.
US Markets
Tuesday’s major market indices on Wall Street fell as US Treasury yields increased and market expectations of impending interest rate cuts were delayed by a higher-than-expected consumer inflation figure.
A Labour Department data revealed that US consumer prices grew over estimates in January due to a spike in the cost of housing, causing the Dow Jones Industrial Average to experience its largest one-day percentage decline in almost 11 months.
The Nasdaq Composite dropped 282.64 points, or 1.79 percent, to 15,659.91, while the S&P 500 shed 68.14 points, or 1.37 percent, to close at 4,953.70 points. To reach 38,275.33, the Dow Jones Industrial Average dropped 522.05 points, or 1.36 percent.
Asian Markets
Early on Wednesday, Asian markets saw lower trading, with the Nikkei down 0.7 percent and the Kospi down 1.4 percent.
Dollar
Tuesday saw the dollar rise, touching 150 vs the yen for the first time since November. This was due to data indicating that U.S. inflation increased more than anticipated in January, which supported the belief that the Federal Reserve would maintain interest rates in March.
The dollar gained sharply to 150.34 yen, its highest level since November. It was last trading at 150.305 yen, up 0.6%. Following the release of the data, the dollar index began to rise and was last up 0.4 percent at 104.59.
Crude Oil
Tuesday saw a higher closing price for oil as geopolitical tensions in the Middle East and eastern Europe persisted, but gains were limited as investors lowered their expectations for interest rate cuts by the US Federal Reserve.
At 2:30 pm EST (19:32 GMT), Brent futures ended the day 77 cents higher, or 0.94 percent, at $82.77 per barrel. At $77.87 per barrel, US West Texas Intermediate (WTI) crude finished 1.24 percent, or 95 cents higher, than it started.
News Updates
Zee Ent reports Q3 profit of Rs 58.5 crore, up 1.4x, and revenue growth of 14.8%.
The earnings for television broadcaster Zed Entertainment increased by 140% to Rs 58.5 crore in the December quarter of FY24 from Rs 24.32 crore in the same time the previous year.
Compared to Rs 194 crore in Q3 FY23, the company’s income increased by 15% to Rs 223 crore.
Zee, which is struggling due to the cancelled merger agreement with Sony, reported a profit of Rs 122.96 crore in Q2 FY24, a 52 percent decrease in income on a sequential basis.
Zee reported Rs 1027.4 crore in advertising income for the same period last year, a 3.3% decrease from Rs 1063.4 crore. Revenue from subscriptions increased by 3% annually to Rs 921.3 crore from Rs 894.4 crore.
January saw a little decline in US consumer inflation, although less than anticipated.
According to Bureau of Labour Statistics statistics issued on Tuesday, the first gauge of inflation for 2024—the Consumer Price Index—showed that prices increased by 3.1 percent for the 12-month period that ended in January. This represents a reversal from the 3.4 percent rate observed in December 2023 and a sharp decline from the 6.4 percent growth observed in January 2023.
According to the BLS, the CPI increased by 0.3 percent on a monthly basis in January. The majority of this increase was attributed to persistently high housing expenses. While lowering petrol costs provided some relief to consumers, food prices climbed at the fastest monthly rate in a year, thankfully no longer exceeding total inflation.
Moody’s updates its rating outlook for four Adani Group companies.
On February 13, Moody’s Investor Group announced that it had maintained the stable outlook for the remaining four Adani Group firms while changing the outlook from negative to stable for the debt papers of four of the companies. It validated the eight companies’ ratings.
Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), and Adani Electricity Mumbai Limited (AEML) are the entities for which the rating outlook has been altered.
Adani Green Energy Restricted Group (AGEL RG-2), Adani Energy Solutions Limited Restricted Group 1 (AESL RG1), Adani Ports and Special Economic Zone Limited (APSEZ), and Adani International Container Terminal Private Ltd (AICTPL) are the ones whose rating outlook has not changed.
Stocks in news
Wipro: To improve its consulting and services skills in the insurance industry, the IT services provider has invested $66 million in Aggne Global Inc., a US-based company.
Bharat Electronics: The Indian Navy has awarded the Navaratna Defence DPSU a contract worth Rs 2,167.47 crore for the delivery of an electronic warfare (EW) suite that was conceived and produced locally for use on board a warship.
Oil India: Lower topline and dismal operating numbers contributed to the oil & gas Maharatna CPSE’s standalone net profit of Rs 1,584.3 crore for the quarter that ended in December FY24, a 9.3% decrease from the same time the previous year. Due to a decrease in the realisation of crude oil prices and the Numaligarh refinery’s reduced crude throughput, the operating revenue for the quarter dropped by 0.9% year over year to the sum of Rs 5,324 crore.
Zee Entertainment Enterprises: Despite underwhelming operating results, the media and entertainment firm reported a 141 percent year-over-year growth in net profit of Rs 58.5 crore for the third quarter of FY24. Operating revenue for the quarter was Rs 2,045.7 crore, a 3% YoY decline.
Indian Railway Catering and Tourism Corporation: For the quarter that ended in December of FY24, the state-owned business reported a 17.4% year-over-year increase in standalone net profit of Rs 300 crore. For the quarter, revenue from operations increased by 21.8 percent on an annual basis to Rs 1,118.3 crore.
Sula Vineyards: Driven by strong operating results, the nation’s biggest wine producer reported a net profit of Rs 43 crore for the October–December period of FY24, up 9.4% over the same time the previous fiscal year. The own brands category saw growth of 3.9 percent to Rs 192.8 crore, while the wine tourism business saw a 16 percent increase to Rs 14.7 crore during the quarter. Overall, revenue from operations increased by 4 percent YoY to Rs 217.5 crore.
Oil India: Due to poor operating results and a reduced topline, the oil and gas Maharatna CPSE reported a standalone net profit of Rs 1,584.3 crore for the quarter that ended in December FY24, a 9.3% decrease from the same time the previous year. Due to lower crude oil prices realised and the Numaligarh refinery’s reduced crude throughput, revenue from operations decreased by 0.9 percent year over year to Rs 5,324 crore for the quarter. Meanwhile, EBITDA declined by 26.2 percent YoY to Rs 2,106 crore, and margin fell by 1,353 basis points YoY to 39.55 percent in Q3 FY24.
MTAR Technologies: Due to muted topline and operating results, the manufacturer of precision engineered systems recorded a 67 percent year-over-year fall in net profit at Rs 10.4 crore for the quarter ended December FY24. During the quarter, revenue from operations decreased by 26.1% on an annual basis to Rs 118.4 crore.
Prestige Estates Projects: Despite a muted topline, a strong operating margin and increased other income helped the south-based real estate developer post consolidated net profit of Rs 164.7 crore for the October–December period of FY24, a 1.85% increase over the same period in the previous fiscal year. Operating revenue for the quarter was Rs 1,796 crore, a 22.5 percent decrease from the previous year.
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