Morning Update :–Power Grid Corporation, BPCL, SBI, NTPC, and M&M were among the Nifty’s top gainers, while Tata Consumer Products, ITC, Nestle, HDFC Life, and Hindalco fell.
Sensex – Rise +230 Points at 72,172
Nifty 50 – Rise  +70 Points at 22,000
Indian Market
FII AND DII
| FII sold | Â 1,691.02 Cr |
| DII Bought | 327.73 Cr |
Indian Market News
- Asian market trade mainly higher; Nikkei up 1%, Kospi up 0.5%.
- Dollar oscillates on less dovish Fed comments; China inflation data is awaiting.
- Oil prices rise as peace talks in Gaza make little headway.
- Fortis Healthcare’s Q3 net profit fell 5.6% to Rs 134 crore.
- KEC International receives fresh orders at Rs 1,175 crore.
- Lupin’s Q3 net profit rises fourfold to Rs 613 crore, with revenue up 20%.
- Sobha’s Q3 net profit drops 53% to Rs 15 crore.
- Kalpataru Projects International’s profit increased by over 32% to Rs 144 crore in Q3.
- Jana Small Finance Bank’s IPO received 88% on day one, with consumers and HNIs each subscribing at 1.2x.
- Rashi Peripherals IPO is completely subscribed on the first day of bidding, including retail and HNI support.
- Â Capital Small Finance Bank’s IPO obtains 50% subscription on the first day of bids.
- Inox Wind signs a deal with CESC for the installation of 1,500 MW of wind capacity.Â
- Power Grid Q3 net profit rises 10.5% to Rs 4,028.25 crore.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 26 points, or 0.10 percent, suggests that the Indian index as a whole is off to a good start. The 22,048.50 level was the trading range for the Nifty futures.
US Markets
Strong results helped to outweigh concerns about Chinese markets and U.S. regional banks, as global equities reached a height not seen in more than two years on Wednesday.
Bond yields increased as Federal Reserve members’ remarks reinforced market concerns that the central bank could delay rate cuts.
The US currency declined while oil prices increased.
Asian Markets
As investors await the Reserve Bank of India’s rate announcement and China’s inflation data, Asian markets surged overall.
The Reserve Bank of India is predicted to keep rates at 6.5 percent, while China’s consumer price index is predicted to decline by 0.5 percent in January compared to the previous year.
Dollar
As traders processed fewer dovish comments made by policymakers overnight and anticipated new economic data from the US, the US dollar was trading in a narrow range on Thursday.
Motivated by Friday’s explosive U.S. jobs statistics, the greenback fell overnight after jumping over its 100-day moving average on Monday and Tuesday for the first time since late November.
The U.S. currency’s value relative to six major counterparts is measured by the dollar index, which was last trading at 103.77.
Oil Prices
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
ONGC forms JV arrangement with NTPC for renewable energy
India’s leading oil producer ONGC and the nation’s biggest power provider NTPC on Wednesday signed a joint venture deal to set up offshore wind energy projects as the two firms strive to strengthen collaboration in renewable energy. The accord was struck during India Energy Week here.
“The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage,” Oil and Natural Gas Corporation (ONGC) said in a statement. “Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol.”
The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing took place in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh. In December, ONGC gained the government clearance to build up a new unit to house its gas operations and renewable energy projects like green hydrogen, as it tried to fast-track entrance into new fields.
Stocks in news
Tata Consumer Products: The FMCG company has posted a 17.3 percent on-year fall in consolidated profit at Rs 301.5 crore for the quarter ended December FY24 despite excellent operating performance, affected by an unusual loss of Rs 91.53 crore. Revenue from operations climbed by 9.5 percent YoY to Rs 3,804 crore for the quarter.
Power Grid Corporation of India: The state-owned electric services business has registered a 10.5 percent year-on-year improvement in consolidated net profit at Rs 4,028.3 crore for the October-December quarter of FY24 despite higher tax charges, supported by robust operating figures. Revenue from operations climbed by 2.6 percent YoY to Rs 11,549.8 crore for the quarter.
Lupin: The pharma company has achieved a four-fold increase in consolidated profit at Rs 613.1 crore for the quarter ended December FY24, against Rs 153.5 crore in the year-ago period, underpinned by growth across segments with US business expanding 23.7 percent and India 13.4 percent. Revenue from operations grew 20.2 percent YoY to Rs 5,197.4 crore for the quarter.
SJVN: The company has obtained the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar power project in GUVNL Phase XXII.
Apollo Tyres: The tyre manufacturing company has recorded consolidated profit at Rs 496.6 crore for the third quarter of FY24, expanding 78.1 percent over a year-ago period despite modest topline, backed by robust operating metrics. Revenue from operations during the same period climbed by 2.7 percent to Rs 6,595.4 crore.
Mankind Pharma: Promoters Sheetal Arora, Arjun Juneja and Puja Juneja have opted to sell a combined ownership of 1.62 percent in Mankind to meet with the requirements of minimum public shareholding. A block deal of roughly Rs 1,330 crore has been announced for the aforementioned disposal at a floor price of Rs 2,050 per share,
JK Paper: The paper manufacturing company has posted a 29.1 percent on-year reduction in consolidated profit at Rs 236.4 crore for the quarter ended December FY24, driven by an overall dip in sales realization and a large increase in wood costs. Revenue from operations for the quarter climbed by 2.7 percent to Rs 1,781.65 crore for the quarter.
GMR Power and Urban Infra: The business has announced standalone profit of Rs 308 crore for the October–December period of FY24, gaining 77 percent over the equivalent period of the last fiscal year, driven by lower financing and input costs and a greater extraordinary gain. Revenue from operations declined by 38.2 percent YoY to Rs 168.7 crore for the quarter.
Manappuram Finance: The gold loan financing company has reported a 46.2 percent on-year gain in total net profit at Rs 575.3 crore for the quarter ended December FY24. Net interest income for the quarter climbed by 32.9 percent YoY to Rs 1,452.4 crore.
Religare Enterprises: The business recorded consolidated net profit of Rs 33.6 crore for the October–December period of FY24, against a loss of Rs 95.5 crore in the same period last year. Revenue from operations during the quarter climbed 29.6 percent YoY to Rs 1,510.6 crore. Profit compared to the previous quarter was down 16.8 percent, and revenue declined 4.65 percent percent.
Ashoka Buildcon: The highway developer has recorded consolidated profit of Rs 109.8 crore for the third quarter of FY24, decreasing 20.6 percent compared to the year-ago period, hurt by a lower operating margin and a steep increase in input prices. Revenue from operations climbed by 36 percent YoY to Rs 2,657.1 crore for the quarter.
Rattan India Power: Indiabulls Real Estate has offloaded 4,21,91,964 equity shares, or 0.78 percent stake, via an open market transaction at an average price of Rs 12.15 per share, valued at Rs 51.26 crore. Indiabulls Real Estate has a 4.08 percent ownership in the company as of December 2023.
Navin Fluorine International: Foreign portfolio investor Smallcap World Fund Inc. sold 5,10,449 equity shares, corresponding to 1.03 percent of paid-up equity in a chemicals company, via an open market transaction at an average price of Rs 3,099.7 per share. These shares were valued at Rs 158.22 crore. Smallcap World Fund held a 1.27 percent investment in Navin as of December 2023.
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