Morning Update :–The Nifty saw big gains from Hindalco Industries, Dr Reddy’s Laboratories, Wipro, BPCL, and Infosys, while Bajaj Finance, NTPC, Bajaj Finserv, ITC, and Power Grid Corporation fell.
Sensex – Rise +53 Points at 71,995
Nifty 50 – Rise  +27 Points at 21,765
Indian Market
FII AND DII
| FII Bought | 110.01 Cr |
| DII Bought | 3,221.34 Cr |
Indian Market News
- Asian markets trade higher, with the Kospi up 0.5% and the Hang Seng down 1.5%.
- Dollar maintains tight ranges ahead of Fed and jobs reports.
- Geopolitical concerns support oil prices, which are gradually rising.
- ITC’s Q3 net profit climbs 11% to Rs 5,572 crore
- Bajaj Finance’s Q3 net profit jumps 22% to Rs 3,639 crore.
- Vodafone Idea’s Q3 net loss falls to Rs 6,986 crore.
- Euphoria Infotech will offer shares on the BSE SME on January 30.
- Epack Durable will make its market debut on January 30.
- Addictive Learning Technology will launch on the NSE Emerge on January 30.
- Konstelec Engineers plans to float shares on the NSE Emerge on January 30.
- BLS E-Services raises Rs 126 crore from anchor investors ahead of IPO
- S&P 500 reaches new closing high ahead of Fed meeting and huge tech results.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty imply a flat start for India’s broader market, which gained 17 points or 0.08 percent. The Nifty futures were trading around 21,973 points.
US Markets
As investors anticipated the barrage of megacap earnings, economic data, and the Federal Reserve’s monetary policy meeting this week, US equities rose on Monday.
At 38,333.45, the Dow Jones Industrial Average increased by 224.02 points, or 0.59 percent. The Nasdaq Composite increased 172.68 points, or 1.12 percent, to 15,628.04, while the S&P 500 climbed 36.96 points, or 0.76 percent, to 4,927.93.
Asian Markets
In the morning session, the Asian markets saw gains, with the Nikkei and Straits Times rising by each 0.5 percent.
Oil prices
As concerns about demand were raised by China’s failing real estate market, traders reevaluated the supply risk premium associated with the Middle East’s growing tensions, which resulted in a drop in oil prices of more than one dollar per barrel on Monday.
US West Texas Intermediate crude futures declined by $1.23, or 1.6 percent, to close at $76.78 per barrel, while Brent crude futures slid $1.15, or 1.4 percent, to settle at $82.40 a barrel.
Gold Prices
As demand for the safe-haven asset increased due to growing tensions in the Middle East, gold saw a rise on Monday. Meanwhile, investors were waiting for the Federal Reserve’s policy decision later this week for further hints regarding when the country may drop interest rates for the first time this year.
Spot gold was trading at $2,025.97 an ounce, up 0.4 percent. At $2025.4, U.S. gold futures ended the day 0.4% higher
US dollar
Tuesday saw the dollar move in narrow ranges compared to its main competitors as investors watched the Federal Reserve’s monetary policy decision for indications on when the American central bank could lower interest rates.
In the Asian morning, the dollar remained stable as traders exercised caution ahead of Tuesday’s two-day FOMC meeting.
News Updates
ITC’s Q3 net profit hit Rs 5,572 crore, up 11%.
For the December quarter of FY24, ITC Ltd. recorded a standalone net profit of Rs 5,572 crore, an increase of 11% over the Rs 5,031 crore reported in the same quarter of the previous fiscal year. The outcomes exceeded Street projections.
The net profit increased sequentially from Rs 4,927 crore in the September quarter to 13%.
The company reported that its consolidated net profit for the quarter ended in December increased by 6.5 percent to Rs 5400.51 crore.
Q3 net profit for Bajaj Finance increases by 22% to Rs 3,639 crore.
According to Street estimates, Bajaj Finance declared a consolidated net profit of Rs 3,638.95 crore for the October–December quarter of the current financial year on January 29. This represents a 22.4 percent increase over the same quarter the previous year.
The non-bank lender’s net interest income increased to Rs 7,655 crore in the October–December quarter from Rs 5,922 crore during the same time the previous year. This represented an annual increase of 29%.
AUM increased from Rs 2.31 crore as of December 31, 2022, to Rs 3.11 lakh crore as of December 31, 2023, a 35 percent increase. In Q3FY24, AUM increased by Rs 20,704 crore.
Vodafone Idea’s Q3 revenue is flat and its net loss shrinks to Rs 6,986 crore.
In the December quarter, telecom company Vodafone Idea recorded a net loss of Rs 6,985.9 crore, a decrease of 12.56 percent from Rs 7,990 crore during the same period last year.
Revenue during the third quarter of the preceding financial year was Rs 10,673.1 crore, an increase of 0.49 percent from Rs 10,621 crore.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 140 basis points to 40.8 percent during the quarter from 39.4 percent the year before.
Stocks in news
ITC: The cigarette-FMCG-to-hotel major has recorded a 10.75 percent on-year growth in standalone net profit at Rs 5,572 crore for the quarter ended December FY24 despite weak operating numbers, aided by higher other income, and lower tax cost. Standalone revenue from operations increased by 1.6 percent to Rs 16,483.3 crore compared to the year-ago period, driven by cigarette and FMCG segments.
Bajaj Finance: The non-banking finance company has registered a 22 percent on-year growth in consolidated net profit at Rs 3,639 crore for the October-December period of FY24 despite higher loan losses and provisions. Net interest income during the quarter increased by 29 percent to Rs 7,655 crore compared to the year-ago period.
Vodafone Idea: The telecom operator has posted a net loss of Rs 6,986 crore for the quarter ended December FY24, narrowing from a loss of Rs 8,738 crore in the previous quarter with margin improvement. Revenue during the quarter fell 0.4 percent sequentially to Rs 10,673.1 crore compared to the previous quarter.
Petronet LNG: The state-owned liquefied natural gas importer recorded a consolidated net profit of Rs 1,213 crore for the October-December period of FY24, growing sharply by 41.7 percent over the previous quarter, backed by healthy operating numbers. Revenue from operations grew by 17.7 percent quarter-on-quarter to Rs 14,747.2 crore during the quarter.
Marico: The FMCG company has reported consolidated net profit at Rs 386 crore for the quarter ended December FY24, rising nearly 16 percent over a year-ago period despite a lower topline, backed by healthy operating numbers with a fall in input cost. Consolidated revenue from operations fell nearly 2 percent year-on-year to Rs 2,422 crore, with domestic volume growth at 2 percent for the quarter.
Piramal Enterprises: The company posted a consolidated net loss of Rs 2,377.6 crore for the October-December period of FY24, against a profit of Rs 3,545.4 crore in the year-ago period, impacted by an exceptional loss of Rs 3,539.8 crore in respect to its investments in alternative investment funds. Revenue from operations fell by nearly 12 percent year-on-year to Rs 2,476 crore during the quarter.
Bajaj Finance: The non-banking finance company has registered a 22 percent on-year growth in consolidated net profit at Rs 3,639 crore for the October-December period of FY24 despite higher loan losses and provisions. Net interest income during the quarter increased by 29 percent to Rs 7,655 crore compared to the year-ago period.
Vodafone Idea: The telecom operator has posted a net loss of Rs 6,986 crore for the quarter ended December FY24, narrowing from a loss of Rs 8,738 crore in the previous quarter with margin improvement. Revenue during the quarter fell 0.4 percent sequentially to Rs 10,673.1 crore compared to the previous quarter.
Marico: The FMCG company has reported consolidated net profit at Rs 386 crore for the quarter ended December FY24, rising nearly 16 percent over a year-ago period despite a lower topline, backed by healthy operating numbers with a fall in input cost. Consolidated revenue from operations fell nearly 2 percent year-on-year to Rs 2,422 crore, with domestic volume growth at 2 percent for the quarter.
Piramal Enterprises: The company posted a consolidated net loss of Rs 2,377.6 crore for the October-December period of FY24, against a profit of Rs 3,545.4 crore in the year-ago period, impacted by an exceptional loss of Rs 3,539.8 crore in respect to its investments in alternative investment funds. Revenue from operations fell by nearly 12 percent year-on-year to Rs 2,476 crore during the quarter.
Mahindra Logistics: Due to disappointing operating results, the logistics company reported a consolidated net loss of Rs 16.4 crore for the quarter that ended in December of FY24, compared to a profit of Rs 1.67 crore during the same period last fiscal year. For the quarter, operating revenue reached Rs 1,397.2 crore, up 5% year over year. The Board of Directors’ Investment Committee has given the business permission to invest up to Rs 50 crore in MLL Express Services, a subsidiary.
Bharti Airtel: In November of last year, the telecom provider attracted 17.47 lakh new customers, up from 3.5 lakh in the same month the previous year. As of November 2023, the firm had 255.07 million subscribers.
Aditya Birla Sun Life AMC: Thanks in part to increased other income, the asset management business recorded a 26% year-over-year increase in consolidated net profit for the October–December fiscal year of FY24, coming in at Rs 209.3 crore. For the quarter, revenue from operations was Rs 341.5 crore, up 8.7% YoY.
NTPC: Due to a decline in topline and subpar operating results, the nation’s biggest power producing company reported a 2.1 percent year-over-year increase in standalone net profit for the quarter that ended in December of FY24, totaling Rs 4,572 crore. In comparison to the same period last year, standalone revenue from operations decreased 4.7% during the quarter to Rs 39,455.3 crore.
Muthoot Microfin: The microfinance company reported a net profit of Rs 124.57 crore for the fiscal year that ended in December of last year, an increase of 119 percent from the same time the previous year. During the quarter, net interest margin grew by 86 basis points to 12.6 percent, while net interest income jumped by 53% year over year to Rs 343.07 crore.
Nippon Life India Asset Management: Thanks in part to increased other income and topline, the asset management company reported net profit of Rs 264.7 crore for the quarter that ended in December FY24, up 33.3 percent from the same time the previous year. For the quarter, operating revenue reached Rs 392.3 crore, up 18.7% from the previous year.
Godfrey Phillips India: Despite strong topline growth that was hampered by a lower operating margin, the manufacturer of cigarettes and tobacco products reported consolidated net profit of Rs 212.4 crore for the October–December period of FY24, up 6.6 percent over the same period in the previous fiscal year. For the quarter, revenue from operations increased by 36% year over year to Rs 1,250 crore.
KEC International: Across its several businesses, the leading infrastructure EPC has earned new orders totaling Rs 1,304 crore. SAARC, the Americas, India, and the transmission and distribution industry have placed orders for T&D projects. Its order intake for the year is at Rs 13,000 crore with these orders.
Tips Industries: SBI Mutual Fund has picked 64,25,721 equity shares, which is equivalent to 5 percent of paid-up equity, in the music and film production and distribution company via open market transactions, at an average price of Rs 380 per share, valued at Rs 244.17 crore. However, promoters Renu Kumar Taurani, Ramesh Sadhuram Taurani, Varsha Ramesh Taurani, and Kumar Sadhuram Taurani sold 65 lakh equity shares at around the same price, totaling to Rs 247.06 crore, or 5.06 percent of Tips’ paid-up equity.
Nelcast: Led by an extraordinary gain of Rs 17.3 crore, the ductile and grey iron castings maker reported a 378.5 percent year-over-year increase in total net profit of Rs 25.53 crore for the quarter that concluded in December of FY24. Comparing the current period to the previous one, the total revenue from operations increased by 2% to Rs 320.3 crore.
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