Morning Update :–Power Grid Corporation, Britannia Industries, Cipla, ONGC, and Adani Ports were among the Nifty’s top gainers, while Maruti Suzuki, M&M, ITC, Bharti Airtel, and Hindalco Industries fell.
Sensex – Rise +158 Points at 71,587
Nifty 50 – Rise  +46 Points at 21,764
Indian Market
FII AND DII
| FII sold | Â 4,933.78 Cr |
| DII Bought | 5,512.32 Cr |
Indian Market News
- Asian markets trade uneven; Nikkei rises, Hang Seng falls 2%.
- Oil prices are expected to rise this week as Israel rejects a cease-fire offer.
- Yen nears 10-week low, dollar strengthens as traders adjust rate bets.
- S&P 500 closes barely shy of 5,000 after reaching milestone.
- Biocon returns to profit in Q3, sales rises 34.4%.
- SEBI orders Zed Business guest experts to pay Rs 7.41 crore.
- LIC Q3 net profit rises 49% YoY at Rs 9,441 crore.
- Entero Healthcare Solutions raises Rs 716 crore from anchor investors ahead of its IPO.
- USFDA issues comprehensive response letter for Biocon’s BLA for Bevacizumab.
- Hero Motocorp’s third-quarter net profit is expected to increase by 47% due to improved operating leverage and decreased costs.
- Paytm will buy Bitsila, an ONDC startup, despite the payments bank turmoil.
- Nirma makes an open offer to acquire up to 17.33% ownership in Glenmark Life
Global Markets updates
GIFT Nifty
The GIFT Nifty, which lost 52.50 points, or 0.24 percent, suggests that the Indian stock market is off to a poor start. Around 21,758.50 was the trading range for the Nifty futures.
US Markets
The US dollar strengthened on Thursday, and Wall Street’s main indexes saw gains, with the S&P closing in on the 5,000-point mark as investors responded to earnings reports and U.S. jobs data.
The S&P 500 climbed 2.85 points, or 0.06 percent, to 4,997.91, the Nasdaq Composite gained 37.07 points, or 0.24 percent, to 15,793.72, and the Dow Jones Industrial Average increased 48.97 points, or 0.13 percent, to 38,726.33.
Asian Markets
Asian markets saw mixed trade, with the Straits Times down 0.4 percent and Japan’s Nikkei up 0.7 percent.
As the area moves into the Lunar New Year vacation period on Friday, the majority of Asian markets will be closed entirely or in part. The markets in China, South Korea, and Taiwan will be closed, although trading in Singapore and Hong Kong will only be held for half a day.
Oil Prices
Oil prices gained more than 3 percent on Thursday on fears of a broadening conflict in the Middle East after Israel rejected a ceasefire offer from Hamas.
Brent futures finished up $2.42, or 3 percent, to $81.36 a barrel. US West Texas Intermediate oil climbed $2.36, or 3.2 percent, to $76.22.
The Brent benchmark passed $80 a barrel and WTI rose above $75 a barrel for the first time in February.
News Updates
Hero MotoCorp’s Q3 net profit increased 47%, driven by lower expenses and operating leverage.
Hero Motocorp, the top two-wheeler manufacturer in India, is anticipated to have a strong October–December quarter driven by favourable input costs, operational leverage, and a spike in volumes.
The average estimate from six brokerage firms indicates that the Harley Davidson manufacturer is anticipated to generate a net profit of Rs 1,048 crore. The company’s net profit for the same time in the previous year was Rs 711 crore.
A higher average selling price and company-implemented price hikes are predicted to drive the Delhi-based company’s operating revenue to rise 21.1 percent to Rs 9,728 on an annual basis. Hero Moto had revenue of Rs 8,031 crore in Q3FY23.
LIC’s Q3 net profit is Rs 9,441 crore, up 49% YoY.
On February 8, the Life Insurance Corporation (LIC) of India revealed that its net profit for the October–December quarter of the 2023–24 fiscal year increased by 49% year over year (YoY) to Rs 9,441 crore from Rs 6,334 crore in the same period the previous year.
The largest insurer in the nation stated in an exchange filing that net premium income increased 4.67 percent to Rs 1.17 lakh crore in the quarter under review from Rs 1.11 lakh crore in the same period last year. An interim dividend of Rs 4 per share was declared by the insurance.
A key indicator of the development in new business sales, the total annual premium equivalent (APE), increased to Rs 13,163 crore from Rs 12,370 crore in the previous year. The insurer’s value of new business increased to Rs 2634 crore from Rs 1801 crore.
Zed Business guest experts are asked by SEBI to pay Rs 7.41 crore.
In a temporary directive, market regulator SEBI demanded that a number of guest experts on the Zed Business news channel pay back the Rs 7.41 crore “unlawful gain” they had made by taking positions in the market that differed from what they had advised on air.
Fifteen experts who appeared on the channel between February 1, 2022, and December 31, 2022, have been the subject of action. While some of them helped facilitate these illegal trades, others were personally involved in them. According to SEBI’s ruling from February 8, some of them have also been prohibited from trading on the market till further directives.
Ajaykumar Ramakant Sharma, Rupesh Kumar Matoliya, Nitin Chhalani, Kanhya Trading Company, Manan Sharecom Private Limited, SAAR Commodities Private Limited, Partha Sarathi Dhar, Ajaykumar Ramakant Sharma, Ashish Kelkar, Kiran Jadhav, Ramawatar Lalchand Chotia, and Simi Bhaumik are among them.
Biocon returns to profitability in Q3, with revenue rising 34.4%.
The pharmaceutical business Biocon said on February 8 that its consolidated net profit for the current fiscal year’s December quarter was Rs 660 crore.
For the same period last year, the company reported a net loss of Rs 42 crore. From the previous year, the company’s revenue increased by 34.4 percent to Rs 3,953.7 crore.
After a year, it increased its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to Rs 926 crore from Rs 644.3 crore. Comparing the same period last year, the EBITDA margin was 21.9 percent; it was now 23.4 percent.
Stocks in news
Life Insurance Corporation of India: The government-owned life insurance provider reported a stand-alone profit of Rs 9,444.4 crore for the quarter that concluded in December of FY23, a significant increase of 49.1% over the same time the previous year. The quarter’s net premium income was Rs 1,17,017 crore, up 4.7 percent from the same period in the previous fiscal year. Meanwhile, net commission increased by 3.2 percent year over year to Rs 6,520 crore.
Bharat Heavy Electricals (BHEL): HPGCL (Haryana Power Generation Corporation) has placed an order with Bharat Heavy Electricals (BHEL), a state-owned power equipment manufacturer, to set up a 1×800 MW ultra supercritical expansion unit at DCRTPP Yamuna Nagar. Over Rs 5,500 crore is the contract value.
Biocon: Compared to a loss of Rs 41.8 crore in the same time of the previous fiscal year, the biopharmaceutical company reported a consolidated net profit of Rs 660 crore for the October–December period of FY24. With Rs 3,953.7 crore in revenue from operations for the quarter, it was up 34.4 percent over the same period last year.
United Breweries: Supported by strong operating results and increased other income, the Kingfisher beer producer posted a standalone net profit of Rs 84.85 crore for the third quarter of FY24, compared to a loss of Rs 2.14 crore in the same time last fiscal. The quarter’s operating revenue increased 13.1% year over year to Rs 1,822.66 crore.
Torrent Power: The power business, situated in Gujarat, reported a consolidated net profit of Rs 359.8 crore for the quarter that concluded in December of FY24. This is a severe decline of 47.4 percent from the same period last year, mostly due to lower topline and abysmal operating performance together with higher fuel costs. The operating revenue for the quarter was Rs 6,366 crore, a 1.2 percent year-over-year decline.
Suryoday Small Finance Bank: For the October–December fiscal year of FY24, the small finance bank reported a 217 percent year-over-year increase in net profit of Rs 57.22 crore. Pre-provision operating profit increased by 80.5 percent to Rs 114.2 crore during the quarter, while other income increased by 102.3 percent YoY to Rs 51.9 crore. Compared to the same period last year, net interest income increased 33.9 percent to Rs 245.7 crore during the quarter.
Kalyan Jewellers India: Motilal Oswal Mutual Fund A/C Motilal Oswal Midcap 30 Fund, Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund, The Master Trust Bank of Japan Limited AC Nomura India Investment Fund Mother Fund, and Goldman Sachs Funds—Goldman Sachs India Equity Portfolio—purchased 3,68,43,078 equity shares (3.6 percent stake) in the jewellery company for a total of Rs 1,430 crore. Nevertheless, foreign investor Highdell Investment sold 6,87,29,971 equity shares at Kalyan Jewellers for Rs 2,317.01 crore, or 6.67 percent of the company. As of December 2023, Highdell owned 17.59 percent of the company.
Aster DM Healthcare: Driven by topline and EBITDA performance, the healthcare services provider recorded consolidated profit of Rs 179.2 crore for the third quarter of FY24, up 28.6 percent from the same period last year. Operating EBITDA rose by 28% to Rs 583 crore during the quarter, while revenue from operations increased by 16.2% YoY to Rs 3,710.6 crore.
Ramco Cements: Supported by strong operating results, the cement manufacturing company reported a 38.6% year-over-year increase in standalone net profit at Rs 93.4 crore for the quarter that ended in December of FY24. For the quarter, revenue from operations increased by 5% YoY to Rs 2,106.1 crore. The sales volume increased by 10% to 4 million metric tonnes in Q3FY24 from 3.64 million metric tonnes in Q3FY23. In Q3 FY24, the blended EBIDTA per tonne was Rs 1,007, compared to Rs 808 in Q3 FY23.
Grasim Industries: For the third quarter of FY24, the Aditya Birla Group company reported standalone profit of Rs 236.31 crore, an 8.2 percent decrease from the same period the previous year. Tax costs were Rs 2.8 crore in Q3 FY24 compared to a tax write-back of Rs 42.36 crore in Q3 FY23. Operational revenue increased to Rs 6,400.25 crore from a year earlier, a 3.3% increase.
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