News Shots

PNC Infratech’s subsidiary has received communication confirming the achievement of Financial Closure for a highway project in UP. This means all financial and project agreements have been signed. The project cost is Rs 1,530 crore and the construction period is 730 days.

CDSL has become the first depository to open 3 crore plus active demat accounts.

Power Grid has approved acquisition of 74% shareholding in Jaypee POWERGRID from its partner in the joint venture.

Vodafone Idea has reported a 1% Year-on-Year increase in revenue at Rs 10,894.1 crore for Oct-Dec quarter. Net loss reduced to Rs 4,532.1 crore vs Rs 7,218.5 crore in the year before.

Amara Raja Batteries reported a 12% YoY increase in revenue to Rs 1,960.4 crore for the third quarter. Net profit has also increased 18% to Rs 193.7 crore. Apparently there was a battery shortage in the industry which drove prices up in the short term.

Delta Corp revenue dropped 41% at Rs 120.82 crore for Q3. Net profit fell 98% to Rs 1.28 crore. 

Tata Steel is planning on doubling its capacity to 40 million tonnes, due to  expanding steel demand. Has reduced debt by Rs 18,000 crore, and now is into expansion mode.

Indiabulls Housing Finance has reported a 39% year-on-year fall of Net Interest Income at Rs 807.21 crore. Net profit is down 40% at Rs 329.32 crore. Is looking to raise Rs 5,000 crore from investors this quarter.

Sterling and Wilson Solar said it has signed an order worth Rs 930 crore in Egypt. 

Cochin Shipyard reports 16% YoY drop in revenue at Rs 748.7 crore. Net profit is up 32% at Rs 223.7 crore for the third quarter.

Info Edge revenue down 17% YoY at Rs 277.6 crore for Q3. Net profit of Rs 679 crore against net loss of Rs 621 crore in the same quarter last year. Profit is down 20% compared to last quarter. Has invested Rs 9 crore in 4B Networks, who is engaged in the business of enabling real estate developers and brokers to communicate with each other.

Promoter Zuari Global has revoked pledge of 19 lakh shares in Chambal Fertilisers & Chemicals between February 9-10.

Glenmark Pharmaceuticals has reported a 30.04% YoY increase in its consolidated net profit to Rs 248.17 crore for the quarter ended December 2020, on the back of good sales.

What to expect today?

NIFTY consolidated all through last week. The index closed just 10 points down on Friday. Most of the results have already been announced, and now Nifty may take time and react to them. You can read all about Friday’s movements here.

Bank Nifty saw some bullishness and was the top-gaining sector of Friday. It moved nearly 1% and is close to the all-time high levels again.

US markets closed flat on Friday, but US futures are trading in the green. Most Asian markets continue to remain closed on account of Lunar Holidays, but Japanese index has moved on to hit new all-time highs. Japan has reported a 12.4% YoY increase in GDP for Oct-Dec quarter, signalling returning demand.

SGX NIFTY is trading slightly higher at 15,260, indicating a gap-up opening in the Indian Market.  

NIFTY has immediate resistance at the all-time high levels of 15,260 then at 15,300. Looking down, NIFTY continues to have immediate support at 15,080 and 15,000. 

Foreign institutional investors (FIIs) net sold shares worth Rs 37 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 598 crore in the Indian equity market. This does not give a lot of confidence as both were net sellers in the market.

We may see more money being pumped into the markets this week. May see some violent consolidation in the market. FII favourite stocks including HDFC, HDFC Bank, Reliance and Airtel can be added to your watchlist as they might see some wild moves this week. FIIs have also gone short on index futures on Friday. 

A lot of option writing is being seen at 15,300 and we may see the market struggle a bit before crossing this level. But if this level is crossed, 15,400 may be achievable this week. 

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