News Shots

Vedanta has approved an issue of secured Non-Convertible Debentures of face value Rs 10 lakh each for raising funds of up to Rs 500 crore on a private placement basis.

Sun Pharma has settled a case involving complaints that alleged the promoters diverted funds through its sole distributor in the country. SEBI approved the settlement.

Tube Investments of India is entering vehicle manufacturing with sale of Three-Wheeled Electric Vehicles, to spend Rs 200 crore. The firm which is part of Murugappa Group reported standalone net profit for Q3 up by 37% to Rs 107 crore. Its revenue from operations was up by 34% to Rs 1,235 crore.

RITES has emerged as L-1 bidder for a General Consultancy work of Rs 61 crore from Haryana Rail Infrastructure Development Corporation for their Haryana Orbital Rail Corridor. Market cap of company – Rs 5,791 crore.

Karur Vysya Bank Q3 profit up 133% at Rs 35 cr, net NPA down at 2.55%. India Ratings & Research has affirmed the credit rating of Basel-III Tier-II Bonds as A+/Stable, which is positive.

Ashok Leyland posted a loss of Rs 19.4 crore in Q3 this year against profit of Rs 27.7 crore in the same period last year. Revenue jumped nearly 20% Year-on-Year to Rs 4,813.5 crore.

Power Grid Corporation reported higher consolidated profit at Rs 3,367.7 crore for Q3, up 26% YoY. Revenue increased 8% to Rs 10,142.5 crore.

According to reports, DGCA has raised minimum and maximum fare by 10-30% on domestic flights effective immediately. This means carriers  SpiceJet, Indigo will increase their prices.

ACC, the cement company, reported a 72% YoY jump in consolidated profit at Rs 472.4 crore for Q3. Revenue increased to Rs 4,144.7 crore, up 4% YoY.

Prestige Estates Projects 60% fall YoY in consolidated profit for Q3 at Rs 87.8 crore. Revenue fell 31% YoY to Rs 1,847.6 crore.

Water treatment company, VA Tech Wabag, reported 35% YoY rise in consolidated profit to Rs 38.04 crore for Q3. Revenue increased 17% YoY to Rs 796.02 crore.

ITC has reported net profit down 12% at Rs 3,662.8 crore for Q3. Revenue is up 5% YoY. Results look normal according to street estimates.

Promoters Gautam Adani and Rajesh Adani  revoked pledge of 17.18 lakh shares of Adani Enterprises on Feb 10.

Major Q3 results to be announced today:

  • Grasim
  • Advanced Enzymes, Chemcon, Zuari Agro
  • Apollo Hospitals, Glenmark
  • Bharat Forge, Force Motors
  • Cochin Shipyard, Mazagon Dock 
  • GMR Infra, Hindustan Aeronautics
  • Siemens
  • Voltas
  • Info Edge
  • Sobha, Phoenix Mills
  • Indiabulls Housing Finance

What to expect today?

NIFTY had a very calm consolidation yesterday. In fact, the index moved in a 60-point range for 5 hours. You can read all about yesterday’s movements here.

Bank Nifty also consolidated yesterday, with a bearish bias. We all know what happens when stocks/indices consolidate in tight ranges for long. SBI is also at a good technical level, may see good movement.

Global markets are consolidating, just like how we saw our market do.

US markets closed flat and mixed. Europe also closed the same way. Asian markets are mixed, many continue to be closed on account of Lunar Holiday. SGX NIFTY is trading slightly lower at 15,170, indicating a flat opening in the Indian Market. 

NIFTY will face resistance once again at 15,200 – 15,260 in the coming days. Looking down, NIFTY continues to have immediate support at 15,000. 

Foreign institutional investors (FIIs) net bought shares worth Rs 944 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 781 crore in the Indian equity market. They are also waiting to enter/exit with big amounts, that is why the market is consolidating.

Reliance was all strong throughout yesterday. As we discussed in TSMS, without Reliance Nifty would have closed flat or in red. This gaining of confidence may continue to push up the stock in coming days. HDFC Bank is consolidating at its higher levels.

We may see continued consolidation in Nifty as Banks look weak and Reliance looks strong. They may cancel each others moves out. You can look for stock specific movements.

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