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Adani Ports Posts 4% YoY Rise in Q2 Profit – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Ports Q2 Results: Net profit rises 4% YoY to ₹1,748 crore

Adani Ports Ltd reported a 4% YoY rise in consolidated net profit to ₹1,748 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 28% YoY to ₹6,646 crore during the same period. EBITDA stood at ₹3,880 crore, up 19% YoY in Q2. The domestic cargo volumes of the company jumped 13% YoY to 98.12 million metric tonnes (MMT), while the total cargo volumes rose 17% YoY to 101.22 MMT.

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Vedanta working with JPMorgan to advise on business overhaul

Vedanta Group is reportedly collaborating with JPMorgan Chase & Co. to assist with a restructuring plan unveiled in September. The move indicates progress in the conglomerate’s efforts to simplify its financial structure. Vedanta is also in discussions to secure a $1.25 billion private loan to address its refinancing requirements.

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ZEEL Q2 Results: Net profit rises 9% YoY to ₹123 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 9% YoY rise in consolidated net profit to ₹123 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 20% YoY to ₹2,437 crore during the same period. Consolidated EBITDA stood at ₹333 crore, up 6% YoY.

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Apollo Hospitals to invest ₹3,435 crore on capacity expansion

Apollo Hospitals will invest ₹3,435 crore in expanding its bed capacity. The private healthcare provider will be adding 2,300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing.

Read more here.

Ashok Leyland Q2 Results: Net profit jumps 220% YoY to ₹526 crore

Ashok Leyland Ltd reported a 220.7% YoY rise in net profit to ₹526 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 19% YoY to ₹11,429 crore during the same period. EBITDA stood at ₹1,871 crore, up 83% YoY. The company’s overall sales rose 10% YoY to 49,846 units.

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ICICI Bank receives RBI nod to make ICICI Securities a wholly owned subsidiary

ICICI Bank received approval from the Reserve Bank of India (RBI) for making ICICI Securities a wholly-owned subsidiary. The bank on June 26 had said that it would consider a proposal for delisting of its institutional and retail broking arm ICICI Securities. The delisting proposal was approved by the board. The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.

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Tata Electronics acquires 100% stake in Wistron India

The Tata Group has signed a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited to acquire a 100% equity stake in Wistron Infocomm Manufacturing (India). The acquisition will enable Tata Group to officially join the Apple supply chain as an iPhone assembler. 

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Pidilite to enter lending business

Pidilite Industries is planning to enter the lending business, providing small-value retail loans. To facilitate this, the company will acquire an existing NBFC, Pargro Investments, from its promoter group. Over the next two years, the company expects to invest up to ₹100 crore in multiple rounds in the new business, through a mix of equity and debt.

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Piramal Pharma clears USFDA inspection for US unit

Piramal Pharma announced that it has received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA) for one of its manufacturing units located in Pennsylvania. The health regulator, while issuing Form 483, made two observations related to system improvement only. None of the observations were related to data integrity.

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Ashok Leyland to invest ₹1,200 crore in Switch Mobility

Ashok Leyland Ltd’s board has approved an investment of ₹1,200 crore in its electric vehicle (EV) arm Switch Mobility for capital expenditure, research & development (R&D), and meeting operational requirements in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more rounds.

Read more here.

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Market News Top 10 News

Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

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Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

Read more here.

CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

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Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

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Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

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Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

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US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

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Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

Read more here.

Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

Read more here.

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Market News Top 10 News

Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

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Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

Read more here.

RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

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Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

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L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

Read more here.

MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

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Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

Read more here.

IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

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Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

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MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

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Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Read more here.

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Daily Market Feed Post Market Analysis

Gap-Up and Consolidation! What Next For Nifty? – Post-Market Analysis

NIFTY started the day at 19,241 with a gap-up of 108 points. For most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

Nifty chart November 3 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

Bank Nifty chart November 3 - post-market analysis | marketfeed

All indices closed in green. Nifty Realty (+2.54%) and Nifty Media (+1.38%) moved up the most.

Major Asian markets closed in green. European markets are currently trading flat-to-green.

Today’s Moves

Apollo Hospitals (+5.45%) was NIFTY50’s top gainer. The stock extended gains for the second day on the back of strong volumes.

Eicher Motors (+2.7%) moved up after the automaker reported a 3% year-on-year rise in sales for October. 

Shares of Adani Ports (+2.73%) rose after the company said it handled 37 million metric tonnes (MMT) of total cargo in October 2023, registering a growth of 48% YoY.

Bajaj Finserv (-2.5%) was NIFTY50’s top loser. Yesterday, Bajaj Finance issued warrants worth ₹1,190 crore to Bajaj Finserv.

Dr Reddy’s Labs (-1.4%) extended losses for the third day.  The fall comes after brokerages maintained a cautious stance on the stock despite the company’s financial recovery in Q2.

Markets Ahead

The major indices opened with a big gap and held their levels. This looks like a clear trap for option sellers from yesterday, as the markets have moved above Thursday’s selling zones. But there are still important resistances that have to be broken for the confirmation of a change in trend (or trend reversal).

Nifty:  The immediate support for the index is near 19,180 levels. A breakdown from there could make the index fall to 19,140 levels. Meanwhile, the immediate resistance is near 19,250. A breakout from there can give us targets of 19,350 on the upside, which is also the 50% Fibonacci retracement level.

Bank Nifty: The immediate support for BNF is near 43,230 levels, and the target to watch out for on the downside is 43,080 (gap-filling levels). On the other hand, the index could face a major resistance near 43,400 levels. A breakout from there might make the index hit 43,800 next.

On a weekly chart, both indices have made a Bullish Harami Pattern. If their respective highs are crossed, we can expect the coming week to be bullish.

Today, a rise in the Asian stock markets lifted market sentiments in India as well, thanks to lower US treasury yields and falling crude oil prices. However, there is still uncertainty due to rising prices, the war in West Asia, and how these factors might affect the global economy.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

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Market News Top 10 News

Disney to Sign Multibillion-Dollar Deal With Reliance – Top Indian Market Updates

Here are some of the major updates that could move the markets on Wednesday:

Disney to sign multibillion-dollar deal with Reliance Industries

Reliance Industries Ltd (RIL) is set to acquire Walt Disney Co’s (WDC) India operations in a cash and stock deal. WDC may sell a controlling stake in the Disney Star business, which it values at around $10 billion (~₹83.1 crore). RIL views the assets at between $7 billion to $ 8 billion. The acquisition could be announced as early as next month as some of Reliance’s media units merged into Disney Star.

Read more here.

Torrent Pharma Q2 Results: Net profit rises 24% YoY to ₹386 crore

Torrent Pharma posted a 24% YoY increase in net profit to ₹386 crore for the quarter ended September (Q2 FY24); beating street estimates. The pharma company posted a net profit of ₹312 crore in Q2 last year. Its total revenue rose 16.1% YoY to ₹2,660 crore in Q2 FY24. EBITDA stood at ₹825 crore, up 36.2% YoY.

Read more here.

Lupin gets USFDA nod to market generic antifungal tablets

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market its generic Fluconazole tablets. The drug is used to treat fungal infections. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh. According to IQVIA MAT July 2023 data, the drug had an estimated annual sales of $43 million in the US.

Read more here.

Mahindra Holidays Q2 Results: Net profit falls 48% YoY to ₹21 crore

Mahindra Holidays & Resorts India Ltd (MHRIL) reported a 48% YoY decline in net profit to ₹21 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹40.9 crore in the same period a year ago. Its total revenue rose 10% YoY to ₹655 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY.

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ONGC wins bid to acquire PTC’s wind power unit for ₹925 cr

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for ₹925 crore as part of its renewable energy portfolio expansion. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition, which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC’s shareholders.

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Consumer court asks ICICI Bank to pay ₹77,000 for denying reward points

ICICI Bank has been instructed by the District Consumer Disputes Grievance Redressal Commission to pay ₹77,000 to a man from Chennai. The payment is compensation for the denial of reward points by the bank. The bank will pay ₹41,691 in reward points and an additional ₹35,000 for the deficiency in service, compensation for mental agony, and mental agony. 

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Adani Power close to taking over Coastal Energen for ₹3,440 crore

Adani Power won a bid to take over bankrupt power company Coastal Energen for ₹3,440 crore. The interest in Coastal Energen (which is undergoing corporate insolvency) is mainly because it is among a few operational power plants for sale. Jindal Power, who also bid for the company, quit the auction.

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IPCA Labs’ Ratlam facility gets favourable FDA classification

The USFDA has classified IPCA Laboratories Ltd’s’ Ratlam facility as ‘Voluntary Action Indicated’ (VAI) in its Establishment Inspection Report (EIR). A VAI is generally issued when the response from a plant to certain observations appears satisfactory to the regulator. The facility manufactures Active Pharma Ingredients (APIs). VAI is the second-best classification that a plant can get from the USFDA.

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Aurobindo Pharma’s arm gets USFDA nod for testosterone cypionate injection

Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma Specialties, has received the final approval from USFDA to manufacture and market the testosterone cypionate injection. This is bioequivalent and therapeutically equivalent to the reference listed drug, depo-testosterone injection. According to IQVIA data, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023.

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BSE revises F&O turnover charges from Nov 1

Bombay Stock Exchange (BSE) has revised transaction charges in the equity derivatives segment, with effect from November 1, 2023. According to a BSE notice, these changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts. The new transaction fee structure is based on the incremental billable monthly turnover (premium value).

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Adani Ports incorporates new subsidiary

Adani Ports & Special Economic Zone Ltd (APSEZL) has incorporated a wholly-owned subsidiary company, “Udanvat Leasing IFSC Limited.” It is involved in the business of owning and leasing aircraft. The new company is situated in GIFT City, Gandhinagar, and is yet to commence operations.

Read more here.

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Maruti Suzuki Plans Capex of Rs 1.25 Lakh Cr Till FY31 – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Here are some of the major updates that could move the markets tomorrow:

Maruti Suzuki plans total capex of ₹1.25 lakh crore till 2030-31

Maruti Suzuki India is planning capital expenditure (capex) of up to Rs 1.25 lakh crore until 2030-31. The company’s strategy involves expanding its current product lineup from 17 models to 28 while increasing its production capacity. The automaker aims to have a total production capacity of 40 lakh units annually by 2030-31.

Read more here.

Prepared with business continuity plan for Haifa port: Adani Ports

Adani Ports & Special Economic Zone Ltd (APSEZ) said it is closely monitoring the conflict concentrated in south Israel, whereas its Haifa Port is situated in the north. The overall contribution of Haifa in APSEZ’s numbers is relatively small at 3% of the total cargo volume. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” APSEZ’s spokesperson said in a statement.

Read more here.

Inox Green Energy to divest 100% stake in Gujarat wind farm

Inox Green Energy Services (IGESL) has signed a term sheet to sell its 100% stake in Nani Virani Wind Energy Pvt Ltd (NVWEPL) as part of a strategy to become debt-free. NVWEPL owns a 50MW operational wind farm in Gujarat. The wind farm was commissioned in May this year.

Read more here.

ITC Hotels brand ‘Storii’ to set up presence in West Bengal

ITC Hotels announced the signing of its first ‘Storii’ property in Kolkata, West Bengal. The property will be located near the metropolis and is expected to open in early 2024. It will have 30 keys/rooms. ITC Hotels has three ‘Storii’ properties present in Goa and Dharamshala.

Read more here.

Magenta Mobility partners with Tata Motors to deploy EVs

Magenta Mobility has signed a Memorandum of Understanding (MoU) with Tata Motors to deploy 500 Ace EVs for last-mile delivery services. With Tata Motors, Magenta aims to drive sustainability in intra-city logistics in India by reducing the carbon footprint in the last-mile and mid-mile freight segment. 

Read more here.

Paytm introduces guest checkout solution

Paytm Payments Services Ltd (PPSL) has introduced an Alternate ID (ALT ID)-based Guest Checkout solution for merchants, enhancing cardholder safety and streamlining transactions.  With this solution, customers can make purchases as guests without storing sensitive card information on e-commerce/merchant websites. PPSL is a wholly-owned subsidiary of One97 Communications Ltd (which operates Paytm). 

Read more here.

SC to hear Jet Airways lenders’ plea against JKC on Oct 12

The Supreme Court (SC) indicated it would hear the plea by grounded airline Jet Airways’ lenders on October 12. The lenders are challenging the National Company Law Appellate Tribunal’s (NCLAT) order granting Jalan Kalrock Consortium (JKC) more time to make payments to them. JKC is the successful bidder for Jet Airways.

Read more here.

Premium collection falls for life insurers in August

Premiums in the life insurance sector witnessed a drop of 13% year-on-year (YoY) to ₹30,716 crore in September 2023. Life Insurance Corporation’s (LIC) premium collection in September dropped by 27% YoY. The life insurer’s premium collection fell 25% YoY in the first half of FY24. LIC has lost 9.7% market share in the first six months of FY24 over last year.

Read more here.

Fitch upgrades Tata Steel rating to ‘BBB-‘

Tata Steel Ltd’s (TSL) long-term issuer default rating was upgraded to investment grade by Fitch Ratings with a stable outlook, following less uncertainty and financial risk from its UK operations. Fitch Ratings upgraded the issuer default rating from BB+ to BBB -. It also raised the rating on Tata’s $1 billion notes due July 2024 issued by unit ABJA Investment Co. to BBB- from BB+. 

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Cipla stake sale plan faces hurdle as promoters differ on valuation: Report

According to an ET report, the stake sale plan of Cipla Ltd has come across a hurdle as the promoters are reportedly not aligned with the common valuation. Differences among founders may lead to a delay in the deal until a common consensus is reached over the valuation. Cipla’s promoter group currently controls around 33% of the company’s shares. Reports have said that the family members could sell some or all of their stakes in Cipla.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty Falls Sharply Amid Israel-Palestine Conflict! – Post-Market Analysis

NIFTY started the day at 19,539 with a gap-down of 114 points. The index fell to 19,480 initially and gave a sharp recovery of nearly 110 points. However, Nifty couldn’t sustain the up-move and fell gradually to near the day’s low again. Nifty closed at 19,512, down by 141 points or 0.72%.

Nifty chart October 9 - post-market analysis

BANK NIFTY (BNF) started the day at 44,057 with a gap-down of 302 points. After opening, the index fell another 315 points to the support zones of 43,800 levels. Then, BNF moved up sharply till the opening levels, couldn’t sustain the up-move, and eventually fell to give a negative closing at 43,886, down by 474 points or 1.07%.

Bank Nifty chart October 9 - post-market analysis

All indices closed in red. Nifty PSU Bank (-3.09%) and Nifty Metal (-1.4%) fell the most.

Major Asian markets closed mixed. France’s CAC40 and Germany’s DAX are currently trading in the red, while the UK’s FTSE100 is trading in the green.

Today’s Moves

Dr Reddy’s Labs (+1.29%) was NIFTY50’s top gainer.

Oil India (+5.24%) rallied to an 8-year high of ₹318.4 as crude oil prices soared amid the Israel-Hamas war.

TCS (+0.47%) hit a 52-week high of ₹3,679 after the IT major said it plans to consider a share buyback on Oct 11.

Adani Ports (-4.89%) was NIFTY50’s top loser. The company, which runs Haifa Port in Israel, said it is ‘fully alert’ regarding the situation at the port and taking measures to ensure the safety of its employees. 

PSU banking stocks Bank of Maharashtra (-6.6%), UCO Bank  (-6.5%), IOB (-6.31%), Central Bank (-6.3%), PSB (5.8%) and others fell sharply today.

Markets Ahead

The Indian market is under selling pressure due to global negativity. Nifty has taken rejection from the 38% Fibonacci levels, and BNF at its 23% Fib level. India Vix shot up by 10%, which indicates that volatility and bearishness would continue.

Nifty: The important support to watch out for is today’s low of 19,480. A breakdown from there could take the index down to 19,445 and 19,400. The immediate resistance for Nifty is near 19,540, and a breakout may give us targets of 19,580 and 19,640 levels.

Bank Nifty: The important support for BNF is near the 43,800 zone. A breakdown from there could give us a target of 43,550 levels. The immediate resistance to watch is near 44,000 levels. A breakout from here may take the markets up to 44,200 and 44,300 levels.

A rise in Vix indicates bearishness. So look for breakdowns in case of directional trades!

The Israel-Hamas war has led to heightened geopolitical risks. Oil prices have increased due to fears of disruption in the West Asia region. Market analysts expect bond yields to go up and stock markets to fall if the war continues.

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Market News Top 10 News

Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

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Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

Read more here. 

Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

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NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

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Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

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ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

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Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

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Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

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Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty to Turn Bearish? – Post-Market Analysis

bearish - post-market analysis | marketfeed

NIFTY started the day at 19,840 with a gap-down of 60 points.  After opening, the index continued the down move to 19,740 levels— a fall of more than 100 points. It then tried moving up, but the 19,800 round level acted as resistance, and the index continued the decline to 19,710 levels. Nifty closed at 19,742, down by 159 points or 0.8%.

Nifty chart Sept 21 - post-market analysis

BANK NIFTY (BNF) started the day at 45,179 with a gap-down of 205 points. After an initial attempt to recover, 45,300 (near yesterday’s closing level) acted as resistance, and the index continued to move down throughout the day— falling nearly 680 points to 44,600 levels. BNF closed at 44,623, down by 760 points or 1.68%.

Bank Nifty chart Sept 21 - post-market analysis

All indices closed flat-to-red. Nifty PSU Bank (-2.28%) fell the most.

Major Asian markets closed up to 1.3% in the red. European markets are currently trading in the red.

Today’s Moves

Adani Ports (+1.6%) was NIFTY50’s top gainer. 

KSB (+13.54%) on the back of a strong business outlook, driven by a healthy order intake of ₹616.5 crore in the June quarter. [KSB is a leading supplier of pumps, valves and water systems.]

M&M (-3.08%) was NIFTY50’s top loser. The automaker’s Canada-based associate firm Resson Aerospace Corporation has ceased to exist.

Public sector banks Punjab & Sind Bank (-5.89%), UCO Bank (-5.13%), Central Bank (-4.19%), Union Bank (-3.2%), and others fell sharply today.

BLS International Services (-2.7%) fell amid reports that Indian visa services in Canada have been suspended until further notice.

SJVN (-13%) crashed following the government’s decision to offload a 4.92% stake in the company via an offer-for-sale (OFS) route.

Markets Ahead

Nifty is at a very crucial support zone, which can decide the further trend in the index. On the other hand, Bank Nifty has breached the important technical supports and turned bearish.

Nifty: Nifty had made a strong 900-point rally from 19,300 levels to 20,200 recently. This has been followed by a 50% retracement now. In terms of price action, hitting the 50% retracement level could indicate a shift towards bearish sentiment. So today’s low, which is the 50% retracement support, will act as a very crucial level. If that’s breached, we can expect a sell-on-rise scenario with targets of 19,630 and 19,560.

If the index takes support, moves up, and breaks the resistance at 19,760, it may reach an initial target of 19,800, followed by targets at 19,840 and 19,900.

Bank Nifty: The index has breached the 50% retracement level and turned bearish. The next round level support is near 44,500. A breakdown from there can give us targets of 44,325 and 44,250. Meanwhile, the immediate resistance for BNF is near the 44,750 level. A breakout can give us targets of 45,000 and 45,100.

Markets have to hold these levels to continue the uptrend. If not, the indices can turn bearish in the coming weeks.

Being Nifty expiry today, premiums were well balanced and the spikes were minimal, despite the index falling. So it was an easy day for option sellers. The directional move would also have been favourable for option buyers.

How did expiry trading go? Let us know in the comments section!

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Selling Continues! Reliance, ITC Drag Nifty – Post-Market Analysis

Post-Market Analysis for Aug 17, 2023:

NIFTY started the day at 19,450 with a small gap-down of 14 points. From opening itself, the index was under selling pressure, and it fell steadily to 19,320 levels— a fall of nearly 120 points. Then, it gave a small retracement and closed at 19,365, down by 99 points or 0.51% 

Nifty chart Aug 17 - post-market analysis

BANK NIFTY (BNF) started the day at 43,897 with a gap-down of 49 points. While Nifty was weaker, Bank Nifty went sideways and moved between 43,750 and 44,050 levels. BNF closed at 43,891, down by 55 points or 0.13%. 

Bank Nifty chart Aug 17 - post-market analysis

All indices except Nifty PSU Bank (+1.4%) and Nifty Realty (+0.12%) closed in the red. Nifty FMCG (-0.89%) fell the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

Adani Ports (+4.32%) was NIFTY50’s top gainer on the back of strong volumes.

Apar Industries (+9.8%) surged after the company’s management gave a positive outlook on its business.

Cochin Shipyard (+9.4%) continued its strong rally after posting robust Q1 FY24 results. The stock has zoomed 40% in three trading sessions.

ITC (-2.05%) was NIFTY50’s top loser. The company’s board approved the demerger of its hotels business yesterday. Meanwhile, analysts said that the next-term outlook for ITC remained strong.

Heavyweight stock Reliance (-1.4%) also dragged down the markets.

IRFC (-7.02%) fell sharply after reports stated that the Indian government was planning to sell its stake in the company.

Markets Ahead

Both indices gave mixed signals today: Nifty was weak, while Bank Nifty was holding strong. If we look broadly, we can say that the indices are mostly consolidating within a range.

Nifty The index is stuck in a range between 19,300 and 19,500— and these levels could act as strong support and resistance levels, respectively. But the immediate resistance to watch out for is 19,420. If the support level is breached, Nifty can give us targets of 19,200 and 18,900 eventually. Meanwhile, the upside target of 19,630 can be attained if the market crosses 19,500.

Bank Nifty: The index is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides as long as it trades in this range. So wait for this range to be broken.

The day was fairly easy for both option buyers and sellers!

As per reports, there are two negative factors weighing on global stock markets now: (1) US Federal Reserve’s minutes indicate that one more rate hike may be needed in this rate-hiking cycle to curb inflation. (2) Chinese macro data indicate that the economy is slowing more-than-expected earlier, and this will impact global economic growth.

How was expiry trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Pre Market Report

Bearish Opening for NIFTY! – Pre-Market Analysis Report

Here are some of the major updates that could move the markets today:

Stocks

Adani Ports auditor Deloitte resigned from their duties on Friday, without giving any specific reasons. Adani appointed MSKA & Associates as a replacement.

ONGC reported a standalone profit of Rs 10,015 crore for the quarter, falling 34.1% YoY.

Nykaa reported a consolidated profit of Rs 5.4 crore for the quarter, up 8% YoY. This came with a good jump in revenue numbers.

Lupin’s manufacturing facility in Mandideep has been inspected by the USFDA without any observations.

Voltas registered a consolidated profit of Rs 129.4 crore for the quarter, up 18% YoY. However, margins fell.

RVNL reported a 15.3% YoY increase in profits to Rs 343 crore, driven by healthy operating income and topline.

Muthoot Finance reported a standalone profit of Rs 975 crore, up 22% YoY.

Major results today: ITC, Divis Laboratories, Vodafone Idea, Aster DM Healthcare, Easy Trip Planners, Indiabulls Housing.

What Happened on Friday?

NIFTY started last week at 19,517 with a gap-up on Monday. There was an attempt to push the index down on Wednesday, but then NIFTY bounced back to the week’s high at 19,650 levels. The last 2 days were heavy selling days. NIFTY closed the week at 19,428, down by 89 points or 0.45% 

BANK NIFTY started last week at 44,993 and had 4 red candles. The index gave a proper breakdown by Friday and touched the 44,100 mark. BANK NIFTY closed the week at 44,199, down by 342 points or 0.77%. 

US markets closed in slight green on Friday. The European markets closed in deep red.

What to Expect Today?

The Asian markets are trading in deep red.

The U.S. Futures are trading slightly in the red.

GIFT NIFTY is trading in the red at 19,429.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,300 19,240 and 19,100. We can expect resistances at 19,438, 19,560 and 19,620 and 19,720.

BANK NIFTY has supports at 44,100, 44,000, 43,840 and 43,750. Resistances are at 44,277,  44,520, and 44,800.

FIN NIFTY has supports at 19,730, 19,620, and 19,500. We can expect resistances at 19,730, 19,900, 20,000.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400. PCR is at 0.63.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is also at 44,000. PCR is at 0.64.

FIN NIFTY has OI buildup between 19,500-20,000. PCR is 0.52 [overly bearish].

In the week, Foreign Institutional Investors net-sold shares worth Rs 3,073.28 crores. Domestic Institutional Investors net-bought worth Rs 500.35 crores.

INDIA VIX is at 11.55.

All global markets are trading in the red to start the week. As we had discussed, Friday was a trendsetter day for this week, and now we can see early signs of bearishness.

Bank Nifty has a crucial support at 44,100 from where bounce is important. NIFTY has similarly important support at 19,300.

FIIs sold heavily in the market on Friday, will be interesting to see what they do today.

The heavy call OI buildups across the market indicates bearishness for now. But these short-sellers might get in trouble in case of heavy buying because even though some supports have been broken, the movement range has not been high.

Do remember that tomorrow is a market holiday on account of Independence Day, and the premiums will move accordingly. That means the FINNIFTY expiry will be today, trade accordingly!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

Deloitte to Resign as Adani Ports’ Auditor – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

Adani Ports auditor Deloitte to resign

Deloitte Haskins & Sells LLP will resign as the auditor for Adani Ports & SEZ in the next few days. The move comes after a mere year since their reappointment amid differences with the company management over the auditor’s position on certain transactions. The auditor is likely to resign and a formal announcement is expected within the next 3-4 days. The audit firm was reappointed as the statutory auditor just last year for five years, according to the company’s annual report of FY22.

Read more here.

HAL Q1 Results: Net profit rises 31% YoY to ₹814 crore

Hindustan Aeronautics Ltd (HAL) reported a 31% YoY rise in consolidated net profit to ₹814 crores for the quarter ended June (Q1 FY24). On a sequential basis, the net profit fell 71% from ₹2,831 crore in the March quarter. Its revenue from operations for the quarter stood at ₹3,915 crore, up 8% YoY. EBITDA also rose 6% YoY to ₹880 crore in Q1.

Read more here.

India’s industrial output rises 3.7% in June

India’s industrial production dipped to 3.7% in June, down from 5.3% in May 2023. Factory output measured in terms of the Index of Industrial Production (IIP) had risen to 12.6% in June 2022. The mining sector output saw a growth of 7.6% in June this year, down from 7.8% seen a year ago. The manufacturing sector output grew by 3.1% in June this year after growing 12.9% in the same month a year ago.

Read more here.

Nykaa Q1 Results: Net profit rises 8% YoY to ₹5.4 crore

Nykaa reported an 8% YoY rise in consolidated net profit to ₹5.4 crore for the quarter ended June (Q1 FY24). Its revenue from operations for the quarter stood at ₹1,422 crore, up 24% YoY. EBITDA rose 60% YoY to ₹73.5 crore in Q1. Physical retail space increased 43% YoY with 152 stores at the end of the June quarter. The company’s owned brands’ gross merchandise value (GMV) grew close to 40% YoY.

Read more here.

CCI clears Kotak-Biocon Biologics deal

The Competition Commission of India (CCI) has cleared Kotak Special Situations Fund’s (KSSF) proposed investment in Biocon Biologics Ltd under the green channel route. In February, KSSF (an arm of Kotak Mahindra Bank) announced a ₹1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition. The investment will help Biocon Biologics’ acquisition of the biosimilars business of its partner Viatris. KSSF is a SEBI-registered alternative investment fund (AIF).

Read more here.

Apollo Hospitals Q1 Results: Net profit falls 47% YoY to ₹173 crore

Apollo Hospitals reported a 47% YoY rise in net profit to ₹173 crore for the June quarter (Q1 FY24). However, its revenue from operations rose 16% YoY to ₹4,418 crore during the same period. Consolidated EBITDA stood at ₹509, up 4% YoY. Revenue from existing hospitals grew 10%, while that from the new hospitals rose 23% during the reporting period.

Read more here.

India’s forex reserves fall $2.41 billion to $601.5 billion as on Aug 4

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves fell by $2.41 billion to $601.453 billion for the week ending August 4. Foreign currency assets (FCAs) dropped by $1.94 billion to $533.4 billion. Gold reserves also dipped by $224 million to $44.7 billion, while SDRs dropped by $171 million to $18.27 billion. The reserve position in the IMF decreased by $86 million to $5.1 billion.

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Godrej Industries Q1 Results: Net profit falls 13% YoY to ₹178 crore

Godrej Industries reported a 13% YoY fall in consolidated net profit to ₹178 crore for Q1 FY24. Its total revenue rose 15% YoY to ₹4,893 crore during the same period. EBITDA rose 28% YoY. The sales growth came on the back of 10% YoY volume growth in constant currency. Its real estate business in Q1 FY24 witnessed a total booking value of ₹2,254 crore with 2.25 million square feet of area sold during the quarter.

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NCLAT stays admission of Coffee Day Enterprises for insolvency

The National Company Law Appellate Tribunal (NCLAT) of the bankruptcy court stayed the admission of Coffee Day Enterprises Ltd (CDEL). The stay was after it was challenged by the promoter, Malavika Hedge. She claimed that the default occurred during the “calm period” amid the global pandemic in March 2020 when lenders were barred from approaching the National Company Law Tribunal (NCLT) for default on loans. On July 20, 2023, the Bangalore NCLT admitted CDEL for corporate insolvency on a petition filed by IndusInd Bank.

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Info Edge Q1 Results: Net profit rises 35% YOY to ₹200 crore

Info Edge reported a 35% YoY increase in net profit to ₹200 crore for Q1 FY24. Its revenue from operations rose 15% YoY to ₹584 crore during the same period. Sequentially, the net profit rose nearly 12%, and the revenue increased by 4%. Tax outgo for the quarter was higher at ₹67 crore, compared to ₹46 crore a year ago.

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