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Sideways Weekly Closing! Where Will Nifty Go Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,809. The index mostly moved in a small range of 40 points throughout the day between 19,780 and 19,820. Nifty closed at 19,794, down by 7 points or 0.04%.

Nifty chart November 24- post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,607. After a small consolidation initially, the index moved up to the 43,700 resistance level, consolidated again, gave a breakdown and fell till opening levels. It again shot up and crossed the day’s high to 43,800. BNF closed at 43,769, up by 191 points or 0.44%.

Other indices except Nifty IT (-0.97%), Nifty FMCG (-0.47%), and Nifty PSU Bank (-0.34%) closed in flat-to-green. Nifty Pharma (+0.87%) moved up the most.

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

Today’s Moves

Cipla (+2.39%) was NIFTY50’s top gainer. HSBC maintained a “Buy” rating on the stock.

Shares of public sector insurance firms New India Assurance (+19.98%), General Insurance Company (+16.46%), and LIC (+9.71%) surged today amid a strong outlook.

HCL Tech (-1.49%) was NIFTY50’s top loser. 

Shares of CG Power (-6.7%) came under selling pressure today. Earlier this week, the company announced plans to set up an outsourced semiconductor assembly & test facility in India.

Warren Buffet’s Berkshire Hathaway has sold its stake in Paytm (-3.34%).

Markets Ahead

The indices had a week marked by volatility and consolidation. There was buying observed at lower levels and rejection at higher levels. The direction of the market’s future movement will likely be determined by a breakout or a breakdown on Tuesday. The Indian stock markets will be closed on Monday (November 27) on account of Gurunanak Jayanti.

Nifty: The index currently has immediate support around 19,800. A breakdown from this level could potentially lead to a decline to 19,700 and 19,630 levels. On the other hand, the resistance to keep an eye on is approximately 19,860. A breakout from this level might pave the way for targets of 20,000.

Bank Nifty: A significant resistance level to monitor in BNF is 43,800. A breakout from this level could potentially trigger targets around the round level of 44,000. Meanwhile, the immediate support is situated near 43,600 levels. If there’s a breakdown from this support, the index may decline to 43,500 and 43,200 levels.

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Infosys Posts 3% YoY Rise in Q2 Net Profit – Top Indian Market Updates

infosys | market updates

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

Infosys Q2 Results: Net profit rises 3% YoY to ₹6,212 crore

Infosys Ltd reported a 3% YoY increase in consolidated net profit to ₹6,212 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 7% YoY to ₹38,994 crore. Infosys adjusted its revenue guidance for FY24. The company now anticipates revenue growth in the range of 1-2.5% in constant currency terms. The IT major has announced a dividend of ₹18 per equity share.

Read more here.

India’s CPI inflation eases to three-month low at 5.02% in Sept

India’s retail inflation eased to a three-month low in September, led by lower vegetable prices. The Consumer Price Index (CPI)-based inflation stood at 5.02% in September, compared to 6.83% in August. Food inflation fell to 6.56% in September, against 9.67% in August.

Meanwhile, India’s industrial output as measured by the Index of Industrial Production (IIP) stood at 10.3% in August 2023.

Read more here.

RBI likely to complete vetting bidders for IDBI Bank by Oct-end

The Reserve Bank of India (RBI) is expected to accelerate a key process of vetting IDBI Bank’s potential buyers and complete it by October end, helping speed up the sale of a majority stake in the lender. The Central Govt, which holds 45.48% of IDBI Bank, and LIC, which owns 49.24%, plan to sell 60.7% of the lender. RBI began the vetting process known as ‘fit and proper criteria’ in April.

Read more here.

HCL Tech Q2 Results: Net profit rises 9.8% YoY to ₹3,832 crore

HCL Technologies Ltd reported a 9.8% YoY increase in consolidated net profit to ₹3,832 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹26,672 crore. In USD terms, HCL Tech’s revenue grew to $3,225 million, up 0.8% QoQ and 4.6% YoY. The IT major’s board has declared an interim dividend of ₹12 per share.

Read more here.

JLR sales grew two-fold to 2,356 units in H1 FY24

JLR India reported a 105% year-on-year (YoY) increase in total sales to 2,356 units in the first half of the financial year 2023-24. Of these, 1,000 units were of the Defender which is currently the brand’s best-selling model. The strong half-yearly growth was driven by record sales in both quarters, with Q2 witnessing a 108% YoY growth and retails of 1,308 units.

Read more here.

Maruti Suzuki to consider equity issue to parent Suzuki

Maruti Suzuki India Ltd will consider issuing equity shares on a preferential basis to its parent company, Suzuki Motor Corp., in a board meeting on October 17. The move is for acquiring a 100% stake in Suzuki Motor Gujarat Pvt Ltd, subject to the approval of the members through postal ballot and all regulatory compliance. At present, Suzuki Motor Corp. holds 100% of the Gujarat manufacturing facility.

Read more here.

Ircon granted ‘Navratna’ status

Ircon International Ltd. was granted the status of a ‘Navratna’ by the Department of Public Enterprises on Thursday. It’s the 15th central public sector enterprise to receive the status of a ‘Navratna’. Ircon is a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, with an annual consolidated turnover of ₹10,750 crore and a net profit of Rs 765 crore for FY23.

Read more here.

RBI imposes ₹5.39 cr penalty on Paytm Payments Bank

The Reserve Bank of India (RBI) has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. RBI also found non-compliance with certain provisions related to ‘RBI Guidelines for Licensing of Payments Banks’, ‘Cyber security framework in banks’ and ‘Securing mobile banking applications including UPI ecosystem’.

Read more here.

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Daily Market Feed Post Market Analysis

Bullishness Confirmed in Nifty? – Post-Market Analysis

NIFTY started the day at 19,767 with a gap-up of 77 points. After moving up to 19,840 levels, the index consolidated in a 50-point range throughout the day. Nifty closed at 19,811, up by 121 points or 0.62%.

Nifty chart October 11 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,554 with a gap-up of 194 points. After moving up to 44,700 levels, the index consolidated with a negative bias till yesterday’s closing levels of 44,400. BNF closed at 44,516, up by 156 points or 0.35%.

Bank Nifty chart October 11 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (-0.73%) closed flat-to-green. Nifty Auto (+0.92%) moved up the most.

Major Asian markets closed up to 1.5% in the green. France’s CAC40 is currently trading in the red, while Germany’s DAX and the UK’s FTSE100 are trading in the green.

Today’s Moves

Hero MotoCorp (+4.17%) was NIFTY50’s top gainer. Brokerage firm CLSA has upgraded its rating on the stock to ‘Buy’ and raised the target price to ₹3,701 per share (from ₹3,142 earlier).

Laxmi Organics (+11.43%) surged after the company raised ₹259 crore through a qualified institutional placement (QIP).

Vodafone Idea (+7.2%) rose after the telco moved the Supreme Court regarding its Adjusted Gross Revenue (AGR) dues plea, with the apex court agreeing to consider the matter.

HCL Tech (-1.28%) was NIFTY50’s top loser. The IT major is expected to report growth in the constant currency revenue in Q2 FY24 after a consecutive decline in the previous two quarters.

Bank of Baroda (-3.31%) fell sharply after RBI suspended the bank from onboarding new customers on its ‘bob World’ app.

Markets Ahead

Nifty has hit our target of 19,800 levels and faced resistance from the gap-filling levels of 19,840 and stayed there. Bank Nifty is also holding the upper levels and might continue the up-move if today’s lows are not breached.

Nifty: The immediate support for the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,946 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

Being Bank Nifty expiry today, the market was more or less calm and consolidating. Tomorrow’s Nifty expiry can be trending based on the breakdown or breakout levels. So watch out for the key levels.

Tata Consultancy Services (TCS) has kick-started the results season! The IT major reported a 9% year-on-year (YoY) growth in consolidated net profit for the quarter ended September 2023 (Q2 FY24) to ₹11,342 crore. Consolidated revenue grew nearly 8% YoY to ₹59,692 crore in Q2.

What levels are you watching out for Nifty tomorrow? Let us know in the comments section below!

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L&T Wins Multibillion-Dollar Order From Saudi Aramco – Top Indian Market Updates

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

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

Read more here.

PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

Read more here.

ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

Read more here.

Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

Read more here.

Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

Read more here.

Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

Read more here.

Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

Read more here.

Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).  

Read more here.

Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

Read more here.

HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

Read more here.

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Daily Market Feed Post Market Analysis

Bearishness to Continue? – Post-Market Analysis

Post-market analysis for Aug 11, 2023:

NIFTY started the day at 19,554 with a gap-up of 11 points. The index made a nearly 70-point red candle at opening (crossing yesterday’s low and the round level support of 19,500) and made lower lows to hit 19,440 levels. At 1 PM, the index made a sharp rebound of 40 points in a single candle but couldn’t sustain it as the selling pressure kicked in. Then, the index continued the fall to breach the day’s low. Nifty closed at 19,428, down by 114 points or 0.59% 

Nifty chart Aug 11 - post-market analysis

BANK NIFTY (BNF) started the day at 44,568 with a small gap-up of 26 points. Bank Nifty fell 250 points in the first 5min itself (breaching the important support zone of 44,500) and fell to 44,270 levels. The index then consolidated within a 150-point range with volatility and broke down from the consolidation at 3 PM. BNF closed at 44,199, down by 342 points or 0.77%. 

Bank Nifty chart Aug 11 - post-market analysis

All indices except Nifty PSU Bank (+1.25%) closed in red. Nifty Media (-1.8%) fell the most. 

Major Asian markets closed mixed (the Chinese market fell 2%). European markets are currently trading in the red.

Today’s Moves

HCL Tech (+3.2%) was NIFTY50’s top gainer. The IT major announced a global strategic partnership with Verizon for managed network services.

Indian Overseas Bank (+13.36%) rallied after CARE Ratings assigned a fresh rating of CARE A1+ to the bank’s proposed certificate of deposits of ₹10,000 crore.

Kalyan Jewellers (+11.5%) jumped after HSBC raised its target price for the jewellery stock after the company posted its Q1 earnings.

IndusInd Bank (-2.3%) was NIFTY50’s top loser.

Apollo Tyres (-8.2%) crashed after the company reported lower-than-expected revenue growth in Q1.

Alkem Labs (-7.7%) fell sharply after the company reduced its India business revenue growth forecast to “high single-digit” from low double digits for FY24. BofA sees a downside of 15% to ₹3,500 for the stock.

Markets Ahead


The Indian markets are still looking very weak.

Nifty: The index has closed near the support zone of 19,420. So if there’s a flat or gap down opening on Monday, the index can further fall to 19,360 and 19,300 eventually. The important resistance level to watch out for is 19,500.

Nifty has filled the gap created near 19,420 levels and has taken support. So the index might move back up from here or take a pause. If the fall continues, then the levels mentioned above could be achieved.

Bank Nifty: The immediate support for the index can be 44,200 levels, and the major resistance will be 44,500 levels. But Bank Nifty is in a volatile zone between 44,500 and 43,400. So as long as the index is in this zone, there can be movements happening on both sides.

Monday’s opening will be crucial. If there’s a flat opening and selling continues or if it’s a gap-down opening, both indices may continue to fall.

The inflation rate in the US climbed 3.2% YoY in July, as compared to analyst expectations of 3.3%. This data is the key metric the US Federal Reserve will consider in deciding whether to continue raising interest rates. On the other hand, India’s industrial production fell to 3.7% in June 2023, compared to 5.3% in May 2022 and 12.6% in June 2022.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Jio Financial Services’ Shares List at Rs 261.85 Per Share – Top Indian Market Updates

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

Jio Financial Services’ shares list at ₹261.85 per share

The shares of Jio Financial Services (JFSL), the demerged NBFC unit of Reliance Industries, got listed at ₹261.85 per share on the NSE today. This was much higher than brokerage estimates of up to ₹190. Stock exchanges BSE and NSE conducted a special pre-open trading session this morning from 9 am to 9:45 am in which the market price of the demerged entity was calculated.

Read more here.

Infosys Q1 Results: Net profit rises 11% YoY to ₹5,945 crore

Infosys reported a 10% YoY rise in consolidated net profit to ₹5,945 crore for the quarter ended June (Q1 FY24). The IT major’s revenue from operations stood at ₹37,933 crore, up 10% YoY. Infosys has revised its full-year revenue growth outlook, lowering it to 1-3.5% from the initial estimate of 4-7% due to a challenging economic environment.

Read more here.

PVR Inox plans to add two more superplexes this year

PVR INOX Ltd is looking to add two more superplexes this year as part of plans to expand its large format offering. The company opened its new 12-screen superplex in Bengaluru, taking its total to 158 screens in 25 cinemas in the city. Superplexes or cinema halls with 10 or more screens offer a range of formats and experiences under one roof in mega malls with large floor areas.

Read more here.

Havells India Q1 Results: Net profit rises 18% YoY to ₹287 crore

Havell India Ltd reported an 18% YoY increase in consolidated net profit to ₹287.07 crore for the quarter ended June (Q1 FY24). The total revenue for the quarter rose 14% YoY to ₹4,833.8 crore. EBITDA stood at ₹402 crore in Q1, up 11% YoY. The company witnessed sluggish consumer demand, and unseasonal rains impacted sales of its cooling products.

Read more here.

Govt announces re-bidding under PLI for advanced chemistry cell manufacturing

The Central government announced the re-bidding of production-linked incentives (PLUs) for 20 GWh Advanced Chemistry Cell manufacturing— India’s Rs 18,100-crore programme to boost local battery cell production. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives on July 24, 2023, for their inputs and suggestions before the start of the re-bidding process of the remaining 20 GWh capacity.

Read more here.

HUL Q1 Results: Net profit rises 7% YoY to ₹2,472 crore

Hindustan Unilever Ltd (HUL) reported a 7% YoY increase in consolidated net profit to ₹2,556 crore for the quarter ended June (Q1 FY24). Its total income rose 6.2% YoY to ₹15,679 crore in Q1. The FMCG company’s total expenses during the quarter came at ₹12,167 crore, up 5.5% YoY.

Read more here.

India’s oil & gas import bill contracts 33% YoY in Q1 as prices drop

According to data from the Oil Ministry, India’s oil and gas import bill contracted by 33% YoY to $35 billion in the April-June quarter (Q1) as prices sharply dropped. Crude oil worth $31.4 billion was imported during Q1 FY24, lower than $48.1 billion in the same period last year. The volume of oil imports marginally reduced to 60.1 million metric tonnes (MMT) in the first quarter from 60.7 MMT in the same period last year.

Read more here.

HCL Tech, Schneider Electric to develop sustainability solutions for data centres in APAC

HCL Technologies will partner with Schneider Electric to develop carbon-efficient solutions for data centres in the Asia-Pacific (APAC) region. Both companies will jointly explore innovations in sustainability and deliver converged IT-OT (information technology-operational technology) solutions to help clients meet regulatory compliances and accelerate decarbonisation programs in the APAC region.

Read more here.

IndiaMart Q1 results: Net profit rises 77% to ₹83 crore

IndiaMart InterMesh Ltd reported a 77% YoY rise in consolidated net profit to ₹83 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 26% YoY to ₹2,821 crore during the same period. Total expenses during the quarter stood at Rs 2,144 crore, up 28% YoY. The company’s board has approved the buyback of 12.5 lakh shares worth up to ₹500 crore at ₹4,000 per share. 

Read more here.

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Daily Market Feed Pre Market Report

Global Markets Fire Up! Nifty to Follow or Fall? Pre Market Analysis

Up light arrows and speed lines on dark blue background, copy space composition, growth competition technology concept.

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

Stocks

HCL Technologies Ltd reported a nearly 8% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 3,534 crore.

Dr Reddy’s Labs announced that its Biologics License Application (BLA) for its proposed biosimilar rituximab candidate DRL_RI has been accepted for a substantive review by USFDA.

Technology major TCS reported a nearly 17% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 11,074 crore.

What to Expect Today?

NIFTY opened with a gap-up at 19,508 yesterday. It was crazy price action that we saw in Nifty. The markets moved down and closed at 19,384, down by 55 points or 0.28%.

BANK NIFTY opened flat at 44,888 and exhibited range-bound volatility. The index fell finally and closed at 44,639, down by 106 points or 0.24%.

IT closed 0.71% lower.

The US markets and the European markets rallied.

The Asian markets are trading higher.

The U.S. Futures and European futures are trading higher.

GIFT NIFTY is trading 130 points higher at 19,555.

All the factors combined indicate a gap-up opening.

NIFTY has supports at 19,360, 19,320, 19,265 and 19,200. We can expect resistances at 19,435, 19,500, 19,550 and 19,600.

BANK NIFTY has supports at 44,560, 44,440 and 44,280. Resistances are at 44,720, 44,950, 45,100 and 45,370.

NIFTY has the highest call OI build-up at 19,500. The highest put OI build-up is at 19,300. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-sold shares worth Rs 1,200 crores. Domestic Institutional Investors net-bought shares worth 400 crores.

INDIA VIX is at 10.9.

Though the US markets closed in the green, you can see that Dow Jones had broken the day-low in the second half. The up-move was contributed by the IT stocks mainly.

See how Reliance reversed in the second half yesterday. Keep an eye on Previous-day-low.

HDFC merger will get completed today and there will be volatility because of inflows and outflows.

HCL Tech and TCS have announced their results as mentioned above. See how the stocks perform keeping positivity in the global IT stocks in mind.

There are strong resistances and supports in the market. OI says there are strong resistances rather than supports and this means there could be proper short covering in case there is a good up-move.

I will watch 19,360 on the downside in NIFTY. 19,500 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

Read more here.

Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

Read more here.

NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

Read more here.

Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

Read more here.

KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

Read more here.

Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

Read more here.

Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

Read more here.

VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

Read more here.

HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

Read more here.

Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

Read more here.

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Market News Top 10 News

HCL Tech’s Net Profit Rises 11% YoY to Rs 3,983Cr – Top Indian Market Updates

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

HCL Tech Q4 Results: Profit rises 11% YoY To Rs 3,983 Crore

HCL Technologies reported a consolidated net profit of Rs 3,983 crore for the quarter ended March, up 11% YoY. The company’s revenue from operations for the quarter increased by 18% YoY to Rs 26,606 crore. HCL’s EBIT also rose by 19% YoY to Rs 4,836 crore. For the full year ending March 2023, the company’s revenue has crossed the Rs 1 lakh crore mark, up 18% YoY. The company also declared an interim dividend of Rs 18 per equity share.

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HDFC, Nabard & NHB set to raise debt of up to Rs 14,000 crore

HDFC, National Housing Bank (NHB) and the National Bank for Agricultural and Rural Development (NABARD) are planning to raise debt capital in the form of bond sales on Friday. NHB and NABARD are set to sell three-year bonds of up to Rs 2,000 crore and Rs 5,000 crore, respectively, while HDFC plans to sell up to Rs 7,000 crore one-year-ten-month bonds.

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ZEEL begins talks with creditors for settlement of Sony merger

Zee Entertainment Enterprises Ltd. (ZEEL) is in settlement talks with its creditors to pay off debts and complete its merger with the Sony Group. Creditors had been approaching the bankruptcy court seeking repayments, but ZEEL has already repaid one creditor, IndusInd Bank Ltd., and the lender will now withdraw its objections against the merger. The merger will create a $10 billion media company with the largest viewership and pricing power in India. 

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Fortis acquires Gurugram-based Medeor Hospital for Rs 225 crore

Fortis Healthcare will acquire Medeor Hospital in Manesar, Gurugram, from VPS Group for Rs 225 crore. The acquisition will be funded through a mix of debt and internal accruals and is expected to close by end of July 2023. The hospital has a potential bed capacity of 350 beds and can be operationalized in a phased manner within nine months. This will be Fortis’ largest acquisition following its controlling stake acquisition by Malaysia-based IHH Healthcare.

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ICICI Securities Q4 Results: Net profit falls 23% to Rs 337 crore 

ICICI Securities reported a consolidated net profit of Rs 263 crore for Q4 2023, a 23% YoY decline. Revenue from operations also fell from Rs 892 crore in Q4 FY22 to Rs 885 crore in Q4 FY23.  However, income from interest for the quarter rose 35% YoY to Rs 287 crore. The brokerage income was Rs 310 crore. The company has recommended a final dividend of Rs 9.25 per equity share.

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Tata Communications Q4 Results: Profit down 11% to Rs 326 crore

Tata Communications has reported a consolidated net profit of Rs 326 crore for the quarter ended March, down 11% YoY. However, revenue from operations for the quarter stood at Rs 4,568 crore, up 7.1% YoY. For the full year (FY23), consolidated revenue was Rs 17,838 crore, while profits grew 21% to Rs 1,796 crore. The board has recommended a dividend of Rs 21 per share.

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HDFC Bank appoints Kaizad Bharucha as deputy managing director

HDFC Bank has appointed Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director, with approval from the Reserve Bank of India. Both appointments will be for a term of three years and take effect from April 19. A meeting of the Board of Directors will be convened to formalize the appointments.

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TTK Healthcare to delist from NSE, BSE

TTK Healthcare has received approvals to voluntarily delist its equity shares from the National Stock Exchange and BSE. The delisting is due to the company’s own decision and not due to involuntary reasons such as bankruptcy or merger. The floor price for delisting has been set at Rs 1,051.31 per share.

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Vedanta pledges additional 2.4% shares of Hindustan Zinc

Vedanta has pledged an additional 10 crore shares (2.44% of its equity) in Hindustan Zinc, bringing the total pledged to 91% of its 64.92% stake. The move will allow Vedanta to use the proceeds for general business purposes, including debt repayment, capital expenditures, and operating expenses. The shares were pledged as part of a term loan agreement, which includes Hindustan Zinc as a security cover.

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Prestige Estates signs deal for 1M sq ft redevelopment project in Mumbai

Prestige Estates Projects has signed an agreement to redevelop the Shivshahi housing society project in Mumbai’s Worli locality. It spans over 1 million sq. ft. and involves 192 tenements spread over 3.3 acres. It has a revenue potential of almost Rs 6,000 crore. The company has repaid a loan of Rs 170 crore raised by the previous developer against the project’s development potential. It will invest over Rs 578 crore towards the construction cost.

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Wipro’s Net Profit Rises 3% YoY in Q3 – Top Indian Market Updates

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

Wipro Q3 Results: Net profit up 3% YoY to ₹3,053 crore

Wipro Ltd reported a 2.8% year-on-year (YoY) increase in consolidated net profit to ₹3,053 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 14.3% YoY to ₹23,229 crore during the same period. The company secured deals worth $4.3 billion, up 26% YoY. Wipro announced an interim dividend of ₹1 per share.

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Citroen India partners with Jio-BP to build EV infrastructure

Citroen India announced a strategic partnership with Jio-BP to build electric vehicle (EV) infrastructure and services across its network. The partnership will enable Jio-BP to install DC fast chargers across Citroen’s key dealership network and workshops across the country in phases. Jio-BP is a fuels and mobility joint venture between Reliance Industries Ltd (RIL) and UK-based BP. 

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Mahindra Lifespaces acquires 4.25-acre land parcel in South Bangalore

Mahindra Lifespace Developers has bought a 4.25-acre land parcel in Singasandra, South Bangalore. The land is estimated to have a developable potential of around 4.6 lakh sq. ft. of saleable area and a gross development value of over ₹400 crore primarily comprising premium residential apartments. This latest acquisition is aligned with the company’s strategy of further strengthening its presence in India’s IT capital.

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L&T signs pact with Norway-based firm to develop floating green ammonia projects

Larsen & Toubro (L&T) has signed a pact with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. As per the agreement, L&T will become a partner for engineering, procurement, construction, installation, and commissioning of the topsides for H2C’s floating process plants.

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India’s ethanol capacity to jump 25% to 1,250 crore litres by year-end: Govt

The overall ethanol production capacity in India is expected to go up by 25% to 1,250 crore litres by the end of this year, as proactive steps have been taken for faster clearance of projects. A single-window clearance has been put in place so that ethanol projects seeking interest grants and environment clearances are given faster clearance. India has doubled ethanol blending with petrol to 10% in the last two years.

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Heritage Foods rights issue to open on Jan 30

The Board of Directors of Heritage Foods Ltd. has fixed Jan 20 as the record date for its rights issue, which will open on January 30. The company will issue 46.4 million equity shares at ₹5 per rights equity share (aggregating to ₹23.2 crore). The rights issue will close on February 13. Heritage Foods is engaged in the business of milk and dairy products, cattle feed, and renewable energy.

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HCL Tech secures deal to modernise IT operations for State Farm

HCL Technologies Ltd has received an order from US-based insurance company State Farm to modernise its IT service desk and infrastructure operations. Several State Farm employees supporting this work will transfer to HCL Tech to continue their key role in delivering technology services. HCL Tech will leverage its portfolio and execution capabilities to accelerate the modernisation of a hybrid cloud environment for the insurance firm.

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Gold prices in India hit record high

Indian gold futures hit a record high today, tracking gains in the overseas market. Domestic gold futures rose to ₹56,245 per 10 grams, surpassing the previous record of ₹56,191 recorded in August 2020. Gold rates have surged since November 2022 due to a weaker dollar and expectations of slower interest rate hikes by the U.S. Federal Reserve. 

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Domestic passenger vehicle sales rise 23% in Q3: SIAM

According to the Society of Indian Automobile Manufacturers, passenger vehicle wholesales rose 23% YoY to 9,34,955 units in the quarter ended December (Q3 FY23). The surge in sales was aided by robust demand during the festive season. In December, passenger vehicle sales witnessed an increase of 7% YoY to 2,35,309 units. 

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Retail Inflation Eases to 5.72% in Dec – Top Indian Market Updates

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

Retail inflation eases to 5.72% in December

India’s retail inflation, measured by the Consumer Price Index (CPI), eased to a one-year low of 5.72% in December 2022. CPI stood at 5.88% in November and 6.77% in October 2022. Food inflation came in at 4.19% in December, compared to 4.67% in Nov. Inflation in the fuel & light segment was 10.97% last month.

Factory output, measured by the Index of Industrial Production (IIP), rose to a five-month high of 7.1% in Nov 2022. IIP had contracted (-)4% in Oct.

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Infosys Q3 Results: Net profit rises 13% YoY to ₹6,586 crore

Infosys Ltd reported a 13.4% year-on-year (YoY) increase in consolidated net profit to ₹6,586 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 20.2% YoY to ₹38,318 crore during the same period. It won deals worth $3.3 billion in Q3, the strongest in the last eight quarters. Infosys added 1,627 employees during the quarter.

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Jio launches True 5G services in Ujjain

Reliance Jio has set up its 5G services in Ujjain, Madhya Pradesh. With the launch, Jio has now become the first and the only operator in MP to launch 5G services across all prominent large cities in the state, including Bhopal, Indore, Gwalior, and Jabalpur. Users will be able to enjoy Unlimited 5G Data with up to 1 Gbps+ speed at no additional cost.

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HCL Tech Q3 Results: Net profit rises 19% YoY to ₹4,096 crore

HCL Technologies Ltd reported a 19% YoY (or 17% QoQ) increase in consolidated net profit to ₹4,096 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.5% YoY to ₹26,700 crore during the same period. The total contract value of new deal wins stood at $2.35 billion, up 10% YoY. HCL Tech’s board has approved an interim dividend of ₹10 per equity share. 

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NCLT grants approval to PVR-Inox merger scheme

The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between cinema chains PVR and Inox Leisure. Once the NCLT issues the detailed order copy, the two companies will file it with regulatory authorities like the Registrar of Companies (RoC) and stock exchanges. The allotment of shares is likely to be completed in the next few weeks.

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ONGC to rely more on advanced tech: Sushma Rawat

Oil & Natural Gas Corporation (ONGC) will increase reliance on advanced technologies and tech-savvy younger minds to boost chances of making major discoveries, said Sushma Rawat (ONGC’s exploration chief). The company will acquire more exploration acreage and bring in new technologies to enhance the quality of seismic surveys and data interpretation. 

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Zydus Lifesciences gets final USFDA approval for Brexpiprazole tablets

Zydus Worldwide DMCC (a subsidiary of Zydus Lifesciences Ltd) has received final approval from the US Food & Drug Administration (USFDA) to market Brexpiprazole tablets. Brexpiprazole is an antipsychotic drug used along with antidepressants to treat major mental conditions like depression and schizophrenia. The drug will be manufactured at the group’s formulation facility at Ahmedabad Special Economic Zone (SEZ), Gujarat.

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Apax Partners likely to sell 4.63% shares in Shriram Finance via block deal: Report

According to a CNBC-TV18 report, private equity fund Apax Partners is planning to sell its shares in Shriram Finance Ltd via a block deal tomorrow. APAX’s subsidiary, Dynasty Acquisition, would sell up to 1.73 crore shares or 4.63% stake in the non-banking finance company (NBFC). The size of this deal is ₹2,250 crore.

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SEBI allows exchanges to launch multiple contracts in same commodity

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to launch multiple contracts in the same commodity to encourage broader participation of investors in the commodity derivatives market. Exchanges have been demanding multiple contracts on a single commodity to ensure that all market players across the value chain are catered to. Currently, all commodities (except gold, silver, and precious metals) have a single contract, which limits investors’ and traders’ participation.

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Wipro Posts 9% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Wipro Q2 Results: Net profit falls 9% YoY to ₹2,660 crore

Wipro Ltd reported a 9.2% YoY decline in consolidated net profit to ₹2,659 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 14.6% YoY to ₹22,539.7 crore during the same period. In constant currency terms, the IT services segment revenue increased by 4.1% QoQ and 12.9% YoY. Wipro’s order bookings during the quarter grew by 23.8% YoY. Wipro’s results are below street estimates.

Read more here. 

Retail inflation rises to 5-month high of 7.41% in September

India’s retail inflation, measured by the Consumer Price Index (CPI), rose to a five-month high of 7.41% in September. CPI stood at 7% in August. Inflation in the food basket rose to 8.60% in Sept from 7.62% in August. The fuel and light segment rose 10.39% last month.

India’s factory output, measured by the Index of Industrial Production (IIP) witnessed a contraction of (-)0.8% YoY to 131.3 in August.

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HCL Tech Q2 Results: Net profit rises 7% YoY to ₹3,489 crore

HCL Technologies Ltd reported a 7.1% YoY (or 6.3% QoQ) increase in consolidated net profit to ₹3,489 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 19.5% YoY to ₹24,686 crore during the same period. The total contract value of deals rose 6% YoY and 16% QoQ to $2.38 billion in Q2. The IT company’s board has declared a dividend of ₹10 per share.

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Airtel tops 4G download speeds, Jio in coverage: OpenSignal

According to an OpenSignal report, Bharti Airtel users enjoyed the best quality of service on 4G networks with the fastest download speeds, while Reliance Jio had the best coverage. Users on Airtel clocked 13.6 Mbps download speeds, marginally faster than Vodafone Idea and Reliance Jio by 0.3-0.6 Mbps. Airtel delivered a superior experience in streaming videos, multiplayer gaming, and OTT services.

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Adani Renewable Energy Holding Four sets up two subsidiaries

Adani Green Energy Ltd’s arm Adani Renewable Energy Holding Four has incorporated two new subsidiaries. These two subsidiaries are Adani Renewable Energy Forty Four Ltd (ARE44L) and Adani Renewable Energy Forty Eight Ltd (ARE48L). The main objective of the subsidiaries is to generate, develop, distribute, transmit, and supply power or electrical energy using any renewable sources of energy.

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HFCL secures order worth ₹40 crore

HFCL has received purchase orders aggregating to ₹39.19 crore from Reliance Projects & Property Management Services. The order is for rolling out a long-distance fibre network by one of the leading operators in various telecom circles. The orders are to be executed by May 2023. HFCL is a technology company that makes high-end transmission equipment and optical fibre cables (OFC).

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Coal India partners three PSUs for four gasification projects

Coal India Ltd (CIL) has signed agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd, and GAIL (India) Ltd to set up four surface gasification projects. It aims to gasify 100 million tonnes (MT) of coal into syngas for use in the downstream production of value-added chemicals in the next eight years. In the first phase (from 2020-2024). 4 MT will be gasified with an investment of ₹20,000 crore. 

Sonata Software signs business transformation deal with Ireland-based eir evo

Sonata Software Ltd has signed an agreement with eir evo to support the standardization of their customer relationship management (CRM) platform, migrating them from Salesforce to Microsoft Dynamics. Ireland-based eir evo leading telecommunications and Information & Communications Technology (ICT) solutions provider.

Sonata Software and eir evo also plan to implement a long-term strategy for growing Microsoft Dynamics within the Irish market.

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Tata Power partners with 75F Smart Innovations for energy-efficiency solutions

Tata Power Trading Company Ltd (TPTCL) has signed an agreement with 75F Smart Innovations India to jointly promote automation and energy-efficiency solutions in the commercial building space. TPTCL is a wholly-owned subsidiary of Tata Power. The entities will help businesses optimize their energy consumption and usage. They will offer solutions in the areas of heating, ventilation, and air conditioning (HVAC) optimisation and smart building automation.

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Centre approves one-time compensation of ₹22,000 crore for OMCs to recover LPG losses

The government has granted a one-time compensation of ₹22,000 crore for Oil Marketing Companies (OMCs) in view of the rising under-recoveries due to rising LPG prices globally. LPG prices have surged globally up to 300%, while in India it has not gone up as much leading to under-recoveries of OMCs. The compensation will be rolled out to Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation (BPCL).

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