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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
NIFTY started the day flat at 19,449 with a gap-up of 43 points. Throughout the day, the index mostly consolidated in a 50-point range between 19,410 and 19,460 levels. Niftyclosed at 19,443, up by 36 points or 0.19%.
BANK NIFTY (BNF) started the day flat at 43,791 with a small gap-up of 55 points. Like Nifty, BNF mostly consolidated in a 150-point range with a bearish bias. BNF closed at 43,658, down by 79 points or 0.18%.
Nifty Realty (+1.52%) and Nifty Pharma (+1.48%) closed well in the green.
Major Asian markets closed mixed. European markets are currently trading in the red.
Today’s Moves
BPCL (+3.06%) was NIFTY50’s top gainer.
Shares of Prince Pipes(+15.2%) recorded its 2nd largest single-day rise after the company returned to profit in Q2 FY24.
HPCL (+7.48%) has surged ~25% in nine days in response to the company’s positive Q2 results. Several domestic brokerages maintained or raised their target prices for the stock and sees potential upside.
ICICI Bank (-1.3%) was NIFTY50’s top loser on the back of strong volumes.
Easy Trip Planners (-3.17%) fell sharply after the company’s Q2 results triggered volatile moves in the stock price.
Markets Ahead
Major indices are holding the upper levels and respecting key resistances. So a breakout or breakdown from these key levels will decide the upcoming market trend.
Nifty: It’s crucial to keep an eye on the major resistance at 19,470. If the index breaks out from that level, it could potentially move up towards 19,520 and round levels of 19,600. Meanwhile, there’s strong support for the index near 19,400 levels. If it breaks down below this point, we might see a fall towards 19,350 and 19,300.
Bank Nifty: The resistance to look for in BNF is 43,700. If the index manages to breach this level, it might make its way up to 43,900. On the other hand, the support to watch out for is 43,500. If the index falls below this point, it could potentially fall to 43,300 and 43,000 levels eventually.
All eyes will be on US Federal Reserve Chair Jerome Powell’s speech that might point the way for future interest rate policy.
Please join The Stock Market Show at 7 PM on our YouTube channel.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
Here are some of the major updates that could move the markets today:
Stocks
Britannia reported a consolidated profit of Rs 455.45 crore for the quarter, growing 35.65% YoY with an increase in revenue and margins.
Bank of Baroda reported an 87.7% YoY growth in profit at Rs 4,070.1 crore, even with higher provisions for bad loans. Deposits and loans saw high growth.
ICICI Bank has received approval from RBI to increase shareholding in ICICI Lombard Insurance up to an additional 4%.
Delhivery’s net loss fell to Rs 89.5 crore for the quarter, compared to a loss of Rs 399.3 crore last year.
BHEL has reported a higher net loss of Rs 343.9 crore for Q1, compared to a loss of Rs 188 crore in the same period last year. Revenue grew 7%.
Balkrishna Industries, the tyre maker, has reported a consolidated profit of Rs 331.9 crore, up 8% YoY. Margins increased even as revenue fell.
Major results today: PB Fintech, Barbeque-Nation Hospitality, Sun Pharma Advanced Research (SPARC), Tata Chem, Torrent Pharma, Ramco Cements and Olectra.
What Happened on Friday?
NIFTY started the week at 19,666, ready for a bounce back. But Tuesday, Wednesday and Thursday were good red candles. Support was taken around 19,300 on Thursday, and NIFTY closed the week at 19,517, down by 149 points or 0.75%.
BANK NIFTY started the week at 45,546 and followed a similar pattern to NIFTY. There was a move of 1,500 points from the week’s high to the low, as the index took support at 44,280. BANK NIFTY closed the week at 44,879, down by 667 points or 1.46%.
What to Expect Today?
On Friday, the US markets closed in the red.The European markets howeverclosed in the green.
The Asian markets are trading flat to green.
The U.S. Futures are trading in the green.
GIFT NIFTY is trading slightly in the green at 19,620.
All the factors combined indicate a flat to gap-up opening in the market.
NIFTY has supports at 19,438, 19,400 and 19,300. We can expect resistances at 19,566, 19,617, and 19,658.
BANK NIFTY has supports at 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635.
NIFTY has the highest call OI build-up at 19,600 The highest put OI build-up is at 19,400 and.
BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.
U.S. jobs data on Friday did not cause any major surprises for the market.
However, Asian markets are trading cautiously ahead of China’s trade balance for Tuesday and inflation data on Wednesday.
International crude oil prices have increased 20% in the last 2 months and might cause troubles in the Indian markets if it moves higher.
NIFTY is now trading inside the consolidation zone of early July. The technicals and options data indicate that an upward rally might be limited for the week.
Bank NIFTY has reached back to early June consolidation levels.
A close below 19,330 levels will indicate bearishness for NIFTY, but looks like the market will hold up above that easily.
Breaking 19,650 levels will indicate strength in the market.
Friday’s craziness with Bank Nifty might be seen throughout the week. Look out for movements in IndusInd Bank and ICICI Bank.
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!
People often have money they want to save for later instead of spending it right away. A savings bank account allows you to deposit your money safely with the bank, so you don’t have to carry it around or hide it in that rusted old steel safe at home. It is the most basic account that you can open at any bank. In this article, we will discuss a few of the best savings bank accounts available in India that can provide a seamless banking experience.
How to Choose a Savings Bank Account?
Here are some of the key factors to consider before opening a savings bank account:
1. Interest rates
Compare the interest rates offered by different banks. Look for accounts that offer competitive or relatively high interest rates to maximise your savings.
2. Minimum Balance
Check the minimum balance requirement for each account. Choose an account that aligns with your financial situation and can be easily maintained to avoid penalties.
3. Fees and charges
Take note of any fees and charges associated with the savings account, including maintenance, ATM, or transaction fees. Choose an account with minimal or no charges, particularly if you plan to conduct regular transactions.
4. Withdrawal and transaction limit
Transaction and withdrawal limits on savings bank accounts refer to the maximum amount of money that can be transacted or withdrawn from the account within a specified period. The banks set these limits to ensure security, manage liquidity, and prevent misuse or fraudulent activities.
Look out for daily withdrawals, transactions, and other transfer limits before you open an account.
5. Customer service
Evaluate the quality of customer service provided by the bank. Check online reviews and ratings to gauge customer satisfaction and responsiveness to queries or complaints. Opting for a bank with an extensive network of branches can enhance your banking experience. Additionally, ensure the availability of a nearby branch for your convenience.
6. Bank’s financial health
Before opening a savings account, assess the bank’s financial health. Look for indicators like capital adequacy, asset quality, profitability, and liquidity. Consider credit ratings, regulatory compliance, reputation, and track record to ensure the safety and growth of your funds.
Best Savings Bank Accounts in India
1. State Bank of India (SBI)
State Bank of India (SBI) is a multinational public sector bank and the largest bank in India. SBI offers a variety of savings accounts with different interest rates. The interest rate on SBI savings accounts ranges from 2.70% to 4.25%, depending on the balance. Furthermore, SBI offers several other features, such as free ATM withdrawals, online banking, and mobile banking.
As of March 31, 2023, the State Bank of India (SBI) has 28,802 branches in India. SBI also has a network of over 62,617 ATMs and 71,968 Business Correspondent (BC) outlets across India. Additionally, SBI has a market share of 27.24% as of FY23, making it the largest bank in India.
The various types of saving accounts offered by SBI are:
Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna)
Savings Bank Account
Basic Small Savings Account
Savings Account for Minors
Savings Plus Account
Insta Plus Video KYC Savings Account
Interest rate offered by SBI savings account
Balance
Interest Rate (per annum)
Less than ₹10 crore
2.70%
₹10 crore & Above
3.00%
2. HDFC Bank
HDFC Bank is the largest private-sector bank in India by assets. The bank offers a savings account with an interest rate of 3%. HDFC Bank has branch networks across several countries outside India, including the United States, the United Kingdom, Singapore, and the United Arab Emirates. The bank’s international presence is growing, and it plans to open more branches in other countries in the coming years.
As of March 31, 2023, HDFC Bank has 7,821 branches in India. HDFC Bank also has a network of over 19,727 ATMs and 5,200 Business Correspondent (BC) outlets across India. HDFC Bank has a market share of 18.71% in the Indian banking sector. After the State Bank of India (SBI), it is the second-largest bank in India in terms of market share.
The various types of saving accounts offered by HDFC Bank are:
Regular Savings Account
Women’s Savings Account
Savings Max Account
Specialé Gold and Specialé Platinum
DigiSave Youth Account
Senior Citizen’s Account
Kids Advantage Account
Basic Savings Bank Deposit Account
Super Kids Savings Account
Instant Savings Account Online
Interest rate offered by HDFC Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh & Above
3.50%
3. Axis Bank
Axis Bank is a private-sector bank and is the fourth-largest bank in India by market capitalization and the fifth-largest bank in India by assets. The bank’s market share in the Indian banking sector is 5.64% as of March 31, 2023. This makes it the fourth-largest bank in India by market share.
The bank has 5,238 branches in India. The bank also has a network of over 15,953 ATMs and cash recyclers across India.
Axis Bank’s market share has been growing steadily over the past few years. In 2018, the bank’s market share was 3.9%. This growth is due to several factors, including the bank’s strong financial performance, a wide range of products and services, and strong brand reputation.
The various types of saving accounts offered by the bank are:
EasyAccess Savings Account
Prime Savings Account
Future Stars Savings Account
Senior Privilege Savings Account
Pension Savings Account
Insurance Agent Account
Basic Savings Account
Small Basic Savings Account
Liberty Savings Account
Prestige Digital Savings Account
Priority Digital Savings Account
Burgundy Digital Savings Account
Government Scholarship Savings Account
Interest rate offered by Axis savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh to ₹800 crore
3.50%
4. ICICI Bank
ICICI Bank is a multinational banking and financial services company headquartered in Mumbai, India. It is the third-largest bank in India by market capitalization and the second-largest private-sector bank in India by assets.
As of March 31, 2023, ICICI Bank has 6,612 branches, over 15,589 ATMs, and 13,135 Business Correspondent (BC) outlets across India. ICICI Bank has a 14.01% market share.
The various types of saving accounts offered by ICICI Bank are:
Insta Save Account
Advantage Woman Aura Savings Account
Advantage Woman Savings Account
Seniors Club Savings Account
Young Stars Savings Account
Smart Star Savings Account
Retire Happy Savings Account
Family Savings Account
Regular Savings Account
Silver Savings Account
Basic Savings Bank Account (BSBDA)
Easy Receive Savings Account
Professional Savings Account
ICICI Bank@Campus Savings Account
Interest rate offered by ICICI Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh & Above
3.50%
5. Kotak Mahindra Bank
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in personal finance, investment banking, life insurance, and wealth management.
Kotak Mahindra Bank’s market share in the Indian banking sector is 3.51% as of March 31, 2023. The bank has 1,780 branches and 2,963 ATMs across India.
Interest rate offered by Kotak Mahindra Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 crore
3.50%
₹50 lakh & Above
4.00%
In conclusion, several top savings bank accounts in India offer various benefits and features suited to different individuals’ needs. It is essential to consider factors such as interest rates, minimum balance requirements, customer service, fees, and digital banking facilities while choosing the best savings account. Moreover, every savings account has account-specific minimum balance requirements, withdrawal, and transaction limits. Overall, the best savings bank account is the one that best meets all your needs!
Here are some of the major updates that could move the markets tomorrow:
Torrent Power Q4 Results: Net profit at Rs 484 crore
Torrent Power reported a consolidated net profit of Rs 483.93 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 487 crore last year. However, its total revenue rose 60% YoY to Rs 6,133 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 4 per equity share.
The board also approved a proposal to issue non-convertible debentures worth up to Rs 3,000 crore in one or more tranches by way of private placement.
Baring EQT set to buy HDFC’s education loan unit for up to $1.5 billion
Baring Private Equity Asia EQT plans to purchase HDFC’s education loan unit, Credila Financial Services, for approximately $1.3-1.5 billion. ChrysCapital and Baring have formed a consortium for the transaction. HDFC will retain a 10% stake in the company and may sell it within the next two years. An official announcement is expected by the end of June before HDFC and HDFC Bank’s merger.
ICICI Bank has decided to raise its stake in ICICI Lombard, the general insurance joint venture with Lombard. With this transaction, its ownership will increase beyond 50%, officially making ICICI Lombard a subsidiary. The Board of Directors approved the increase, with ICICI Bank purchasing 2.5% of the shares. As of March 2023, ICICI Bank’s stake in ICICI Lombard was 48.02%.
RVNL Q4 Results: Net profit falls 5% YoY to Rs 359 crore
Rail Vikas Nigam Ltd (RVNL) reported a 5% YoY fall in consolidated net profit to Rs 359.3 crore in Q4 FY23. Its operating revenue fell 11% YoY to Rs 5,719 crore during Q4 FY23. EBITDA stood at Rs 374.4 crore, down 8.3% YoY. The company’s board has announced a dividend of Rs 0.36 per equity share.
Viacom18 signs multi-year content deal with NBC Universal
Reliance’s Viacom18 has entered into a multi-year content agreement with NBCUniversal (NBCU) to enhance its premium content library. Through this partnership, JioCinema will gain access to a vast collection of NBCU films and TV series for distribution in India. The content offering includes titles from various entities under NBCU, such as Universal Television, UCP, Universal International Studios, DreamWorks Animation, Universal Pictures, and more.
Federal Bank picks investment banks for Rs 4,000 crore fundraising
Federal Bank has chosen Kotak Mahindra Capital, Axis Capital, BofA Securities, and JP Morgan as advisors for its plan to raise up to Rs 4,000 crore. The capital raise aims to support retail growth and inorganic activities and may be executed through debt, equity, or a combination of both.
Adani Transmission & Adani Total Gas to be removed from MSCI Global Standard Index
Adani Transmission and Adani Total Gas will be removed from the MSCI Global Standard Index. This is due to changes in MSCI’s index calculation regarding free float market cap. The removal is anticipated to trigger outflows of $189 million for Adani Transmission and $167 million for Adani Total Gas. MSCI’s rejig is expected to see the inclusion of stocks like Max Healthcare Institute, Hindustan Aeronautics (HAL) and Sona BLW Precision Forgings.
In other news, the Adani Group unveiled a new multimedia advertising campaign highlighting the conglomerate’s emphasis on infrastructure development.
ONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038
ONGC has announced plans to invest Rs 1 lakh crore by 2030 on energy transition projects. The company aims to achieve net zero carbon emissions by 2038. It also plans to increase its electricity generation from renewable sources from 189 MW to 1 GW by 2030. ONGC is also exploring opportunities in offshore wind farms and the establishment of a 1 million tonne per annum green ammonia plant in Mangalore.
BPCL partners with BARC to scale up alkaline electrolyzer tech for green hydrogen production
Bharat Petroleum Corporation Ltd (BPCL) is collaborating with the Bhabha Atomic Research Centre (BARC) to develop a 1 MW electrolyzer manufacturing capacity in India by 2025. The research and development division of BPCL is focusing on scaling up alkaline electrolyzer technology for green hydrogen production. The company intends to involve a third party in establishing the electrolyzer manufacturing facility, and the resulting alkaline electrolyzers are expected to be 20-30% cheaper than the current market rate of approx. $800 per kW.
Maruti Suzuki India expects continuing production loss in the first quarter due to the shortage of electronic components, with relief anticipated in July-September. The company has been facing a shortage of chips for a while, which has impacted its supplies to cater to the market demand. In FY23, the automaker lost 1.7 lakh units due to chip shortage. It has an order backlog of over 4 lakh units, with Ertiga leading the pack with close to 1 lakh bookings.
NIFTY started the day at 17,707 with a gap-up of 83 points. The index moved down after the good gap-up opening and took support from 17,615. From there, it made an amazing recovery and broke the resistance above 17,700. The index closed at 17,743, up by 119 pts or 0.68%.
BANK NIFTY started the day at 42,469 with a gap-up of 351 points. The index took good support from the 42,300 region and moved up to hit a day high at 42,714. Bank Nifty closed at 42,635, up by 517 pts or 1.23%.
Nifty PSU Bank (+2.6%) and Nifty Realty (+1.06%) also closed well in green. NIFTY Media fell 1.31%.
Major Asian markets closed mixed. The German market (DAX) is currently trading in the green, while the UK’s FTSE100 and France’s CAC40 are in red.
Today’s Moves
HDFC Life (+6.6%) continued its rally and was NIFTY50’s top gainer. Ahead of the merger, RBI has allowed HDFC Bank or HDFC to increase the stake in HDFC Life and HDFC ERGO by over 50%.
Tata Consumer (+4.59%) moved up. The company will post its Q4 results tomorrow.
Wipro (+2.69%) surged the most in over 15 weeks as the IT company’s board announced a share buyback plan.
RVNL (+13.2%) rallied after it secured two separate orders from Gujarat Metro Rail Corp.
Cipla (-1.32%) was NIFTY50’s top loser.
IndusInd Bank(-1.29%) reported a 49% YoY rise in net profit to ₹2,040 crore in Q4. The results have beaten street/analysts’ estimates.
Adani Groupstocks Adani Green (-3.1%), Adani Transmission (-3%), and ATGL (-2.9%) fell heavily. Meanwhile, Adani Ports (+1.38%) has started a $130 million buyback of debt securities.
Markets Ahead
The positive sentiment in the market was boosted by strong earnings reports from index heavyweights.
From the morning itself, it was super evident that Bank Nifty was going to move up. Nifty was falling after the opening, but Bank Nifty consolidated around the 42,350 level and ICICI Bank had a decent profit booking days before its awesome result announcement. So a strong up move in Bank Nifty was inevitable.
Looking at Bank Nifty charts, I feel that the index is gaining momentum to the upside. Resistance can be expected above 43,300.
Nifty taking support from 17,600 and closing above 17,700- this is also a good recipe for an up-move. But remember that the index is still in its consolidation zone.
Here are some of the major updates that could move the markets tomorrow:
Adani Ent Q3 Results: Net profit at ₹820 crore
Adani Enterprises reported a consolidated net profit of ₹820 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹11.63 crore in Q3 FY22. Its revenue from operations rose 42% YoY to ₹26,612.23 crore in Q3 FY23. The company’s mining business sales rose nearly 3 times to ₹2,044 crore. The airports business also saw revenue doubling to ₹1,733 crore.
Tata Group’s Air India to acquire 250 aircraft from Airbus
Tata Sons has signed a Letter of Intent (LoI) to acquire 250 aircraft from European manufacturer Airbus. Air India will buy 40 wide-body A350 planes (used for ultra-long flights) and 210 narrow-body aircraft. The airline is likely to add almost 50 aircraft by the end of FY24, which will increase its capacity by about 50%.
Grasim Q3 Results: Net profit rises 44% YoY to ₹2,516 crore
Grasim Industries Ltd reported a 44% YoY increase in consolidated net profit to ₹2,516 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 17% YoY to ₹28,638 crore during the same period. Revenue from the chemicals business stood at ₹2,582 crore in Q3, up 10% YoY.
ICICI Bank signs MoU with European bank BNP Paribas
ICICI Bank signed a Memorandum of Understanding (MoU) with a European bank BNP Paribas to cater to the banking needs of European corporates operating in India and Indian companies in the European Union. The MoU will establish a framework of partnership between the two banks for providing financial services to corporate customers operating in the India–Europe corridor.
Eicher Motors Q3 Results: Net profit rises 62% YoY to ₹741 crore
Eicher Motors Ltd reported a 62% YoY increase in consolidated net profit to ₹741 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29% YoY to ₹3,721 crore during the same period. The company’s EBITDA stood at ₹857 crore in Q3, up 48% YoY. Total sales during the same period rose 48% YoY to 6.16 lakh units.
USFDA to not take any regulatory action on Aurobindo Pharma Telangana unit
Aurobindo Pharma Ltd said the US Food & Drug Administration (USFDA) has concluded the inspection of one of its manufacturing facilities with voluntary action indicated (VAI) in its Establishment Inspection Report (EIR). VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’. The unit is an active pharmaceutical ingredients (API) and intermediates facility located in Telangana.
ITC expects to sell more than ₹2,000-cr worth raw tobacco to BAT in FY24
ITC Limited is projecting to export up to ₹2,335 crore of raw tobacco to British American Tobacco (BAT) in the next financial year (FY24), a 17% increase from the estimated shipments in FY23. The company said it would seek shareholder approval for the plan since it is a related-party transaction. ITC is an associate company of Tobacco Manufacturers (India), which is a subsidiary of BAT, making both related parties.
Torrent Pharma enters OTC segment with calcium supplement
Torrent Pharmaceuticals has forayed into the over-the-counter (OTC) segment in India with Shelcal 500, a calcium supplement brand. The calcium is sourced from natural ingredients like oyster shells, having good absorption/bioavailability in the body. With Shelcal’s entry into OTC, Torrent Pharma believes the brand will become the largest calcium supplement brand in India.
Siemens Q1 Results: Net profit rises 85% YoY to ₹462 crore
Siemens Ltd reported an 85% YoY increase in consolidated net profit to ₹462.7 crore for the quarter ended December. The company follows the October-Sept financial year cycle. Its revenue from operations rose 13% YoY to ₹3,550 crore during the same period. EBITDA stood at ₹600 crore in Q1, up 64.8% YoY.
Here are some of the major updates that could move the markets tomorrow:
India’s services PMI hits three-month high in Nov
Services activity in India expanded at the fastest pace in three months in November 2022 as a result of strong demand, successful marketing, and sustained growth in sales. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 56.4 in November, compared to 55.1 in October. Services companies across India reported higher operating expenses in Nov.
[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]
Tata Motors likely to hike price of passenger vehicles in Jan
Tata Motors is likely to hike passenger vehicle prices from next month to make its model range compliant with stricter emission norms that kick in from April 1, 2023. The revised prices are expected to offset the impact of commodity prices, which have remained high for most of the current year, said the automaker’s Managing Director Shailesh Chandra. He added that battery prices have surged and have not been passed on to the market yet.
ICICI Bank to shift focus to SME lending, supply chain finance
ICICI Bank will be shifting focus to small & medium enterprises (SME) lending and supply chain financing to grow in the future as it works to ensure that new risks don’t build up. In the supply chain segment, the bank sees strong momentum in new client additions across corporates & vendors. The lender is also expanding its presence in high-potential markets and created 104 zonal heads, 24 city heads, and 9 state heads.
L&T secures order in Mumbai-Ahmedabad bullet train project
Larsen & Toubro Ltd (L&T) has secured a large order (in the range of ₹2,500-5,000 crore) in the proposed Mumbai-Ahmedabad bullet train project. The project assigned by the National High-Speed Rail Corporation includes the commissioning of a depot spread over 82 hectares in Gujarat.
Adani Green commissions 450 MW wind-solar hybrid power plant in Rajasthan
Adani Green Energy Ltd (AGEL) has commissioned its third wind-solar hybrid power plant at Jaisalmer, Rajasthan. The combined operational generation capacity of this newly commissioned hybrid power plant is 450 megawatts (MW). The plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.67 per kilowatt-hour (kwh) for 25 years.
JSW Energy starts phase-wise commissioning of wind power project at Tuticorin
JSW Renew Energy Two has started phase-wise commissioning of the 450 MW wind power project awarded under SECI Tranche X at Tuticorin, Tamil Nadu. The project has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years. JSW Energy has set a target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050.
IndiGo announces 32 new connecting flights to Europe
InterGlobe Aviation Ltd (IndiGo) has announced 32 new connecting flights to Europe through its codeshare partnership with Turkish Airlines. The new routes include major destinations like Milan, Manchester, Birmingham, Rome, and Venice. Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.
India records over 23 billion digital payments worth ₹38.3 lakh crore in Q3
Worldline India’s ‘Digital Payments Report’ stated that India recorded 23.06 billion digital transactions worth ₹38.3 lakh crore during Oct-Dec (Q3 FY23). These digital transactions include payments done by Unified Payments Interface (UPI), debit & credit cards, prepaid payment instruments like mobile wallets, and prepaid cards. UPI transactions volume rose 88% year-on-year (YoY) to 19.65 billion in Q3.
Infosys Ltd has established a new proximity center in Sweden as it aims to enhance its localization strategy in the Nordic region by bringing next-gen digital offerings to its clients. The new center represents another step toward strengthening Infosys’ presence in Gothenburg, an emerging automotive, digital tech, and green innovation hub in Europe.
Here are some of the major updates that could move the markets tomorrow:
Tata Group, SIA to merge Air India with Vistara by 2024
Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.
Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.
Tata Motors partners with IndusInd Bank to boost EV adoption
Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India.
Cipla launches injection for prostate cancer in the US
Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.
Gland Pharma acquires French CDMO Cenexi for €120 million
Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.
ICICI Bank launches digital lending solution iLens
ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.
Lupin launches generic version of COPD treatment drug
Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.
Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions
Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.
Biocon completes acquisition of Viatris’s biosimilar business
Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.
ONGC gas price to be capped at $6.5 for five years
A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.
Here are some of the major updates that could move the markets tomorrow:
ICICI Bank, Axis Bank to acquire stake in IOCL’s JV
ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.
Tata Consumer to buy Bisleri International for ₹7,000Cr: Report
According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.
Canara Bank launches Electronic Bank Guarantee with NeSL
Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.
Bajaj Electricals partners with Cultinno to kick off innovation challenge
Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation
USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant
The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.
Coal stock at thermal power plants may reach 45 MT by March-end
The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.
Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’
Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest.
Sonata Software secures multi-year deal from Global Cloud Xchange
Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.
Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).
Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.
FDI equity inflows fall 24% YoY in Q2: DPIIT
Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT).
Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.
Here are some of the major updates that could move the markets tomorrow:
SBI sees 14-15% corporate credit growth in FY23
State Bank of India (SBI) expects corporate loans to grow at a pace of 14% to 15% this financial year (FY23) and 12% on average over the next two years. Demand for corporate loans is being driven by improved capacity utilisation, higher working capital, and a shift in demand from bond markets to bank loans. The bank saw a 21% increase in corporate credit in the July-September quarter (Q2).
Tata Power Solar, Union Bank to help MSMEs for solar project financing
Tata Power Solar Systems Ltd (TPSSL) has partnered with Union Bank of India (UBI) to help micro, small, and medium enterprises (MSMEs) switch to solar solutions. The association will be implemented under UBI’s solar scheme called Union Solar, which helps MSMEs relieve the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through a term loan facility by UBI.
RBI Governor asks Indian banks to be vigilant about evolving macroeconomic situation
Reserve Bank of India (RBI) Governor Shaktikanta Das asked the country’s banks to remain watchful of the evolving macroeconomic situation (including global spillovers). He asked lenders to take mitigating measures proactively to minimise any impact on their balance sheets and contain financial stability risks.
Recession fears have spooked investors as central banks globally have been hiking interest rates to bring down soaring inflation. A deepening energy crisis in Europe and continued lockdowns in China have also added to the global economic distress.
Bharat Rasayan Q2 Results: Net profit falls 13% YoY to ₹23 crore
Bharat Rasayan Ltd reported a 13.37% year-on-year (YoY) decline in net profit to ₹22.93 crore in Q2 FY23. The chemical manufacturing company’s revenue from operations rose 8.14% YoY to ₹291.77 crore during the same period. Total expenses stood at ₹263.88 crore in Q2, up 12% YoY.
ICICI Bank hikes FD interest rates by 30 basis points
ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below ₹2 crore on select tenors by up to 30 basis points (bps). The new interest rates are effective from November 16, 2022. The bank will now offer interest rates between 3% and 6.60% for tenors from 7 days to 10 years for regular investors.
Hindustan Zinc announces interim dividend of ₹15.5 for FY23
Hindustan Zinc Ltd announced a second interim dividend of ₹15.5 per share for a face value of ₹2 per unit for the ongoing financial year (FY23). The dividend will amount to ₹6,549.2 crore. The company had declared November 24 as the record date for the interim dividend. Ex-date for the dividend will be November 23, which means that investors who wish to buy the stock for the dividend should do it before November 23.
IT major Wipro Ltd has reached an agreement with employee representatives to set up a European Works Council (EWC). The creation of an EWC follows a request by employees under a European Union (EU) directive that establishes the opportunity in companies with more than 1,000 employees across multiple European locations. The first constitutional meeting will take place in Q1 FY24.
Tata Motor-owned Jaguar Land Rover (JLR) Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons. He will leave the company on December 31, 2022. Adrian Mardell will take over as interim CEO from Wednesday. He has been part of JLR for 32 years and is currently a member of its executive board.
State Bank of India (SBI) has signed a €150 million (~₹1,240 crore) loan agreement with German development bank KfW to facilitate new and upcoming capacity in the solar sector. The long-term loan will facilitate new and upcoming capacities in the solar sector and further contribute to the country’s goals announced during COP26.
