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Daily Market Feed Post Market Analysis

Sharp Recovery After Gap Down. Bearishness to Continue? – Post-Market Analysis

closing bell | marketfeed

NIFTY started the day at 19,545 with a big gap-down of 126 points. The index took support near the round levels of 19,500, moved up to 19,600, consolidated, and gave a breakout till yesterday’s closing levels of 19,680. After taking rejection there, the index fell back to 19,600 levels. Nifty closed at 19,624, down by 46 points or 0.24%.

Nifty chart October 19 - post-market analysis

BANK NIFTY (BNF) started the day at 43,616 with a gap down of 272 points. After the big gap-down opening, the index rose sharply till yesterday’s closing levels of 44,000, took rejection, fell to 43,750 levels, and shot back up to 44,060. Then, the index gradually fell to 43,750 levels again. BNF closed at 43,754, down by 134 points or 0.31%.

Bank Nifty chart October 19 - post-market analysis

All indices except Nifty Auto (+0.5%), Nifty Media (+0.14%), and Nifty FMCG (+0.14%) closed flat-to-red. Nifty Metal (-0.88%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei fell 1.9%). European markets are currently trading in the red.

Today’s Moves

Bajaj Auto (+6.7%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹5,495 after the two-wheeler manufacturer reported strong Q2 results.

Shares of PSU civil construction company NBCC (India) Ltd (+9.5%) have zoomed over 60% in 3 months.

LTI Mindtree (+6.6%) jumped after the IT major posted Q2 earnings yesterday.

Wipro (-2.98%) was NIFTY50’s top loser. The company reported flat overall growth in Q2 due to the macroeconomic slowdown and cutbacks in discretionary spending in global markets.

MMTC (-9.95%) fell sharply today. The stock has crashed nearly 20% in 2 days on reports that the govt may shut down the company.

Markets Ahead

Bank Nifty made very volatile moves today. Meanwhile, Nifty tried recovering from the lows but faced rejection from the resistance zones.

Nifty: The important support to watch out for is 19,600. A breakdown from there may take the index down to 19,500 levels. The earlier resistance in Nifty will now act as support. The resistance to look out for will be 19,680 levels, and a breakout from there could give us targets of 19,720 and 19,800.

Bank Nifty: The immediate support in BNF is near today’s low and round levels of 43,500. This is an important long-term support zone as you can see in the chart below. A closing below that zone on a daily or weekly time frame could confirm long-term bearishness. On the other hand, the resistance zone is 44,000, and BNF needs to close above that for some bullishness or reversal.

Premiums in Nifty contracts today and Bank Nifty contracts yesterday experienced insane gamma spikes in Out of the Money (OTM) options. The premiums shot up from ₹1 to ₹25-20 in Nifty today and ₹15 premiums spiked to ₹300 yesterday in Bank Nifty! This creates panic situations for option sellers, whereas such moves reward option buyers if they’re in the right direction.

How was Nifty expiry? Are you in net profit or loss? Let us know in the comments below!

Please join The Stock Market Show at 7 PM on our YouTube channel.

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Daily Market Feed Post Market Analysis

Extreme Volatility! Negative Closing for Nifty – Post-Market Analysis

NIFTY started the day flat at 19,744. The index was highly volatile in a 140-point range throughout the day. After opening, the index tried moving up, but faced rejection at the 19,800 level. It then gave a sharp fall of 130 points, recovered back up to the same day’s high, and again fell to the day’s low at 19,650 levels. Nifty closed at 19,742, down by 68 points or 0.34%.

Nifty chart Sept 22 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,707 with a gap-up of 83 points. It initially tried moving up, but took rejection at the 45,000 round levels. Then, the index fell sharply by nearly 400 points to 44,600 levels. It again gave a rebound to the day’s high, but eventually fell again. BNF closed at 44,612, down by 11 points or 0.03%.

Bank Nifty chart Sept 22 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.51%) and Nifty Auto (+0.21%) closed flat-to-red. Nifty Pharma (-1.5%) fell the most.

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

Today’s Moves

IndusInd Bank (+2.95%) was NIFTY50’s top gainer.

Maruti Suzuki (+2.4%) moved up after brokerages Citi and Morgan Stanley maintained their bullish stance on the stock.

HUDCO (+18.84%) hit a 5-year high of ₹85.8 on the back of a positive outlook. The stock has surged nearly 95% since April 2023.

All 12 stocks in NIFTY PSU Bank closed in the green, with Central Bank of India (9%), Union Bank (5.4%) and Canara Bank (4.6%) emerging as top gainers.

Dr Reddy’s Labs (-2.67%) was NIFTY50’s top loser. 

Shares of Wipro (-2.4%) fell following the resignation of Jatin Pravinchandra Dalal as Chief Financial Officer of the company.

Glenmark Pharma (-3.01%) declined up to 6% after the firm received board approval to sell a 75% stake in subsidiary Glenmark Life Sciences to Nirma.

Markets Ahead

Markets are extremely volatile and every uptick is getting sold with a lot of strength. As discussed in yesterday’s post-market report, a sell-on-rise market was expected, and we are seeing it in action.

Nifty: The immediate resistance to watch out for is near 19,720 levels. For a proper uptrend, the index has to cross the resistance at 19,800. The major support is near 19,650. And if this level is breached, we can expect Nifty to hit 19,630 and 19,560.

Bank Nifty: The index is near its round-level support zone of 44,500. A breakdown from this level could give us targets of 44,300 and 44,000. The immediate resistance to look out will be 45,000. Wait for BNF to cross 45,000 if you’re looking for buying opportunities.

On a weekly time frame, the indices are looking weak. But they have taken support from trendlines. So, if those trend lines are breached, we can expect bearishness in the coming months!

PSU bank stocks outperformed today as India’s inclusion in JP Morgan’s Government Bond Index led to a decline in bond yields. 

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

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

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Daily Market Feed Pre Market Report

Is it Time to Exhibit Strength? Pre Market Analysis

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

Stocks

Wipro reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter ended June to Rs 2,870 crore. Consolidated revenue increased 6% to Rs 22,831 crore.

Shares of Bandhan Bank, JSW Energy and Just Dial will be in focus today as the companies will report their first quarter results.

Shares of Senco Gold will debut on the exchanges today after a strong response for its IPO.

What to Expect Today?

NIFTY opened with a gap-up at 19,469 and rallied heavily. The index formed a new All-time high and consolidated at the top. There was a huge fall in the second half and the index closed at 19,413, up by 29 points or 0.15%.

BANK NIFTY opened with a gap-up at 44,894 and moved higher. The index faced resistance near 45,100 and started falling slowly. 44,940 was broken and the fall intensified. BN closed at 44,665, up by 26 points or 0.06%.

IT closed 1.75% higher.

The US markets and the European markets closed higher.

The Asian markets are trading higher.

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

GIFT NIFTY is trading flat at 19,555.

All the factors combined indicate a flat 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-bought shares worth Rs 1,200 crores. Domestic Institutional Investors net-sold shares worth 2,200 crores.

INDIA VIX is at 10.9.

The story we discussed on the Stock Market Show played out yesterday. We were expecting the put OI to increase with a possible up-move and in case that happens, it would be the perfect recipe for a fall.

There were stiff resistances for Bank Nifty and those played their role. When long unwinding joined, there came the big fall.

Let us see if we get an up-move today because that is what we usually see after long unwinding. At the same time, we cannot expect a very big up-move, unlike it happens during short covering.

The global markets are supportive as of now. Looking at data and cues, there is no weakness. US PPI came out at its best in three years.

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 YoutTube 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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Market News Top 10 News

Wipro’s Net Profit Rises 12% YoY to Rs 2,870Cr in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: PAT rises 12% YoY to Rs 2,870 crore

Wipro reported a 12% YoY rise in consolidated net profit to ₹2,870 crore for the quarter ended June (Q1 FY24). The company’s operating revenue stood at ₹22,831 crore, up 6% YoY. Wipro’s IT services operating margin for the quarter was at 16%, up 1.12% YoY. However, revenue in constant currency (CC) terms declined nearly 3% sequentially in the quarter.

Read more here.

Granules India’s Gagillapur facility gets clearance certificate from the USFDA

Granules India Ltd has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The company’s Gagillapur facility in Hyderabad received the EIR. Granules uses this facility to manufacture finished dosages and Pharmaceutical Formulation Intermediates (PFIs). In January, USFDA inspected the Gagillapur facility of Granules India as part of a pre-approval inspection (PAI) and issued three observations. It responded to the USFDA’s observations within the stipulated period.

Read more here.

Samvardhana Motherson completes acquisition of 51% in Saddles Intl

Samvardhana Motherson International Ltd has completed the acquisition of a 51% stake in Saddles International Automotive & Aviation Interiors Private Ltd (SIAAIPL). SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. In January this year, Samvardhana Motherson International announced that it was acquiring a majority stake in SIAAIPL for ₹207 crore.

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Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore

Federal Bank reported a 42% YoY rise in net profit to ₹854 crore in Q1 FY24. The bank had reported a net profit of ₹600.7 crore in Q1 last financial year. The net interest income (NII) for the quarter rose 20% YoY to ₹1,919 crore from ₹1,605 crore in Q1 FY23. The bank’s gross non-performing asset (NPA) stood at ₹4,434.8 crore as against ₹4,183.8 crore in Q4 FY23, up 2.38%. Net NPA was also up 0.69% to ₹1,274.6 crore in Q1.

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Ramco Cements to sell entire stake in Lynk Logistics to Swiggy’s parent

Ramco Cements’ board has approved the sale of its entire equity stake in Lynk Logistics to Bundl Technologies Pvt. Ltd. Lynk Logistics operates the food delivery platform Swiggy. Ramco Cements will sell 49.95 crore shares in Lynk Logistics to Bundl, as approved in its board meeting. In exchange, Ramco will subscribe to 24.18 lakh Compulsory Convertible Preference Shares (CCPS) of Swiggy’s parent company. 

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HDFC Bank onboards 1 lakh customers, 1.7 lakh merchants on CBDC platform

HDFC Bank has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The bank also announced the launch of a UPI QR code interoperable with India’s sovereign digital currency. With this, HDFC Bank has become one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank’s onboarded merchants to accept customer payments in Digital Rupee currency.

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L&T supplies various components for Chandrayaan-3

Larsen & Toubro (L&T) has supplied various components for India’s moon mission Chandrayaan-3. Parts like “middle segment and nozzle bucket flange” were manufactured at its facility in Powai. Components like ground and flight umbilical plates were from the company’s aerospace manufacturing facility at Coimbatore. L&T delivered all these subsystems ahead of schedule. Additionally, L&T is involved in the production of a range of hardware for Chandrayaan-1 and 2, Gaganyaan and Mangalyaan missions of ISRO.

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USFDA issues Form-483 with two observations for Lupin’s Nagpur plant

Lupin’s Nagpur oral solid dosage facility has received Form 483 with two observations from the US FDA. Form 483 is issued to a firm’s management if there are violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. The FDA Form 483 notifies the company’s management of objectionable conditions. The US FDA inspected the facility from July 3 To July 11, 2023.

Read more here.

Godrej Properties emerged as the highest bidder for two land parcels in Gurgaon

Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately ₹3,100 crore. The average rate for plots in this market is around ₹100 crore per acre. Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments.

Read more here.

PVR cuts prices on food & beverage

PVR Inox has introduced two new offers on snacks and drinks, claiming it is an “unbeatable price”. The announcement comes after a journalist highlighted the bill of an average-sized popcorn and Pepsi at a PVR cinema hall. The company has introduced the new offers in response to the widespread criticism regarding the exorbitant prices of snacks at its multiplexes.

Read more here.

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Market News Top 10 News

RVNL Secures 3 Orders Worth Rs 11,256Cr – Top Indian Market Updates

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

RVNL secures 3 orders worth ₹11,256 crore from Chennai Metro Rail

Rail Vikas Nigam Ltd (RVNL) has secured three contracts worth ₹11,256 crore from Chennai Metro Rail Ltd (CMRL). The contract is for the construction of underground stations in the CMRL’s Phase-2 project. The first contract involves building five underground stations, including KMC, Sterling Road Jn, Nungambakkam, Gemini, and Thousand Lights. The contract duration is 1,725 days.

Read more here.

HDFC divests stake in HDFC Credila to Baring PE & ChrysCapital for ₹9,060 crore

Housing Development Finance Corp Ltd (HDFC) has announced the sale of 90% of its stake in its subsidiary HDFC Credila Financial Services Ltd. Baring PE and ChrysCapital will buy the stake for ₹9,060 crore. The transaction involves divesting approximately 90% of HDFC Credila’s issued and paid-up share capital, totalling around 13,29,49,207 equity shares. Following the deal, HDFC Credila will no longer be a subsidiary of HDFC.

Read more here.

Pidilite in JVs with 2 Italian firms for cutting-edge stone fixing solutions

Pidilite Industries has inaugurated its advanced manufacturing facilities in Amod, Gujarat. These facilities are established under the joint ventures (JV) of Pidilite Litokol and Tenax Pidilite. The technology for these ventures has been transferred by Italy-based Litokol SpA and Tenax SpA. This marks a significant milestone in the technology transfer within India’s stone and ceramic solutions industry.

Read more here.

IIFL Securities to appeal against SEBI order on taking up new clients

IIFL Securities has announced its intention to appeal against the Securities and Exchange Board of India’s (SEBI) order prohibiting the broking house from taking on new clients for two years. However, the ban does not impact the company’s ongoing business with existing clients. The move follows SEBI’s decision to impose the two-year ban on IIFL Securities due to alleged mis-utilisation of client funds.

Read more here.

Wipro share buyback to open on June 22

Wipro has confirmed that its Rs 12,000 crore share buyback program will commence on June 22 and close on June 29. The company plans to repurchase 26.96 crore shares (~ 4.91%) of its total paid-up equity share capital through a tender offer. The buyback was announced on April 27 at a price of Rs 445 per share, offering a premium to the previous day’s closing price. The current buyback price remains at a 17.4% premium.

Read more here.

CCI approves HDFC’s acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) approved the acquisition of the additional shareholding of HDFC Life Insurance Company Ltd by HDFC. The proposed combination involves HDFC acquiring additional shares of HDFC Life through on-market purchases. HDFC & HDFC Bank will hold over 50% of HDFC Life’s shareholding to comply with Indian banking laws following the amalgamation.

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Piramal Enterprises to sell distressed loan portfolio worth Rs 2,600 crore

According to a CNBC-TV18 report, Piramal Enterprises has attracted interest from two bidders for its distressed loan portfolio with an estimated value of Rs 2,600 crore. The first bidder is Phoenix ARC, backed by Kotak Mahindra Bank and Cerberus Capital. The second bidder is Ares SSG with ACRE. This transaction is significant in the distressed asset space and involves high-value real estate projects. The loans will be sourced from Piramal Capital’s housing book.

Read more here.

Adani Group looking for more lenders to refinance $3.8 billion loans

The Adani Group is currently in talks with at least five new international banks to refinance $3.8 billion of loans taken for the acquisition of ACC Limited and Ambuja Cement. Most of the existing lenders, including Standard Chartered, Barclays and Deutsche Bank, are expected to participate in the refinancing. In addition, the group is in discussions with two Taiwanese banks and a Malaysian bank to expand the consortium of lenders for syndicating the loan. The refinancing may involve extending the payment tenor by three years.

Read more here.

Abrdn sells 10.2% stake in HDFC AMC via block deal

UK-based asset management company Abrdn plc has sold its entire 10.2% stake in HDFC Asset Management Co Ltd for about ₹3,547 crore, or about $432 million. Abrdn, a part of HDFC AMC’s promoter group, had proposed to sell the stake in a range of ₹1,800 to ₹1,892.45, according to a term sheet reviewed by Reuters.

Read more here.

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Market News Top 10 News

Adani Ports’ Net Profit Rises 5% YoY to Rs 1,159Cr in Q4 – Top Indian Market Updates

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

Adani Ports Q4 Results: Net profit rises 5% YoY to Rs 1,159 crore

Adani Ports reported a 5% YoY increase in consolidated net profit to Rs 1,159 crore for the quarter ended March (Q4 FY23). Its consolidated revenue rose 40% YoY to Rs 5,797 crore during Q4 FY23. EBITDA stood at Rs 3,270.7 crore, up 59% YoY. The company’s board has recommended a dividend of Rs 5 per equity share.

Read more here.

Inox Wind receives 150 MW order from NTPC Renewable Energy

Inox Wind secures a 150 MW wind power project order from NTPC Renewable Energy. The project will be located in Gujarat and Inox Wind will supply and install Wind Turbine Generators, as well as handle operation and maintenance services. This brings Inox Wind’s total orders from NTPC to 550 MW. The addition will expand Inox Wind’s O&M fleet and contribute to overall profitability.

Read more here.

India’s growth momentum likely to be sustained in FY24: RBI

India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, the Reserve Bank of India (RBI) said in its Annual Report 2022-23. The central bank added that the economy will be supported by sound macroeconomic policies, softer commodity prices, a robust financial sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains.

Read more here.

Jubilant Pharmova’s Canada unit gets OAI status

Jubilant Pharmova’s Canadian unit gets Official Action Indicated (OAI) status from the US Food & Drug Administration (USFDA). The USFDA might not approve applications or supplements for Jubilant Pharmova’s Montreal facility. The regulator inspected the facility in February 2023 and found objectionable conditions. Jubilant HollisterStier, a subsidiary of Jubilant Pharmova, is working with the USFDA to address the observations within the given timeframe.

Read more here.

Mankind Pharma Q4 Results: Net profit jumps 50% YoY to Rs 285 crore

Mankind Pharma reported a 50% YoY increase in consolidated net profit to Rs 285 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 19% YoY to Rs 2,053 crore during Q4 FY23. For FY23, the company reported an 11% fall in consolidated net profit to Rs 1,282 crore, despite a 12.4% growth in revenue to Rs 8,749 crore.

Read more here.

Triveni to expand capacity of its existing plants

Triveni Engineering & Industries will invest Rs 85 crore in expanding its sugar business. The company plans to increase the capacity of its sugar unit in Uttar Pradesh by 2,000 tonnes of cane per day, raising it from 7,000 Tonnes of Cane per Day (TCD) to 9,000 TCD. This expansion will bring the company’s total crushing capacity to 63,000 TCD according to the company.

Read more here.

Sun Pharma signs pact with Philogen to commercialise skin cancer drug

Sun Pharma has partnered with Philogen SpA to commercialize an under-development skin cancer drug called Nidlegy in Europe, Australia, and New Zealand. Nidlegy, currently in Phase III clinical trials, is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. Sun Pharma will hold exclusive rights to commercialize the product and will share post-commercialization economics with Philogen in a 50:50 ratio.

Read more here.

Apollo Hospitals Q4 Results: Net profit jumps 50% YoY to Rs 146 crore

Apollo Hospitals reported a 50% YoY increase in net profit to Rs 146 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 21% YoY to Rs 4,303 crore during Q4 FY23. EBITDA stood at Rs 488 crore, up 5% YoY. The company’s board has recommended a dividend of Rs 9 per equity share.

Read more here.

Prestige Estates acquires DB Group’s balance stake in 2 Mumbai projects for Rs 1,176 crore

Prestige Estates Projects has acquired the remaining stake in two projects located in Mumbai’s Bandra-Kurla Complex (BKC) and Mahalaxmi locality from DB Group. The total cost of the acquisitions amounts to over Rs 1,176 crore. The projects are expected to be completed within the next 3-4 years. These strategic acquisitions will allow Prestige Estates Projects to strengthen its ownership in these prime assets and significantly enhance the value of its annuity rental portfolio.

Read more here.

V-Guard Q4 Results: Net profit falls 41% YoY to Rs 53 crore

V-Guard Industries reported a 41% YoY fall in consolidated net profit to Rs 52.73 crore in Q4 FY23. However, its operating revenue rose 7% YoY to Rs 1,140 crore during Q4 FY23. EBITDA stood at Rs 99 crore, down 12% YoY. The company’s board has announced a dividend of Rs 1.3 per equity share.

Read more here.

Shriram Properties reports highest-ever sales volumes of in FY23

Shriram Properties Ltd (SPL) has reported the highest-ever sales volumes of 4.02 million sq. ft (msf) in FY23 with sales value reaching a new high of Rs 1,846 crore, up 25% YoY, supported by higher volumes, better realisation, change in product mix and the impact of seven launches. Gross collections stood firm at Rs 1,200 crore. SPL completed seven projects with an aggregate development area of 3.8 msf during the year.

Read more here.

Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore

Patanjali Foods Ltd reported a 13% YoY rise in standalone net profit to Rs 264 crore in Q4 FY23. The profit stood at Rs 234 crore in the same period last year. Its operating revenue also rose 18% YoY to Rs 7,873 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 6 per equity share.

Read more here.

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Market News Top 10 News

ZEEL’s Net Loss at Rs 196Cr in Q4 – Top Indian Market Updates

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

ZEEL Q4 Results: Net loss at Rs 196 crore

Zee Entertainment Enterprises Ltd reported a net loss of Rs 196 crore for the quarter ended March (Q4 FY23). The company posted a net profit of Rs 181 crore in Q4 FY22. Its revenue also declined 9% YoY to Rs 2,112 crore during Q4 FY23. EBITDA stood at Rs 152 crore, down 69% YoY. The company’s operating profit was hit by the advertising spending slowdown, investment in ZEE5, movie launches, and sports.

Read more here.

Reliance completes acquisition of Lotus Chocolate

Reliance’s Reliance Consumer Products (RCPL) acquired a 51% stake in Lotus Chocolate Company Ltd for Rs 74 crore. They also subscribed to non-cumulative redeemable preference shares of Lotus for Rs 25 crore. RCPL gained sole control of the company on May 24, 2023, after completing the open offer under SEBI Takeover Regulations.

Read more here.

Biocon Biologics may raise additional equity of $300 million in FY24

Biocon Biologics plans to raise an additional $300 million in equity by the end of FY24 to reduce the debt incurred from the $3.3 billion acquisition of Viatris’ biosimilar business. The funds would provide flexibility for business development and asset in-licensing. While preferring clean private equity investments, Biocon Biologics remains open to structured investment deals with assured returns.

Read more here.

Wipro Chairman Rishad Premji takes a 50% compensation cut

Wipro’s Chairman Rishad Premji has taken a nearly 50% reduction in his remuneration for the financial year ended March 2023 after the IT firm cut employees’ variable pay. He will receive a total compensation of $951,353, which is almost half of his remuneration from the previous financial year. This marks the first reduction in his compensation since the pandemic, after a 31% cut previously.

Read more here.

Page Industries Q4 Results: Net profit falls 59% YoY to Rs 78 crore

Page Industries reported a 59% YoY decline in net profit to Rs 78 crore in Q4 FY23. Its operating revenue also declined 13% YoY to Rs 1,111 crore during the same quarter. EBITDA stood at Rs 134 crore, down by 50% YoY. The company’s board has declared a dividend of Rs 60 per equity share.

Read more here.

Titagarh Wagons rebrands as Titagarh Rail Systems

Titagarh Wagons has undergone a major transformation and is rebranded as Titagarh Rail Systems. The new name reflects the company’s expanded focus on various rail-related activities, including wagon manufacturing, rail infrastructure development, and modernization. The company has also merged its shipbuilding segment with the freight rail system segment. This strategic rebranding has received a positive market response.

Read more here.

Bharat Dynamics Q4 Results: Net profit falls 42% YoY to Rs 153 crore

Bharat Dynamics reported a 42% YoY fall in net profit to Rs 153 crore in Q4 FY23. Its revenue declined 41% YoY to Rs 797 crore during the same quarter. EBITDA stood at Rs 182 crore, down 52% YoY. Delays in the receipt of certain electronic components and explosives due to the ongoing Russia-Ukraine war affected the performance during FY23.

Read more here.

Granules India hit by IT security breach

Granules India has reported an information technology security breach and stated that it is currently investigating the incident. The affected IT assets have been isolated, and the company is taking necessary actions to address the breach. The containment and remediation measures are being carried out in a controlled manner. The company will bear the expenses related to the incident and subsequent remediation efforts.

Read more here.

Tata Chemicals cuts soda ash prices by 3.5% to the lowest level in 15 months

Tata Chemicals has once again cut soda ash prices, reducing them to the lowest level in 15 months. It has cut the price of light soda ash from Rs 35,100 per million tonnes (MT) to Rs 33,900 per MT. The price cut has been undertaken in Andhra Pradesh, Telangana, Karnataka, Maharashtra, Bihar, Jharkhand, and Chhattisgarh. Soda ash is one of the most highly consumed inorganic materials on the planet with nearly half of the global production of the compound being used in glass manufacturing.

Read more here.

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Market News Top 10 News

Ashok Leyland’s Net Profit Falls 17% YoY to Rs 751Cr in Q4 – Top Indian Market Updates

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

Ashok Leyland Q4 Results: Net profit falls 17% YoY to Rs 751 crore

Ashok Leyland reported a 17% YoY decline in net profit to Rs 751 crore for the quarter ended March (Q4 FY23). Its total operating revenue increased by 33% YoY to Rs 11,626 crore during the same quarter. EBITDA stood at Rs 1,276 crore, up 64% YoY. The company’s board has recommended a dividend of Rs 2.6 per equity share.

Read more here.

PVR Inox to invest Rs 700 crore to set up new screens, retrofit old ones

PVR Inox intends to invest Rs 700 crore in FY24 to add 175 new screens and upgrade existing ones. The expansion plan aims to counter losses at certain locations. According to the company, the cinema business is recovering, prompting the company’s aggressive expansion strategy. Currently, the company is making plans to expand to a number of Tier-2 and Tier-3 cities such as Rourkela, Bhubaneswar, etc.

Read more here.

Trent incorporates new JV company with MAS Fashion to manufacture intimate apparel in India

Trent Ltd has formed a 50:50 joint venture called Trent MAS Fashion Private Ltd. with MAS Amity Pte Ltd. The new entity will focus on designing, developing, and manufacturing intimate apparel and related products in India. The partnership aims to source and manufacture lingerie, activewear, and other products in the country.

Read more here.

Zurich DIFC deploys TCS solution for automating business process solutions

Tata Consultancy Services (TCS) will offer business process solutions to Zurich Insurance Company DIFC through its product TCS BaNCS. The aim is to automate processes, expedite claim settlement and accounting closure, and maintain data consistency. TCS BaNCS for Property and Casualty, a comprehensive insurance solution suite, will enable growth and transformation for Zurich DIFC.

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JSW Energy Q4 Results: Net profit falls 68% YoY to Rs 272 crore

JSW Energy reported a 68% YoY decline in consolidated net profit of Rs 272 crore for the quarter ended March (Q4 FY23). However, its consolidated operating revenue rose 9.38% YoY to Rs 2,670 crore during the same quarter. EBITDA stood at Rs 745 crore, down 34% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Wipro expands Google Cloud tie-up to extend generative AI tools to clients

Wipro Ltd has partnered with Google Cloud to offer generative AI tools to its clients. It will integrate Google Cloud’s suite of AI tools with its own intellectual property and industry solutions. Additionally, Wipro plans to train 20,000 associates on Google Cloud’s generative AI technologies, enabling them to implement secure and scalable AI-led transformations for clients.

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Bajaj Electricals Q4 Results: Net profit jumps 32% YoY to Rs 52 crore

Bajaj Electricals reported a 32% YoY jump in net profit to Rs 52 crore in Q4 FY23. Its revenue increased 11% YoY to Rs 1,490 crore during the same quarter. EBITDA stood at Rs 86 crore, up by 36% YoY. The company’s board has recommended a final dividend of Rs 4 per equity share.

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Paytm launches UPI SDK to enable customers to pay directly within the merchant app

Paytm has launched Paytm UPI SDK, enabling online merchants to accept UPI payments within their mobile apps. Customers can make direct payments from their bank accounts without leaving the merchant app, using their UPI PIN. The feature also allows customers to check balances, create VPA handles, and manage UPI accounts within the merchant app. This offering is part of Paytm’s UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank.

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Venus Remedies gets GMP certificate from Kenya for all Baddi facilities

Venus Remedies received a GMP certification from the Kenyan Health Ministry for its production facilities in Baddi. The certification expands the company’s market potential in Kenya, estimated at $780 million. It covers the manufacturing of antibiotics and oncology products in various forms. With this, the number of international GMP certifications for Venus Remedies has gone up to 25.

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Wipro’s Net Profit Falls in Q4 – Top Indian Market Updates

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

Wipro Q4 Results: Profit falls 0.4% YoY to Rs 3,074 crore

Wipro Ltd reported a 0.4% YoY fall in consolidated net profit to Rs 3,074 crore for Q4 FY23. Its revenue from operations rose 11% YoY to 23,190 crore during the same period. Revenue from IT Services rose 4% YoY to $2,823 million in Q4. Total order wins for the fourth quarter was up 29% YoY to $4.1 billion.

The IT company’s board has approved a buyback of shares through the tender offer at Rs 445 per share. Wipro will buy back nearly 26.9 crore shares from shareholders.

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Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer 

IndusInd International Holdings (part of the Hinduja Group) was the sole bidder for Reliance Capital in a bankruptcy auction, offering ₹9,650 crore in upfront cash. Other potential bidders, Torrent Investments and Oaktree Capital, did not submit bids despite indicating earlier that they would participate. The auction process ended with no counteroffers. Hinduja’s offer represents a 41% recovery for lenders.

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Tech Mahindra Q4 Results: Net profit falls 25.8% YoY to Rs 1,118 crore

Tech Mahindra reported a 25.8% YoY decline in consolidated net profit to Rs 1,118 crore and an operating revenue of Rs 13,718 crore, up 13.2% YoY, for Q4 FY23. EBITDA declined 3.2% YoY to Rs 2,021 crore. The company’s board has approved a dividend of Rs 32 per share.

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Axis Bank Q4 Results: Net loss at Rs 5,728 crore

Axis Bank reported a loss of 5,278 crore for Q4 FY23 due to the acquisition of Citi India’s retail consumer business. The bank’s net interest income (NII) rose 33.1% YoY to Rs 11,742.2 crore. The gross non-performing asset (GNPA) ratio improved to 2.02% in Q4 FY23, compared to 2.3% in Q3 FY23. The board has recommended a dividend of Rs 1 per share.

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GCPL signs pact to buy Raymond Consumer Care’s FMCG business

Godrej Consumer Products Ltd (GCPL) has signed an agreement to acquire Raymond’s Consumer Care business for Rs 2,825 crore in cash. The acquisition is expected to be completed by May 10, 2023. It will help increase GCPL’s presence in the male grooming space and foray into the sexual wellness category. The deal includes the trademarks of Park Avenue (for FMCG), KS, KamaSutra, and Premium through a slump sale.

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LTI Mindtree Q4 Results: Profit growth flat at Rs 1,114 crore

LTIMindtree reported a net profit of Rs 1,114 crore for Q4 FY23, which is flat compared with the same period last year. Revenue from operations rose 22% YoY to Rs 8,691 crore in Q4 FY23. Its order inflow for the quarter came in at $1.35 billion. The company’s board has recommended a final dividend of Rs 40 per equity share.

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MGL to expand into CBG, LNG & EV segments 

Mahanagar Gas Ltd (MGL) plans to diversify its portfolio beyond the city gas distribution (CGD) business and enter the compressed biogas (CBG) segment, electric vehicles market, equipment manufacturing for CGD companies, and retailing LNG as fuel for long-haul transportation. The move is aimed at expanding its business and reducing its dependence on CGD.

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Dilip Buildcon wins order worth Rs 1300 crore from NHAI

Dilip Buildcon’s two wholly owned subsidiaries have executed a concession agreement worth Rs 1,373.6 crore with the National Highways Authority of India (NHAI). The agreement includes two projects for building highways in Andhra Pradesh worth Rs 599.5 crore and Rs 774.10 crore. The company has committed to completing the projects within 24 months and operating them for 15 years.

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IOCL signs pact with Tesla Power USA to provide automotive batteries

Indian Oil has formed a strategic alliance with Tesla Power USA to provide automotive batteries at fuel stations in India. Tesla Power batteries will initially be available at select Indian Oil fuel stations in the National Capital Region (NCR) and subsequently in other states. The partnership aims to bring convenience to customers and leverage Indian Oil’s extensive network of 36,000 petrol pumps.

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Reliance JV signs content streaming deal with Warner Bros

Reliance’s Viacom18 has signed a deal with Warner Bros Discovery to bring the latter’s content onto its streaming platform JioCinema, in a move to compete with rivals such as Netflix and Amazon. As per the deal, HBO Original, Max Original and Warner Bros. Television series will premiere on JioCinema on the same day as the US. The development comes almost a month after all HBO content left its long-time home Disney+ Hotstar.

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Bharti Airtel’s 5G service now available in 3,000 cities

Bharti Airtel’s 5G service is now accessible to customers in 3,000 cities and towns across India. The telecom company is steadily expanding its 5G coverage and adding 30-40 new cities to its 5G roadmap every day. After Jio, Airtel also launched unlimited 5G data for its customers.

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Viacom18 to Stream IPL for Free – Top Indian Market Updates

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

Viacom18 to stream IPL for free after paying $2.7 billion

Viacom18 will stream Indian Premier League cricket games for free using its exclusive rights to one of the world’s most-watched sporting events. Viacom18 Media Pvt., the joint venture between Paramount Global and Mukesh Ambani’s Reliance Industries Ltd., licensed the IPL streaming rights last year for $2.7 billion (~₹23,700 crore). The company’s executives have estimated that an audience of over 55 crore will watch the weeks-long IPL games.

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Biocon raises $129 million from Kotak to fund biosimilars deal

Kotak Mahindra Group’s asset management arm is set to invest $129 million (₹1,070 crore) in Biocon Ltd to help it fund its acquisition of Viatris Inc’s biosimilars business. Biocon Biologics completed the $3.34-billion acquisition of U.S.-based Viatris’s biosimilars business in late November. At the time, the company paid $2 billion in cash to Viatris and issued convertible preference shares worth $1 billion to fund the deal.

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Patel Engineering bags projects worth Rs 1,026 crore

Patel Engineering has bagged a water tunnel and an irrigation project totalling Rs 1,026 crore in Maharashtra and Karnataka. With the latest contract, the company’s total order book has increased to Rs 18,600 crore. The first project includes the design and construction of a long treated water tunnel in Raigad district of Maharashtra.

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Adani firm repays Rs 1,500 cr to SBI Mutual Fund, Aditya Birla Sun Life

Adani Group paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday. SBI MF had an exposure of around Rs 1,000 crore to Adani Group, which has been repaid on maturity. With this payment, SBI MF has no further exposure to the Adani Group.

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HDFC Bank signs deal with Lulu Exchange to enhance cross-border payments

HDFC Bank and UAE-based Lulu Exchange have signed a Memorandum of Understanding (MoU) to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. As Phase 1 of the partnership, it launched a digital inward remittance service called ‘RemitNow2India’. This will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels

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Bankruptcy court admits Zee Entertainment under the insolvency resolution process

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted Zee Entertainment Enterprises Ltd. (ZEEL) and Siti Network Ltd under the Corporate Insolvency Resolution Process (CIRP). The development is likely to cause issues with ZEEL’s merger with Culver Max Entertainment (Sony). IndusInd Bank had approached the tribunal against ZEEL seeking payment of default of over Rs 89 crore.

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Wipro freshers’ salary cut: IT union NITES files complaint with labour ministry

Pune-based labour union Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro Ltd with the central labour ministry alleging “unethical reduction” in salary offers of more than 4,000 candidates. The offer has been made to all ‘Velocity’ graduates of the 2022-23 batch. ‘Velocity’ is a skilling and training program undertaken by Wipro Elite candidates (₹3.5 LPA) to be eligible for the Turbo package (₹6.5 LPA) after they go through some skill upgradation courses.

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SBI allows BHIM-based real-time payment with Singapore

State Bank of India announced a partnership with PayNow, the online payment system of Singapore for cross-border payments. The facility is offered through SBI’s BHIM SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using the UPI ID. The inward bilateral remittance between the two countries was around $949 million in 2021.

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FDI equity inflows decline 15% to $36.75 billion in Apr-Dec FY23

Foreign direct investment (FDI) into India declined by 15% YoY to $36.75 billion during the April-December of FY23, according to the latest Department for Promotion of Industry and Internal Trade data. The computer software and hardware sector attracted the highest inflows of $8 billion during the same period. Singapore emerged as the top investor with a $13 billion FDI.

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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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Wipro Secures Multi-million Dollar Deal From Mazda – Top Indian Market Updates

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

Wipro secures multi-million dollar deal from Mazda

Mazda Motor Logistics Europe has selected Wipro Ltd for a five-year, multi-million dollar managed services contract for its entire application landscape. The partnership will help industrialize Mazda IT, digitize processes, and infuse tools to drive automation. Mazda is currently transforming itself into a more centralized organization with standardized business capabilities to reduce costs.

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KPTL wins new orders worth ₹1,397 crore in India, abroad

Kalpataru Power Transmission Ltd (KPTL) has secured new orders in India and overseas markets worth ₹1,397 crore in the transmission and distribution (T&D) segment. With these new orders, the year-to-date (YTD) FY23 order intake has reached ₹15,784 crores at a consolidated level.

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Ramkrishna Forgings to buy up to 51% stake in TSUYO

Ramkrishna Forgings Ltd’s (RFL) board has approved a proposal to acquire up to 51% stake in TSUYO Manufacturing. This proposed investment will help TSUYO enhance its product portfolio and expand its facilities for manufacturing motors, controllers, e-axles, and differentials. The acquisition will significantly improve RFL’s capabilities and expand its market share in the evolving EV segment.

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Indian Renewable Energy Development Agency to lend ₹4,444 crore to SJVN Green Energy

Indian Renewable Energy Development Agency (IREDA) has signed a loan pact with SJVN Green Energy Ltd (SGEL) for financing ₹4,444.71 crore for its 1,000 megawatts (MW) solar power project at Bikaner, Rajasthan. SGEL is a subsidiary of SJVN Ltd. The IREDA-funded project will connect to the 400/220 KV substation Bikaner-II (near Bikaner).

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Reliance Retail arm launches FMCG brand ‘Independence’ in Gujarat

Reliance Consumer Products, the FMCG arm of Reliance Retail, announced the launch of its made-for-India consumer packaged goods brand ‘Independence’ in Gujarat. The company will sell products ranging from staples to processed foods and other daily essentials. The company plans to step up the launch to cover FMCG retailers across Gujarat in the coming months.

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IDBI Bank approaches bankruptcy court against Zee Entertainment Enterprises

IDBI Bank has filed an insolvency resolution petition against Zee Entertainment Enterprises Ltd (ZEEL) for the default of over ₹149 crore. The bank, claiming to be a financial creditor, filed the petition before the Mumbai bench of the National Company Law Tribunal (NCLT). The development comes at a time when ZEEL is in the process of a merger with Sony Pictures Network India (SPN).

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Air Senegal picks RateGain for accurate and real-time intelligence

Senegal’s national carrier Air Senegal has selected RateGain Travel Technologies Ltd’s product ‘AirGain’ for real-time market insights. The product will enable Air Senegal to track movements on all important routes 80% faster to stay on top of market changes and give the most competitive offer to its customers. It will help the airline’s revenue managers adapt to the post-pandemic world by offering critical market insights and making the right pricing decisions.

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L&T wins two orders for its hydrocarbon business

L&T Energy Hydrocarbon (LTEH) has secured two significant orders (in the range of ~₹1,000-2,500 crore) for its asset management and AdVENT business verticals. It has received a five-year contract for integrated operations and maintenance of the upstream oil & gas processing facility at Rageshwari gas terminal. They have also received an order for the construction of a hydrogen generation unit (HGU) from Matheson Tri Gas, Inc.

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Hinduja Global Solutions to consider share buyback on Monday

Hinduja Global Solutions’ board will meet on December 19 to consider a share buyback. Earlier in January 2022, the company said as the sale of its healthcare business has enhanced free reserves substantially, the allowable limit of the share buyback can be about ₹1,000 crore.

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Raw sugar hits near 6-year high on lack of Indian supplies

Raw sugar futures on Intercontinental Exchange Inc hit their highest in nearly six years as flows from #2 exporter India declined. Mills in India are reportedly producing almost no raw sugar at the moment because white sugar is currently more lucrative (profitable), leaving the market short at a time when top exporter Brazil is in between harvests.

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