Share Market HIGHLIGHTS: Sensex ends 167 pts higher, Nifty tops 21,750 led by financial stocks; SBI jumps 4%
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex commenced trading on Friday on a positive note, with both the benchmark indices, Sensex and Nifty 50, opening higher. Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex commenced trading on Friday on a positive note, with both the benchmark indices, Sensex and Nifty 50, opening higher.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Share Market Update: Sensex ends 167 pts higher, Nifty tops 21,750 led by financial stocks; SBI jumps 4%
Share Market Today LIVE | Power Finance Corporation tanks over 12% even as CLSA remains bullish
Shares of Power Finance Corporation (PFC) trade with a sharp cut at Rs 428.65, down 8.5 per cent on BSE even as global brokerage CLSA retained its buy view on the counter with an increased target of Rs 550 from Rs 490 earlier. The new target implies an upside potential of 17 per cent from the last closing price of Rs 468.45.
The drag in the stock comes a day after the company released its Q3 numbers on Thursday. The state-owned firm for the December-ended quarter posted an over 20 per cent increase in its consolidated net profit to Rs 6,294.44 crore on the back of higher revenues.
Brokerage CLSA is of the view that PFC, during the review period, posted good margins; nevertheless, it recorded slower growth. Net profit at the firm is driven by a healthy 16 per cent year-on-year (YoY) growth in net interest income (NII) and dragged down by higher credit costs, it said. Read more
Share Market Today LIVE | Nifty Bank gains nearly 650 pts, up 1.44%
Source: NSE
Share Market Today LIVE | Nifty above 21,750, Sensex rises over 150 pts; Grasim rises 5%
Bharat Forge Q3 Results Preview | Bharat Forge likely to stage strong Q3 show on Monday; here’s why
Bharat Forge is all set to report its financial results for the October-December period (Q3 FY24) on Monday, February 12. Analysts expect lower input costs and better realisations to boost the profitability of Pune-headquartered Bharat Forge, a forging company that supplies a range of safety and critical components to automotive, railways, defense, construction, aerospace and other sectors.
What to expect in Bharat Forge Q3 FY23 earnings?
According to Zee Business research, Bharat Forge is estimated to report a 3.9 times year-on-year jump in consolidated net profit to Rs 305 crore for the quarter ended December 31, 2023. The analysts peg the forging company’s consolidated revenue for the fiscal third quarter at Rs 4,015 crore, up 19.7 per cent compared with the corresponding period a year ago.
The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) are expected to grow 46.1 per cent to Rs 685 crore, according to the research. Read more
MRF Q3 Results | Profit jumps three times to Rs 508 crore, margin improves by 730 bps; board declares Rs 3/share dividend
Tyre manufacturer MRF shares extend their intraday losses after the earnings announcement, falling by as much as Rs 5,286.44, or 3.71 per cent, to Rs 1,37,196.65 apiece on BSE. MRF reported a standalone net profit of Rs 508 crore for the October-December period, marking a three-fold jump compared with the corresponding quarter a year ago. The company's revenue grew 9.3 per cent on a year-on-year basis to Rs 6,047.8 crore for the fiscal third quarter, according to a regulatory filing.
MRF dividend
The MRF board declared an interim dividend of Rs 3 per share with a record date of February 21.
The tyre maker said the second interim dividend of the current financial year on or after Monday, March 4. Read more on MRF dividend
Traders' Diary | Buy, sell or hold strategy on Maruti Suzuki, Bharti Airtel, HDFC Bank, BHEL, Concor, 15 other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Friday, February 9. Check out the complete list of stocks on analysts Kushal Gupta and Varun Dubey's radar.
Here's the complete list of investment and trading ideas for the day:
Kushal Gupta
- Buy JK Lakshmi Cement shares in the cash segment for a target of Rs 945 with a stop loss at Rs 902
- Buy BHEL futures for a target of Rs 241 with a stop loss at Rs 227
- Buy the Rs 950 call option of Concor at Rs 58 for a target of Rs 58 with a stop loss at Rs 26
- Technical pick: Buy Schnieder Electric shares for a target of Rs 570 with a stop loss at Rs 545
- Fundamental pick: Buy Bharti Airtel shares for a one-year target of Rs 1,350
- Investment idea: Buy Power Grid Corporation of India shares for a one-year target of Rs 330
- News-based pick: Buy Astra Microwave Products shares for a target of Rs 690 with a stop loss at Rs 663. Read more
Share Market Today LIVE | LIC shares hit record high after state-run life insurance giant stages strong Q3 show
Life Insurance Corporation of India (LIC) shares scale an all-time high on Friday a day after the state-run life insurance major reported a strong set of quarterly results. The LIC stock gains by as much as Rs 68.8, or 6.2 per cent, to a record Rs 1,175 apiece on BSE, surpassing an earlier peak of Rs 1,144.5 apiece registered the previous day.
LIC Q3 results
After market hours on Thursday, LIC reported a standalone net profit of Rs 9,444.4 crore for the fiscal third quarter, up 49.1 per cent on a year-on-year basis. Read more
Share Market Today LIVE | Escorts Kubota shares plunge after tractor maker trims industry volume guidance
Escorts Kubota stock plummets on Friday, continuing to fall for the fourth session in a row, after the Haryana-based company projected a 6-7 per cent fall in industry volumes in the tractor segment for the current financial year. The Escorts Kubota stock weakens by as much as Rs 282.3, or 9.6 per cent, to Rs 2,647.5 apiece on BSE.
The guidance was in stark contrast to the company's earlier projection of no change on a year-on-year basis and suggested a fall of 12-13 per cent for the industry in the quarter ending March.
The agricultural equipment maker also reported its financial results for the October-December period that were largely in line with analysts' expectations. Read more
Stocks to Buy | Tata Power, Hero MotoCorp, Indian Hotels, Tata Communications among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts share their top stock recommendations in this special segment, Pick of the Day. On the top analysts' 'buy' list are stocks such as New India Assurance Company Ltd (NIACL), Tata Communications, Hero Motocorp and Tata Power. Read more
Share Market Today LIVE | Orchid Pharma shares skyrocket 19% post strong Q3 results
Orchid Pharma shares skyrocket as much as 18.9 per cent to clock a fresh 52-week high of Rs 1044.9 apiece on the BSE after the pharma company registered a strong set of results for the third quarter that ended on December 31, 2023, on Thursday post-market hours.
Orchid Pharma Q3 results
The company recorded a 3.6-fold jump in its net profit at Rs 29.43 crore for Q3 against a profit of Rs 7.58 crore logged a year ago. The company's income from operations/ net revenue grew by 38.1 per cent and stood at Rs 198.75 crore for the quarter under review, compared to Rs 602.26 crore registered in the corresponding quarter of the previous fiscal.
Orchid Pharma's margin, a key measure of profitability for a business, stood at 16.2 per cent in comparison to 8.7 per cent. Read more
Hero MotoCorp Q3 Results Preview | Auto major likely to stage a strong show with 48% EBITDA jump as input costs eases
Automobile major Hero MotoCorp is all set to report its financial results for the December quarter on Friday, February 9. Analysts expect the auto company, whose popular motorcycles include Splendor Plus, Passion Plus and Xtreme, to post a strong set of earnings on the back of increased volumes.
According to Zee Business research, Hero MotoCorp is estimated to register a 47.7 per cent year-on-year jump in standalone net profit to Rs 1,050 crore for the quarter ended December 31, 2023. The analysts peg the auto maker’s top-line for the fiscal third quarter to grow 21.4 per cent to Rs 9,750 crore.
Hero MotoCorp is expected to clock 48.2 per cent growth in quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) to Rs 1,370 crore driven by easing input costs, according to the research. Read more
Share Market Today LIVE | Apollo Hospitals shares gain as net profit jumps 60% in Q3
Apollo Hospitals shares trade flat, up 0.06 per cent at Rs 6,233.4 on BSE on Friday, February 9, after the Chennai-headquartered healthcare group posted a 60 per cent increase in its consolidated profit after tax (PAT) to Rs 245 crore for the December quarter, on account of higher sales on Thursday post-market hours.
Apollo Hospitals Q3 results
The healthcare provider reported a profit after tax (PAT) of Rs 153 crore in the October-December quarter of the last fiscal. Revenues stood at Rs 4,51 crore for the third quarter as against Rs 4,264 crore logged a year ago, a growth of 14 per cent year-on-year, Apollo Hospitals said in a statement.
Apollo Hospitals shares: What brokerages say
Morgan Stanley has maintained an overweight call on Apollo Hospitals.
Apollo Hospitals dividend: 120% payout announced
The company's board has declared an interim dividend of Rs 6 per share for the financial year ending March 31, 2024, with a face value of Rs 5, i.e., a 120 per cent payout. Read more
Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Currency Update | Rupee opens on flat note at 82.96 against US dollar
Share Market Today LIVE | Zomato shares clock 52-week high after food delivery firm posts Rs 138 crore Q3 profit
Zomato shares jump to a 52-week high on Friday after the food delivery company reported a net profit for the October-December period. The Zomato stock gains as much as 4.3 per cent to Rs 150.3 apiece on BSE, surpassing the existing 52-week high of Rs 147.5 apiece registered the previous day.
Zomato reported a consolidated net profit of Rs 138 crore for the quarter ended December 31, 2023, as against a consolidated net loss of Rs 347 crore for the corresponding period a year ago.
Its revenue from operations grew 69 per cent on a year-on-year basis to Rs 3,288 crore for the fiscal third quarter, according to a regulatory filing. Read more
Share Market Today LIVE | Zomato shares clock 52-week high after food delivery firm posts Rs 138 crore Q3 profit
Zomato shares jump to a 52-week high on Friday after the food delivery company reported a net profit for the October-December period. The Zomato stock gains as much as 4.3 per cent to Rs 150.3 apiece on BSE, surpassing the existing 52-week high of Rs 147.5 apiece registered the previous day.
Zomato reported a consolidated net profit of Rs 138 crore for the quarter ended December 31, 2023, as against a consolidated net loss of Rs 347 crore for the corresponding period a year ago.
Its revenue from operations grew 69 per cent on a year-on-year basis to Rs 3,288 crore for the fiscal third quarter, according to a regulatory filing. Read more
Share Market Today LIVE | Nifty slips below 21,750, Sensex drops over 100 pts in opening deals
Nifty 50
Source: NSESensex
Source: BSE
Stocks to Watch | Patanjali Foods, Power Finance Corporation, RVNL
Here are some stocks that will be in the spotlight on Friday, February 9:
Results on February 9: Hero MotoCorp, MRF, Tata Power, Zydus Lifesciences, PI Industries, Alkem Laboratories, Bandhan Bank, Cello World, Centrum Capital, Godrej Industries, Hindustan Motors, Honasa Consumer, Housing & Urban Development Corporation, Indigo Paints, Jubilant Industries, The New India Assurance Company, Sapphire Foods India, Tega Industries, Finolex Cables, Globus Spirits, Kirloskar Industries, Mishra Dhatu Nigam, Paras Defence And Space Technologies, Pfizer, Easy Trip Planners, Inox Green Energy Services, Landmark Cars, Inox Green Energy Services, Inox Wind and Inox Wind Energy are some companies that will release their Q3 results.
Patanjali Foods: Patanjali Foods Limited (formerly known as Ruchi Soya Industries) reported a 19.6 per cent decline in its net profit, reaching Rs 216.54 crore compared to Rs 269.18 crore in the same period last year. On the other hand, the food and FMCG segment achieved the highest quarterly sales of Rs 2,498.62 crore for the third quarter ended December 31.
Orchid Pharma: The company recorded a net profit of Rs 30.55 crore for Q3 against a profit of Rs 6.73 crore a year ago. The total income of the company stood at Rs 228.03 crore for the quarter under review against Rs 168.69 crore Year-on-Year (YoY).
Power Finance Corporation: State-owned Power Finance Corporation on Thursday posted an over 20 per cent rise in its consolidated net profit to Rs 6,294.44 crore in the December quarter, on the back of higher revenues. The company's consolidated net profit was Rs 5,241.10 crore in the quarter ended December 31, 2022, according to a BSE filing.
RVNL: The company recorded a net profit of Rs 358.57 crore for Q3 against a profit of Rs 382.42 crore a year ago. The total income of the company stood at Rs 5,016.97 crore for the quarter. under review against Rs 5,293 crore YoY. Read more
Tata Power Q3 Results Preview | EBITDA likely to grow over 22% with 170 bps improvement in margin
Tata group electricity generator Tata Power is all set to report its financial results for the October-December period on Friday, February 9. Analysts expect the Tata group company to stage an operationally strong performance amid rising demand and stable coal prices, amid mild growth in the renewable segment.
According to Zee Business analysts, Tata Power is estimated to register a consolidated net profit of Rs 865 crore for the fiscal third quarter, translating into a year-on-year decline of 8.5 per cent. The analysts peg the Tata group company’s third-quarter revenue at Rs 15,700 crore as against Rs 14,129 crore for the corresponding period a year ago. Read more
Bandhan Bank Q3 Results Preview | Profit likely to jump 2.6 times to Rs 770 crore with 22% NII growth
Kolkata-headquartered Bandhan Bank is all set to report its financial results for the October-December period (Q3 FY24) on Friday, February 9. Analysts expect the lender to stage a strong performance on the back of robust growth across segments and improvement in asset quality.
What to expect in Bandhan Bank Q3 FY23 earnings?
According to Zee Business research, Bandhan Bank is estimated to report a net profit of Rs 770 crore for the quarter ended December 31, 2023, translating into a jump of 2.6 times compared with the corresponding period a year ago. The analysts expect the bank’s net interest income (NII), or the difference between interest earned and interest paid, to grow 22.1 per cent on a year-on-year basis Rs 2,540 crore for the fiscal third quarter.
Bandhan Bank’s core net interest margin (NIM), a key measure of profitability, is pegged at 7-7.1 per cent for the December quarter, as against 7.2 per cent, according to the research.
Zee Business analysts estimate the bank’s gross non-performing assets (GNPAs), or gross bad loans, as a percentage of total loans at 6-6.8 per cent for the December quarter, as against 7.32 per cent three months ago. They expect Bandhan Bank’s net non-performing assets (NNPA) to be in the range of 1.8-1.9 per cent for the fiscal third quarter, as against 2.32 per cent for the July-September period. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a start in red ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are down 45.1 points or 0.21 per cent at 21,769.5 ahead of the opening bell on Dalal Street.
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