Share Market HIGHLIGHTS: Sensex ends 34 pts lower at 72,152, Nifty at 21,930.5; SBI jumps 4%
Share Market Today LIVE: Domestic equity benchmarks Nifty 50 and Sensex were marginally higher at Wednesdays opening bell, tracking positive cues from overnight US markets and the latest return of foreign portfolio investors. 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 Today LIVE: Domestic equity benchmarks Nifty 50 and Sensex were marginally higher at Wednesday's opening bell, tracking positive cues from overnight US markets and the latest return of foreign portfolio investors. Going ahead into the week, Investors will keep track of the outcome of the three-day RBI monetary policy meeting on Thursday.
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: Broader indices in the green; Nifty Micap 100 up 0.8%
Index Change (%) Feb 7 close NIFTY 500 0.38 20,109.55 NIFTY MIDCAP 100 0.75 49,352.05 NIFTY SMALLCAP 100 0.71 16,566.20 The Nifty 500, the broadest index on NSE, settles with a gain of 75.8 points at 20,109.6.
Share Market Update: SBI, Grasim, HDFC Life, JSW Steel, Axis Bank rise most among 29 Nifty gainers; Tech Mahindra, Power Grid, Infosys, Adani Ports top losers
Top Nifty50 gainers
Stock Change (%) Feb 7 close SBIN 4.19 677.5 GRASIM 2.38 2,115.20 HDFCLIFE 2.24 606 JSWSTEEL 2.17 836.5 AXISBANK 2.09 1,072.00 BAJFINANCE 1.85 6,720.00 ASIANPAINT 1.84 2,985.00 ULTRACEMCO 1.81 10,231.00 NESTLEIND 1.81 2,501.00 BRITANNIA 1.56 5,085.00 Top Nifty50 laggards
Stock Change (%) Feb 7 close TECHM -2.67 1,315.00 POWERGRID -2.5 267.4 INFY -1.99 1,695.00 ADANIPORTS -1.32 1,256.25 TCS -1.23 4,085.00 HDFCBANK -0.98 1,430.00 WIPRO -0.91 495.1 UPL -0.86 477.7 LT -0.82 3,396.00 NTPC -0.69 331.9 Share Market Today: Headline indices end flat; Sensex down 34 pts at 72,152, Nifty at 21,930.5
Share Market Today: European equities begin day on flat note; Deutsche Post shares fall, offset earnings bump
European shares are flat in early trade as gains in the companies with upbeat earnings reports are offset by a fall in the Deutsche Post stock. The pan-European STOXX 600 index is down 0.3 point, or 0.1 per cent, at 486.5 at this hour.
Share Market Today LIVE | Zaggle Prepaid woos Street with strong Q3 results; shares hit all-time high
Zaggle Prepaid Ocean Services shares register a record high on Wednesday after the company reported a strong set of quarterly numbers with margin entering double digits, on the back of healthy overall growth amid easing finance costs. The stock jumps by as much as Rs 42.2, or 18.2 per cent, to an all-time high of Rs 274, surpassing an earlier peak of Rs 266.4 registered in November last year. The Zaggle stock holds on to much of its intraday gains in afternoon deals. Read more
Page Industries Q3 Preview | Jockey's parent firm likely to post 25% YoY growth in PAT, EBITDA seen jumping 28%
Page Industries, the parent company of the Jockey brand, is set to announce its financial results for the October-December period (Q3 FY24) on Thursday, February 8. Zee Business analysts see the company reporting 25 per cent year-on-year (YoY) growth for the December quarter's profit after tax (PAT).
The garments and apparel company is estimated to log a PAT of Rs 155 crore for the period under review in comparison to Rs 124 crore clocked during the same period last year.
According to the analysts, the revenue of the company is also likely to remain flat at Rs 1,223 crore, while margins are expected to report a growth of 4 per cent to 20 per cent from 16 per cent in Q3 FY23. Read moreShare Market Today LIVE | EIH shares hit all-time high after posting good Q3 numbers
Shares of EIH Ltd clock an all-time high at Rs 426.15 apiece and hit the upper circuit of 20 per cent at Rs 426.15 apiece on the BSE, gaining for the fourth straight session. The stock of the flagship company of the Oberoi Group climbed after it posted good Q3 FY24 results.
On Tuesday post-market hours, India-based luxury hospitality company EIH Ltd reported a consolidated profit after tax (PAT) of Rs 229.94 crore in the third quarter ended December, up 54.6 per cent from Rs 151.08 crore in the year-ago period. Read more
Share Market Today LIVE | Should you buy Britannia, Nykaa, Ashok Leyland, other stocks today? Here is what brokerages recommend
Here's what Morgan Stanley, Macquarie, Jefferies, Citi, CLSA, JP Morgan, HSBC and Nomura make of stocks such as Britannia Industries, Nykaa and Ashok Leyland:
Britannia share target price:
Morgan Stanley has maintained an ‘overweight’ rating on the Britannia Industries stock with a target of Rs 5,013.
Macquarie has maintained a ‘neutral’ rating on Britannia shares with a target of Rs 4,650.
Max Finance share target price:
Jefferies has maintained a ‘buy’ call on the Max Financial Services stock with a target of Rs 1,200.
Navin Fluorine share target price:
Citi has maintained a ‘buy’ call on the Navin Fluorine International stock with a target of Rs 3,750. While Jefferies has maintained a ‘hold’ call on the stock with a target of Rs 2,950. Read more
Nestle India Q4 Results | PAT rises over 4% to Rs 656 crore; misses estimates
Nestle India reports a net profit of Rs 655.61 crore for the quarter ended December 31, 2023, up 4.38 per cent against Rs 628.06 crore logged in the year-ago period. The company's revenue from operations comes in at Rs 4,600.42 crore, up 8.07 per cent against Rs 4,256.79 crore registered in the corresponding quarter of the previous fiscal.
The numbers, especially net income, falls short of analysts' expectations. Zee Business Research had estimated the company to post 10 per cent year-on-year (YoY) growth in consolidated revenue at Rs 4,700 crore against Rs 4,257 crore logged in the year-ago period. Net profit, or profit after tax (PAT), was expected to surge by 19 per cent YoY to Rs 749 crore. Read more
Image: Reuters/ Representational image Share Market Today LIVE | Berger Paints rises as Q3 earnings impress Street; here's what brokerages suggest
Berger Paints shares trade 0.12 per cent higher at Rs 556.45 on NSE, pausing the two days fall after the paint manufacturer company impressed D-Street with its financial results for the October-December period (Q3 FY24). Berger Paints shares gained as much as 4.03 per cent to hit the day's high of Rs 578.25 on NSE in opening deals.
Berger Paints Q3 results
The Kolkata-based paint maker on Tuesday post market hours posted a 49 per cent year-on-year increase in its consolidated net profit to Rs 300.16 crore for the third quarter of the current financial year.
Revenue from operations also grew by 7 per cent to Rs 2,881.83 crore during the October-December period, the company said in a regulatory filing. Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding other income, witnessed an increase of 37.3 per cent to Rs 480 crore during the period under review as compared to the corresponding quarter last year.
Berger Paints share price target: Here's what brokerages make of Q3 nos.
HSBC has maintained a buy call on the paint stock although the global brokerage has cut the target price to Rs 650 from Rs 660. Following are the calls by other brokerages:
- Morgan Stanley maintains an underweight call with a target at Rs 471
- Macquarie maintains an underperform call with a target at Rs Rs 520
- Morgan Stanley maintains an underweight call with a target at Rs 471. Read more
Image: Official website/ Representational image Traders' Diary | Buy, sell or hold strategy on L&T, ITC, Pidilite, Godrej Properties, over a dozen 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 Wednesday, February 7. 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 Zaggle Prepaid Ocean Services shares in the cash segment for a target of Rs 242 with a stop loss at Rs 229
- Buy Jindal Steel and Power (JSPL) futures for a target of Rs 815 with a stop loss at Rs 775
- Buy the Rs 3,420 call option of Larsen and Toubro (L&T) at Rs 88 for a target of Rs 140 with a stop loss at Rs 70
- Technical pick: Buy Pidilite Industries shares for a target price of Rs 2,700 with a stop loss at Rs 2,595
- Fundamental pick: Buy Godawari Power and Ispat shares for a one-year target of Rs 900
- Investment idea: Buy UTI AMC shares for a one-year target of Rs 1,100
- News-based pick: Buy Indraprastha Medical Corporation shares for a target of Rs 196 with a stop loss at Rs 185. Read more
Share Market Today LIVE | Indian Overseas Bank hits a 52-week high for 5th time this month; rises nearly 61% in February
Indian Overseas Bank is on a 52-week high spree as it achieves the feat on BSE for the fifth time in the week. The stock of the PSU bank hit a 52-week high of Rs 79.9 on Wednesday. The stock also hit a 52-week high on February 5, 2 and 1. Read more
Share Market Today LIVE | Nifty, Sensex fall from day's high dragged by IT stocks
Share Market Today LIVE | Azad Engineering posts over 3X increase in PAT; stock rises
Newly listed Azad Engineering gains over 8 per cent, snapping a two-day losing streak and touching an intra-day high of Rs 973.10 apiece on BSE. The rally in the stock comes after the company posted a more than three-fold increase in its profit after tax (PAT) for the December quarter.
Azad Engineering Q3 results
Hyderabad-based Azad Engineering on Tuesday reported an over 3X increase in profit at Rs 16.8 crore for the quarter ended December 2023 against Rs 3.83 crore in the year-ago period. Revenue from operations in the third quarter of the current fiscal rose 49 per cent to Rs 89.23 crore from Rs 68.8 crore in the same period a year ago. Read more
Share Market Today LIVE | ANMI gives the go-ahead to increase trading hours for index futures
The Association of National Exchange Members of India (ANMI) board has given in-principal approval to expand trading hours for index futures. The proposal was approved in the ANMI board meeting on February 2. The board has agreed to increase trading hours only for index derivatives as trading hours for the rest of the things will remain the same. Read more
Share Market Today LIVE | Navin Fluorine shares hit 52-week low after weak Q3 results; is this an opportunity for investors?
Navin Fluorine International (NAVINFLUOR) shares suffer deep losses on Wednesday after the chemical manufacturer reported quarterly results that fell short of analysts' expectations. The stock of Navin Fluorine weakens by as much as Rs 186.8, or 5.7 per cent, to a 52-week low of Rs 3,074.7 apiece on BSE.
After market hours on Tuesday, Navin Fluorine reported a 27 per cent year-on-year fall in net profit to Rs 78 crore for the October-December period with 11 per cent de-growth in revenue to Rs 502 crore. Read more
Stocks to Buy | IEX, MGL, Bata India among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Rakesh Bansal, Kunal Saraogi, Sumeet Bagadia and Ambareesh Baliga share their top stock recommendations in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as Indian Energy Exchange (IEX), Mahanagar Gas Ltd (MGL) and Bata India. Read more
Stocks to Watch | Biocon, Nykaa, P&G Health, Lupin, other stocks
Here are some stocks that will be in focus on Wednesday, February 7:
Results on February 7: Nestle, Tata Consumer Products, Power Grid Corporation of India, Cummins India, Lupin, Manappuram Finance, Trent, Apollo Tyres, General Insurance Corporation of India, Monte Carlo Fashions, Navneet Education, Panasonic Energy India Company, Varroc Engineering, Fortis Healthcare, GMR Power and Urban Infra, JK Paper, Religare Enterprises, Safari Industries (India), Solar Industries India, Uno Minda, and Vascon Engineers are some of the companies that will release their Q3 results on Wednesday (February 7, 2024).
Biocon: The company received tentative approval for Dasatinib tablets from the US Food and Drug Administration (USFDA). The product is indicated for use in the treatment of Philadelphia chromosome-positive chronic myeloid leukaemia in adults.
Nykaa: FSN E-Commerce Ventures, the parent company of Nykaa, recorded a net profit of Rs 17.45 crore for Q3 against a profit of Rs 8.48 crore a year ago. The total income of the company stood at Rs 1,796.4 crore for the quarter under review, against Rs 1,468.5 crore YoY.
Navin Fluorine International: The company posted a consolidated net profit of Rs 78.02 crore in the December quarter. The company had registered a profit of Rs 106.56 crore in the year-ago period. The consolidated revenue from operations during the third quarter of the ongoing fiscal stood at Rs 513.74 crore, up from Rs 573.5 crore in the December 2022 quarter.
Procter & Gamble Health: The company recorded a net profit of Rs 72.07 crore as against Rs 76.8 crore logged in the corresponding quarter of the previous fiscal.
Lupin: The pharmaceutical company received approval from the USFDA for Bromfenac Ophthalmic Solution. Bromfenac Ophthalmic Solution is indicated for the treatment of postoperative inflammation and the prevention of ocular pain in patients undergoing cataract surgery. Read more
Currency Update | Rupee rises 2 paise to 83.03 against US dollar in early trade
The rupee appreciates 2 paise to 83.03 against the US dollar in early trade on Wednesday supported by positive domestic equities.
Share Market Today LIVE | Britannia shares rise over 3% after biscuit maker posts in-line Q3 results; should you buy?
Britannia Industries stock emerges as the top gainer on the Nifty50 index. The biscuit maker stock gains as much as 3.23 per cent, to hit the day's high of Rs 5,168.95 apiece on the NSE after the Kolkata-headquartered FMCG major registered in-line financial results for the October-December (Q3 FY24) period.
Britannia Q3 results
Britannia reported a 40.4 per cent decline in consolidated net profit at Rs 555.66 crore for the third quarter ended December 2023. The company had posted a net profit of Rs 932.40 crore in the October-December quarter a year ago, Britannia Industries said in a BSE filing.
Its net sales during the third quarter of the current fiscal grew 2.2 per cent to Rs 4,191.83 crore. It was at Rs 4,101.49 crore in the year-ago period. The net profit base in the year-ago quarter was higher as the company had gains on the sale of a 49 per cent equity stake held in Britannia Dairy Private to French cheese maker Bel SA. Read more
Source: Reuters/ Representational image Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,850-21,925 levels and a strong buy zone at 21,725-21,800 levels on Wednesday, February 7. For the Nifty Bank, he expects support to come in at 45,375-45,550 levels and a strong buy zone at 45,075-45,200 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | Nifty near 22,050, Sensex jumps nearly 350 pts in opening deals
Nifty 50
Source: NSESensex
Source: BSE
Cummins India Q3 Result Preview | Standalone profit, EBITDA to decline; revenue to rise 4.6%
Cummins India is expected to report mixed numbers for the third quarter of the ongoing fiscal year (Q3 FY24), as per Zee Business analysts. The company will announce its Q3 results on Wednesday, February 7. Analysts estimate the standalone net profit to decline 3 per cent year-on-year (YoY) to Rs 350 crore against Rs 360 crore logged in the corresponding quarter of the previous year owing to an increase in employee costs.
Meanwhile, the revenue is estimated to grow 4.6 per cent YoY to Rs 2,280 crore against Rs 2,180.5 crore a year ago. Furthermore, analysts peg the earnings before interest, tax, depreciation, and amortisation (EBITDA) at Rs 385 crore for the quarter that ended December 31 against Rs 412 crore recorded a year ago, which implies a 7 per cent decline.
On the margin front, analysts expect a decline of 200 basis points (bps) to 17 per cent against 19 per cent in the year-ago period. Read more
IPO Update | Jana Small Finance Bank IPO to open on Wednesday; key things to know
Bengaluru-headquartered Jana Small Finance Bank is all set to launch an initial public offer (IPO) worth an estimated Rs 570 crore on Wednesday, February 7. The IPO comprises fresh issuance of 1.12 crore shares, amounting to Rs 462 crore, and an offer for sale (OFS) worth Rs 108 crore by promoters and existing shareholders.
Here are a few important details to know about the upcoming Jana small Finance Bank IPO:
IPO dates
The IPO will be open for subscription from 10 am to 5 pm for three trading days, till Friday, February 9.
Allotment date
The basis of the allotment of shares under the Jana Small Finance Bank IPO is set to be finalised tentatively on February 12.
Listing date
Jana Small Finance Bank shares are likely to be listed on the bourses BSE and NSE tentatively on February 14. Read more
Trent Q3 Results Preview | Westside chain operator to post Q3 earnings on Wednesday; here’s what analysts expect
Tata group retailer and hypermarket operator Trent is scheduled to announce its financial results for the October-December period (Q3 FY24) on Wednesday, February 7. Analysts expect the company to stage a strong quarterly performance on the back of robust store expansion and higher footfalls.
According to Zee Business research, Mumbai-headquartered Trent is estimated to report an 83 per cent year-on-year jump in standalone net profit to Rs 294 crore for the fiscal third quarter. The analysts peg Trent’s quarterly revenue to jump 52 per cent to Rs 3,310 crore, with income from Westside and Zudio estimated to grow 25 per cent and 100 per cent, respectively, amid rising footfalls and strong same store sales growth (SSSG).
Zee Business analysts peg Trent's earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter ended December to increase 66 per cent on a year-on-year basis to Rs 558 crore. They expect the company’s quarterly margin, a key measure of profitability, to improve by 140 basis points to 16.9 per cent. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 140.45 points or 0.64 per cent at 22,120 ahead of the opening bell on Dalal Street.
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