Share Market HIGHLIGHTS: Sensex ends 612 pts higher, Nifty back above 21,700 led by financial, auto stocks
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex rose on Wednesday, January 31, led by financial and auto stocks. All eyes are now on Budget announcements due from around 11 am the next day. Catch all the market action on Dalal Street on January 31, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex rose on Wednesday, January 31, amid strong buying interest in financial and auto stocks, as investors awaited Budget announcements scheduled to come in from around 11 am the next day.
Catch all the highlights of the January 31 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Closing Bell: Sensex ends 612 pts higher, Nifty back above 21,700 led by financial, auto stocks
PVR Inox December Quarter Results | PAT slips by 20.50%; revenue soars by 64.50%
PVR Inox reported its December quarter results on Wednesday (January 31, 2024), reporting a loss of 20.50 per cent in its consolidated profit after tax (PAT) to Rs 12.80 crore from 16.1 crore Year-on-Year (YoY).
Its consolidated revenue from operations soared by 64.46 per cent to Rs 1545.90 crore from Rs 940 crore YoY. Its standalone revenue from operations soared to Rs 1496.80 croe from Rs 839.20 crore YoY. Read more
Bank of Baroda Q3 Results | Net profit jumps 19% to Rs 4,579 crore, beats analysts' estimates; shares hit record high
Bank of Baroda, the country's second-largest public sector lender by market capitalisation (mcap), report a standalone net profit of Rs 4,579.3 crore for the October-December period, an increase of 18.9 per cent compared with the corresponding period a year ago which was much higher than analysts' expectations. The earnings announcement has helped the stock build on its intraday gain to rise by as much as Rs 9.2, or 3.9 per cent, to scale a record high of Rs 246.5 apiece on BSE.
Its net interest income, or the difference between interest earned and interest paid, came in at Rs 11,101.3 crore for the fiscal third quarter, as against Rs 10,818.3 crore for the year-ago period, according to a regulatory filing. Read more
Maruti Q3 Results | Standalone net profit jumps 33%, beats estimates
Maruti Suzuki India (MSIL) reports a standalone net profit of Rs 3,130 crore, up 33.11 per cent year-on-year (YoY) against Rs 2,351.3 crore logged in the corresponding quarter of the previous fiscal. Total revenue from operations increases 14.68 per cent YoY to Rs 33,308.7 crore against Rs 29,044.3 logged in the year-ago period. Read more
Maruti Suzuki shares trade 2.22 per cent higher at Rs 10,178.5 on BSE post the announcement.
Share Market Today LIVE | Astral slides over 2% after building materials firm's Q3 results fail to meet Street expectations
Astral shares trade on a sedate note after the building materials and equipment company reported below-Zee Business research estimate December quarter results. The stock of the company is trading down by 2.7 per cent, or Rs 50.65, at Rs 1,822.65.
The pipemaker's consolidated profit after tax (PAT) was up by 19.3 per cent to Rs 113.30 crore from Rs 95 crore Year-on-Year (YoY), but it was way below than research estimates of Rs 143 crore.
The consolidated revenue from operations jumped by 8.1 per cent to Rs 1370.2 crore from Rs 1267.8 crore YoY, slightly lower than analysts' estimates of 1374.9 crore. Read more
Share Market Today LIVE | Should you buy L&T, Voltas, Dr Reddy's Labs, Titagarh Rail, other stocks today? Here's what brokerages recommend
Here's what Citi, HSBC, Jefferies, CLSA, Nomura, Morgan Stanley, JPMorgan, Macquarie and Goldman Sachs make of stocks such as Larsen & Toubro (L&T), Voltas, Dr Reddy's Labs, Laboratories, Titagarh Rail System:
L&T share target price
Four brokerages, CLSA, Citi, Jefferies and Goldman Sachs have maintained a 'buy' call on Larsen & Toubro (L&T) shares with a target of Rs 4,260, Rs 4,082, Rs 4135 and Rs 3,760, respectively.
Morgan Stanley has maintained an 'overweight' rating on L&T with a target of Rs 4,171.
Titagarh Rail System share target price
HSBC has maintained a 'buy' call on Titagarh Rail System with a target of Rs 1200.
Petronet LNG share target price
CLSA has a 'sell' call on Petronet LNG with a target of Rs 240.
JP Morgan has maintained an 'overweight' rating on Petronet LNG with a target of Rs 310, while Jefferies has maintained an 'overweight' rating on the stock with a target of Rs 310.
CLSA has an 'underperform' rating on Nippon Life India Asset Management with a target of Rs 550.
Both HSBC and Jefferies have maintained a 'buy' call on Nippon Life India Asset Management shares with a target of Rs 613 and Rs 610, respectively. Read more
Share Market Today LIVE | Voltas hits new 52-week high after reporting mixed Q3 results; Nomura maintains ‘buy’
The Tata Group company Voltas shares, after the release of its Q3 results, gain as much as 5.93 per cent in Wednesday’s session to notch a fresh 52-week high of Rs 1,075 apiece on the BSE. The consolidated profit before exceptional items and tax at the electrical appliances maker fell 58 per cent from last year to Rs 23.85 crore in Q3, primarily due to higher costs.
Revenue from operations rose 31 per cent to Rs 2,626 crore as warmer-than-usual weather boosted demand for air conditioners.
What do brokerages make of Voltas after its Q3 show?
Nomura has retained its ‘buy’ call on the counter with a target of Rs 1,202, signifying a potential upside of over 18 per cent from the last closing price. Read more
PB Fintech | First-ever quarterly profit fails to impress Macquarie as it sees 40% downside! What's the pain point?
Shares of PB Fintech climb as much as 12 per cent to a new 52-week high of Rs 1,020.55 apiece after the company posted its first quarterly profit on a consolidated basis since listing in the December-ended quarter of the ongoing fiscal year. In the December quarter, the company posted a consolidated net profit of Rs 37 crore as against a net loss of Rs 87 crore a year ago. In the September quarter, the company reported a net loss of Rs 20 crore. Read more
Share Market Today LIVE | Astrazeneca hits an all-time high after its Enhertu medicine gets FDA priority review
Astrazeneca reached an all-time high of Rs 6749.95 on BSE on Wednesday (January 31, 2024) after the pharma firm's Enhertu medicine got FDA priority review. The stock was trading higher by 6.44 per cent, or Rs 408.20, at Rs 6749.95 at 9:43 am on Wednesday.
Astrazeneca's Enhertu will be reportedly used for the treatment of adults with unresectable or metastatic HER2 positive solid tumours. Read more
Share Market Today LIVE | Nifty crosses 21,650, Sensex soars over 500 pts; financial stocks gain
Share Market Today LIVE | SRF stock jumps despite chemicals conglomerate reported below-estimate numbers
SRF stock trades on a high note despite the multi-business chemicals conglomerate reporting below-estimate results a day ago. The stock of the chemicals company is up by 1.75 per cent, or Rs 38.95, at Rs 2,262 on BSE. The company's consolidated profit was down by 50 per cent while its revenue from operations was also down by 12 per cent Year-on-Year (YoY).
SRF Interim Dividend
On Tuesday, it also declared an interim dividend @ 36% i.e. Rs. 3.60 per share on the paid-up equity share capital of the company. Read more
Share Market Today LIVE | M&M Financial Services posts better-than-estimated Q3 numbers; what should investors do?
Shares of Mahindra and Mahindra Financial Services trade nearly five per cent higher at Rs 293 on BSE after the company posted better-than-estimated Q3 results.
M&M Financial Services Q3 numbers
The non-banking lender focused on auto finance reported a standalone net profit of Rs 552.8 crore against Rs 629 crore, which was a decline of 12.1 per cent. The profit for the third quarter was estimated at Rs 490 crore.
M&M Financial share price target: Should you buy, sell, or hold?
CLSA maintained 'buy' and raised the target to Rs 360 from Rs 330 apiece. Morgan Stanley has reiterated its 'equal weight' rating and raised the target to Rs 300 from Rs 285 apiece earlier. Meanwhile, Citi maintained a 'neutral' stance and raised the target to Rs 315 from Rs 310 apiece. Similarly, Jefferies maintained a 'hold' and cut the target to Rs 300 from Rs 295 apiece. Read more
Share Market Today LIVE | Dr Reddy's Laboratories zooms to an all-time time after reporting above-estimate December quarter results
In the first trading session on BSE after the pharma firm reported above-estimate third quarter results, Dr Reddy's Laboratories hit an all-time high of Rs 5,998 on Wednesday (January 31, 2024). The stock of one of the biggest pharma firms in India is trading up by 2.41 per cent, or Rs 140.80 at Rs 5986.55.
The company's consolidated profit after tax (PAT) jumped by 11 per cent, while its revenue from operations was up by seven per cent Year-on-Year (YoY). Read more
Stocks to Buy | Tata Motors, MGL, among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Himanshu Gupta, Ambareesh Baliga, Vishvesh Chauhan, Siddharth Sedani and Sumeet Bagadia share their top stock recommendations in this special segment, Pick of the Day, for January 31, a day before the Finance Minister is scheduled to present the Union Budget in Parliament.
On the top analysts' 'buy' list are stocks such as Tata Motors, Mahanagar Gas Ltd (MGL) and Karur Vysya Bank. Read more
Share Market Today LIVE | L&T plunges over 5% as Q3 results miss estimates; should you hold the stock?
Larsen & Toubro's (L&T) shares take a heavy beating and emerge as the top Nifty50 loser after the infrastructure conglomerate's net profit for the third quarter of the ongoing fiscal (Q3 FY24) fell short of analysts' estimates. The stock falls over five per cent to Rs 3,438 on the NSE.
After market hours on Tuesday, L&T reported a consolidated net profit of Rs 2,947 crore for the October–December period, an increase of 15.4 per cent compared to the corresponding period a year ago.
L&T registered revenue of Rs 55,128 crore for the quarter ended December 31, 2023, as against Rs 46,390 crore logged in the year-ago period, according to a regulatory filing.
L&T share price target: What's in for investors? Here is what brokerages suggest:
Larsen & Toubro Brokerage Rating Target (INR) CLSA Buy 4260 Jefferies Buy 4135 Goldman Sachs Buy 3750 Morgan Stanley Overweight 4171 Citi Buy 4082 Post the Q3 announcement, CLSA, Citi, Jefferies, and Goldman Sachs each maintained a 'buy' call on L&T shares with a target of Rs 4,260, Rs 4,082, Rs 4,135 and Rs 3,760, respectively. In addition, Morgan Stanley has maintained an 'overweight' rating on the counter with a target price of Rs 4,171. Read more
Image: Reuters/ Representational image Share Market Today LIVE | Nifty crosses 21,600, Sensex soars nearly 300 pts aided by financial stocks
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 21,425-21,500 levels and a strong buy zone at 21,250-21,350 levels on Wednesday, January 31. For the Nifty Bank, he expects support to come in at 45,075-45,200 levels and a strong base at 44,875-45,000 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | Nifty below 21,500, Sensex drops nearly 200 pts
Nifty 50
Source: NSESensex
Source: BSE
Traders' Diary | Buy, sell or hold strategy on Tata Steel, Tata Power, M&M, Dr Reddy's Lab, JSPL, 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, January 31. Check out the complete list of stocks on analysts Kushal Gupta and Ashish Chaturvedi's radar.
Here's the complete list of investment and trading ideas for the day:
Kushal Gupta
- Buy Star Health shares in the cash segment for a target of Rs 580 with a stop loss at Rs 556
- Buy Jindal Steel & Power Ltd (JSPL) futures for a target of Rs 773 with a stop loss at Rs 745
- Buy the Rs 570 call option of Hindalco at Rs 24.7 for a target of Rs 45 with a stop loss at Rs 15
- Technical pick: Buy Apollo Tyres shares for a target price of Rs 550 with a stop loss at Rs 527
- Fundamental pick: Buy JBM Auto shares for a target of Rs 1,950 with a stop loss at Rs 1,870
- Investment idea: Buy Nippon Life AMC shares for a one-year target of Rs 620. Read more
Stocks to Watch | L&T, Maruti, Sun Pharma, Dr Reddy's, TCS, Godrej Consumer among top stocks to track today
Here, we go through the stocks that can be in the limelight on Wednesday (January 31, 2024).
Dr Reddy's Laboratories
One of India's leading pharmaceutical companies, Dr Reddy's Laboratories, announced its December quarter results on Tuesday (January 30, 2024), reporting a 10.74 per cent jump in its consolidated PAT YoY.
The company's consolidated profit after tax (PAT) beat Zee Business research estimates of Rs 1310 crore, as it rose to Rs 1381 crore in the December quarter from Rs 1247 crore year-on-year (YoY).
L&T
Larsen & Toubro (L&T) on Tuesday reported a consolidated net profit of Rs 2,947 crore for the October-December period, an increase of 15.4 per cent compared with the corresponding period a year ago.
However, the infrastructure conglomerate's net profit for the fiscal third quarter fell short of analysts' estimates. L&T registered revenue of Rs 55,128 crore for the quarter ended December 31, 2023, as against Rs 46,390 crore for the year-ago period, according to a regulatory filing.
Jubilant FoodWorks
The company said on Tuesday that Domino’s, India's largest food service brand, has announced that it has joined the Open Network for Digital Commerce (ONDC) Network.
"With this integration, Domino’s catalogue will be seen on all apps that a consumer is shopping from across a network that is rapidly developing while seamlessly facilitating transactions," said the company in a statement on Tuesday. Customers in Delhi, NCR, can order Domino’s Pizza via ONDC, and other cities will be live soon, says the company. Read more
Expert View | Fed decision, interim Budget to weigh on markets in near-term, says Geojit Financial Services Strategist
"The Fed decision tonight and the interim Budget tomorrow will weigh on markets in the near-term. Global markets will be keenly watching the Fed comment on the timeline and quantum of rate cuts. The first rate cut is likely to come in June 2024. The decline in the 10-year yield to 4.02% is positive since it will restrain FPI outflows," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said.
"The domestic market will be focused on the interim Budget particularly on any proposals regarding taxation of investments relating to the capital market. The fiscal deficit and its glide path also is important since growth with stability is hugely important from the market perspective. Stock specific movements are likely in response to sectoral allocations in the Budget," he added.
Share Market Today LIVE | Nifty 50, Sensex likely to start sluggish; GIFT Nifty futures flat
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 7.05 points or 0.03 per cent at 21,618 ahead of the opening bell on Dalal Street.
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