Closing Bell: Nifty above 22,000, Sensex up 376 pts; auto, IT, pharma top contributors

Sensex Today | Suman Chowdhury, Chief Economist and Head – Research at Acuité Ratings & Research

India’s external trade and current account position is unlikely to witness any significant improvement in FY25. Oil prices are unlikely to weaken materially from the current levels given the continuing geo-political risks, the persistent production cuts by OPEC+, and the expectation of an improving global growth outlook in the second half of the year due to the expected rate cuts.

In the short term, trade-related uncertainties have worsened with the ongoing disturbance in the Red Sea region potentially impeding trade, global supply chains, and escalating costs. We expect India's CAD to remain in the range of 1.3%-1.8% over the next few quarters.

Nevertheless, factors are favourable for a mild near-term appreciation in INR with the expectation of higher FPI flows in both debt and equity. While USD-INR is likely to attempt a move lower towards 82.50 levels by Mar'24, we believe it is unlikely to result in a durable trend due to RBI’s potential intervention in the FX market.

In addition, the Fed’s rate easing cycle in 2024 would soon be followed by key central banks over the medium term, thereby mitigating the weakness in the USD. As such, we expect INR to post a moderate weakness towards 84.0-84.5 levels by Mar-25.

Sensex Tdoay | Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas

Indian Rupee appreciated slightly by 0.02% on Friday on positive domestic markets. However, a recovery in US Dollar index and surge in crude oil prices capped sharp gains. US Dollar index recovered on declining expectations of a rate cut by Fed in March and May 2024. Economic data from US was slightly disappointing for the greenback.

We expect Rupee to trade with a slight positive bias on rise in risk appetite in global markets. However, positive tone in US Dollar and concerns over FII outflows may cap sharp upside. Traders may take cues from PPI, building permits, housing starts, UoM consumer sentiment and inflation expectations data from US. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.20.

SBI Cards & Payment Services shares trade near day's high

Stock Market LIVE Updates | HSBC View On Ipca Laboratories

-Hold call, target Rs 1,125 per share
-Q3 was a steady quarter led by India & generics exports segments
-Company’s branded markets should recover
-Outlook remains steady for company’s India business
-Export markets should also sustain growth barring some near-term volatility
-Supply to export markets and input cost trends key to watch in the near-term

Sensex Today | Market at 3 PM

The Sensex was up 441.16 points or 0.61 percent at 72,491.54, and the Nifty was up 145.00 points or 0.66 percent at 22,055.80. About 1963 shares advanced, 1279 shares declined, and 53 shares unchanged.

Stock Market LIVE Updates | CLSA View On Aditya Birla Fashion & Retail

-Outperform call, target Rs 266 per share
-Company reported a 3 percent contraction in lifestyle revenue in q3
-Company reported a 12 percent growth in pantaloons revenue in Q3FY24
-Improvement in gross margin & EBITDA margin as management focused on profitability during the quarter
-Demand remained sluggish, especially in smaller cities
-Management expects to shift focus back to revenue growth over coming quarters

Stock Market LIVE Updates | RBI not planning any harsher measures on fintech, RBI Vasudevan

RBI has no intention of implementing stricter measures on fintech; RBI executive director P Vasudevan states the RBI prefers a hands-off approach to fintech regulations.

Stock Market LIVE Updates | Zydus Life gets final US FDA Nod for Isosorbide Mononitrate extended-release, tablets

Stock Market LIVE Updates | Surya Roshni gets Rs 52.13 crore pipe supply order from Indian Oil

Stock Market LIVE Updates |Marine Electricals (India) has received an order amounting to Rs 104.25 crore (excluding taxes).

Stock Market LIVE Updates | Morgan Stanley View On Indiabulls Housing Finance

-Underweight call; target Rs 133 per share
-PpOP beat was 27 percent on higher total income (18 percent above estimate) & lower operating costs
-PAT was 12 percent below estimate as higher PpOP was offset by higher credit costs of 1.76 percent
-FY25-26 EPS estimates move lower by 11.5 percent each

Stock Market LIVE Updates | CLSA View On Gujarat Gas

-Sell call, target Rs 360 per share
-Q3 saw a disappointing performance & muted commentary
-Below estimate PAT due to lower margins coupled with margin miss
-Management guided for 10 percent volume growth (15 percent+ In CNG) & a unit EBITDA margin of Rs 4.5-5.5/scm
-Find Its 30x PE multiple as unsustainable & see risk of further EPS downgrades

Sensex Today | Union Bank of India plans Rs 3000 crore share sale: Bloomberg

Union Bank of India plans to offer as much as Rs 30 billion ($361m) of new shares in qualified institutional placement as early as next week, IFR reports, citing unidentified people with knowledge of the transaction.

BNP Paribas, HDFC Bank, IDBI Capital, IIFL Securities and JM Financial are managing the sale

Sensex Today | Gold prices set for second weekly dip as traders rethink rate-cut bets

Gold was headed for a second straight weekly fall on Friday after an unexpected spike in U.S. consumer prices made traders rethink their rate-cut expectations, though bullion recouped some of the losses following a drop in consumer spending.

Spot gold was little changed at $2,003.30 per ounce, as of 0717 GMT, and has lost over 1% for the week so far. U.S. gold futures were also steady at $2,015.70 per ounce.

Sensex Today | Oil flat as weaker IEA outlook weighs on US rate cut hopes

Oil prices stalled on Friday over a forecast of slowing demand by the International Energy Agency after gaining in the previous session on weak U.S. retail sales data that sparked optimism that the Fed might cut interest rates sooner than expected.

Brent crude futures were down 19 cents, or 0.2%, to $82.67 a barrel at 0745 GMT. U.S. West Texas Intermediate crude futures fell 3 cents to $78 a barrel.

Stock Market LIVE Updates | CLSA View On IT

-CAP, CTSH, Genpact & EPAM 2024 sales growth guidance remain weak
-Reiterate cautious stance on India’s IT sector
-Infosys & HCL Tech will issue their annual growth guidance in April 2024
-Forecast Infosys & HCL Tech annual growth guidance in mid-high single digits
-See More downside risk to FY25 estimate despite growth having troughed
-Have an outperform call on Infosys & Tech Mahindra
-Have a sell call on Wipro & LTIMindtree

Sensex Today | BSE Oil & Gas index down 0.2 percent dragged by HPCL, IGL, IOC:

Stock Market LIVE Updates | UBS View On Amber Enterprises

-Downgrade to neutral, target Rs 4,200 per share
-AC struggles; electronics may add value over time
-AC business is struggling with OEM assembly moving in-house
-Electronics can add high value over time; Titagarh JV to help railways scale-up
-Weak results driven by challenges in AC segment following shift to components
-Stock trading at 48x FY25 PE, slightly higher than its long-term average

Roshan Shah, Co-founder & CEO, VoloFin

Monetary policy decisions for the year will likely be influenced by the domestic growth trajectory and potential actions by the US Federal Reserve. The RBI is anticipated to maintain a cautious stance due to the risk of food inflation translating into generalized inflation. The recent rebound in Industrial Production (IIP) growth in December, particularly in the manufacturing sector, is supported by optimistic sentiments in the industry. Overall, the RBI is expected to prioritize stability and remain vigilant amid global uncertainties.

Stock Market LIVE Updates | USFDA completes inspection of Aurobindo Pharma manufacturing unit with zero observations

The manufacturing unit of Auro Peptides Ltd, the synthetic peptides API business arm of Aurobindo Pharma, situated at Indrakaran Village, Kandi Mandal, Sangareddy District, Telangana, was audited by the US FDA from 12th to 16th February 2024. The inspection was concluded with zero observations.

Defence acquisition council meeting concludes. DAC is likely to have approved proposal to buy Rs 80,000 crore defence equipment and the equipment order likely to be issued to BEL, HAL & others, Sources To CNBC-Awaaz.

Stock Market LIVE Updates | Lupin received USFDA approval for MinzoyaTM

Lupin has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for MinzoyaTM (Levonorgestrel and Ethinyl Estradiol Tablets, USP and Ferrous Bisglycinate Tablets), 0.1 mg/0.02 mg and 36.5 mg, to market a generic equivalent of Balcoltra (Levonorgestrel and Ethinyl Estradiol Tablets, USP and Ferrous Bisglycinate Tablets) 0.1 mg/0.02 mg and 36.5 mg, of Avion Pharmaceuticals LLC.

The product will be manufactured at company's Pithampur facility in India.

Stock Market LIVE Updates | Federal Bank shares touched 52-week high of Rs 165.50

Stock Market LIVE Updates | Paytm shares at day's high

Stock Market LIVE Updates | Citi View On NMDC

-Downgrade to sell from buy, target raised to Rs 215 per share
-Domestic price at export parity, little volume upside beyond FY25
-Company has hiked prices by Rs 850/t (19 percent) since Oct’23, closing 20 percent + disc to export parity (now at par)
-According to our global team, China’s policy support has been somewhat underwhelming
-Management indicated prices should be largely stable with minor adjustments on either side
-Company expect strong volumes in FY25 (largely discounted), but stable trends post (until FY29)

Stock Market LIVE Updates | JSW Group to invest Rs 65,000 crore in steel, cement plants in Odisha

JSW Group propose to invest Rs 65,000 crore in an integrated steel unit, a power plant, a cement factory and a port facility in Odisha, the company said on February 16. The steel facility will have a capacity of 13.2 million tonnes per annum.

The investment will be made in multiple phases subject to necessary approvals, the company said.

The integrated green steel project by JSW Steel is expected to drive economic growth in the region with employment potential of about 30,000 direct & indirect jobs, the company said in a statement.

The green steel complex would be set up in the Jagatsinghpur district of Odisha for which 2,958 acres of land has been handed over to the group by the Industrial Development Corporation of Odisha (IDCO). Read More

Stock Market LIVE Updates | KPI Green Energy's subsidiary KPIG Energia has received new order of 1.5 MW for executing solar power project, under its captive power producer segment.

Tata Motors launches ultra range of heavy-duty CVs in South Africa, reported CNBC-TV18.

Sensex Today | Nifty Bank index up 0.3 percent led by Federal Bank, IDFC First Bank, PNB

Stock Market LIVE Updates | Fitch downgrades UPL Corporation to BB+, with negative outlook

Global rating agency Fitch Ratings has downgraded UPL Corporation's Long-Term Issuer Default Rating to 'BB+', from 'BBB-', citing the weak 9MFY24 EBITDA, on lower global crop-protection industry demand due to prolonged destocking, and production overcapacity in China. The outlook is negative. Fitch has also downgraded UPL Corp's senior unsecured rating and the ratings on the senior unsecured notes to 'BB+', from 'BBB-'. The senior unsecured notes have been assigned a Recovery Rating of 'RR4'.

Stock Market LIVE Updates | KRChoksey View Aurobindo Pharma

Aurobindo Pharma had strong revenue growth driven by the US formulation segment with the support of the specialty and injectable segment. The profitability margins have expanded with stable pricing in the US and a trend of decline in raw material costs.

The major concern with the company is the recent FDA inspection in the Eugia unit 3 plant which received nine observations. Due to this, the company has stopped manufacturing temporarily which will have an impact of USD 20 mn in Q4FY24E revenue.

Broking house believe this downside risk may persist unless they adhere to regulations. Overall, the business outlook remains stable, although with an emerging risk from the impact of USFDA inspection in the injectables facility.

Currently, the stock is trading at PE multiples of 15.7x and 13.9x based on FY25E/FY26E EPS, respectively.

KRChoksey introduce FY26E estimates; expect FY23-FY26E revenue CAGR of 10.5% and corresponding Adj. PAT CAGR of 29.6%.

It applies a PE multiple of 14.2x to our FY26E EPS of Rs 71.63 and maintain target price of Rs 1,090 per share. Accordingly, maintain rating of ACCUMULATE on the stock, with a potential upside of 7.2%.

Stock Market LIVE Updates | Dilip Buildcon JV declares as L-1 bidder for dam project worth Rs 412.9 crore

Dilip Buildcon company through joint venture (Vijay Kumar Mishra Construction-Dilip Buildcon) has declared as L-1 bidder for the tender floated by the water resources department, Madhya Pradesh. The joint venture company will construct Machhrewa irrigation project dam and pressurized pipe irrigation network on turnkey basis at a cost of Rs 412.92 crore.

Stock Market LIVE Updates | Escorts Kubota executes long-term wage settlement agreement with Workers' Union for three years

Escorts Kubota has executed a long-term wage settlement agreement with the Workers' Union for three years. The company said it committed to maintain cordial industrial relations with all stakeholders and continues to offer good growth potential.

Sensex Today | BSE Information Technology index up 0.6 percent led by Mastek, Sasken Technologies, 63 Moons Technologies

Stock Market LIVE Updates | BPCL plans green hydrogen project in collaboration with Cochin International Airport

Bharat Petroleum Corporation said that the green hydrogen project is a pilot project for gaining experience in handling Hydrogen for automobile sector with an estimated capital investment of approximately Rs 25 crore. The project is planned in collaboration with Cochin International Airport (CIAL). Discussions were held with Officials of CIAL and a Memorandum of Understanding (MOU) is signed on February 14.

Sensex Today | Market at 12 PM

The Sensex was up 372.89 points or 0.52 percent at 72,423.27, and the Nifty was up 132.50 points or 0.60 percent at 22,043.30. About 1991 shares advanced, 1191 shares declined, and 61 shares unchanged.

Stock Market LIVE Updates | HDFC Mutual Fund picks shares worth Rs 91.26 crore in Sudarshan Chemical

HDFC Mutual Fund has bought 17,75,551 equity shares (which is equivalent to 2.56% of paid-up equity) in Sudarshan Chemical Industries at an average price of Rs 513.99 per share, valuing at Rs 91.26 crore.

However, promoters Nisha Ajay Rathi sold 4,00,404 equity shares at an average price of Rs 514 per share, and Ajay Balkrishna Rathi offloaded 14 lakh shares at an average price of Rs 514.18 per share.

Sensex Today | V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

The higher-than-expected consumer price inflation in the US has pushed back the timeline for rate cuts. But it can happen in H1 of CY25 itself because the Fed takes the PCE (personal consumption expenditure) more seriously in determining rate cuts and PCE is unlikely to indicate high inflation. The spike in CPI has been caused by a disproportionate rise in home rentals.

The market is likely to remain resilient amidst volatility. Valuations are excessive in the broader market. Safe investment strategy is to focus on high quality large caps.

Stock Market LIVE Updates | Promoter entity sells shares worth Rs 1,737.2 crore in Vedanta

Vedanta: Promoter entity Finsider International Company has sold 6,55,18,600 equity shares in the mining company via open market transactions. These shares were sold at an average price of Rs 265.14 per share, and were worth Rs 1,737.16 crore.

Stock Market LIVE Updates | CLSA View On Gujarat Gas

-Sell call, target Rs 360 per share
-Q3 saw a disappointing performance & muted commentary
-Below estimate PAT due to lower margins coupled with margin miss
-Management guided for 10 percent volume growth (15 percent+ In CNG) & a unit EBITDA margin of Rs 4.5-5.5/scm
-Find Its 30x PE multiple as unsustainable & see risk of further EPS downgrades

Stock Market LIVE Updates | M&M shares soar 5% to 52-week high on supply deal with Volkswagen

Shares of Mahindra and Mahindra Limited gained over 5 percent to a 52-week high of Rs 1,864.65 on February 16 after the company signed an agreement for Volkswagen components to be used in its electric vehicles.

Mahindra will equip a certain range of its INGLO electric platform with Volkswagen’s MEB and unified cells, according to a statement from M&M. The two companies had signed a partnering deal and term sheet back in 2022.

The unified cells concept is the core element of Volkswagen’s battery strategy. The supply deal will run over several years and will have a total volume of about 50 GWh over a lifetime. Mahindra plans to launch five all-electric SUVs in India based on its new, purpose-built electric platform INGLO, starting December 2024, the statement said.

Stock Market LIVE Updates | IPCA Labs jumps 6%, analysts positive after in-line Q3 results

Shares of IPCA Laboratories jumped around 6 percent on February 16 morning with positive on the stock after the company's in-line Q3FY24 earnings.

IPCA Labs reported a 66.8 percent on-year rise in consolidated net profit at Rs 179.88 crore in the December quarter. Its revenue came in at Rs 2,052.86 crore, up 32 percent YoY.

According to Motilal Oswal, IPCA Labs remains on track to deliver better-than-industry growth in the domestic formulation segment. Its rebuilding the US business from its site, given successful compliance in place. "However, the branded generics segment would need enhanced efforts to improve growth prospects," it said. Read More

Stock Market LIVE Updates | Volkswagen & Mahindra sign supply agreement

Volkswagen Group and Mahindra & Mahindra (M&M) have signed the first supply agreement on components of Volkswagen´s MEB for Mahindra’s purpose-built electric platform INGLO,taking a definitive step further on their joint vision for e-mobility collaboration.

Stock Market LIVE Updates | GMR Airports Infrastructure's January passenger traffic up 13 percent at 1.05 crore and Aircraft Movements up 5 percent at 66,302

Stock Market LIVE Updates | Indian Renewable Energy Development Agency shares were most active on the NSE. It is down 15 percent on the last 7 days.

Stock Market LIVE Updates | Indian Renewable Energy Development Agency shares were most active on the NSE. It is down 15 percent on the last 7 days.