Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex finished 1.8 per cent higher amid a broad-based rally on Monday, January 29, wherein oil & gas, financial and FMCG shares were the biggest contributors. The rally on Dalal Street was especially powered by a rebound in beaten-down financials amid positive signals from other Asian markets, after China’s markets regulator said it would fully suspend the lending of restricted shares in an attempt to stabilise the country’s stock markets.
Meanwhile, the Federal Reserve’s favoured inflation reading showed moderating prices in December, bolstering hopes of early rate cuts.
Investors awaited more of quarterly earnings reports from India Inc for domestic cues.
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Both headline indices finish the strong session 1.8 per cent higher, with the Sensex adding 1,240.9 points to end at 71,941.6 and the Nifty50 soaring 385 points to 21,737.6.
Images: NSEIndia.com, BSEIndia.com
Read more on the January 29 session on Dalal Street
Shares of IRB Infrastructure Developers hit an all-time high on the BSE at Rs 60.45. The stock jumped after Yedeshi Aurangabad Tollway Ltd. (YATL), a special-purpose vehicle of the IRB Infrastructure Trust, won an arbitration award of Rs 1,720 crore for a highway project.
As per the filing, the YATL had initiated arbitration proceedings against the National Highways Authority of India (NHAI) after the authority disputed the company’s claim for the extension of the concession period by 870 days and compensation of Rs 1,751 crore. Read more
Vikas Sethi of Sethi Finmart recommends buying Dilip Buildcon shares for a target of Rs 425 with a stop loss at Rs 385. Besides, he recommends buying HeidelbergCement India shares for a target of Rs 245 with a stop loss at Rs 225.
Punjab National Bank (PNB) shares gain nearly 5 per cent to notch a fresh 52-week high of Rs 109.48 on BSE after Q3 net profit at the state-run lender jumped more than three-fold to Rs 2,223 crore as against Rs 629 crore reported in the same quarter last year.
During the period under review, the total income at the lender also increased to Rs 29,962 crore. The figure stood at Rs 25,722 crore in the same period last year. Interest income at the lender also surged to Rs 27,289 crore as compared to Rs 22,384 crore registered in the third quarter of the previous fiscal.
Additionally, asset quality at the lender improved, with gross non-performing assets (NPAs) declining to 6.24 per cent of the gross loans at the end of December 2023 from 9.76 per cent a year ago. Read more
Shares of Shriram Finance rally over 6 per cent to hit a fresh 52-week high of Rs 2,448.85 apiece on BSE after posting strong financial results for the December-ended quarter (Q3 FY24).
For the quarter under review, consolidated net profit at the company inched higher by 3.99 per cent year-on-year (YoY) to Rs 1,873.59 crore versus Rs 1,801.66 crore recorded in the same period of the previous year. Besides, net interest income (NII) rose by 16.93 per cent and came in at Rs 5,274.91 crore as against Rs. 4,511.35 crore logged in the same period of the previous year.
Consolidated earnings per share (basic) increased by 2.96 per cent and stood at Rs. 49.70 as compared to Rs. 48.27 recorded in the same period of the previous year. Read more
Tata Technologies shares trade on a muted note after the subsidiary of the Tata Group reported a 6.1 per cent increase in its consolidated net profit, or profit after tax (PAT), at Rs 170.22 crore for the quarter ended December 31, 2023. The stock trades 0.07 per cent higher at Rs 1,145.05 on BSE.
The company, which is a global product engineering and digital services company, reported a profit of Rs 160.38 crore in the year-ago period. On a year-on-year (YoY) basis, the profit grew 14.7 per cent. Read more
Shares of Azad Engineering hit an all-time high on the BSE at Rs 745.55 after the company signed a long-term contract with British luxury car manufacturer Rolls Royce. The contract is to produce and supply critical engine parts for their Defence/Military Aircraft engines.
“It is informed that Rolls-Royce signs long-term contract of seven years with Azad Engineering Limited to produce/Supply critical engine parts for their Defence / Military Aircraft engines,” the filing read. Read more
SBI Card shares dip nearly six per cent to trade at Rs 715.9 after the firm reported weak third-quarter results.
SBI Card Q3 results
SBI Card reported weak third-quarter results as its net interest income increased by 21.2 per cent to Rs 1387 crore in the December quarter from Rs 1144.60 crore in the same quarter last fiscal. Read more
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Himanshu Gupta, Rakesh Bansal, Kunal Saraogi, Mehul Kothari, Dharmesh Kant, Jay Thakkar and Sumeet Bagadia share their top stock recommendations in this special segment, Pick of the Series, as Dalal Street enters the February F&O series.
On the top analysts’ ‘buy’ list are stocks such as Tata Power, Lupin, PowerGrid, ICICI Bank, MCX and JSW Steel. Read more
Shares of JSW Steel edge higher after billionaire Sajjan Jindal-led JSW Steel reported a close to five-fold rise in its net profit for the October-December quarter of the current financial year, owing to robust domestic demand. The stock gains by as much as 0.9 per cent, to Rs 823.6 apiece on NSE.
The flagship company of the JSW Group’s consolidated net profit surged to Rs 2,415 crore for the third quarter, up from Rs 490 crore logged in the same quarter of the previous fiscal.
The steelmaker’s revenue from operations went up 7.2 per cent to Rs 41,940 crore. The company’s EBIDTA (earnings before interest, depreciation, tax, and amortisation) shot up by 57.9 per cent to Rs 7,180 crore. Read more
Vedanta shares edge higher after the billionaire Anil Agarwal-led mining company reported a better-than-expected set of financial results for the quarter ended December 31, 2023. The earnings announcement, post-market hours on Thursday, was followed by a downgrade from foreign brokerage CLSA to ‘sell’ from ‘outperform’. The stock gains by as much as Rs 2.9, or 1.1 per cent, to Rs 266.5 apiece on BSE. Read more
Here’s what CLSA, Morgan Stanley, Jefferies, Goldman Sachs, HSBC, Citi and Macquarie make of stocks such as JSW Steel, Cipla, Indraprastha Gas Ltd (IGL) and HPCL:
CLSA has maintained an ‘underperform’ rating on JSW Steel with a target of Rs 820, while Morgan Stanley has maintained an ‘underweight’ rating on the stock with a target of Rs 620.
Jefferies has maintained a ‘hold’ call on JSW Steel with a target of Rs 800.
Citi has maintained a ‘sell’ call on JSW Steel with a target of Rs 675.
Macquarie has maintained a ‘neutral’ rating on JSW Steel with a target of Rs 841.
Five brokerages, CLSA, Goldman Sachs, HSBC, Nomura and Jeffeires have recommended buying SBI Life Insurance shares for a target of Rs 1,730, Rs 1,700, Rs 1,720, 1700, and 1,700 respectively.
Morgan Stanley has maintained an ‘overweight’ rating on SBI Life with a target of Rs 1,770.
Macquarie has maintained a ‘neutral’ rating on SBI Life with a target of Rs 1,600.
Citi has maintained a ‘buy’ rating on Indraprastha Gas Ltd (IGL) with a target of Rs 510.
Jefferies has maintained a ‘hold’ call on IGL with a target of Rs 430.
Morgan Stanley has maintained an ‘equalweight’ rating on IGL with a target of Rs 413. Read more
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Share Market HIGHLIGHTS: Sensex ends 1,241 pts higher, Nifty50 reclaims 21,700 amid broad-based rall – Zee Business
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