Indian Bank Ltd, a PSU bank, has seen a strong rally of over 60% in the last 6 months, reaching a record high in February 2024. Bullish investors should consider buying on dips for a potential target above 600 levels in the next 3-4 weeks. The stock has risen more than 80% in the last year and is trading above key moving averages. It is currently in an overbought zone.

The booming mining and steel sectors, execution of infrastructure projects, and the improving industrial outlook continue to  drive demand for Medium and Heavy Commercial Vehicles (M&HCV) for Ashok Leyland Limited (ALL). During the first nine months of this financial year (April-December 2023), the Chennai-based CV maker sold 87,736 units of medium-and heavy- duty trucks (7 percent up YOY)..

Kotak Institutional Equities has rejected the market's positive outlook on state-run companies, citing concerns about profitability and risks in various sectors such as capital goods, electric utilities, and oil and gas. PSU stocks have rallied, but Kotak doubts the optimistic assumptions about their future growth and profits. They have added Pidilite Industries to their portfolio.

The Rs 920-crore IPO of Apeejay Surrendra Park Hotels was subscribed 8.55 times by the noon of February 7, the final day of bidding, with bids coming in for 29.7 crore equity shares against an offer size of 3.47 crore. Retail investors lead the pack, subscribing 17.61 times their allotted quota of shares. Non-institutional investors’ potion had been booked 17.51 times.

ICICI Direct's currency report on EURINR Euro rose by 0.11% yesterday amid weak dollar and upbeat German factory data. German factory orders unexpectedly rose by the most in 3½ years. However, sharp upside was capped as Euro Zone Retail sales fell more than expected in December and ECB 1-year inflation expectations eased. For today, EURUSD is likely to hold the support near 1.0720 level.

In Q3 of 2023, LIC's share in listed stocks decreased to 3.64%, while domestic mutual funds saw a record high of 8.81% and DIIs dropped slightly to 15.96%. FIIs also saw a decrease in their share to 18.19%. The FII-to-DII ownership ratio hit an all-time low of 1.14%, with the government's holding in listed PSUs dropping to 22.48%.

Benchmark indices, Sensex and Nifty, initially gained but later fell as investors booked profits from top companies like HDFC Bank, Maruti Suzuki and Infosys. Banking indices also showed lackluster performance, dragging the benchmarks down. The broader market remained resilient, with midcap and smallcap indices showing gains. Market experts predict reliance and banking stocks will play.

Tata Steel and TRF Ltd have decided against merging, with TRF successfully turning around its performance despite a challenging operating environment. Tata Steel has completed amalgamating five businesses, resulting in a cumulative annual turnover of Rs 19,700 crore. This will bring benefits such as raw material security, centralized procurement, and reduced logistics costs.

Shares of hospitality chain EIH Limited zoomed 20 percent to a new high of Rs 426.50 on February 7 morning, a day after the company which operates Oberoi chain of hotels reported record earnings for the December quarter. The company's profit jumped 52 percent on-year to Rs 229.94 crore and total income increased to Rs 769.87 crore. Implementation of cost-saving measures played a crucial role.

Larsen & Toubro secures large orders from domestic and Middle East markets for its power transmission and distribution business. These include a 75 MW floating solar plant in Jharkhand and West Bengal, a substation project in Saudi Arabia, and orders from hydrocarbon companies in Kuwait and Saudi Arabia. The company's total value of orders falls between Rs 2,500 crore and Rs 5,000 crore.

On February 7, IEX shares dropped by nearly 4.8 percent after CERC enabled market coupling. This model will aggregate bids from all three power exchanges and determine a uniform clearing price. IEX had previously hit a 52-week low when the government approved market coupling, and CERC invited comments in August 2023. For Q3, IEX reported a 18.9 percent increase in net profit to Rs 91.8 crore.

Benchmark indices rise on expiry day as Bank Nifty sees short-covering rally. Experts predict further upside if Nifty surpasses 46,100, with support levels identified at 21,850 and 21,700-750. Immediate resistance for Nifty at 22,000, followed by 22,125-22,150. All sectoral indices trade in green except for IT. Sensex down 4.05 points or 0.01 percent at 72,182

Adani Green Energy's shares surged 16% to hit a new high after reports that the solar energy company is in talks with foreign banks, including one from the US, for their first dollar bond sale since the Hindenburg report. This deal is expected later this year and the terms may change. Adani's consolidated net profit doubled to Rs 256 crore in Q3 FY24.

Aether Industries plans to commission a 15 MW solar power project in Gujarat's Bharuch district under the CPP segment. This will be their second solar power plant, with the first being a 16 MW plant commissioned in July 2023. The new plant aims to increase sustainability and will be spread across 60 acres. The project will be completed in phases and is expected to begin in the next financial year.

Kerala's Finance Minister allocated funds for ongoing projects in Kochi, including a residential-commercial complex, Kochi Metro phase 2, and a petrochemical park. The budget also included funding for industrial corridors, parks, and an innovation center. However, there was no mention of the Gift City project or significant allocations for the Integrated Urban Regeneration and Water Transport.