Citibank recently released a report on the latest earnings season of Indian markets, stating that the overall growth in earnings for BSE-100 and Nifty was at 18% and 13% year-on-year respectively. The key driver of this growth was seen in the Industrials and Energy sectors. Citi expects Nifty earnings to grow by 13%-14% between FY24E and FY26E.
Open FlipKotak Mahindra Bank's shares rose 2% after announcing a reshuffle in top management. KVS Manian and Shanti Ekambaram were elevated to joint managing director and deputy MD, respectively. This move quells concerns over Manian potentially leaving for Federal Bank. Devang Gheewalla will replace outgoing CFO Jaimin Bhatt, while Milind Nagnur will now hold the positions of CTO and COO.
Open FlipFrontline pharma majors - Cipla, Sun Pharma, and Dr Reddy’s - have seen a surge in earnings due to the high-margin blockbuster cancer drug Revlimid. However, as the patent for Revlimid is set to expire in 2026, these companies will need to find other sources of revenue to maintain growth. Dr Reddy's focuses on acquisitions and faster product filings.
Open FlipSony and Zee Entertainment Enterprises (ZEEL) are in last-ditch talks to revive their $10 billion merger, after the deal was officially called off on January 22. Major differences remain, however, including a $300 million write off on cricket rights and disagreements over certain conditions precedent. The success of the negotiations is still uncertain, with both sides sticking firmly.
Open FlipOn February 19, high-frequency trading, which uses sophisticated algorithms and computers to execute quick trades, was active in the stocks of Sula Vineyards, Tijaria Polypipes, and Coffee Day Enterprises. Sula Vineyards and Coffee Day Enterprises saw stock prices decrease, while Tijaria Polypipes saw an increase. Retail investors are often attracted to these fundamental triggers.
Open FlipKrishnan V R of Marcellus Investment Managers believes that given the current macroeconomic conditions in India, a rate cut by the Reserve Bank of India (RBI) followed by a rate cut by the US Federal Reserve are likely towards the second half of the next financial year. With inflation expected to remain on a downward trajectory and go below 4 percent, Krishnan believes the Indian economy.
Open FlipSeveral Indian stocks have been placed on the National Stock Exchange's futures and options (F&O) ban list for February 20 due to exceeding the market-wide position limit. These include Biocon, Indus Towers, and Canara Bank. Other stocks may also enter the list if they cross the 95 percent limit, while some may exit as their limit nears 80 percent.
Open FlipNPR Finance reported its standalone quarterly results, with net sales at Rs. 1.68 crore in December 2023, a decrease of 60.24% from the previous year. However, EBITDA increased by 110.42%. The company's shares on BSE closed at 24.03 on February 19, 2024, showing a return of 77.21% over the last 6 months and 51.13% over the last 12 months.
Open FlipDion Global Solutions reported its standalone quarterly results for December 2023, with a net sales increase of 32.74% from the previous year. However, there was a significant decrease in net profit (-98.04%), EBITDA (-94.05%), and EPS (from Rs. 0.55 to Rs. 0.01). The company's shares closed at Rs. 2.25 on May 18, 2020, on the BSE.
Open FlipCapital One, a major consumer lender backed by Warren Buffett, announced its plans to acquire credit card issuer Discover Financial Services in an all-stock deal worth $35.3 billion. The merger is aimed at creating a strong payments network, and would make Capital One the fourth-largest player in the US credit card market. However, the deal may face regulatory scrutiny.
Open FlipThe market has been steadily rising for five consecutive days, but certain candlestick patterns suggest a possible slowdown and consolidation in the near future. Experts advise that the Nifty 50 may find support at 22,000 and resistance at 22,200 and 22,300 levels. Container Corporation of India, JBM Auto, and Sonata Software have outperformed the market and show positive trends.
Open FlipThe Indian stock market is expected to open flat on Tuesday, following mixed global cues and a tepid start for the benchmark index. The Nifty has formed a high wave or doji candle pattern, indicating potential consolidation or a minor dip in the short term. However, the near-term trend remains positive and Nifty is likely to continue breaking through resistance levels.
Open FlipCIE Automotive India stock sank two percent in trade on February 20 after the net profit for the December quarter fell 9.1 percent on-year. The automotive ancillary company recorded a consolidated net profit of Rs 177 crore for the quarter ended December 2023, falling 9.1 percent compared to the year-ago period despite healthy operating numbers.
Open FlipGold prices decreased in early Asian trading due to a stronger dollar and rising treasury yields. Traders are waiting for more information from the U.S. Federal Reserve's last meeting, with all eyes on the minutes being released on Wednesday. Despite progress with inflation, one official says there is still work to be done to maintain stable prices. Another has cautioned against delaying rate.
Open FlipJSW Steel is in talks to acquire a 20% stake in the Blackwater coal mine in Australia, owned by Whitehaven Coal. The deal, valued at $750 million to $1 billion, could help secure coking coal supply for JSW's expansion plans. Whitehaven had announced its intention to sell a stake and other interested parties include AvidSys Group and Japanese trading houses. JSW aims to increase production capacity
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