Global Cues
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U.S. Dollar Index at 104.4
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U.S. 10-year bond yield at 3.92%
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Brent crude up 0.26% to $80.81 per barrel
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Nymex crude at $74.22 per barrel
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SGX Nifty up 0.33% to 17,614.5 as of 7:31 a.m.
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Bitcoin up 1.68% to $24,205.38
Pledge Share Details
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Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 3 lakh shares on Feb. 17.
Block Deals
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Inox Green Energy Services: ICM Finance bought 33 lakh shares (1.13%), Pilot Consultants sold 33 lakh shares (1.13%) at Rs 42.9 apiece.
Bulk Deals
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Delhivery: Internet Fund III sold 1.24 crore shares (1.7%) at Rs 335.06 apiece.
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Patel Engineering: Bank of Baroda sold 29.8 lakh shares (1.16%) at Rs 0.25 apiece.
Earnings Fineprint
Mahindra CIE Automotive Q4 CY2022 (Consolidated, YoY)
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Revenue up 34.6% at Rs 2246.84 crore (Bloomberg estimate: Rs 2,818.85 crore)
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Ebitda up 62.19% at Rs 292.40 crore (Bloomberg estimate: Rs 357.15 crore)
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Ebitda Margin at 13.01% vs 10.8% (Bloomberg estimate: 12.7%)
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Net loss of Rs 657.81 crore vs net profit of Rs 80.23 crore (Bloomberg estimate: Rs 196.45 crore profit)
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The company recorded a loss of Rs 923.37 crore on fair valuation of assets and liabilities of discontinued operations during the quarter under review.
Q3 Earnings Results Today
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Enkei Wheels (India), KSB, Sanofi India
Stocks To Watch: Biocon, Tata Steel, Lemon Tree, Wipro
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Biocon: Kotak Special Situations Fund invested Rs 1,070 crore in the company, which will be utilised by the latter’s subsidiary—Biocon Biologics—to fund its acquisition of the biosimilars business of its partner Viatris.
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Tata Steel: The company acquired 4.69 crore shares of its indirect subsidiary of Neelachal Ispat Nigam at Rs 64 apiece, aggregating to Rs 300 crore in the first tranche of investment in the equity shares of the latter.
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Orient Cement: The non-binding MoU between the company and Adani Power Maharashtra for establishing a cement grinding unit at Tiroda, Maharashtra stands terminated as the latter could not obtain the required MIDC clearances for sub-leasing the land required for the facility.
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Ugro Capital: The board of the company will meet on Feb. 25 to consider and approve raising funds via issuance of non-convertible debentures and/or commercial papers on private placement basis.
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HG Infra Engineering: The company has been declared as the preferred bidder by Rail Vikas Nigam, Chandigarh for a project for construction of foundations, sub-structure and superstructure along the Bhanupali-Bilaspur-Beri new railway line in Bilaspur district of Himachal Pradesh. The company had placed a bid of Rs 466.11 crore for the project.
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Gujarat Gas/Gujarat State Fertilisers & Chemicals: The Gujarat government has state’s Chief Secretary Raj Kumar as chairman of the boards of both companies with effect from Feb. 21, 2023.
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Lemon Tree Hotels: The company signed a licence agreement for a 47-room property in Bhopal, Madhya Pradesh, which is expected to become operations by December 2023 and will be operated by subsidiary Carnation Hotels.
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Hero MotoCorp: The company, through its electric mobility brand Vida, initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur.
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Wipro: The company launched Decentralised Identity and Credential Exchange ID to make digital identification and credential verification faster, easier and more secure.
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Sarda Energy and Minerals: The South Eastern Coalfields has issued letter of acceptance to the company against its bid for re-opening, salvaging, rehabilitation, development and operation of Kalyani underground mines in Chhattisgarh on revenue sharing of 4.5%.
SGX Nifty Signals Higher Opening For Benchmarks
Asia markets were mixed in trade after the U.S. shares fell, weighed down by Federal Reserve meeting minutes that underscored the central bank’s hawkish outlook and prompted investors to increase forecasts for interest rate hikes.
The S&P 500 closed down 0.2% for its fourth consecutive decline while the Nasdaq 100 managed to edge into positive territory in the final minutes of Wall Street’s Wednesday session.
A rally in Treasuries moderated after the Fed minutes were released. The Fed minutes showed officials expect further interest rate increases to tame inflation.
On the other hand, as per Wednesday’s MPC minutes, the members from the RBI remained committed to bringing inflation within the target, while the external member Jayanth R Varma expressed the need to exercise caution amidst headwinds to growth.
RBI Governor, Shaktikanta Das said, “we must remain unwavering in our commitment to bring down inflation, while being mindful of growth.”
Meanwhile, the yield on 10-year Treasuries advanced to 3.91%. Crude prices were trading around $80-mark, while Bitcoin was trading above 24,000-level.
At 7:31 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.33% at 17,614.5.
Benchmark indices Sensex and Nifty extended their decline for the fourth consecutive session as they crashed 1.5% each—the most in two weeks—tracking weakness in the global markets.
Rupee closed lower against the U.S. dollar for the second day in a row as the greenback and U.S. yields surged on hopes of more Fed hikes.
Overseas investors in Indian equities turned net sellers after a day on Wednesday. Foreign portfolio investors offloaded equities worth Rs 579.82 crore, while the domestic institutional investors turned net buyers and bought 371.56 crore worth of equities.
. Read more on Markets by BloombergQuint.