Closing Indices

08th Feb 23

Bse Sensex Closed @ 60663.79 Up 377.75 Points

Nse Nifty Closed @ 17871.70 Up 150.20 Points

Bank Nifty Closed @ 41537.65 Up 46.70 Points

India VIX Closed @ 13.5950 Down 0.5300 Points 

In News

In News

Rate-sensitive stocks including banks, auto and real estate will be in focus on February 8 ahead of the outcome of the MPC meeting.

Hero MotoCorp: The two-wheeler major has recorded a 3.6 percent year-on-year increase in standalone profit at Rs 711 crore for the quarter ended December FY23, led by other income but impacted by weak operating performance. Revenue for the quarter at Rs 8,031 crore grew by 1.9 percent over the year-ago period, with 4 percent decline in sales volumes. At the operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 3.7 percent YoY to Rs 924 crore with the margin declining 70 bps for the quarter. The company announced an interim dividend of Rs 65 per share.

Bharti Airtel: The telecom operator has reported a 26 percent sequential decline in consolidated profit at Rs 1,588 crore for the three-month period ended December FY23, impacted by licence fee provision. Revenue from operations for the quarter grew by 3.7 percent QoQ to Rs 35,804 crore, with average revenue per user climbing by Rs 3 to Rs 193 for the quarter. On the operating front, EBITDA increased by nearly 5 percent QoQ to Rs 18,453 crore with a margin expansion of 101 bps for the same period.

Adani Green Energy: The renewable energy arm of the Adani Group has registered a 110 percent year-on-year increase in consolidated profit at Rs 103 crore for the December FY23 quarter despite weak operating performance and exceptional loss, supported by other income and strong topline. Revenue for the quarter at Rs 1,973 crore increased by 41 percent YoY, while EBITDA fell 18.2 percent YoY to Rs 853 crore with the margin declining 3,127 bps to 43.23 percent for the same period.

Sobha: The south-based real estate firm has reported a 48 percent year-on-year decline in consolidated profit at Rs 31.8 crore for the quarter ended December FY23, impacted by weak operating performance. Revenue surged 40 percent YoY to Rs 868.2 crore for the quarter, with a highest-ever quarterly sales volume of 1.48 million square feet, up 12 percent YoY and best average price realisation of Rs 9,653 per square feet, up 22 percent YoY. However, EBITDA fell 41 percent YoY to Rs 88.8 crore for the quarter with a margin of 1,393 bps YoY to 10.22 percent in the same period.

PC Jeweller: Consortium of four banks - IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank - has issued their loan recall notices to the company. The legal proceedings between State Bank of lndia (lead bank) and the company are continuing, and the next date of hearing will be February 28, 2023. The company's showrooms (barring three - Preet Vihar, Pitampura and Kingsway Camp - in Delhi) are operational.

Aurobindo Pharma: Step-down subsidiary Aurolife Pharma has received approval from US Food and Drug Administration to manufacture and market the Diclofenac sodium topical solution. Diclofenac sodium topical solution is used in the treatment of osteoarthritis of the knees. The product is expected to be launched in Q1FY24, and has an estimated market size of around $487 million for 12 months ending December 2022, according to IQVIA.

Thermax: The energy and environment solutions provider has registered 59 percent year-on-year growth in profit at Rs 126.2 crore for the quarter ended December FY23, driven by good performance in all three segments (energy, environment and chemical) and last year's margins were affected by higher commodity and freight costs, which have now stabilised. Revenue climbed 27 percent YoY to Rs 2,049 crore for the quarter, while EBITDA at Rs 161 crore for the quarter grew by 42.4 percent with a margin expansion of 86 bps compared to the year-ago period. As on December 2022, Thermax Group had an order balance of Rs 9,859 crore, up 33 percent YoY, but order booking for the quarter was 10 percent lower at Rs 2,204 crore.

Market Movers

Some of the main moves in markets:

Stocks

The S&P 500 was unchanged as of 12:24 p.m. New York time

The Nasdaq 100 rose 0.3%

The Dow Jones Industrial Average fell 0.3%

The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index fell 0.2%

The euro fell 0.2% to $1.0702

The British pound was little changed at $1.2007

The Japanese yen rose 1% to 131.33 per dollar

Cryptocurrencies

Bitcoin was little changed at $22,926.3

Ether fell 0.3% to $1,632.85

Bonds

The yield on 10-year Treasuries advanced one basis point to 3.65%

Germany’s 10-year yield advanced five basis points to 2.35%

Britain’s 10-year yield advanced seven basis points to 3.32%

Commodities

West Texas Intermediate crude rose 3.7% to $76.86 a barrel

Gold futures rose 0.5% to $1,888.20 an ounce.

Key Events

Key events:

US wholesale inventories, Wednesday

New York Fed President John Williams is interviewed at Wall Street Journal live event, Wednesday

US initial jobless claims, Thursday

ECB President Christine Lagarde participates in EU leaders summit, Thursday

Bank of England Governor Andrew Bailey appears before Treasury Committee, Thursday

US University of Michigan consumer sentiment, Friday

Fed’s Christopher Waller and Patrick Harker speak, Friday