Stocks in the news | Berger Paints, InterGlobe Aviation, Neuland Labs, Raymond, IG Petrochemicals
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FIIs reduce stake in 40 largecap stocks in Q3 FY21; time to book profits?
Foreign institutional investors (FIIs) who were net buyers in Indian equity markets to the tune of Rs 1.7 lakh crore in 2020, reduced stake in over 40 largecap companies sequentially in the quarter ended December.
FIIs reduced stake in about 45 companies in the December quarter. These include TCS, RIL, Avenue Supermarts, Sun Pharma, Bajaj Auto, ONGC, IOC, and Dr Reddy’s Laboratories, and Tata Motors, among others. Read more
Anand Rathi on Balkrishna Industries: We expect FY23 revenue to grow 13 percent YoY, with a 29.2 percent margin; accordingly we expect earnings to grow 16 percent YoY to Rs 1,560 crore. We expect a 13 percent revenue CAGR over FY21-23; and earnings growth of 19 percent leading to an EPS of Rs 81 and maintain a buy rating, with a higher target of Rs 1,946.
Sriram Iyer, Senior Research Analyst at Reliance Securities
International Gold and silver extended gains on Tuesday as the US Dollar tumbled on Tuesday. Domestic gold and silver prices ended mixed on Tuesday with gold ending higher, while silver gave up gains and ended lower.
US lawmakers were armed with a budget outline to push US President Joe Biden’s $1.9 trillion COVID-19 relief package through Congress without Republican support, with the legislation likely to pass before March 15.
Domestic bullion could trade flat this Wednesday morning, tracking the overseas markets. Technically, MCX Gold April took resistance at Rs 48235 and ended below Rs 48000 levels including a sideways to marginal downside momentum up to Rs 47860-47700 levels. Resistance is at Rs 48060-48300 levels.
MCX Silver March retreated from Rs 70700 levels and ended below Rs 69600 levels indicating a sideways to marginal downside momentum up to Rs 69200-68050 levels. Resistance is at Rs 69950-70800 levels.
BSE M-cap Reaches Near $2.7 Trillion; How Far Is $3 Trillion Mark?
The future earnings trajectory is very strong and a higher upside in the overall market could be a function of how much more earnings upgrades we see going forward.
Berger Paints gains 3%:
Berger Paints India share price was up over 3 percent on February 10 after paint maker on February 9 reported a 51.2 percent jump in consolidated net profit to Rs 275 crore for the quarter ended December 2020. It had posted a net profit of Rs 181.9 crore in the October-December quarter a year ago.
Revenue from operations of the company stood at Rs 2,118.2 crore, up 25 percent, during the quarter under review as against Rs 1,695.9 crore in the corresponding period of the last fiscal.
Rupee Opens: Indian rupee opened flat at 72.87 per dollar on Wednesday against Tuesday’s close of 72.88, amid volatile trade seen in the domestic equity market. On February 8, domestic unit ended higher by 8 paise at 72.88 per dollar against Monday’s close of 72.96.
Buzzing:
Adani Ports share price fell on February 10 after the company declared its December quarter numbers. The company’s consolidated Q3 net profit jumped 15.4% at Rs 1,561.47 crore versus Rs 1,352.17 crore in the same quarter last year. Its revenue was up 29% at Rs 3,746.49 crore versus Rs 2,901.95 crore. Click here to read more
Hindalco Q3 Preview: Robust Aluminium Business, Higher Commodity Prices May Double Profit
Aleris acquisition with Novelis, which was completed in April 2020, is expected to generate synergies of around $150 million in the coming quarters, said Narnolia Financial Services.
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research
Technically, USDINR Feb Future closed at 73.02. It is expected to trade with bearish momentum for the day. RBI defending 72.80, so once it break with sustain volume then further bearishness come towards 72.62.
For spot pair 73.00 will the crucial as market is not giving sustain closed above this levels. Breakout above this level with good volume take dollar further upside towards 73.20 levels. It is expected to open near 72.85. Weak Dollar index and FPI data will help local currency to trade strong.
IRB Infra enters into agreement with FPI:
The company has entered into definitive agreement with India Toll Roads – Foreign Portfolio Investor, for raising of funds by issuance of non-convertible debentures upto Rs 2,220 crore subject to satisfactory completion of procedural conditions.
The proceeds would be utilised for repayment of existing loans upto Rs 1,600 crore and balance for meeting capex requirements and general corporate purpose.
