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Market at 3 PM
Benchmark indices erased all the intraday gains and trading lower with Nifty around 17500.
The Sensex was down 210 points or 0.35% at 59,339.90, and the Nifty was down 170.20 points or 0.96% at 17,492. About 993 shares have advanced, 2288 shares declined, and 95 shares are unchanged.
Adani Group Stocks under pressure
Adani Group stocks again came under pressure with stocks locked at lower circuits.
Adani Green Energy Limited was quoting at Rs 1,114.00, down Rs 110.05, or 8.99 percent Adani Total Gas was quoting at Rs 1,901.65, down Rs 211.25, or 10.00 percent.
Adani Enterprises was quoting at Rs 2,231.25, down Rs 743.75, or 25.00 percent Adani Power was quoting at Rs 212.75, down Rs 11.15, or 4.98 percent.
Adani Transmission was quoting at Rs 1,680.00, down Rs 93.95, or 5.30 percent and Adani Wilmar was quoting at Rs 443.60, down Rs 23.30, or 4.99 percent.
Adani Ports and Special Economic Zone touched 52-week low of Rs 490.25 and quoting at Rs 490.25, down Rs 122.55, or 20 percent.
Rakeshh Mehta, Chairman, Mehta Equities
Keeping India and its citizens first, it was a well-presented growth-oriented budget with a focus to build India’s economy much stronger. At a macro level, increase in capital investment outlay by 33% to Rs 10 lakh crore — 3.3 percent of the GDP, would propel the economy towards a high growth trajectory, which is the need of the nation.
From the individual perspective, huge income tax relief with a hike in tax slab structure would bring more money into the hands of the tax-payers that should help drive consumption growth over the long term.
Atul Auto January auto sales | Total sales were up 27.68% at 2,205 units against 1,727 units, YoY.
TVS Motor January total sales up 3% at 275,115 unitsTVS Motor Company registered a sales growth of 3% with sales increasing from 266,788 units in the month of January 2022 to 275,115 units in January 2023
Dhiraj Relli, MD & CEO, HDFC Securities
It was a delight to hear the Finance Minister presenting the budget that painted vibrant colours on the India growth story canvas.
The last full Budget by the NDA Govt was not populist as some feared, but continued on the path of fiscal prudence with minimal changes in tax proposals reflecting the Govt.’s thrust on stability in tax regime. While the nudge to new tax regime has gained momentum offering reliefs for those who opt for it, HNIs are impacted both ways – reduction in peak surcharge rate benefitting them while Capital gains and MLD limits could hurt them to an extent. Real estate companies in the affordable segment could benefit while those in ultra high value segment could get impacted.
Increase in capital expenditure and on Railway capex is a welcome measure that could trigger a lot of other investments by the private sector and stimulate income growth. Including payments to MSME u/s 43B could be an irritant to large businesses and may have unintended consequences. Bond street is relieved immediately due to borrowing estimates coming within expected levels. Stock markets have reacted well to the provisions immediately due to absence of any major unexpected negatives and adherence to fiscal prudence. The markets will now look forward to the other triggers for moving from now on – the US Fed meet outcome, RBI MPC meet outcome and the balance Q3 corporate results.
In a nutshell, I would state this budget to be prudent, progressive and pragmatic.
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Manish Jeloka, Co-head of Products & Solutions, Sanctum Wealth
The Budget 2023 is aimed to fine tune and resolve growth issues at the micro level. This is in line with the theme “Reaching the Last Mile and Inclusive Development”.
Budget 2023 continues to have the thrust on Infrastructure including push for low cost housing with prudent fiscal management.
A sharp increase in the Capital investment outlay by 33 per cent is aimed at the efforts to enhance growth as well as create new jobs and also provide a cushion against global headwinds.
Keeping the gross borrowing under Rs 16 lakh crore and fiscal deficit at 5.9% of GDP with a glide path of reducing it to 4.5% by 2025-26 puts credence on the fiscal consolidation.
Nomura View on KEC International
-Buy call, target Rs 550 per share
-Q3 execution was above estimates, but EBITDA margin remained weak
-Decline in net debt level & working capital moderation were only positives
-Trading at 18.7x FY24F EPS of Rs 34.6
KEC International was quoting at Rs 458.55, up Rs 2.85, or 0.63 percent on the BSE.
Anurag Jhawar, Partner Family Office Advisory, Upwisery Capital Advisors LLP
The budget is growth oriented with an impetus on strengthening the bottom of pyramid. The large outlay and support on Infrastructure, connectivity, rural thrust, MSME and Agriculture will lead to increase in investment cycle, economic activity and job creation.
It is expected that the rural sector will get a major push, thus laying a strong foundation for a higher growth trajectory for the country in times to come. The digital thrust will also see innovation and productivity increase in the agriculture sector.