Avinash Pathak, Research Analyst at LKP Securities.
FMCG stocks have shown some recovery on the back of easing inflation and anticipation of better margins ahead. However, on the demand front, no incremental improvement or deterioration in underlying demand trends across urban or rural markets is expected.
Rural demand is likely to remain tepid due to continued inflationary pressures on rural consumers’ wallets, which would result in down trading to smaller packs and brands.
Nifty PSU Bank index fell 2.5 percent dragged by Bank of India, Punjab and Sind Bank, UCO Bank
Ashwin Patil, Senior Research Analyst at LKP Securities
Defence sector, as every year before the budget has a wishlist out of which the important one is outlay for emphasis on indigenisation, which means emphasis on local production. The GOI definitely does a lot for the sector every year, also on the R&D side where they plan to spend a substantial amount.
Therefore even this year we expect them to announce a significant budget for the space and research, electronic equipments and advancement on further localization.
On PLI schemes we would say that the GOI is fostering healthy competition in the defence space through launching various PLI schemes.
This would surely improve the quality of defence products and services and further enhance the defence sector.
Also the country needs to improve on their space research, due to which we believe that further PLI schemes will be more focused on Space research.
Network 18 Media & Investments Q3
Network 18 Media & Investments has reported 11.6 percent jump in its Q3 revenue at Rs 1,850.5 crore versus Rs 1,657.4 crore.
Oil Prices mixed
Oil prices were mixed on Tuesday after China posted its weakest annual economic growth in nearly half a century, with its late-2022 U-turn in COVID-19 policy underpinning hopes of a recovery in the country’s fuel demand this year.
Brent crude futures edged up by 7 cents, or 0.1%, to $84.52 by 0727 GMT, recouping some of the 1% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures slid 73 cents, or 0.9%, to $79.15 from Friday’s close. There was no settlement on Monday because of the U.S. public holiday for Martin Luther King Day.
Octanom launches Algorithm powered advisory platform HEDGED
InvesTech startup, Octanom Tech has launched its first machine powered platform – Hedged, which will provide investment and trading solutions to retail investors powered by a combination of algorithms and actual interest (AI).
The company claimed that Hedged will give traders hedged options trades powered by a combination of proprietary Algorithms. Its in-built Nifty crash meter is designed to forecast the onset of a crash or an up-move before it happens and helps investors position their portfolios accordingly.
Newgen Software Q3 net profit up 59% at Rs 48.2 crore
Newgen Software has posted 59 percent jump in its Q3 net profit at Rs 48.2 crore against Rs 30.3 crore and revenue was up 12.7% at Rs 255 crore versus Rs 226 crore, QoQ.
Newgen Software Technologies was quoting at Rs 397.05, down Rs 7.85, or 1.94 percent on the BSE.
Morgan Stanley view on Federal BankThe brokerage firm has kept the ‘overweight’ rating on the stocks and raised the target price to Rs 175 per share.Core PPoP growth of 52 percent on-year, was 8 percent above the estimates and NII growth was a big surprise led by higher margins.The management raised the NIM/RoA guidance for FY24, while broking firm raised EPS estimates by 5-12 percent in FY23/24, reported CNBC-TV18.
Market at 1 PMBenchmark indices erased some of the intraday gains but still trading higher with Nifty around 17950.The Sensex was up 274.34 points or 0.46% at 60367.31, and the Nifty was up 64.20 points or 0.36% at 17959. About 1394 shares have advanced, 1789 shares declined, and 131 shares are unchanged.
Glenmark Pharma launches Sacubitril + Valsartan tablets in India
Glenmark Pharmaceuticals launched the sacubitril + valsartan tablets in India, for the treatment of heart failure.
Marketed under the brand name ‘Sacu V’, it must be taken twice daily under doctor’s prescription. Its approved indication is to reduce the risk of cardiovascular related deaths and hospitalisations for patients with chronic heart failure (NYHA class II‐IV) with reduced ejection fraction (HFrEF).
Glenmark Pharma was quoting at Rs 415.50, down Rs 4.45, or 1.06 percent.
Bank Of India Q3 Results:
Bank of India has reported 12 percent jump in its Decemebr quarter net profit at Rs 1,151 crore versus Rs 1,027.4 crore.
Net Interest Income of the company was up 64.2% at Rs 5,594.3 crore versus Rs 3,408 crore, YoY.
Bank Of India was quoting at Rs 90.80, down Rs 7.00, or 7.16 percent.
Swan Energy raises stake in Veritas India to 43.58%
Veritas (India): Investor Swan Energy has raised its stake in the company to 43.58%, up from 40.54% earlier. Swan has bought 3.04% stake in Veritas on January 13 via open market transactions. Promoter Niti Nitinkumar Didwania was the seller.
Swan Energy was quoting at Rs 325.00, up Rs 1.50, or 0.46 percent.
Veritas has touched 52-week high of Rs 256.05 and was quoting at Rs 256.05, up Rs 5.00, or 1.99 percent.