The trends of the major indices in the week's trading are given in the table below:
In a dynamic trading session on Friday, the Nifty managed to recover, reclaiming the 21,790 mark, while the Sensex recorded modest gains of approximately 150 points. However, the broader market indices, particularly the midcap and smallcap indices, faced downward pressure, each declining by 1%.
The market's positive close was primarily attributed to a resurgence in banking stocks following the previous day's sell-off. Despite this, the mid and smallcap segments bore the brunt of the market turmoil, as concerns over their elevated valuations persisted among investors. With cautious sentiments prevailing, investors are exercising prudence, especially with significant economic data releases on the horizon, including inflation figures from the US, UK, and India scheduled for next week. The upward movement in the US 10-year yield also added to the market's apprehension.
Despite the release of robust Purchasing Managers' Index (PMI) data and favourable global cues, the domestic market remained cautious and traded within a narrow range.
The monetary policy committee (MPC) of Reserve Bank of India (RBI) unfolded several key meaures during its February policy meeting. The benchmark interest rate or repo rate was maintained at 6.5%, while GDP growth for FY24-25 was projected at 7%, marginally lower than the 7.3% recorded in the current fiscal year. Retail inflation is anticipated to average 5.4% for the current fiscal year, with a projected decrease to 4.5% in FY24-25. Monetary transmission by financial institutions continues to remain incomplete, and the current economic momentum is expected to persist in the next fiscal year.
Positive indicators such as a recovery in rabi sowing, sustained profitability in manufacturing, and the resilience of services are anticipated to bolster economic activity in FY24-25. Signs of revival in private sector capex and a strengthening investment cycle were also noted. The Indian economy is progressing confidently towards a path of robust and sustained growth, with rural demand on the rise and urban consumption remaining robust, RBI says.
On the regulatory front, frameworks are set to be reviewed for electronic trading platforms to enable access to offshore electronic trading platforms (ETPs) offering permitted Indian Rupee products. Lenders are mandated to provide key fact statements (KFS) to borrowers for retail as well as MSME loans, detailing the terms of the loan agreement. The next monetary policy committee (MPC) meeting is scheduled to take place during 3rd and 5 April 2024, signalling ongoing vigilance in the monetary policy landscape.
New Ventures/ Capacity Expansion
Tata Motors has started working on its gigafactory in Somerset in the UK, and the financial closure for the project is underway. The site has been procured, and the Company has already started land-levelling in that space.
IGL Genesis Technologies (IGTL), a 51:49 joint venture between Indraprastha Gas (IGL) (-0.93%) and Genesis Gas Solutions (GGSPL), has signed a deal with China-based Hangzhou Beta Meter to buy smart meter manufacturing technology for US$2.4mn (million).
Tata Consultancy Services (TCS) has been selected as a strategic partner by Europ Assistance, a leading global assistance and travel insurance company, to help reimagine its global IT operating model for enhanced resilience, scalability and user experience.
Endurance Technologies has commenced commercial production of its new product printed circuit boards with embedded electronics for battery management system (BMS) and other applications.
Bharti Airtel has launched five new, next-generation company-owned stores in Trivandrum.
Pidilite Industries (Pidilite) has inaugurated a new state-of-the-art manufacturing facility in Sandila, near Lucknow in Uttar Pradesh, for its prominent tile adhesive brand, Roff. This fully automated facility, spanning an expansive 11,000 sqm, is set to enhance Roff's footprint in North India, catering to markets in Central and Eastern Uttar Pradesh, Madhya Pradesh, and certain areas of Bihar.
Adani Total Gas and INOX India have accorded each other a 'preferred partner' status to deliver LNG and LCNG equipment and services for identifying and exploring possible collaboration opportunities for the LNG ecosystem.
Lumax Auto Technologies' subsidiary -- Lumax Cornaglia Auto Technologies (LCAT), has inaugurated its new manufacturing plant at Chakan near Pune.
Oil and Natural Gas Corporation (ONGC) has partnered with TotalEnergies to carry out methane emissions detection and measurement campaigns using TotalEnergies' pioneer AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology.
Yasho Industries has commenced a trial run at its manufacturing unit situated at Pakhajan Village in Bharuch district to manufacture industrial chemicals.
Navin Fluorine International has received approval for capital expenditure of Rs288 crore for a new cGMP-4 facility at its Dewas unit, to be spent in two or more phases and for Rs84 crore to expand HFC capacity at its Surat unit.
Mahindra Lifespace Developers is all set to launch a residential project, 'Mahindra Vista', at Kandivali in Mumbai. The project is registered with Maharashtra RERA.
Lupin has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for bromfenac ophthalmic solution, 0.075%, to market a generic equivalent of bromsite ophthalmic solution, 0.075% of Sun Pharmaceutical Industries.
Cipla's wholly owned subsidiary -- Cipla Medpro South Africa, has completed the acquisition of a 100% equity stake in Actor Pharma in that country.
Oil and Natural Gas Corporation (ONGC) (+0.46%) and NTPC Green Energy (NGEL) have signed a joint venture agreement (JVA) to develop renewable energy projects focusing on offshore wind.
Order Wins
KPI Green Energy's wholly owned subsidiary -- KPIG Energia, has received new order from Aether Industries for executing a solar power project under captive power producer (CPP) segment.
RailTel Corporation of India has received the work order from Western Railways amounting to Rs124.90 crore for work of implementation of unified communication infrastructure comprising IPMPLS LAN Infra, VOIP exchange, IP-based control communication and replacement of UTN over Western Railway.
VA Tech Wabag has secured an order worth US$33.5mn from SEPCO III Electric Power Construction Corporation towards engineering and procurement (EP) of a 20 MLD industrial wastewater treatment plant (IWWTP) at Ras Tanura Refinery Complex in Saudi Arabia.
Cochin Shipyard has entered into a contract with the Indian Navy to undertake medium refits of two Indian Naval vessels. This multiple refit contract was signed for a value of around Rs150 crore. The scope includes dry-docking, refitting, and upgrading equipment on board the ships.
Nila Infrastructures has received a letter of intent (LoI) from Ahmedabad Municipal Corporation for constructing and developing residential units and commercial shops by rehabilitating slums popularly known as Gulbai Tekra in the city.
Larsen & Toubro's (L&T) construction arm has won a contract to construct the Palashbari to Sualkuchi cable stayed bridge across the Brahmaputra in Assam.
Styrenix has awarded a contract to Mott MacDonald for engineering consultancy for brownfield expansion project to increase the annual capacity of ABS from 85 KT to 210 KT.
GPT Infraprojects (GPT) has received an order valued at Rs114 crore from East Central Railway Mahendrughat, in Bihar, for construction of station building, service building, S&T buildings, electrical buildings, residential building, approach road, high-level Platform between Supaul - Triveniganj section in connection with new rail line project of Araria-Supaul in Samastipur division of East Central Railway.
Landmark Cars has received a formal letter of approval from BYD India to open a showroom in South Mumbai. This showroom will be established by Watermark Cars, a wholly-owned subsidiary of Landmark Cars.
Dynacons Systems & Solutions has won an order worth Rs214 crore from Union Bank of India for hyper-converged infrastructure and software solutions for expansion of on-premises private cloud.
Inox Wind (IWL) has entered into a binding framework agreement with CESC, one of the largest power utilities in India, for the installation or supply of 1,500 MW of wind capacity over the next three to four years.
KEC International has secured new orders of Rs1,175 crore across its various businesses.
Welspun Enterprises has been declared as L1 bidder by the BrihanMumbai Municipal Corporation (BMC) for a design, build and operate (DBO) contract for the development of a new 2,000 MLD water treatment plant at Bhandup complex, including civil, mechanical, electrical & instrumentation (Project).
Investments/ Acquisitions/ Mergers/ Stake sale/ Fund Raising
Poonawalla Fincorp has raised Rs500 crore through the allotment of 50,000 secured, redeemable, rated, listed, non-convertible debentures (NCDs) with a face value of Rs1 lakh each through private placement.
NTPC is planning to raise up to US$750mn (about Rs6,222 crore) in the form of an unsecured term loan from foreign investors.
HDFC Bank has raised US$300mn through its first-ever sustainable finance bond issue.
PSP Projects has received three new work orders worth Rs935.41 crore.
Other
IOL Chemicals and Pharmaceuticals has received approval to wind up its wholly-owned subsidiary, IOL Global UK.
Earning Highlights
Shilchar Technologies: Net sales of Rs118 crore in Q3FY24, up 73% YoY (Rs68.3 crore). Net profit was Rs26.1 crore in Q3FY24, up 119% YoY (Rs11.9 crore)
SMC Global Securities: Net sales of Rs428 crore in Q3FY24 up 35% YoY (Rs318 crore). Net profit was Rs52 crore in Q3FY24, up 62% YoY (Rs32 crore).
Varun Beverages: Net sales of Rs2,668 crore in Q3FY24 up 20% YoY (Rs2,214 crore). Net profit was Rs144 crore in Q3FY24, up 77% YoY (Rs81.5 crore).
Cams Services: Net sales of Rs269 crore in Q3FY24 up 15% YoY (Rs233 crore). Net profit was Rs85.6 crore in Q3FY24, up 21% YoY (Rs71 crore)
Master Trust: Net sales of Rs124 crore in Q3FY24 up 42% YoY (Rs87.1 crore). Net profit was Rs28 crore in Q3FY24, up 48% YoY (Rs19 crore).
Ajmera Realty: Net sales of Rs207 crore in Q3FY24 up 162% YoY (Rs79.1 crore). Net profit was Rs30 crore in Q3FY24, up 181% YoY (Rs10.9 crore).
Sanghvi Movers: Net sales of Rs167 crore in Q3FY24, up 36% YoY (Rs122 crore). Net profit was Rs61.3 crore in Q3FY24. up 76% YoY (Rs34.8 crore)
Trent: Net sales of Rs3,467 crore in Q3FY24 up 50% YoY (Rs2,303 crore). Net profit was Rs371 crore in Q3FY24, up 139% YoY (Rs155 crore).
Talbros Auto: Net sales of Rs199 crore in Q3FY24, up 25% YoY (Rs159 crore). Net profit was Rs22.8 crore in Q3FY24, up 66% YoY (Rs13.7 crore).
Electronics Mart India: Net sales of Rs1,789 crore in Q3FY24, up 21% YoY (Rs1,482 crore). Net profit was Rs45.8 crore in Q3FY24, up 109% YoY (Rs21.9 crore).
HBL Power System: Net sales of Rs599 crore in Q3FY24, up 80% YoY (Rs332 crore). Net profit was Rs79.0 crore in Q3FY24, up 252% YoY (Rs23.5 crore).
Windlas Biotech: Net sales of Rs162 crore in Q3FY24, up 36% YoY (Rs120 crore). Net profit was Rs15.1 crore in Q3FY24, up 64% YoY (Rs9.19 crore)
Mrs Bectors Food Specialities: Net sales of Rs429 crore in Q3FY24, up 17% YoY (Rs368 crore). Net profit was Rs34.6 crore in Q3FY24, up 25% YoY (Rs27.8 crore).
Garware Hitech films: Net sales of Rs454 crore in Q3FY24, up 40% YoY (Rs324 crore). Net profit was Rs55.9 crore in Q3FY24, up 84% YoY (Rs30.4 crore).
Top Gainers and Losers of the major indices for the week are given in the table below:
