Foreign institutional investors (FIIs) net bought shares worth Rs 141.95 crore, while domestic institutional investors (DIIs) sold Rs 421.87 crore worth of stocks on February 9, provisional data from the NSE showed.
Thanks to easing input costs, operative leverage, higher average selling price, price hikes, and a surge in volumes, Hero MotoCorp registered a 51 percent year-on-year (YoY) jump in standalone net profit to Rs 1,073.38 crore for the quarter ended December 31, 2023. The country’s largest two-wheeler manufacturer’s net profit stood at Rs 711.06 crore during the same period last year.
The New Delhi-based two-wheeler manufacturer’s turnover for the third quarter of this fiscal grew by 21 per cent to Rs 9,723.73 crore. In Q3FY23, the company clocked a revenue of Rs 8,030.98 crore.
The Q3 FY 24 financials exceeded analysts’ expectations. According to the average estimate of six brokerage firms, Hero MotoCorp was expected to report a 47.39 percent growth in net profit at Rs 1,048 crore. Its revenue from operations was expected to climb 21.1 percent to Rs 9,728 on-year, as per the same estimates by analysts. Read More
South Korean automaker Hyundai Motor has picked investment banks JP Morgan, Citi and HSBC for now as advisors for the proposed IPO of its India unit, which is planning to raise between $3 billion to $3.5 bilion, multiple industry sources in the know told Moneycontrol on the condition of anonymity.
A potential filing of the draft papers of this mega deal in the works is likely by June 2024 and if the listing plans fructify, it would be the biggest ever IPO on the Indian bourses. Prior to this, the $2.7-billion listing of LIC in 2022 was India’s biggest IPO.
More i-banks for the Hyundai IPO may be added at a later stage if required, these sources added.
Moneycontrol has sent email queries to Hyundai, India’s second-largest seller of passenger vehicles in 2023 after Maruti Suzuki India, Citi and HSBC, but could not elicit an immediate comment from the firms. This article will be updated as soon as we hear from them. JP Morgan declined to comment. Read More
Stock Market Today: Top 10 things to know before the market opens
Trends in the GIFT Nifty indicate a strong start for the broader index in India, with a gain of 108 points or 0.49 percent…. Read More
Net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 lakh crore, which is 80 per cent of revised budget estimates for full fiscal year.
“The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year,” Central Board of Direct Taxes (CBDT) said in a statement.
Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year.
This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24. Read More
The National Stock Exchange (NSE) has reported an 8 percent year-on-year rise in its net profit for the December quarter to Rs 1,975 crore. Consolidated revenue from operations grew 25 percent on-year to Rs 3,517 crores for Q3.
Apart from trading revenue, the topline growth was also aided by other sources including data centre and connectivity charges, clearing services, listing services, index services and data services. The net profit margins for Q3 FY24 stood at 51 percent.
In Q3, the cash market saw a 50 percent on year surge in average daily traded volumes (ADTVs), reaching Rs 80,512 crore. Equity futures also recorded 18 percent growth, with an ADTV of Rs 1,31,010 crore, while equity options in terms of premium value recorded an ADTV of Rs 56,707 crore, reflecting a 28 percent increase.
Overall, the combined volumes for the cash equity and equity derivatives segments grew around 29 percent on year during Q3 FY24. However, despite the strong growth in trading activity, the total transaction charges only rose by around 18 percent YoY. This discrepancy was attributed primarily to the reversal of increased transaction charges that came into effect on April 1, 2023.
Trends on GIFT Nifty indicate a positive start for the broader index in India, with a gain of 92.50 points or 0.42 percent. The Nifty futures were trading around 21,942.50 level.
Apeejay Surrendra Park Hotels stock is expected to make a decent debut on bourses on February 12. Analysts expect the shares to list at a 20-25 percent premium over the IPO price, somewhere between Rs 185 and Rs 195.
Ahead of the listing, the shares were commanding a 25 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.
After suffering setbacks during the pandemic period of FY21 and FY22, the hospitality industry is back on track. “Based on annualised FY24 earnings, the issue appears fully priced, but post IPO, clearance of its debts, finance costs will reduce drastically and lift the earnings. We expect the listing of Park Hotels IPO could be around Rs 190-200 with a listing gain of around 25 percent,” said Amit Goel, Co-Founder and Chief Global Strategist at Pace 360. Read More
S&P 500 closed above 5,000 for the first time on Friday and Nasdaq briefly traded above 16,000, with boosts from megacaps and chip stocks, including Nvidia as investors bet on artificial intelligence technology and eyed strong earnings data.
The Dow Jones Industrial Average fell 54.64 points, or 0.14%, to 38,671.69, the S&P 500 gained 28.70 points, or 0.57 %, to 5,026.61 and the Nasdaq Composite gained 196.95 points, or 1.25 %, to 15,990.66.
Equity benchmarks the Sensex and the Nifty ended February 9 with marginal gains in a choppy day of trade as investors waited for further triggers. Banks saw buying in dips, while metals and realty came under selling pressure.
The Sensex closed 167.06 points, or 0.23 percent, up at 71,595.49, while the Nifty closed 64.55 points, or 0.3 percent, higher at 21,782.50. About 1,329 shares advanced, 2,509 declined and 94 were unchanged.
Broader markets closed lower, underperforming the benchmarks. Nifty Midcap 100 declined 0.89 percent and Nifty smallcap 100 1.40 percent.
Sectoral matrix was mixed. Nifty Bank, after a day of heavy selling, found buyers again. The index rose 1.38 percent. This was followed by about a percent gain in Nifty Healthcare and half a percent gain in Nifty Pharma.
Nifty Metal was the biggest sectoral loser, down 1.54 percent. Nifty Realty, Nifty IT and Nifty Media were others that ended the day with cuts, as s=respective constituent stocks saw selling during the day.
Grasim Industries was the biggest gainer among Nifty 50 stocks, rising 5.92 percent. SBI, Apollo Hospitals, Sun Pharma and ICICI Bank were other top gainers rising 2-4 percent.
Mahindra & Mahindra was the top loser in the pack, down 2.46 percent. Bharti Airtel, NTPC, ONGC and Tata Steel were other top losers slipping more than a percent each.