Gift Nifty Up 95 Points | Sun Pharma to Acquire Stake in Taro | Polycab India & IndusInd Bank Q3 Results | Top Buzzing Stocks Today

Fri, 19 Jan Pre-Open

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On Thursday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

After witnessing a carnage on Wednesday, Sensex and Nifty continued to face selling pressure in Thursday's trade as HDFC Bank shares extended their slide.

At the closing bell on Thursday, the BSE Sensex closed lower by 314 points (down 0.4%).

Meanwhile, the NSE Nifty closed down by 109 points (down 0.5%).

Sun Pharma, Cipla, and Axis Bank were among the top gainers.

HDFC Bank, NTPC, and Asian Paints on the other hand, were among the top losers.

The BSE MidCap index and BSE SmallCap index ended flat.

Sectoral indices ended mixed with stocks in the realty sector and telecom sector witnessing most of the buying. Meanwhile, stocks in power sector, metal sector and finance sector witness selling pressure.

The rupee was trading at 83.14 against the US$.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 61,591 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading 95 points or 0.4% higher at 21,596 levels.

Indian share markets are headed for a positive note opening today following the trend on Gift Nifty.

Speaking of stock markets, the last few days however have been quite hard on Polycab India. It has seen its share price erode by a huge 30% from its top and there could be more losses in the offing.

The decline is a result of the company coming in the cross hairs of the tax authorities.

Is this reason enough for the share price to fall 30%? Or are investors overreacting as usual?

Rahul Shah co-head of research at Equitymaster, answers these questions in below video.

Top buzzing stocks today

Oracle Financial Services share price will be in focus today.

Shares of Oracle Financial Services Software (OFSS) zoomed 20% on 18 January to hit a fresh record high.

The sharp rally comes a day after the company posted robust earnings for the quarter ended December 2023.

HDFC will also be a top buzzing stock.

HDFC Bank Ltd, India's biggest private sector lender, is seeking to open its first branch in Singapore, signalling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.

Polycab India Q3 Profit Jumps 15%

Polycab India, on 18 January 2024, reported a 15.3% jump in net profit for the December quarter to Rs 4.2 bn against Rs 3.6 bn a year ago.

Net sales for the quarter stood at Rs 43.4 bn, up 16.8% from a year ago, the cables and wires maker said in an exchange filing. Total cost jumped 19% to Rs 38.7 bn.

Wire and cable revenue jumped to Rs 39 bn, up 17% YoY, while FMEG revenue declined 13% from a year ago to Rs 2.9 bn. Other revenue jumped 97% to Rs 2.5 bn.

The company said that Income-Tax authorities conducted a search in December 2023 at certain premises, plants, and employee residences, and it fully cooperated, providing necessary details, clarifications, and documents.

As of the financial results' issuance date, no written communication from the department regarding the search outcome has been received.

The management, based on available records, believes there is no material adverse impact on the company's financial position. No material adjustments are deemed necessary for the quarter and nine months ending December 2023.

For more, check out Why Polycab India Share Price is Falling.

IndusInd Bank Q3 NII Up 15%

Private lender IndusInd Bank on Thursday reported standalone net profit growth of 17% YoY at Rs 22.9 bn for the quarter ended December. It was Rs 19.6 bn in the year-ago period.

Net interest income for the third quarter rose 15% to Rs 52.9 bn.

Other income during the third quarter increased 15% YoY to Rs 23.9 bn against Rs 20.8 bn in the corresponding quarter of the previous year.

Provisions (other than tax) and contingencies fell 9% YoY to Rs 9.7 bn in the reporting period. The same stood at Rs 10.7 bn a year ago.

Operating profit (before provisions and contingencies) jumped nearly 10% YoY to Rs 40.4 bn in the third quarter against Rs 36.9 bn in the last year quarter.

On the asset quality front, gross non-performing assets (NPAs) declined to 1.9% in the said third quarter against 2.1% in the December 2022 quarter and 1.9% in the preceding September quarter.

Net NPAs, on the other hand, also fell to 0.57% from 0.62% a year ago.

The lender had a capital adequacy ratio of 17.9% as per Base III norms, down from 18.2% in the preceding quarter and 18.01% in the year-ago quarter. The CET 1 ratio in the reporting period was at 16.1%.

The bank's balance rose 10% YoY to Rs 4.8 trillion (tn) in the December quarter. Deposits stood at Rs 3.7 tn, showing an increase of 13%, while advances rose 20% to Rs 3.3 tn.

Sun Pharma to Acquire Stake in Taro

India's Sun Pharmaceutical Industries said on Wednesday it would buy all the shares of Taro Pharmaceutical Industries it does not already own for US$ 43 per share in cash, effectively taking full control of its unit.

Sun Pharma's offer amounts to about US$ 347.8 million (m), with the per-share value at a 4.2% premium to Taro's close on Wednesday.

The Indian drugmaker, which currently owns about 78.5% stake in Taro, had offered to buy its remaining stake for US$ 38 per share in May.

The deal comes as a culmination of nearly 17 years of back and forth to gain full control of the US-listed generic drugmaker, which does most of its business in the United States and Canada.

Upon completion of the merger, which is expected to close in the first half of the year, Taro will become a privately held company and will be delisted from the New York Stock Exchange.

The US government had in November dismissed charges against a former Taro executive who was accused of conspiring to fix generic drug prices between 2013 and 2015.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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