Sensex Today Trades Marginally Higher | ICICI Bank, Kotak Bank, IDFC First Bank Rise Ahead of Q3 Results | HUL Shares Fall 3%

Sat, 20 Jan 10:30 am

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US stocks settled higher on Friday as the S&P 500 posted a record high close for the first time in two years, fuelled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence (AI).

Crude oil prices settled slightly lower yesterday but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies.

Back home, Indian share markets are trading on a positive note tracking the GIFT Nifty, which was up 0.1%.

As we mentioned yesterday, the Indian stock market is set to see some trading activity on Saturday (20 January 2024), as the exchanges decided to have a full trading session, as against the special live trading session scheduled earlier for 1 hour.

The stock market will remain closed on 22 January 2024.

The stock market holiday declaration comes after the Maharashtra government declared a holiday.

Central government establishments, public sector banks, insurance companies, financial institutions and regional rural banks across the country will remain closed for half a day on Monday, according to the directive by the government.

Market participants are tracking shares of ICICI Bank, Kotak Bank, IDBI Bank, IDFC First Bank and a slew of other companies as they announce their third quarter results today.

At present, the BSE Sensex is trading higher by 168 points, while the NSE Nifty is trading around 21,670 levels, up 47 points.

HDFC Bank and Power Grid are among the top gainers today.

HUL and Wipro on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.7% higher and the BSE Small Cap index is trading higher by 0.6%.

Sectoral indices are trading mixed with stocks in the power sector and finance sector witnessing buying interest.

While IT stocks and FMCG stocks are trading in red.

Shares of Persistent Systems and Bajaj Holdings hit their 52-week high today.

The rupee is trading at Rs 83.08 against the US dollar.

In commodity markets, gold prices are trading 0.4% higher at Rs 62,001 per 10 grams today.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about Polycab India, in his latest video.

Rahul discusses whether the reason for the recent fall is justified or whether investors are overreacting as usual.

Tata Consumer Rights Issue

In news from the FMCG space, Tata Consumer Products on Friday said it will raise Rs 35 bn in debt to fund its recent acquisitions of Capital Foods and Organic India.

The board of the company in a meeting on Friday approved the raising of funds through the issuance and allotment of commercial papers.

The Tata group company had last week announced the acquisition of Capital Foods, which owns brands like Ching's Secret and Smith & Jones, at an enterprise valuation of Rs 51 bn and Fab India-backed Organic India, which operates in the health and wellness category, at an enterprise value of Rs 19 bn.

The board has also approved raising of fund via a rights issue for an amount not exceeding Rs 30 bn to the eligible equity shareholders as on the record date.

Note that Tata Consumer Products has a reach of over 200 million households, giving it an unparalleled ability to leverage the Tata brand in consumer products.

In the past one year, Tata Consumer share price has gained over 50%.

Going forward, Tata Consumer aims to target international markets, particularly emerging economies, where its brands can resonate with consumers seeking value and quality.

It also envisions additional acquisitions in wellness, snack food, and premium food categories, capitalising on the success of Organic India and Capital Foods.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Paytm Losses Narrow

Moving on to news from the fintech space, One97 Communications, the parent company of fintech major Paytm, reported a consolidated revenue of Rs 28.5 bn, up 38% against a revenue of Rs 20.6 bn reported in the corresponding quarter last year.

This growth was mainly on account of the growth led by the festive season.

The firm's losses narrowed to Rs 2.2 bn, compared to Rs 3.9 bn reported in the last financial year.

Paytm earned a revenue of Rs 17.3 bn from its payment business, a growth of 45% year on year (YoY), led by an increase in gross merchandise value (GMV) and higher subscription revenue.

The company said the GMV growth was partly boosted on account of timing of festive season as most of the online sales in this financial year were in Q3, whereas in the previous financial year they started in Q2.

On the RBI diktat on loan distribution, Paytm said its decision on 1 December 2023 to curtail post-paid loans (less the Rs 50,000) had a minor impact on overall financial services revenue, which stood at Rs 6.1 bn.

Note that Paytm is said to be working with two lending partners for high ticket loans and expect to add at least 3-4 more lending partners by Q1FY25.

As of December 2023, 12.5 million unique users have availed loan through the platform, of which 4.4 million were added in the last 12 months.

While the stock has been on a good run for the past couple of weeks, the journey since listing has not been pleasant.

If you don't have the stock in your portfolio, it makes sense to track the fundamentals closely.

Decide only after you are sufficiently convinced the company is not only on the path to profitable growth and positive cash flow, but also has a strong, long term competitive advantage.

To know more, check out Paytm's financial factsheet.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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