Gift Nifty Up 29 Points | Nestle Q3 Results & Interim Dividend | HDFC Bank Raises Fund | Top Buzzing Stocks Today

Thu, 8 Feb Pre-Open

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On Wednesday, Indian share markets gave up some gains as the session progressed and ended the day higher.

Equity markets were quick to give up early gains and swung between gains and losses in a narror range on Wednesday.

At the closing bell on Wednesday, the BSE Sensex closed higher by 24 points.

Meanwhile, the NSE Nifty closed higher by higher by 19 points.

SBI, Grasim Industries and Hindalco were among the top gainers.

TCS, BPCL and Infosys on the other hand, were among the top losers.

Broader markets are trading on positive note. The BSE Mid Cap ended 1.5% higher and the BSE Small Cap index is trading 0.4% higher.

Sectoral indices are trading mixed, with socks in realty sector, power sector and telecom sector witnessing most buying. Meanwhile, stocks in IT sector and capital goods sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 62,484 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:45 AM today, the Gift Nifty was trading 29 points higher at 22,051 levels.

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

Speaking of stock markets, smallcaps were not the only outperformers of 2023.

Stocks from the defence, railways and electric vehicle sectors also found their place under the sun.

Stocks of the largest public sector entities in defence and railway sectors fetched handsome gains every time the government ordered more spending.

But there were also plenty of private sector entities in defence ecosystem that commanded premium valuations.

The EV sector became a stock market favourite in 2023.

Am sure you wonder, what after these big-ticket gains?

Will the stars of 2023 continue to shine in 2024? Or should you consider a different set of potential wealth creators?

Research Analyst, Tanushree Banerjee answers this in below video.

Top buzzing stocks today

IOB share price will be in focus today.

Indian Overseas Bank is on a 52-week high spree as it achieved the feat on BSE yesterday for the fifth time in the month.

The stock of the PSU bank hit a 52-week high of Rs 79.9 on Wednesday, improving on Tuesday's performance of Rs 69.8.

IEX will also be a top buzzing stock.

IEX shares fell nearly 4.8% intraday on 7 February, a day after the Central Electricity Regulatory Commission (CERC) ordered a shadow pilot on the market coupling of India's power exchanges.

Nestle Q3 Results

Nestle India, on 7 February reported a 4.4% rise in net profit at Rs 6.6 billion (bn) for the quarter ended 31 December 2023, compared to Rs 6.3 bn a year ago. Revenue from operations for the December quarter has jumped 8.1% YoY to Rs 46 bn from Rs 42.6 bn a year ago.

For the 12 months ended 31 December 2023, the total income from operations clocked in at Rs 1.7 tn, up 13% from Rs 1.7 tn from the previous year.

Nestle India's Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) came in at Rs 10.8 bn during the quarter, higher by 10.2% from the same quarter during the previous fiscal year. The gross margins rose 0.5% to 23.4%, over 22.9% in Q4FY23.

For the quarter, domestic sales grew by 8.9% on the back of pricing and mix growth, with strong growth momentum in e-commerce and out-of-home channels.

The quarter was marked by an increase in brand investments across all product groups.

During the year 2023, Nestle India's total sales grew by over 13.3% and crossed the Rs 190 bn mark.

The firm registered a one-time loss of Rs 1.1 bn on account of a change in the cost of servicing the defined pension benefit.

The board of directors announced a third interim dividend for the Financial Year 2023-24 of Rs 7 per equity share with a face value of Re each, amounting to Rs 6.7 bn, which will be paid on 5 March 2024.

For more, check out Are Nestle Shares Finally Within Reach of Small Investors?

HDFC Bank Raises US$ 750 Million

HDFC Bank has raised US$ 750 million (m) through two overseas bonds, India's largest private sector lender said on 7 February. The bank raised US$ 300 m for three years and US$ 450 m for a five-year tenure.

The bond issue is part of an overall raise of US$ 750 m through Regulation S Bonds.

The proceeds of the sustainable finance bond would be used to fund green and social loans by sustainable finance, while the rest of the proceeds will go towards financing general banking activities.

The coupon on the three-year bonds has been set with a 0.9% spread over the US Treasury, and the five-year ones with 1.1% points over the US Treasury.

The bonds will be listed on the India International Exchange (India INX) in GIFT IFSC. The paper was rated Baa3 (stable) by Moody's and BBB- (stable) by S&P.

The bank mandated Barclays, BofA Securities, J.P. Morgan, MUFG and Standard Chartered Bank as Joint Global Coordinators and Joint Lead Managers.

The dollar bond issuances by the Indian companies hit a 14-year low in 2023, as elevated global yields discouraged borrowers who moved to secure foreign currency loans instead.

Bonds allow companies to borrow large sums at low-interest rates, allowing them to invest in growth and other projects. They also give companies greater freedom to operate as they see fit against bank loans which come with conditions.

Notwithstanding the recent fall, this company's strong franchise, synergies post the merger, and the long runway for growth, makes it a good stock to add to you 2024 watchlist. For details check out our latest editorial This Dividend King is Set for a Big Rebound in 2024.

Why Sealmatics Share Price is rising

The shares of Sealmatics jumped higher by 20% in the 7 February trading session and were locked in the upper circuit to reach all-time highs after it reported to the exchanges that it has achieved a significant milestone with the recent approval from the Abu Dhabi National Oil Company (ADNOC).

This approval, the company believes, will serve as a gateway to one of the most prominent players in the global oil industry.

As per the filing, Sealmatic is poised to potentially secure a slice from ADNOC's forthcoming projects, as ADNOC is in the execution stage to implement various oil and gas projects with a budget totalling US$ 150 bn over the next five years.

This approval opens doors to new opportunities in the Gulf Cooperation Council (GCC) market for Sealmatic.

ADNOC, headquartered in Abu Dhabi, stands as a cornerstone of the United Arab Emirates' (UAE) oil and gas sector. Established in 1971, ADNOC has since evolved into one of the world's leading energy companies, contributing significantly to the UAE's economic growth.

With a focus on exploration, production, refining, marketing and distribution, ADNOC operates across the entire hydrocarbon value chain.

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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