Gift Nifty Up 40 Points | Bharat Forge Q3 Results | Vedanta's Demerger Timeline | Top Buzzing Stocks Today

Tue, 13 Feb Pre-Open

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On Monday, Indian share markets continued the downtrend as the session progressed and ended the day on weak note.

Benchmark indices turned lower on Monday amid profit booking by investors ahead of the January retail inflation and December IIP output data due later today.

At the closing bell on Monday, the BSE Sensex closed down by 523 points (down 0.7%).

Meanwhile, the NSE Nifty closed down by 166 points (down 0.8%).

Apollo Hospital, Wipro and HCL Tech were among the top gainers.

Coal India, BPCL and ONGC on the other hand, were among the top losers.

Broader markets ended on mixed. The BSE MidCap index ended flat and BSE SmallCap index ended 3% lower.

Barring It sector and media sector, all other Sectoral indices ended lower with realty sector, power sector and metal sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 62,170 per 10 grams at the time of Indian market closing hours on Monday.

At 7:40 AM today, the Gift Nifty was trading 40 points higher at 21,732 levels.

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

Speaking of stock markets, Tata Motors has now gone past Maruti Suzuki to emerge as India's most valuable auto manufacturer.

From a loss of Rs 287 bn in FY19, perhaps its highest ever, Tata Motors has earned record profits of Rs 157 bn in the trailing twelve-month period. And it is this turnaround that has led to investors warming up to the stock and turning it into a 12-bagger since its March 20 lows.

However, when it comes to fundamental parameters like profitability, return ratios and balance sheet strength, Maruti is comfortably ahead of Tata Motors.

Why is it then Tata Motors enjoys nearly the same valuation as Maruti? Why is Mr Market considering Tata Motors at par with Maruti?

Co-head of Research, Rahul Shah answers this in below video.

Top buzzing stocks today

Bandhan Bank share price will be in focus today.

Shares of Bandhan Bank plunged over 7% to Rs 200 each on 12 February as loans worth Rs 233 bn it lent out under credit guarantee schemes came under review by the National Credit Guarantee Trustee Company (NCGTC) on doubts of evergreening

SpiceJet will also be a top buzzing stock.

SpiceJet shares fell 4% on 12 February, following reports that the low-cost airline would cut down the workforce by 10-15% to reduce fixed costs. The job-cuts will help the airline save around Rs 1 bn.

Bharat Forge Profit Surges 220%

Pune-based leading forging firm Bharat Forge reported over 220% surge in year-on-year consolidated net profit for the December 2023 quarter due to higher revenues.

Consolidated net profit for the quarter stood at Rs 2.5 bn, up 223% from Rs 787.1 m last year. Revenue jumped 15.7% to Rs 39.2 m against Rs 33.9 bn a year ago.

The defence business significantly boosted revenues, while the Oil & Gas and Agri sectors experienced a decline compared to a year ago.

The firm declared an interim dividend of Rs 2.5 a share. It also approved raising funds of Rs 5 bn via term loans, debentures or any other debt instrument. The board also approved the reappointment of Dipak Mane as the Non-Executive Independent Director for the next five years.

EBITDA surged 30.9% to Rs 6.5 bn, with EBITDA margins expanding to 28.5%, a 3.3% increase fueled by a favourable product mix and cost optimization focus. The balance sheet remains robust, boasting a cash reserve of Rs 1,000 crore.

In Q3 FY24, exports from Indian manufacturing operations in components, defence, and industrial sectors reached US$ 200 m, marking a 36% growth over Q3 FY23.

The company anticipates further growth in this figure as new verticals expand and its presence in the industrial sector strengthens. During the quarter, the company secured new business worth Rs 5.5 bn across various sectors.

In overseas operations, operational improvements were achieved in the Aluminum business in Europe, with similar expectations for the US plant.

The company said it is focused on creating sustained profitability in overseas business through improvements in the aluminium and steel sectors, expected to materialize in the next 12-18 months.

Looking ahead to Q4 and FY25, the company expects moderate growth in both domestic and export markets but aims to outperform the market due to its diversified business mix.

Bharat Forge stands among the Top 5 Defence Stocks to Watch Out in Nifty's Run-up to 40,000.

Bharat Forge is among the top Indian drone companies to watch out for in 2023.

Vedanta's Demerger Timeline

Vedanta is working "actively" for the demerger of its key businesses, including aluminium, into separately listed companies, and the process is likely to be completed in the next nine to 12 months.

Billionaire Anil Agarwal-owned Vedanta Ltd had last year announced the creation of independent verticals through demerger of its metal, power, aluminium, and oil and gas businesses to unlock potential value.

The process for the demerger is currently underway and is subject to several approvals from various authorities.

The move will be an evolutionary step for Vedanta's aluminium business as it will help Vedanta Aluminium to chart out its course.

About capacity expansion plans for 2024-25, he said that the company will see a significant change in its business because the refinery expansions at Lanjigarh will be effectively completed by the end of the next fiscal year.

The production at Vedanta's Sijimali bauxite mine will begin in the third quarter of the next financial year.

Besides, the company's additional three coal mines, Kuraloi, Radhikapur, and Ghogharpalli will start production in about nine to 18 months.

For more on Vedanta, check out Vedanta Demerger - Potential Value Creation?

Also, if you are looking for dividend stocks to boost your portfolio this December, check out our recent editorial 4 Stocks to Watch Out for Upcoming Dividends in December 2023.

Dr Reddy Clears USFDA Inspection

Shares of Dr Reddy's Laboratories settled 3% higher on 12 February after the US Food and Drug Administration cleared its Bachupally site, situated in Hyderabad, with a voluntary action needed status.

The US FDA issues a VAI classification when it finds some discrepancies during its inspection of any particular facility however, does not deem it major enough to issue an official action needed status.

A VAI classification also clears the road for the facility under review to manufacture and market products.

The US FDA has classified the inspection as Voluntary Action Indicated (VAI) and issued an establishment inspection report to conclude the inspection is closed.

The US drug regulator had previously inspected the facility between October 19 and 27 last year, post which it issued a Form 483 with the 10 observations.

During the third quarter results announcement, Dr Reddy's Laboratories stated that the US Food and Drug Administration (FDA) had concluded inspections at its Bachupally facility. The company submitted responses to the observations within the specified timelines.

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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