Gift Nifty Down 181 Points | Eicher Motors & Info Edge Q3 Results | L&T's New Order Win | Top Buzzing Stocks Today

Wed, 14 Feb Pre-Open

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On Tuesday, Indian share markets continued the momentum as the session progressed and ended the day higher.

At the closing bell on Tuesday, the BSE Sensex closed higher by 483 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 113 points (up 0.5%).

Coal India, UPL and ICICI Bank were among the top gainers.

Hindalco, Grasim Industries and BPCL on the other hand, were among the top losers.

Broader markets are trading mixed. The BSE Mid Cap ended 0.6% higher and the BSE Small Cap index is trading 0.2% higher.

Sectoral indices are trading mixed, with socks in banking sector, finance sector and healthcare sector witnessing most buying. Meanwhile, stocks in realty sector and metal sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 62,270 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:35 AM today, the Gift Nifty was trading 181 points higher at 21,637 levels.

Indian share markets are headed for a negative 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

Hindalco share price will be in focus today.

Aditya Birla Group flagship Hindalco Industries has reported a 71% year-on-year rise in consolidated net profit at Rs 23.3 bn in the December 2023 quarter.

The company's net profit was Rs 13.6 bn in the same quarter of the previous year. Consolidated revenue fell 0.6% on-year to Rs 528.1 bn.

Bharat Forge will also be a top buzzing stock.

Bharat Forge shares extended losses from the previous season to trade 4% lower on 13 February after the management said it expected the growth to moderate in the coming quarter and in the financial year 2024-25.

Eicher Motors Q3 Results

Eicher Motors Limited (EML) on February 13 reported a 34.4% YoY increase in consolidated net profit at Rs 9.9 bn for the December 2023 quarter, helped by higher volumes and price increases of its product lines.

The company's Profit after Tax (PAT) during Q3 FY23 was Rs 7.4 bn.

The Gurgaon-based automaker's revenue from operations increased 12.28 per cent to Rs 41.8 bn in Q3FY24, up 12% compared to Rs 37.2 bn in the corresponding quarter of FY 2022-23.

Eicher Motors' EBITDA was Rs 10.9 bn, up 27% compared to Rs 8.6 bn in the same quarter of the previous financial year. Its operating margin stood at 26.1% vis-a-vis 23% last year.

The company's bike-making arm Royal Enfield sold 229,214 motorcycles in the quarter, an increase of four percent compared to 219,898 motorcycles sold over the same period in FY 2022-23.

Info Edge Back in Black in Q3

Pure play internet and classifieds company Info Edge is back in black in the December quarter, posting a year-on-year profit of Rs 1.5 bn. In the same quarter of last year, the company had reported a loss of Rs 1.2 bn loss.

The company seems to have performed well despite the ongoing sluggishness in the information technology (IT) sector hiring.

The company's consolidated revenue increased by 6.4% to Rs 6.3 bn in Q3.

Billing for the December quarter increased by 4.8% year-on-year and stood at Rs 5.8 bn.

Revenue for the quarter in the recruitment business grew by 3.1% year on year, while the revenues in the real estate business grew by over 21%.

The company registered a growth of 7 per cent in its operating profit at Rs 2.2 bn on a standalone basis for the December 2023 quarter, compared to a profit of Rs 2 bn in the same quarter of the previous fiscal. The standalone business generated cash from the operation of Rs 2.7 bn for the quarter.

On a standalone basis, Info Edge's revenue from operations rose over 7% to Rs 5.9 bn while turning profitable year-on-year to Rs 2.1 bn.

L&T's New Order Win

Shares of Larson and Toubro (L&T) gained over a per cent in the afternoon trade on 13 February after the company announced that its hydrogen vertical clinched a "noteworthy" order from a "prominent client" in the Middle East.

The order bagged by L&T Energy Hydrocarbon is worth Rs 10-25 bn and mainly involves brownfield work, including the upgrade of shutdown systems in existing offshore platforms.

The scope of work for the onshore order comprises engineering, procurement and construction of an enclosed ground flare system and demolition of existing facilities, reducing flame and smoke visibility to the nearby ongoing large-scale residential developments.

This is the second such order for the firm in two weeks.

The multiple orders were won by L&T's power transmission and distribution business.

The order pertained to the establishment of a 75 MW floating solar photovoltaic plant on a dam.

This project forms an integral part of the ultra mega renewable energy power park, which is in the process of being developed across Damodar Valley Corporation reservoirs in the states of Jharkhand and West Bengal.

For more, check out the Top 5 Biggest Gainers of 2023. Will Their Dream Run Continue?

L&T has been an investor's favourite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. For more details, check out L&T's next big leap in the green hydrogen space.

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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