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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News February 14, 2024
Sensex Today Ends 278 Points Higher | Nifty Above 21,800 | Jyothy Labs Surges 12% Wed, 14 Feb Closing
After opening the day weak, Indian share markets pared the losses as the session progressed and ended the day higher.
The equity benchmark indices pared most losses in Wednesday's late deals defying a global market selloff due to hotter-than-expected US inflation data. The BSE Sensex turned nearly flat after tanking 600 points during the day.
At the closing bell, the BSE Sensex stood higher by 278 points (up 0.4%).
Meanwhile, the NSE Nifty closed higher by 96 points (up 0.5%).
BPCL, SBI and ONGC were among the top gainers today.
Infosys, Cipla and Sun Pharma on the other hand, were among the top losers today.
The GIFT Nifty ended at 21,916 up by 98 points.
Broader markets are trading mixed. The BSE Mid Cap and the BSE Small Cap index is trading 1.2% higher.
Sectoral indices are trading mixed, with socks in metal sector, realty sector and oil & gas sector witnessing most buying. Meanwhile, stocks in media sector and IT sector witnessed selling pressure.
Shares of Abbott India, Trent and BOSCH hit their respective 52-week highs today.
Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
The rupee is trading at 83.04 against the US$.
Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 61,378 per 10 grams.
Meanwhile, silver prices are trading 0.4% lower at Rs 69,338 per 1 kg.
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.
M&M Q3 Results
In news from the auto sector, Mahindra & Mahindra's (M&M) standalone net profit surged 60% Year-on-Year (YOY) to Rs 24.5 bn, driven by robust performance of the automotive segment, favourable product mix, and operating leverage benefits.
Its Profit after Tax (PAT) during the same period last year was Rs 15.3 bn.
The Mumbai-based automaker's revenue for the fiscal third quarter grew 16% on-year to Rs 256.4 bn, led by strong growth in volumes in the automotive segment. Its turnover during Q3 FY 2022-23 stood at Rs 216.5 bn.
The homegrown automaker's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 9.7% to Rs 35.9 bn against Rs 32.7 bn reported in Q3 of FY23. Its operating margin expanded 0.8% to 14% in the third quarter of this fiscal.
The Mumbai-based automaker's volumes went up by 11.1% YoY to 3,13,115 units in Q3FY24.
While auto sales went up by 20.1% YoY to 2,11,443 units, the tractor volumes declined by 4% from the previous year to 1,00,522 units during the last quarter.
Why SpiceJet Share Price is falling
Moving on to news from the airline sector, SpiceJet's shares fell over 5% on 14 February as media report revealed that investors are apprehensive of fund infusion into the budget carrier.
Liquidity constraints continue at SpiceJet and that it has delayed salaries TDS payments, EPFO deposits to many of its employees due to lack of funds.
The airline had said its Board of Directors, in a meeting on 25 January, approved the allotment of 55.5 m equity shares on a preferential basis to 54 subscribers. Additionally, SpiceJet's Board sanctioned the allotment of 93.3 m warrants to Elara India Opportunities Fund Limited and Silver Stallion Limited.
The warrants offer subscribers the option to apply for an equivalent number of equity shares.
According to the report, the lessors are unwilling to extend aircraft leases due to payment issues. The airline currently operates around 30 aircraft, including eight that are wet-leased from foreign carriers complete with crew and pilots.
Depositing PF dues among top priorities, will be up to date in near future.
Earlier this week, SpiceJet has announced plans to trim its workforce. Approximately 1,400 employees, constituting 1-15% of its total staff strength, are in line to be laid off.
IPCA Labs Q3 Profit Jumps 67%
Moving on to news form the pharma sector, IPCA Labs on 14 February reported a 66.8% year-on-year rise in consolidated net profit at Rs 1.8 bn in the October-December quarter.
The pharma company reported a net profit of Rs 1.1 bn in the year-ago period.
Revenue came in at Rs 20.5 bn, up 32% from Rs 15.5 bn year-ago quarter.
Consolidated EBITDA margin came in at 16.1% in Q3 against 15% a year back.
The EBITDA came in at Rs 3.3 bn in the October-December quarter against Rs 2.2 in the same period a year ago.
Indian formulations income was reported to be up 11% at Rs 7.8 bn. Exports income was up 1% at Rs 6.4 bn. Sales of Active Pharmaceutical Ingredients (API) were down 13% in the quarter.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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