Market Opens:
Benchmark indices opened higher on Wednesday with Nifty trading above 10,850 mark.
The Sensex is up 199.06 points at 36352.68, while Nifty is up 58.60 points at 10890. About 506 shares have advanced, 285 shares declined, and 33 shares are unchanged.
Sun Pharma, ITC, Cola India, Indiabulls Housing, Jet Airways, ONGC, Bata, JSW Steel, TCS, RIL are the top gainers on the indices, while losers are HPCL, Infosys, Axis Bank.
Rupee Opens:
The Indian rupee gained in the early trade on Wednesday. It has opened higher by 22 paise at 70.48 per dollar versus previous close 70.70.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions.
RBI slaps penalties on 7 banks for violation of norms
The Reserve Bank further said Rs 20 lakh fine each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance with various directions on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.
A penalty of Rs 1.5 crore has been imposed each on Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts.
A penalty of Rs 1 crore has been imposed on Andhra Bank for similar violations.
Penalties are based on deficiencies in regulatory compliance and "is not intended to pronounce" upon the validity of any transaction or agreement entered into by the banks with their customers, the central bank added.
Global Markets:
SGX Nifty:
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 32.50 points or 0.30 percent. Nifty futures were trading around 10,894-level on the Singaporean Exchange.
Wall Street ( US Market ) ends higher:
Wall Street rallied on Tuesday as investors were heartened by a tentative congressional spending deal to avoid another government shutdown and by positive developments in the U.S.-China trade negotiations.
Asia trades higher:
Asian stocks pulled ahead and safe-haven government bonds came under further pressure on Wednesday on optimism the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute.
Asia took its cue from Wall Street, where the Dow and Nasdaq each rallied about 1.5 percent overnight on optimism over U.S.-China trade negotiations and a tentative U.S. congressional spending deal to avert another partial government shutdown.
The euro was a shade higher at $1.1333 having gained 0.5 percent the previous day, when it bounced from a three-month low of $1.1258.
South Korea's KOSPI gained 0.5 percent and Japan's Nikkei climbed 1 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent.
U.S. crude oil futures were up 0.73 percent at $53.49 per barrel after rallying 1.3 percent on Tuesday.
Oil prices surged on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels.
Domestic Markets:
Results on February 13: Bharat Forge, Reliance Capital, Bosch, Godrej Industries, Sandesh, Shah Alloys, Zenith Exports, Aster DM Healthcare, Kiri Industries, Gufic Biosciences, HPL Electric & Power, Gujarat Raffia Industries, Barak Valley Cements, Fortis Healthcare, GSS Infotech, Aries Agro, Ruchira Papers, Hindustan Composites, Country Club Hospitality & Holidays, Murudeshwar Ceramics, RSWM, Dhunseri Ventures, Rohit Ferro-Tech,
Golden Tobacco, Hubtown, Jindal Worldwide, Harrisons Malayalam, Aarvee Denims & Exports, Modi Rubber, Technocraft Industries (India), Binani Industries, Orchid Pharma, Arcotech, Zenith Birla (India), Commercial Engineers & Body Builders Co, KDDL, Manaksia Coated Metals & Industries, Manaksia Aluminium Company, Electrotherm (India), The Ruby Mills, Garware Technical Fibres.
Here are stocks that are in the news today:
Sun Pharma Q3: Consolidated profit jumps to Rs 1,241.8 crore versus Rs 321.6 crore; revenue rises 16.3 percent to Rs 7,740.2 crore versus Rs 6,653.2 crore YoY.
ADF Foods Q3: Profit increases to Rs 5 crore versus Rs 0.3 crore; revenue rises 15.4 percent to Rs 60.8 crore versus Rs 52.7 crore YoY.
Indian Hotels Q3: Profit rises 51 percent to Rs 170 crore versus Rs 112.6 crore; revenue jumps 10.5 percent to Rs 1,323.4 crore versus Rs 1,197.3 crore YoY.
Lux Industries Q3: Profit surges 31.4 percent to Rs 24.3 crore versus Rs 18.5 crore; revenue rises 1 percent to Rs 283.5 crore versus Rs 280.8 crore YoY.
Bata India Q3: Profit spikes 51.4 percent to Rs 103.2 crore versus Rs 68.1 crore; revenue rises 5.5 percent to Rs 778.7 crore versus Rs 674 crore YoY.
Oil India Q3: Profit jumps 43.1 percent to Rs 1,233.4 crore versus Rs 862 crore; revenue falls 6.1 percent to Rs 3,514 crore versus Rs 3,743.6 crore QoQ.
Asian Granito Q3: Profit falls to Rs 5 crore versus Rs 12.9 crore; revenue rises to Rs 296.2 crore versus Rs 263.8 crore YoY.
RCF Q3: Profit jumps to Rs 49.9 crore versus Rs 17.9 crore; revenue up 19.5 percent at Rs 2,353.5 crore versus Rs 1,969 crore YoY.
Natco Pharma Q3: Consolidated profit dips 25.4 percent to Rs 162 crore versus Rs 217.3 crore; revenue falls 1.6 percent to Rs 531.9 crore versus Rs 540.3 crore YoY.
Alembic Pharmaceuticals: Company gets USFDA approval for Fenofibrate tablets.
Religare Enterprises Q3: Loss at Rs 10.32 crore versus loss Rs 45.09 crore; revenue falls to Rs 0.77 crore versus Rs 2.25 crore YoY.
Prestige Estates Projects Q3: Profit dips to Rs 58.1 crore versus Rs 89.4 crore; revenue declines to Rs 1,077.6 crore versus Rs 1,272.3 crore YoY.
Bharat Road Network Q3: Profit falls to Rs 4.95 crore versus Rs 10.88 crore; revenue dips to Rs 2.88 crore versus Rs 3 crore YoY.
DHFL: Vijaya Sampath expressed her desire to resign from the position of an Independent Director due to personal reasons.
Jain Irrigation Systems Q3: Consolidated profit jumps to Rs 82.42 crore versus Rs 66.98 crore; revenue rises to Rs 2,038 crore versus Rs 1,865.64 crore YoY.
Pennar Industries Q3: Consolidated profit rises to Rs 13.70 crore versus Rs 13.25 crore; revenue jumps to Rs 567.63 crore versus Rs 415 crore YoY.
Zenith Birla India: Company entered in to one time settlement with Invent Assets Securitisation & Reconstruction Pvt. Ltd (loan assigned by State Bank of India) against the credit facilities availed by the company.
Manpasand Beverages Q3: Profit falls to Rs 9.83 crore versus Rs 12 crore; revenue rises to Rs 163.5 crore versus Rs 143 crore YoY.
Patel Engineering Q3: Profit rises to Rs 28.74 crore versus Rs 6.87 crore; revenue falls to Rs 484.1 crore versus Rs 635.7 crore YoY.
Matrimony.com Q3: Profit falls to Rs 6.8 crore versus Rs 23 crore; revenue rises to Rs 85.3 crore versus Rs 83.7 crore YoY.
Container Corporation of India Q3: Profit dips to Rs 275 crore versus Rs 277 crore; revenue rises to Rs 1,657 crore versus Rs 1,605 crore YoY.
Tata Power Solar: Company launches an extensive residential rooftop solution at Chandigarh.
Kesoram Industries Q3: Loss at Rs 115.35 crore versus loss Rs 43.17 crore; revenue rises to Rs 984 crore versus Rs 883 crore YoY.
3M India Q3: Consolidated profit rises to Rs 110 crore versus Rs 94 crore; revenue increases to Rs 791 crore versus Rs 683 crore YoY.
GTPL Hathway Q3: Consolidated profit dips to Rs 18.55 crore versus Rs 19.5 crore; revenue rises to Rs 314.5 crore versus Rs 278.4 crore YoY.
C & C Constructions Q3: Consolidated loss at Rs 8.4 crore versus profit Rs 10.2 crore; revenue falls to Rs 239.8 crore versus Rs 275.2 crore YoY.
Shakti Pumps (India) Q3: Consolidated profit falls to Rs 12.6 crore versus Rs 16.67 crore; revenue rises Rs 152 crore versus Rs 148 crore YoY.
L&T Technology Services: A client of company, in the telecom & hitech reporting segment, has decided to assume ownership of engineering for their core product. Other engagements with this client continue and LTTS is in discussions to partner with the client in multiple adjacent areas, as they look to invest and expand their business. Company reaffirms its FY19 revenue guidance and its expectation of mid-teens revenue growth in FY20 in USD terms.
Analyst or Board Meet/Briefings
Sudarshan Chemical Industries: An interaction with analysts / institutional investors is scheduled on February 14 with IIFL Enterprising India Xth Global Investor Conference at Mumbai.
InterGlobe Aviation: Company has scheduled meetings with institutional investors from February 13 to February 15 in Mumbai.
Indian Energy Exchange: Company's officials will be attending IIFL (Enterprises India Xth Global Investor Conference) on February 13 and meeting Macquarie Capital Securities (India) Private Limited on February 18.
Speciality Restaurants: Company's officials will be meeting Lucky Investment Managers Pvt Ltd on February 14.
SKF India: Company's officials will be meeting Edelweiss India Conference 2019 on February 13.
Majesco: Company's officials will be meeting Edelweiss India Conference 2019 on February 13.
Dr Reddy's Labs: Company's officials will be attending Edelweiss India Conference, 2019 in Mumbai.
Manappuram Finance: Company's officials will be meeting analysts/investors on February 13, 14 and 15.
Just Dial: Representative of the company will attend investors meeting - Edelweiss India Conference 2019 on February 13 at Mumbai.
Astral Poly Technik: Management of the company will participate in the IIFL's 10th Global Investors' Conference on February 13 at Mumbai.
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