MARKET CAPSULE 10th FEB'24 | PSU Banking Stocks: Rising to the Rescue
- samarwealth
- Feb 10, 2024
- 6 min read
A Strong Week for PSU Banking Index Sector rotation is a common phenomenon experienced generally in Bull Markets. After a massive rally in Public Sector Enterprises(PSEs) , the sector took a breather this week. However, the reign was passed on to PSU Banking Index as the index gained more than 5% last week with the highlight being companies like State Bank of India and Canara Bank with both gaining more than 11% last week.
It was a volatile week for Banknifty, nevertheless in the last trading session Banknifty solely contributed to the Nifty50 gains with SBI bank and ICICI Bank closing as the top gainers of Nifty50. Banknifty seems to show recovery from crucial support levels, if the momentum continues further, there might be a good upcoming week for banking sector.
RBI's Monetary policy was a crucial driver of volatility as markets were expecting some signs of rate cuts if not actual rate cuts. RBI maintained same stance 6th time in a row and continued withdrawal of accomodations.
The US S&P500 index crossed the 5000 milestone for the first time this week. Stong global cues and overnight developments in foreign markets may add up to existing momentum.
Charting the Pulse of Indices: Sector Wise Performance
Heatmap
Market Breadth
A) Nifty 500
B) Nifty 50
Note: Breadth measures the percentage of securities in NIFTY 50 / NIFTY 500 surpassing specified moving averages over the specified period. High counts or percentages are depicted in green, neutral values in yellow, and lower counts in varying shades of red. Green shades signify an upward trend, yellow denotes a neutral stance, and red shades represent a downward trend.
Blockbuster Results ⭐⭐⭐⭐⭐
BSE Ltd reported revenue of ₹426 Cr., up by 78.24% YoY and 17.67% QoQ.
ITD Cementation India Ltd came out with robust results with Revenue of ₹2,017 Cr., up by 52% YoY and 25.27% QoQ.
Welspun Corp Ltd posted revenue of ₹4,750 Cr. with growth of 98% YoY and 17% QoQ.
HBL Power Systems Ltd saw a remarkable Q3FY24 revenue of ₹599 Cr., with an 81% YoY and 8% QoQ surge.
Anant Raj Ltd recorded Q3FY24 revenue at ₹392 Cr., up by 47% YoY and 18% QoQ.
Radico Khaitan Ltd reported Q3FY24 revenue of ₹1161 Cr., up by 47% YoY and 26% QoQ.
Good Results ⭐⭐⭐
Lupin Ltd posted revenue of ₹5,197 Cr. with growth of 20.24% YoY and 4% QoQ.
Action Construction Equipment Ltd posted revenue of ₹753 Cr. with growth of 36% YoY and 12% QoQ.
Aditya Vision Ltd reported Q3FY24 revenue of ₹413 Cr., up by 29.87% YoY and 32% QoQ.
NCC Ltd posts Q3FY24 revenue at ₹5260 Cr., up by 35% YoY and 11.44% QoQ.
Brigade Enterprises Ltd recorded Q3FY24 revenue at ₹1174 Cr., up by 43% YoY.
Sanghvi Movers Ltd posts Q3FY24 revenue at ₹167 Cr., up by 37% YoY and 19.28% QoQ.
Average Results ⭐
Gabriel India Ltd Standalone Q3FY24 revenue at ₹814 Cr., up by 14.48% YoY.
Ashoka Buildcon Ltd reported Q3FY24 revenue at ₹2657 Cr., up by 36% YoY, but net profit slipped 21% YoY.
Gulf Oil Lubricants India Ltd posts Q3FY24 revenue of ₹817 Cr., up by 13.47% YoY and 1.87% QoQ.
Kalpataru Projects International Ltd reported Q3FY24 revenue at ₹4896 Cr., up by 22.27% YoY and 8.36% QoQ.
Recently Listed IPOs:
Upcoming IPOs:
Five top gainers of this week
Seven good-looking charts for next week 1. Bharat Dynamics Ltd
2. Kaynes Technology India Ltd
3. Apollo Hospitals Enterprise Ltd
4. Ambuja Cements Ltd
5. Adani Green Energy Ltd
6. Reliance Industries Ltd
7. Bharat Forge Ltd
Business Expansions:
Ramco Cements board has approved a 12.50 billion capacity expansion plan for its unit at Nandyal, Andhra Pradesh.
Bharti Airtel enhances its retail presence in Nagpur by introducing 4 new stores, increasing the existing count from 6 to 10 in the city.
Avenue Supermart opened a new store in Rajsamand, Rajasthan, bringing their total number of stores to 346.
Bharti Airtel strengthens its retail footprint in Bhopal Adds 5 new stores to the existing count of 6 stores in the city.
Indian renewable energy received RBI NOD to set up subsidiary in gift city, co gears up for global presence.
Pyramid Technoplast expands operations, secures land in Palghar, Maharashtra for a new manufacturing unit with a projected annual revenue potential of ₹400 crore at full capacity.
Godawari Power got Environment Clearance for Expansion of Iron Ore Pelletization Plant from 2.7MTPA to 4.7 MTPA Capacity.
Birlasoft has launched Birlasoft Cogito, a platform designed to empower enterprises to revolutionize their businesses through the Generative AI Platform Cogito.
Roto Pumps, operating as Roto Energy Systems, begins commercial manufacturing of solar pumping systems.
Order Wins:
Railtel Corporation of India Ltd received the work order from Western Railways amounting to ₹124.90 Crore.
Va Tech Wabag Ltd secures order worth USD 33.5 Million for Industrial Wastewater Treatment Plant at Ras Tanura Refinery Project, Kingdom of Saudi Arabia.
Ramkrishna Forgings secures $13.16 Million USD contract from Prominent North American Axle Manufacturer for Rear Axle & Off-Highway Business over next four years.
L&T Construction wins large contract for Power Transmission & Distribution business; contract valued at ₹2500 to ₹5000 Crore.
Petronet LNG Limited executes Long term contract for purchase of 7.5 MMTPA LNG with QatarEnergy.
Jyoti Structures Ltd received an order from Torrent PowerGrid Limited for a 400 KV Multi-Circuit Transmission Line worth ₹290 Crore.
Intellect Design Arena Ltd wins order from VakifBank International AG.
DCX Systems Ltd received an order for the supply of Electronic Assemblies from Lockheed Martin Corporation, USA, valued at approx. USD 19.91 million.
DCX Systems Ltd bags an order from overseas customer valued at approx.USD 55.13 million.
BHEL received a ₹5,500 crore order from HPGCL to set up a 1x800 MW Ultra Super Critical Expansion Unit at DCRTPP, Yamuna Nagar.
SJVN gets Letter of Intent from GUVNL for 200 MW Solar Project.
INOX WIND signs binding framework agreement for india’s single largest wind order for 1,500 mw from CESE ltd.
Bonus Share Issue & Share Price Splits:
DRC Systems India Ltd plans to distribute fully paid-up Bonus Shares at a ratio of 2:1 on February 27th, 2024.
K.P. Energy Ltd plans to distribute fully paid-up Bonus Shares at a ratio of 2:1 on February 12th, 2024.
Intellivate Capital Ventures Ltd plans to distribute fully paid-up Bonus Shares at a ratio of 2:1 on February 12th, 2024.
Agreements:
Ramco systems has recently secured strategic partnerships with prominent services firms, Deloitte Touche Tohmatsu India LLP and BDO India.
PTC Industries Ltd and Hindustan Aeronautics Limited (HAL) accessories division in Lucknow have signed a memorandum of understanding (MoU) for cooperation for the indigenisation of various aviation grade raw materials.
CG Power and Industrial Solutions Ltd Announces Joint Venture Agreement with Renesas Electronics America Inc. and Stars Microelectronics (Thailand) Public Co. Ltd, Proposing Semiconductor Facility in India.
Adani Total Gas, INOXCVA join hands to strengthen LNG ecosystem in India.
INOXCVA Signs Mou with IUAC for development of Superconducting Magnet Based Systems.
Hindalco Industries Ltd has acquired 26% equity shares in Ayana Renewable Power Four
BPCL’s Joint Venture, PLL Renews 20-year partnership with Qatar Energy, Secure 7.5 MMTPA LNG for India’s Energy Security.
Cipla Ltd's subsidiary, Cipla Medpro South Africa (Pty) Ltd., has finalized the acquisition of 100% equity stake in South Africa's Actor Pharma (Pty) Ltd.
Tata Consultancy Services announced a strategic partnership with Enento Group, a prominent provider of digital business and consumer information services in the Nordic region.
IRCTC has signed a MoU with Govt of Uttarakhand to operate tourists trains.
ICICI Lombard Acquires Shares of SBI for ₹201 Crore, Securing 0.04% Stake.
Inox Wind signs binding framework agreement for India’s single largest wind order for 1,500 MW from CESC Limited.
DroneAcharya Aerial Innovations Limited, in collaboration with Drone Entry (Thailand) Co. Ltd., has successfully acquired a major export order for Defense FPV Drones.
Appointments & Resignations:
SNL bearings Approved the appointment of Mr. Lait Pandey as Chief Executive Officer of the company with effect from February 25, 2024
Mr. Sanjeev Kumar resigned as Chief Financial Officer and Key Managerial Personnel of Bharat Seats Ltd., effective February 8, 2024.
Gensol Engineering names Ravindra Goyal as Group Chief Procurement Officer, bringing 29 years of experience in solar, EPC, and renewable energy sectors.
Other News:
Mahindra Lifespace Developers Ltd is undertaking launch of a residential project, ‘Mahindra Vista’ at Kandivali, Mumbai.
Sealmatic India Ltd is poised to potentially secure a slice from adnoc's forthcoming projects, as adnoc is in the execution stage to implement various oil & gas projects with a budget totalling usd 150 billion over the next five years.
D B Realty Ltd asserts that the demerger will unlock the value of the company's real estate and hospitality businesses for its shareholders.
That's all for now! I hope you enjoyed the content. Thankyou for reading, and wishing you a fantastic weekend and a profitable week ahead! Disclaimer: Any stock or company discussed above should not be considered as a Buy/Sell recommendation. We personally or our clients might or might not have a position in any of the stocks discussed. This newsletter is purely is for educational purposes only.
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