MARKET CAPSULE 3rd FEB'24 | Market approves the Interim Budget
- samarwealth
- Feb 3, 2024
- 5 min read
Welcome! Thank you for stopping by. Ready for a speedy catch-up on last week's highlights?
Market Approves the Interim Budget
Yet another eventful week comes to an end with Hon'ble Finance Minister delivering the Union Interim Budget 2024-25. Key highlights from the budget include the declaration of viability gap funding (VGF) to bolster the advancement of one gigawatt (GW) of offshore wind energy projects, establishment of a payment security mechanism for electric vehicle (EV) buses, aim to double the seafood exports to INR 1 trillion and a plan to add an additional 20 million houses in the next five years under the affordable housing scheme.
The Price Action analysis of the Nifty 50's daily chart reveals a sustained upward trend, characterized by successive higher highs and higher lows. The price has been consolidating, forming what appears to be a symmetrical triangle pattern, which is typically a continuation pattern. This pattern suggests a high probability of the index moving towards a fresh All time High above 22,127. Additionally, the positioning of the 10-day Moving Average (MA) above the 21-day MA, both with upward slopes, signifies positive short-term momentum and a bullish trend over the past three weeks. The Relative Strength Index (RSI) suggests further potential for upward movement before the index reaches overbought levels. Taking these factors into consideration, the technical outlook appears bullish for the medium term, in line with the current uptrend. Watch out for Public Sector Banks in the coming week as the leadership may remain with them as we saw this week as well.
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 ⭐⭐⭐⭐⭐
Jupiter Wagons reported revenue of ₹896 Cr., up by 39% YoY and 1.93% QoQ.
Adani Ports came out with robust results with Revenue of ₹6920 Cr., up by 45% YoY and 4.12% QoQ.
Indian Hotels Co. Ltd. posted revenue of ₹1,964 Cr. with growth of 16% YoY and 37.05% QoQ.
Cochin Shipyard Ltd. reported revenue of ₹1021 Cr., up by 62% YoY and 7.02% QoQ.
Good Results ⭐⭐⭐
Whirlpool India reported revenue of ₹1,536 Cr. with growth of 18% YoY and 0.91% QoQ.
Dixon Technologies (INDIA) Ltd. reported revenue of ₹4818 Cr., up by 100% YoY.
Titan Company Ltd. reported revenue of ₹14,164 Cr., up by 22% YoY and 13.04% QoQ.
Shree Cements Ltd. reported revenue of ₹4,901 Cr., up by 20% YoY and 6.89% QoQ.
Average Results ⭐
Mahindra Holidays & Resort INDIA Ltd. reported revenue of ₹635 Cr., up by 5% YoY.
Castrol INDIA Ltd. reported revenue of ₹1,264 Cr., up by 7% YoY and 6.84% QoQ.
Minda Corporation Ltd. reported revenue of ₹1,166 Cr., up by 9% YoY.
Dr. Reddy's Laboratories Ltd. reported revenue of ₹7,237 Cr., up by 7% YoY and 4.83% QoQ.
Recently Listed IPOs:
Upcoming IPOs:
Five top gainers of this week
Seven good-looking charts for next week 1. Goldiam International Ltd.
2. Inox Wind Ltd.
3. JSW Infrastructure Ltd.
4. Signature Global INDIA Ltd
5. NLC INDIA Ltd.
6. J Kumar Infraprojects Ltd.
7. Pondy Oxides & Chemicals Ltd.
Business Expansions:
Deepak Nitrite - Deepak Chem Tech Limited, a wholly owned subsidiary of the Company, has indicated its intention to invest approximately Rs. 9,000 crores.⭐
PVR Inox opened a 4-screen multiplex at Mittal Mall in Ajmer, Rajasthan, featuring advanced technology including a 2K projection system, Dolby 7.1 sound, and advanced 3D technology.
Order Wins:
L&T Construction secures a substantial EPC contract valued between ₹10,000 to ₹15,000 crore to build a Renewable Generation Plant in the United Arab Emirates.⭐
Suzlon Group has disclosed a contract win to supply Wind Turbine Generators (WTGs) for a 642 MW wind power project awarded by Evren Company, 'ABC Cleantech Private Limited (ACPL)'.
KEC International has won fresh orders worth Rs 1,304 crores spanning its diverse range of businesses.
SJVN has secured a 100 MW Solar Project at a tariff of ₹2.54 per unit through a competitive bidding process conducted by Gujarat Urja Vikas Nigam Ltd Phase XXI, under the Build Own and Operate basis.⭐
Bonus Share Issue & Share Price Splits:
Maagh Advertising & Marketing Services Ltd has scheduled a stock split for February 5st, 2024, reducing the nominal value from ₹10 to ₹1.
Maagh Advertising & Marketing Services plans to distribute fully paid-up Bonus Shares at a ratio of 1:4 on February 5th, 2024.
Intellivate Capital Ventures Ltd plans to distribute fully paid-up Bonus Shares at a ratio of 2:1 on February 7th, 2024.
Akshar Spintex Ltd plans to distribute fully paid-up Bonus Shares at a ratio of 1:5 on February 8th, 2024.
Shreeji Translogistics Ltd plans to distribute fully paid-up Bonus Shares at a ratio of 1:3 on February 8th, 2024.
Agreements:
It is probable that Infosys has executed a seven-year contract with Musgrave, a food service company headquartered in Ireland, with the intention of automating its information technology operations across both Ireland and Europe.
Gokaldas Exports is acquiring all of Matrix Clothing's equity in a Share Swap deal worth up to ₹489 crores, with ₹247.5 crores allotted through preferential Gokaldas Exports share issuance.⭐
Mahanagar Gas Limited bought 100% ownership of Unison Enviro Private Limited ("UEPL") for 562.09 crore in cash.
Appointments & Resignations:
Bank of Baroda/Indian Overseas Bank: Shri Joydeep Dutta Roy, Executive Director at Bank of Baroda, has been appointed by the Government of India as Executive Director at Indian Overseas Bank.
UTI AMC: The Board has sanctioned the extension of Mr. Imtaiyazur Rahman's tenure as the Managing Director and Chief Executive Officer of the Company for an additional two-year term, effective from June 13, 2024, until June 12, 2026.
Onmobile Global has named Radhika Venugopal as the Chief Financial Officer and Key Managerial Personnel of the Company, effective April 1, 2024.
Yes Bank: Mr. Arun Agrawal, Country Head of Institutional & Government Banking, has resigned for personal reasons, effective January 29, 2024.
Oberoi Realty has named Mr. Nilesh Kushe as Executive Vice President - Construction, effective from January 25, 2024.
Other News:
One97 Communications: Paytm Payments Bank is directed by the Reserve Bank of India to cease onboarding new customers.⭐
Balrampur Chini Mills has been issued an assessment order by the Income Tax department, totaling ₹506.35 million for the assessment year 2021-22 (April to March).
Piramal Enterprises is selling its entire 20% direct investment in Shriram Investment Holdings Pvt Ltd to Shriram Ownership Trust for Rs 1,440 crores.
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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