Stock Market Live Updates 21 February 2024: Asia stocks open lower; oil steadies as tighter supplies balanced by demand concerns

tock Market Today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 21 February 2024.

• February 21, 2024 08:35
  

  Market news: Insider Trades

  NGL Fine-Chem: Promoter Sunita Potdar sold 20,000 shares on Feb. 19. 

  Authum Investment and Infrastructure: Promoter Mentor Capital bought 1.5 lakh shares on Feb. 19. 

  Coffee Day Enterprises: Promoter Malavika Hegde sold 98 lakh shares on Feb. 19. 

  G N A Axles: Promoter Maninder Singh sold 1.06 lakh shares on Feb 15, Promoter Gursaran Singh bought 1.12 lakh shares on Feb 15.

• February 21, 2024 08:34
  

  Stock market live updates: Trading Tweaks

  Price band revised from 20% to 10%: Force Motors, Wockhardt. 

  Ex/record Dividend: PI Industries, Mrs. Bectors Food Specialities, MRF, NCL Industries, SJVN, Saregama India, Cummins India, Electrosteel Castings, Uniparts India, JK Lakshmi Cement, Hero MotoCorp, Life Insurance Corporation of India, Sula Vineyards. 

  Moved into short-term ASM framework: Aegis Logistics, Dilip Buildcon, HPL Electric & Power, Natco Pharma, Nuvama Wealth Management. 

  Moved Out of short-term ASM framework: Sindhu Trade Links, Zuari Industries.

• February 21, 2024 08:27
  

  Stock market live updates: IPO screener| Juniper Hotels issue opens today at ₹342-360 price band

  The ₹1,800-crore initial public offering of Juniper Hotels, which runs the “Hyatt” brand, opens today for public subscription. The IPO comes out with a price band of ₹ 342-360 and the minimum bid lot is 40 shares. The issue closes on Friday, February 23.

  Juniper Hotels IPO has reserved up to 75 per cent of the issue to qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 10 per cent for retail investors.

  The company on Tuesday, as part of IPO process, raised ₹810 crore from anchor investors. The hotel major informed the bourses that it allocated 2.25 crore shares at ₹360 a share to marquee investors.

• February 21, 2024 08:09
  

  Market report: Gift Nifty indicates flat opening for Nifty, Sensex

  India’s equity benchmarks are likely to open on flat note with downward bias amid lack of major cues. With the country is gearing up for general elections, analysts expect the market to move in a narrow range. Foreign portfolio investors continued their selling by offloading shares on every rise.

  Gift Nifty at 22,255 indicates that NSE Nifty50 is likely to open down as Nifty Feb futures closed at 22,217.20 and Nifty March futures at 22,359.15. BSE Sensex, too, is likely to follow a similar path.

  As global cues are negative with the US stocks and equities across Asia-Pacific region down, experts believe domestic markets will see profit taking at every rise.

• February 21, 2024 07:55
  

  Market updates: Stocks that will see action today

  Yum Restaurant India Private Ltd is likely to divest its entire stake (4.4 per cent) in Devyani International Ltd via block deals, per reports. The floor price is likely to be ₹153.5 a share, as against Tuesday’s closing price of ₹165.85 on the BSE, the report added.

  The board of Union Bank of India on Tuesday approved a fund raising plans of ₹3,000 crore through Qualified Institutions Placement (QIP). The funds will utilised to fund its business growth.

  Aditya Birla Group company Novelis Inc has filed papers with the US market regulator Securities and Exchange Commission relating to the proposed initial public offering of its common shares. Novelis, the leading aluminium solutions provider, is the wholly owned subsidiary of Hindalco Industries. The proposed IPO of Novelis is completely offer for sale by the existing promoter Hindalco Industries. On Tuesday, Novelis said that it confidentially submitted a draft registration statement on Form F-1 with the SEC relating to the proposed initial public offering.

  Wipro on Tuesday said it expanded its partnership with IBM to offer new Artificial Intelligence (AI) services and support to clients. The company has introduced the Wipro Enterprise Artificial Intelligence-Ready Platform, leveraging IBM watsonx, which will allow clients to create enterprise-level, fully integrated, and customised AI environments.

  Swan Energy on Tuesday announced opening of its ₹4,000 crore fund raise through a qualified institutional payment (QIP), with a starting price fixed at ₹703.29 per share. In a stock exchange filing, Swan said pricing of the issue would be decided on February 26.

  The Competition Commission of India (CCI) on Tuesday said it approved Minda Corporation’s proposed 8.79 per cent stake purchase in Pricol. Minda Corporation is in the business of manufacturing of auto components and caters to Original Equipment Manufacturers (OEMs) and Tier-1 in various segments in India. The proposed combination relates to an acquisition of up to 8.79 per cent (approx.) of the equity share capital of Pricol by Minda, according to a release. Pricol manufactures automobile components for OEMs, Tier-1 and replacement markets across India and globally. Deals beyond a certain threshold require approval from the regulator CCI.

  Sun Pharmaceutical Industries Ltd has announced that it would acquire a 16.33 per cent stake in Surgimatix, Inc, a US-based firm for $3.05 million (over ₹25 crore). Surgimatix is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries. It is yet to commence its commercial operations, Sun Pharmaceutical Industries said in a regulatory filing.

  The board of ABB India has recommended a final dividend of ₹23.80 a share of face value of ₹2 each for the financial year ended December 31, 2023, subject to shareholders’ approval at the ensuing Annual General Meeting.

  Godrej Industries Limited (Chemicals) has been ranked on the leadership index in the CDP’s Climate Disclosure Index 2023. “Besides the public disclosure of our targets, strong governance structure, risk management strategies and measures implemented to mitigate the impacts of climate change we scored higher on our scope 3 emissions and climate change opportunities disclosure that helped us in scoring “A-” in Climate Change disclosures,” said the company in a notice.

  Cian Healthcare has won a tender for supply of drugs and medicines to Pharmaceutical and Medical Device Bureau of India (PMBI) for a period of two years. The estimated value of contract awarded is ₹4.78 crore.

• February 21, 2024 07:38
  

  Stock market live news: Motilal Oswal Financial’s take on CIE Automotive India

  Weak growth across geographies dent performance

  (CIE Automotive India, Mkt Cap $2.2b, CMP ₹473, TP ₹540, 14% Upside, Buy)

  EU light-vehicle production to decline ~3% YoY in CY24E

  – CIEINDIA reported a muted performance in 4QCY23 due to lower-than-estimated growth in both India and EU. The demand outlook for EU remains weak as the production of light-vehicles is expected to decline ~3% YoY in CY24, along with an anticipation of muted growth in Metalcastello for the next few quarters.

  – We cut our CY24E/CY25E EPS by 4%/3% to factor in weakness in the underlying markets. Reiterate BUY with a TP of ₹540 (based on ~18x CY25E consol. EPS).

• February 21, 2024 07:35
  

  Sectoral Analysis| Emkay Global’s take on Indian OMCs: Q4 steady, eyes on FY25 outlook Emkay Global

  Q4FY24 QTD earnings run-rate of OMCs is steady and somewhat better than expectations so far, thereby indicating a 3-5% earnings upgrade to our FY24E earnings for IOCL, BPCL, and HPCL, respectively. 

  Auto fuel price freeze continues with crude largely range-bound at $80-85/bbl, while refining spreads hold steady. The continued momentum in OMC stocks is likely to be fuelled by a stable macro environment, leading to visibility of a stellar FY24E with oil PSUs trading at attractive valuations. 

  For FY25, we have built-in a sharp ~50% cut to earnings YoY, led by cool-off in refining spreads and normalization of marketing margins. While we have valued OMCs on 6-6.2x Dec-25E mid-cycle EV/EBITDA multiple, further re-rating cannot be ruled out on the back of post-election optimism and resumption of steps like frequent (or even daily) revision in retail prices (to maintain margins) and disinvestment agenda. We, therefore, maintain our constructive stance in this space

• February 21, 2024 07:32
  

  Stock market live updates: Motilal Oswal Financial’s take on Jindal Steel & Power

  Capacity expansion to propel growth

  (Jindal Steel & Power, Mkt Cap $9.3b, CMP ₹760, TP ₹900, 18% Upside, Buy)

  – The ongoing capacity expansion at Angul (Odisha) will significantly enhance Jindal Steel and Power’s (JSP) crude steel capacity by over 65% to 15.9mt. The planned expansion, which is expected to be completed by 3QFY26, will catapult JSP to the fourth largest steel manufacturer in India.

  – Along with the capacity expansion, JSP plans to strengthen its raw material integration, increase the share of CPP, increase the share of flat steel, and undertake product enrichment. The planned capex will result in volume growth and a reduction in structural costs.

  – JSP recently commissioned and dispatched its first rake from 6mt HSM at Angul in a record period of 30 months. This achievement enables the company to cater to key sectors such as automobile, construction, oil, GP, color coating, etc.

  – In Oct’23, JSP started production at Gare Palma IV/6 mines, which supply coal to its Raigarh facility. At the current mine, JSP has already mined ~1mt of coal in 3QFY24 and as production ramps up, the mine can see increased raw material integration, which helps JSP to accelerate its capacity expansion.

  – In addition, JSP has also commenced production at its Utkal C coal block within a record time of 12 months and the entire incremental benefits from this mine are expected to accrue in FY25E, which should further strengthen RM integration.

  – JSP has followed a prudent deleveraging policy to strengthen its balance sheet. With net debt of ~INR91b in 9MFY24 and a net debt-to-EBITDA ratio at a comfortable level of 0.9x, JSP has one of the strongest balance sheets among the domestic ferrous manufacturers. The stock trades at 5.2x FY26E EV/EBITDA and 1.3x FY26E P/B. We reiterate BUY on the stock with a TP of ₹900 (6x FY26E EV/EBITDA).

  – Key downside risk: A delay in the commissioning of the remaining coal mines may delay cost synergies and margin improvement.

• February 21, 2024 07:29
  

  Stocks in focus: G R Infraprojects Limited

  GR Tarakote Sanjichhat Ropeway Pvt Ltd, wholly owned subsidiary of G R Infraprojects Limited, has executed the concession agreement with Shri Mata Vaishno Devi Shrine Board, Katra (J&K) on 20th February 2024 for Design, Engineering, Construction, Development, Finance, Operation & Maintenance of Passenger Ropeway between Tarakote & Sanjichhat at Katra (J&K), on BOOT Basis.

  The estimated project cost is ₹200 crore.

• February 21, 2024 07:28
  

  Stock market live updates: ABB India: Results (Q4 CY2023) – QoQ Comparison

  ABB India has reported total income of ₹2835.08 crore during the period ended December 31, 2023 as compared to ₹2846.01 crore during the period ended September 30, 2023.

  The company has posted net profit / (loss) of ₹338.66 crore for the period ended December 31, 2023 as against net profit / (loss) of ₹362.87 crore for the period ended September 30, 2023.

  The company has reported EPS of ₹15.98 for the period ended December 31, 2023 as compared to ₹17.12 for the period ended September 30, 2023.

• February 21, 2024 07:25
  

  Stocks in news: ESAF Small Finance Bank

  ESAF Small Finance Bank has received ISO 9001:2015 certification for its operations. The International Organisation for Standardisation (ISO), a global body headquartered in Geneva, grants this certification to organisations that exhibit an unwavering commitment to international standards, specifically in Quality Management Systems.

• February 21, 2024 07:11
  

  Stock market live updates: Elara Securities on Zomato

  Rating: ACCUMULATE

  Target Price : ₹165

  Better performance than global peers

  DASH lags ZOMATO in terms of revenue and GOV growth in Q4CY23

  US-based food ordering & delivery platform DoorDash (DASH US, CMP: USD 116, Not Rated) reported 27% YoY revenue growth to $2.3bn in Q4CY23 whereas Zomato (ZOMATO IN) food delivery adjusted revenue grew 29.4% YoY to ₹20.3bn in Q4CY23, higher than DASH. DASH also reported lower gross order value (GOV) YoY growth at 22% vs ZOMATO’s 27%. DASH’s GOV and revenue growth is attributed to a 23% YoY increase in total orders, growing the number of users (monthly active users [MAU] grew to 37mn), higher average order frequency, and better advertisement revenue. DASH is set to invest aggressively in CY24, especially in new verticals, such as grocery, and global markets.

  Improvement in profitability of ZOMATO similar to DASH

  DASH profitability has been improving across business verticals, with revenue up 31.2% YoY in CY23 while adjusted EBITDA as a percentage of GOV grew 115bp YoY to 1.8%. Contribution margin has expanded steadily to 3.9% in Q4CY23 and 3.7% in CY23 whereas ZOMATO contribution margin rose 200 bp YoY to 7.1% in Q4FY24. Both DASH and ZOMATO are strategically emphasizing acquisition of repeat customers through their respective subscription programs, DashPass and Zomato GOLD, to potentially reduce customer acquisition cost while concurrently enhancing margin and overall profitability. Additionally, both platforms are focused on increasing monthly active users, bolstering order frequency, and elevating average order value (AOV). By prioritizing these aspects, DASH and ZOMATO aim to build a loyal customer base and foster sustainable growth.

  Robust growth in grocery delivery business for both companies

  The grocery delivery vertical of DASH saw huge growth in CY23 with higher user retention and better unit economics. DASH has signed 0.1mn grocery stores in North America in the past three years. Similarly, GOV growth for ZOMATO’s delivery service Blinkit surged to 103% YoY in Q3FY24, helped by increased transacting customers, up 74.1% YoY in Q3FY24, and higher AOV, up 14.8% YoY in Q3FY24. In terms of growth outlook, DoorDash expects GOV to reach ~USD 76bn (growth of 13.8% YoY) with adjusted EBITDA margin (as % of GOV) expected to grow 150 bps YoY to 2.2% in CY24. Zomato, on the other hand, expects its topline to grow by 50% over the next couple of years with adjusted EBITDA margin (as % of GOV) of the food delivery business to reach 5% over the same period.

  Valuation: reiterate Accumulate with a TP of ₹165

  We retain our Accumulate rating with a SOTP-based TP of ₹165. We value the food delivery business at 50x one-year forward EV/EBITDA, Blinkit at 6x one-year forward EV/sales and 2.5x to Hyperpure.

• February 21, 2024 07:07
  

  Sectoral trends| CareEdge| Energy Storage: Pumped storage to take high ground in near-term

  Given the new renewable purchase obligation (RPO) and energy storage obligations (ESO) norms, there is an increased impetus on capacity augmentation of energy storage systems (ESS). Assuming 4 hours of storage per GW, India requires ~12 GW storage capacity in FY24, which is likely to increase further to ~70 GW by FY30.

  The industry would necessitate ~₹14 lakh crore incremental debt financing for the installed Renewable Energy (RE) capacity to reach 425 GW, pumped storage projects (PSP) capacity of 19 GW and battery-enabled storage solutions (BESS capacity) of 42 GW by 2030.

  Levelised cost of storage from PSP remains competitive at ₹4.81 per unit as against ₹11.64 per unit from BESS.

  Assuming a round-the-clock supply of RE, the landed cost from PSP is ~₹4.74 per unit as against ₹6.59 per unit from BESS. Significant technological advancements, cost economies and financing stimulus are needed to uplift BESS.

• February 21, 2024 07:05
  

  Stocks in focus: Adani Energy Solutions Limited

  Fitch Ratings has affirmed the ‘BBB-’ ratings on the $400 million senior secured notes issued by the restricted group of India-based Adani Energy Solutions Limited (AESL, BBB-/Stable), previously known as Adani Transmission Limited. The Outlook is Stable.

  The restricted group (AESL RG1) includes six co-issuers – Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited and Thar Power Transmission Service Limited – and one non-issuing SPV, Adani Transmission (Rajasthan) Ltd (ATRL).

• February 21, 2024 07:03
  

  Stock market live updates: Mazars in India’s PE deal tracker report reveals Q4 2023 as peak with 268 transactions valued at $5 billion

  Mazars in India’s PE deal tracker report unveils a comprehensive overview of the Private Equity (PE) scenario in India during Q4 2023. The quarter recorded a bustling activity with 268 deals, amounting to $5.0 bn, showcasing the vibrancy of the PE sector. 

  However, in terms of growth, the private equity investment activity during the quarter experienced a slowdown. While the number of transactions shrunk by 19.0% during the period, the total deal value witnessed a decline of 14.2% and reached $5.0bn. These insights not only dissect the current trends in the PE market but also offer valuable information for those keen on understanding the intricacies of the financial landscape.

• February 21, 2024 07:02
  

  Stock market news: Key market levels

  Volatility Index

  India VIX – 16.07

  📌 Commodities

  Brent Crude: $82.66

  Gold USD Oz/10 gm: $2026.75 = INR 62165

  Silver: INR 71408

  Currency

  ₹/$: 82.97

  US Dollar Index (DXY) – 104.13

  10-Year Yield

  7.26% GOI 2033: 7.09% (Old)

  7.18% GOI 2033: 7.06% (New)

  US 10-Yr Yield – 4.28%

• February 21, 2024 07:01
  

  Stock market live news: F&O updates

  DATE 20-02-2024

  NIFTY SPOT 22196 +74 (+0.34%)

  NIFTY FUT.FEB. 22217 VS 22160

  NIFTY PREMIUM FEB. +21 VS +38

  BANKNIFTY SPOT 47094 (+0.32%)

  BANKNIFTY FEB. 47225 VS 46652

  FII DATA IN CRORE

  CASH FII -1335 & DII +1491

  INDEX FUT +617 STOCK FUT -1704 

  INDEX OPT -17767 STOCK OPT +166 

  FNO TOTAL NET -18687 

  u0009

  NIFTY HIGHEST OI (IN LACS)

  CALL WEEKLY MONTHLY FEB. 

  23000 -65, 23000 -61,

  22600 -63, 22500 -26,

  PUT WEEKLY MONTHLY FEB.

  22000 -89, 22000 -43, 

  22100 -66, 21000 -41, 

  NIFTY HIGHEST OI ADD (IN LACS)

  CALL WEEKLY MONTHLY FEB. 

  22550 +20, 23000 +03,

  22200 +15, 23500 +03, 

  PUT WEEKLY MONTHLY FEB.

  22100 +20, 22100 +05,

  22200 +18, 22000 +05,

  HIGHEST OI BANKNIFTY (IN LACS) WEEKLY

  CALL PUT 

  48000 +38, 46000 +44, 

  HIGHEST OI ADD TODAY (IN LACS) WEEKLY

  CALL PUT

  48000 +15, 47000 +26,

  PUT CALL RATIO

  NIFTY – 1.24

  BANKNIFTY-1.45

  INDIA VIX

  16.07 VS 16.02

  NSE ADV/DEC. DATA

  Advances +1255

  Declines -1290

  Unchang. 101

  52-WK H/L(NSE)

  HIGH- +161, LOW- -16,

  FNO BAN STK 21-Feb.(OI%) 

  BALRAMCHIN 110 

  BANDHANBNK 87 

  BIOCON 93 

  CANBK 86 

  GMRINFRA 97 

  GNFC 99 

  HINDCOPPER 87 

  INDIACEM 82 

  INDUSTOWER 96 

  NATIONALUM 92 

  RBLBANK 107 

  SAIL 80 

  ZEEL 87

• February 21, 2024 06:54
  

  Market news: Updates from Researchbytes Analyst

  Recent Interviews

  As of 17:54 PM Tuesday 20 February 2024

  Balaji Amines: D Ram Reddy, MD

  Balaji Amines Subdued Q3

  Brigade Ent: Pavitra Shankar, MD

  We Will Continue To Invest In Land & New Projects: Brigade Enterprises

  Deepak Nitrite: Maulik Mehtav, CEO

  Key Levers For Growth; Uptick In Margins Likely?

  Five Star Business F: Srikanth Gopalakrishnan, CFO

  Expect 25-30% Growth In Disbursals In FY25: Five-Star Business Finance

  Gulf Oil Lubric: Ravi Chawla, MD

  Looking At 14-16% As The Next Level For Margin Expansion: Gulf Oil Lubricants

  IRCTC: Sanjay Kumar Jain, CMD

  Discussing Bharat Gaurav Trains With More States: IRCTC

  MM Forgings: Vidyashankar Krishnan, MD

  Expect Both Domestic And Exports To Grow 10-12% In FY25: MM Forgings

  PSP Projects: PS Patel, CMD

  Target ?3,000 Cr Revenue And ?3,600 Cr Order Inflow In FY25: PSP Projects

  Shree Renuka: Atul Chaturvedi, Executive Chairman

  Punjab & Haryana Farmers Should Be Encouraged To Grow More Mustard During Rabi: Shree Renuka Sugars

  Glenmark: VS Mani, ED and Global CFO

  Not Looking At Novartis’s India Biz Or Any Other M&A Plan As Of Now: Glenmark Pharma

  Events today

  https://www.researchbytes.com/Default.aspx?cc=event

  Results today

  https://www.researchbytes.com/Default.aspx?cc=result

• February 21, 2024 06:53
  

  World Market Updates: Major US listed stocks result calendar 21.02.2024

  Rio Tinto Plc (Pre market) (Sector- Metal)

  Analog Devices, Inc. (Pre market) (Sector- Technology) 

  Verisk Analytics, Inc. (Pre market) (Sector- Technology)

  Exelon Corporation (Pre market) (Sector- Power)

  Vertiv Holdings, LLC (Pre market) (Sector- Capital Goods)

  Garmin Ltd. (Pre market) (Sector- Technology)

  NVIDIA Corporation (Post market) (Sector- Technology)

  Synopsys, Inc. (Post market) (Sector- Technology)

  Suncor Energy Inc. (Post market) (Sector- Energy)

  ANSYS, Inc. (Post market) (Sector- Technology)

  Nutrien Ltd. (Post market) (Sector- Chemical)

  ICON plc (Post market) (Sector- Healthcare)

  Rivian Automotive, Inc. (Post market) (Sector- Automobile)

  Nordson Corporation (Post market) (Sector- Capital Goods)

  Host Hotels & Resorts, Inc. (Post market) (Sector- Hotel)

  Marathon Oil Corporation (Post market) (Sector- Energy)

  Avangrid, Inc. (Post market) (Sector- Power)

  Texas Pacific Land Corporation (Post market) (Sector- Realty)

• February 21, 2024 06:43
  

  Stock to buy today: Deepak Nitrite

  The short-term outlook is bullish for Deepak Nitrite. A fresh leg of upmove within the overall uptrend has just begun a week ago. The 3.3 per cent rise on Tuesday indicates that the upmove is gaining momentum.

  Moving average cross overs on the daily chart also strengthens the bullish case. All these factors indicate that the downside could be limited, and dips are likely to be bought. Strong support is in the ₹2,275-2,250 region.

• February 21, 2024 06:41
  

  Market updates: Day trading guide for February 21, 2024| Intraday supports, resistances for Nifty50 stocks

  Click here to know know intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

• February 21, 2024 06:39
  

  Market news: Oil steadies as tighter supplies balanced by demand concerns

  Oil steadied as investors juggled signs of tighter supplies with elevated tensions in the Middle East and a still-shaky demand outlook, per a Bloomberg report.

  West Texas Intermediate edged higher above $77 a barrel after dropping 1.8% on Tuesday from Friday’s close. Brent was near $82. OPEC+ producer Russia met its target for export cuts in January, complying with an earlier pledge to the group, according to government data. Chinese figures showed that while trips increased over the Lunar New Year holidays, tourists spent frugally, the report added.

• February 21, 2024 06:37
  

  Stock market live updates: Asia stocks fall as traders await Nvidia results

  Stocks in Asia fell Wednesday, after traders weighed big tech prospects ahead of Nvidia Corp.’s hotly anticipated earnings that dragged Wall Street away from its all-time highs, per a Bloomberg report.

  Japan’s equity benchmark traded lower led by declines in the tech sector. Shares in Australia and South Korea also fell. 

  Futures indicated declines in Hong Kong. The Nasdaq 100 dropped almost 1% while the S&P 500 fell below 5,000. Nvidia sank more than 4% in the run-up to its results later Wednesday, where traders will be looking for confirmation the chipmaker can meet the lofty expectations set by the artificial-intelligence boom, the report added.