Stock Market LIVE Updates: GIFT Nifty indicates a gap-down opening; US, Asian markets fall

The information and communication technology products distributor is set to list equity shares on the bourses on February 14. The final issue price has been fixed at Rs 311 per share.

The small finance bank is going to debut on the BSE and NSE on February 14. The final offer price has been set at Rs 468 per share.

The trading in equity shares of the small finance bank will commence on the BSE and NSE with effect from February 14. The final issue price is Rs 414 per share.

A major catalyst driving the rally in global equity markets has been expectations of rate cut by the Fed. The Fed had indicated possibly three rate cuts in 2024 and markets had discounted up to five rate cuts. This was on expectations that inflation in the US will continue to trend down. This expectation has received a jolt from the US CPI inflation numbers rising year on year to 3.1% against expectation of 2.9%. This means that the Fed will certainly not cut rates in March and the number of rate cuts in 2024 also will be lower.

The bond market has quickly responded with the US 10-year yield shooting up to 4.31%. The consequence in the Indian market would be heavy selling by FIIs. Banking stocks which form the largest chunk of FII holding will be under pressure. The broader market, which is overvalued, will also be impacted by the negative sentiment. Investors may wait and watch for better clarity to emerge.

Coffee Day Enterprises has reported net profit at Rs 69 crore for quarter ended December FY24, against loss of Rs 402 crore in corresponding period of last fiscal, backed by strong operating numbers. Revenue from operations stood at Rs 257 crore for the quarter, growing 5% over a year-ago period.

Sula Vineyards has registered net profit at Rs 43 crore for October-December period of FY24, growing 9.4% over corresponding period of previous fiscal, aided by healthy operating numbers. Revenue from operations grew by 4% YoY to Rs 217.5 crore for the quarter, with own brands segment growing 3.9% to Rs 192.8 crore and wine tourism business rising 16% to Rs 14.7 crore during the quarter.

-Sell call, target cut to Rs 175 per share

-Lacklustre Q3, with Zee-Sony merger terminated, Zee will revisit costs

-Q3 hit by cricket world cup, fewer movies on ZEE5

-ZEE5 revenue up 31 percent YoY but diluting the margin by 16 percent

-CEO said Zee’s growth slowdown & subdued margin is transitory

-Company’s target is 8-10 percent revenue growth (digital to grow faster) & an 18-20 percent EBITDA margin

Gujarat Gas has reported nearly 41% on-year decline in net profit at Rs 220.3 crore for third quarter of FY24, impacted by weak operating numbers with higher input cost. Revenue from operations increased by 6.6% year-on-year to Rs 3,929.1 crore for the quarter, with sales volumes rising by 26% to 9.16 mmscmd YoY.

It has been two weeks since the Reserve Bank of India imposed restrictions on Paytm Payments Bank (PPB). Following the diktat, foreign brokerages like CLSA, Morgan Stanley, Jefferies, Bernstein have cut their target prices for One 97 Communications (Paytm) by 20-60 percent, with Macquarie the biggest bear on the Street.

While restrictions on PPB do not directly impact the lending business, brokerages seem to be divided on the matter. Some brokerages see a huge customer exodus impacting loan distribution, while some say the impact will only be on the wallets business. PPB houses all of Paytm’s 33 crore wallets. Read More