Stock Market LIVE Updates: US markets gain, Asia trades higher; eyes on RBI decision

JK Paper has registered a 29.1% on-year decline in consolidated profit at Rs 236.4 crore for quarter ended December FY24, impacted due to overall drop in sales realisation and substantial increase in wood cost. Revenue from operations for the quarter increased by 2.7% to Rs 1,781.65 crore for the quarter.

GMR Power and Urban Infra has reported standalone profit at Rs 308 crore for October-December period of FY24, growing 77% over corresponding period of last fiscal driven by lower finance & input costs, and higher exceptional gain. Revenue from operations fell by 38.2% YoY to Rs 168.7 crore for the quarter.

FY24 inflation projection unchanged at 5.4 percent

FY25 real GDP growth projected at 7 percent

FY25 CPI inflation seen at 4.5 percent

The market might trade within a range following the RBI Policy announcement. For today’s weekly expiry, we foresee Nifty consolidating around its current levels. Notably, there is significant Open Interest (OI) around the 22000 and 22100 Call strikes, suggesting consolidation. Immediate support is likely to be seen around 21900. Additionally, Nifty’s short-term trajectory is likely to remain positive.

Regarding Bank Nifty, substantial OI is observed for both the 46000 Call and Put options, indicating consolidation around present levels. However, in case of a correction towards 45800, fresh long positions could be established. It’s recommended to consider profit booking at higher levels.

-Neutral call, target Rs 679 per share

-Q3 saw revenue of Rs 3,520 crore, up 21 percent YoY, in-line

-EBITDA at Rs 380 crore grew 12 percent YoY & was a marginal 1 percent below estimate

-EBITDA margins declined YoY at 10.8 percent, marginally below estimate at 11 percent

-PAT which included share of associates grew 19 percent YoY to Rs 190 crore

-Net debt increased marginally to Rs 1,290 crore on back of ongoing growth capex

The US Food and Drug Administration (US FDA) conducted a pre-approval inspection (PAI) of company’s Riverview (USA) facility during January 29 to February 6, and on the conclusion, issued a Form-483 with 3 observations. The observations were classified under VAI (voluntary action indicated) and does not relate to data integrity.

MSF & SDF Rates unchanged at 6.75% & 6.25%, respectively and maintained stance of ‘Withdrawal of Accommodation’

Inox India (INOXCVA) has signed Memorandum of Understanding (MoU) with Inter-University Accelerator Centre (IUAC) for the development of technology for the design and manufacture of superconducting magnet based system. The system will be used for clinical, industrial, defense and research applications.

Apollo Tyres has recorded consolidated profit at Rs 496.6 crore for third quarter of FY24, growing 78.1 percent over a year-ago period despite muted topline, backed by healthy operating numbers. Revenue from operations during the same period grew by 2.7% to Rs 6,595.4 crore.

Kalyani Steels paid the balance cash of Rs 425.24 crore for acquisition of the assets of Kamineni Steel & Power India. On January 10 this year, the company had been declared as successful bidder for acquisition of assets of Kamineni Steel & Power India, under Insolvency and Bankruptcy Code, 2016.

The Sensex was up 81.21 points or 0.11 percent at 72,233.21, and the Nifty was up 22.00 points or 0.10 percent at 21,952.50. About 1755 shares advanced, 1298 shares declined, and 80 shares unchanged.

Advance/Decline (Intra-day)