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PRE-MARKET REPORT
The Indian equity market is expected to open on a cautious note today amid mixed global cues.
Gift Nifty also indicated a mildly positive start for the Indian stock market indices.
Asian markets traded mostly higher on Tuesday as more markets returned to trade from the Lunar New Year holiday.
Japan’s Nikkei 225 rallied 1.82%, crossing the 37,000 mark to a 34-year high, while the Topix jumped 1.02%. South Korea’s Kospi gained 1.16% and the Kosdaq rose 1.28%.
The US stock market indices ended mixed on Monday as markets awaited key inflation data that will influence US Fed monetary policy.
The Dow Jones Industrial Average gained 135.76 points, or 0.35%, while the S&P 500 eased 4.12 points, or 0.08%. The Nasdaq Composite closed 42.74 points, or 0.27%.
STOCKS TODAY
Mahindra & Mahindra: The automobile company reported production of 1,01,169 units in January 2024, growing 32.4 percent over the corresponding period of the last fiscal. Sales grew by 17.7 percent YoY to 72,198 units, but exports fell 42 percent YoY to 1,746 units during January.
Hindalco Industries: Subsidiary Novelis has recorded net income attributable to the common shareholder at $121 million for the quarter ended December FY24, growing 10-fold over $12 million in the year-ago period. Net income, excluding special items, grew by 81 percent YoY to $174 million. Net sales decreased 6 percent YoY to $3.9 billion for the third quarter of the fiscal year 2024, driven by lower average aluminum prices as shipments were in line with prior-year levels.
Steel Authority of India: The state-owned steel company has reported a consolidated net profit of Rs 423 crore for the October-December period of FY24, falling 22 percent on a high base as in Q3 FY23, there was an exceptional gain of Rs 298 crore. Revenue from operations fell 6.8 percent year-on-year to Rs 23,349 crore for the quarter.
JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, has received a letter of award for a wind capacity of 500 MW from the Solar Energy Corporation of India (SECI). As per the construction of the bid, a 700 MW greenshoe option is available over the awarded capacity. This could further enhance the company’s total awarded capacity by 525 MW to a maximum of 1,025 MW.
Coal India: The country’s largest coal mining company recorded consolidated profit at Rs 9,093.7 crore for the third quarter of FY24, growing 17.8 percent over a year-ago period, backed by higher other income and a healthy operating margin with a fall in input costs. Revenue from operations grew by 2.8 percent YoY to Rs 36,154 crore for the quarter. The state-owned entity announced an interim dividend of Rs. 5.25 per share.
Lemon Tree Hotels: The company has signed a license agreement for a new hotel in Marpalle, Telangana, under its brand, Lemon Tree Resort. This hotel will be spread over 5 acres and have 50 rooms, including 14 villas, of which 5 will be water villas. This hotel is expected to be operational in FY27.
Allcargo Logistics: The logistics services provider has reported an 88 percent year-over-year decline in consolidated profit at Rs 17.4 crore for the third quarter of FY24, impacted by lower topline and operating numbers. Revenue from operations fell by 22.2 percent YoY to Rs 3,211.6 crore for the quarter.
Results on February 13: A total of 564 companies will be releasing their December quarter earnings today, including Eicher Motors, Hindalco Industries, Siemens, Zee Entertainment Enterprises, IRCTC, Bharat Heavy Electricals, Bosch, National Aluminium Company, Ahluwalia Contracts, Gujarat Gas, Indiabulls Real Estate, Innova Captab, INOX India, Medi Assist Healthcare Services, MTAR Technologies, Info Edge India, NBCC (India), Oil India, Prestige Estates Projects, Rashtriya Chemicals & Fertilizers, and Sula Vineyards.