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Gift Nifty was trading around 21,850 level as against Nifty futures’ previous close of 22,025, indicating a negative start for the Indian stock market indices
US stock market indices ended lower on Tuesday dragged down by selling in banking stocks.
The Dow Jones Industrial Average declined 0.62% while the S&P 500 fell 0.37%. The Nasdaq ended 0.19% lower
Asian markets traded mostly lower while US stocks ended in the red overnight as Treasury yields spiked amid dampened hopes of the interest rate cut by the US Federal Reserve in March.
Japan’s Nikkei 225 rallied 1.24% and the Topix gained 0.92%. Hong Kong’s Hang Seng index futures indicated a weaker open.
STOCKS TODAY
Adani Energy Solutions: The Adani group company said the transmission and smart metering business has maintained system availability of 99.67 percent in Q3 FY24 and added 302 ckms to the operational network during the quarter, with the total network at 20,422 ckms. The segment has received total contracts of 2 million smart meters with a contract value of Rs 2,300 crore during the quarter, while the total smart metering under-construction pipeline stood at 21.1 million smart meters, consisting of eight projects with a contract value of Rs 25,100 crore. In the distribution utility segment, distribution loss improved consistently and stood at 5.46 percent in Q3 FY24 against 5.60 percent in Q3 FY23.
L&T Technology Services: The technology company has reported net profit of Rs 336.2 crore for the quarter ended December FY24, growing 6.6 percent over the year-ago period. Revenue from operations increased by 1.5 percent sequentially to Rs 2,421.8 crore during the quarter, with revenue in terms of dollar as well as constant currency rising 0.9 percent QoQ.
HDFC Bank: The country’s largest private sector lender, has registered a 2.5 percent sequential growth in net profit at Rs 16,372.54 crore for the quarter ended December FY24, partly impacted by higher bad loan provisions. Net interest income grew by 4 percent QoQ to Rs 28,471 crore during the quarter. Asset quality improved with gross non-performing assets falling 8 bps sequentially to 1.26 percent and net NPA declining 4 bps QoQ to 0.31 percent in Q3 FY24
ICICI Securities: The company has reported a massive 66.6 percent on-year growth in standalone profit at Rs 465 crore for the quarter ended December FY24, backed by a healthy topline as well as operating performance. Revenue from operations during the quarter grew by 50.5 percent to Rs 1,322.4 crore compared to the year-ago period
UltraTech Cement: The cement major has incorporated a wholly-owned subsidiary, namely Letein Valley Cement. The new subsidiary will carry on the business of mining limestone and other raw materials, as well as the manufacture and sale of cement.
Karnataka Bank: The private sector lender and new-age NBFC Clix Capital have entered into a strategic digital co-lending partnership through the Yubi Co.lend platform. This partnership is focused on providing loans to the Indian MSME sector. The agreement is in line with the Reserve Bank of India’s guidelines on co-lending by banks and NBFCs to priority sectors.
Bharat Petroleum Corporation: BPRL International Singapore Pte Ltd (BISPL), an indirect step-down subsidiary of BPCL, announced its proposal for a tender offer for around $120 million in 4.375 percent senior notes that were issued with a maturity date of January 18, 2027. This tender offer is in respect of the notes that were issued by BISPL in January 2017 and were unconditionally and irrevocably guaranteed by Bharat Petroleum Corporation.