Gift Nifty indicates flat to positive start on the Budget day; US markets fell; Asian markets traded mixed


The benchmark Sensex and Nifty indices are likely to open on a flat-to-positive note on February 1 as trends in the GIFT Nifty indicate a firm start

US stocks tumbled on the last trading day in January after the Federal Reserve held interest rates steady while dashing hopes for an interest rate cut as soon as March.

The Dow Jones Industrial Average fell 317.01 points, or 0.82 percent, to 38,150.30, the S&P 500 lost 79.32 points, or 1.61 percent, to 4,845.65 and the Nasdaq Composite lost 345.88 points, or 2.23 percent,  

Asian markets were trading mixed in the early trade on Thursday with Nikkei index down 0.7 percent and Kospi index up 0.8 percent


Communications (Paytm): The Reserve Bank of India has taken further action against Paytm Payments Bank, saying no further deposits, credit transactions, or top-ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds that may be credited anytime. The nodal accounts of One97 Communications and Paytm Payments Services are to be terminated at the earliest, in any case not later than February 29, 2024. On March 11, 2022, the RBI directed Paytm Payments Bank to stop on boarding new customers with immediate effect.

Glenmark Pharmaceuticals: Glenmark joined hands with Pfizer to launch Abrocitinib in India. Abrocitinib is used for the treatment of moderate-to-severe atopic dermatitis. Developed by Pfizer, Abrocitinib has received marketing authorization from the Central Drugs Standard Control Organization (CDSCO) in India and is approved by the US Food and Drug Administration (FDA), European Medicines Agency (EMA), and other regulatory agencies.

Godrej Consumer Products: The FMCG company has registered a 6.4 percent on-year growth in consolidated profit at Rs 581 crore for the October-December period of FY24, driven by healthy operating numbers. Consolidated revenue from operations for the quarter increased by 1.7 percent to Rs 3,660 crore compared to the corresponding period of the last fiscal, with volume growth of 8 percent and revenue growth in constant currency of 19 percent YoY.

India Pesticides: Quant Mutual Fund and Quant Active Fund sold 5,76,800 equity shares, or half a percent of paid-up equity, in the chemical manufacturing company via an open market transaction. These shares were sold at an average price of Rs 376.12 per share. Quant MF held a 1.59 percent stake in the company as of December 2023.

Jindal Steel & Power: The company recorded a consolidated profit of Rs 1,928 crore for the quarter ended December FY24, growing 272 percent over the profit of Rs 518 crore in the year-ago period. The base in Q3 FY23 was low due to exceptional losses and higher tax costs. Consolidated revenue from operations fell 6 percent year-on-year to Rs 11,701.3 crore.

Indus Towers: KKR and CPP are likely to sell shares worth around $465 million, or Rs 3,800 crore, in the tower infrastructure company via a block deal, reports CNBC Awaaz, quoting sources. Shares may be offered at up to an 8 percent discount to Wednesday’s closing price.

Gujarat Gas: The gas distribution company has signed a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation (HPCL). Under the said MoU, HPCL will be providing liquid fuels, automotive lubricants, greases, and specialties at Gujarat Gas outlets. Gujarat Gas will be setting up a CNG mother facility at HPCL outlets

Results on February 1: Titan Company, Adani Enterprises, Adani Ports and Special Economic Zone, AAVAS Financiers, Abbott India, Aditya Birla Capital, Bata India, City Union Bank, Deepak Fertilisers, eClerx Services, Indian Hotels Company, India Cements, Dr Lal PathLabs, Mphasis, Praj Industries,