Markets Post Modest Gains as Budget Countdown Begins
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Market Overview
Nifty opened flat at 23,169, rose to the day’s high of 23,322.05 in early trade, then dipped into negative territory around mid-afternoon, touching a low of 23,139.20. A final-hour recovery helped the index close with marginal gains of 0.37% at 23,249.50, marking its third consecutive day of gains.
Mixed global cues, after the US Federal Reserve kept interest rates unchanged, brought some caution. However, the upcoming Union Budget, certain corporate results, and possible policy measures provided support. Continuing foreign investor outflows also affected overall sentiment.
Broader Market Performance:
The broader market had a balanced session today, with a decent number of advancing stocks. On the NSE, 1,549 stocks advanced, 1,256 declined, and 96 remained unchanged.
Sectoral Performance:
Sectoral performance was mixed, with Nifty Consumer Durables showing the largest decline, down by 1.84%. Nifty IT and Nifty Media also saw losses, falling by 1.14% and 1.21%, respectively. On the upside, Nifty Realty led the gains with an increase of 1.78%, followed by Nifty Energy and Nifty Pharma, which rose by 1.28% and 1.21%.
Net Flow Breakdown for the day:
FII: Net outflow of -₹4,582.95 crore (Bought ₹10,513.63 crore, Sold ₹15,096.58 crore)
DII: Net inflow of ₹2,165.89 crore (Bought ₹13,934.35 crore, Sold ₹11,768.46 crore)
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 06th February:
The maximum Call Open Interest (OI) is observed at 23,200, followed by 23,500 and 23,300, indicating resistance around these levels.
The maximum Put Open Interest (OI) is at 23,000, followed by 23,200, suggesting support at these levels, particularly around 23,000.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
Indian bond yields dipped slightly as investors awaited the RBI's first ₹2 trillion liquidity injection, with the 10-year yield at 6.6814%. The move, alongside upcoming debt purchases and swaps, could signal a rate cut ahead of the Feb. 7 monetary policy decision. Dive deeper
JK Paper Limited will acquire a 65% stake in Quadragen VetHealth for ₹769.23 per share, with an option to buy the remaining 35% in four years. Completion is expected within 12 weeks. Dive deeper
Max Healthcare will infuse ₹125 crore into Jaypee Healthcare via a rights issue and provide a ₹500 crore corporate guarantee for Nirogi Trust. It is also securing a ₹500 crore loan from Axis Bank for a Gurugram hospital and investing ₹217 crore in a Thane facility. Additionally, a ₹200 crore loan will support Eqova Healthcare’s 400-bed hospital in East Delhi. Dive deeper
Stress in unsecured loans, rising provisions, and margin pressure weighed on most private banks’ Q3 performance. Banks with high microfinance exposure, like RBL and IDFC First, saw sharp profit declines, while Kotak and ICICI fared better. Interest-rate reversal and slippages further impacted net interest margins. Dive deeper
SEBI plans to revise the investor charter to enhance investor protection, inclusion, and literacy, incorporating Online Dispute Resolution (ODR) and SCORES 2.0. The update covers broker services, grievance redressal, and complaint disclosures. Public comments are invited until February 17, 2025. Dive deeper
Adani Ports plans a Special Economic Zone (SEZ) at Vizhinjam, aiming to replicate Mundra’s success. At Vizhinjam Conclave 2025, officials stressed industrial growth, multi-modal connectivity, and investment-friendly policies to boost trade and economic expansion. Dive deeper
Afcons Infrastructure secured a ₹1,283 crore contract from Hindustan Gateway Container Terminal Kandla Pvt. to design and build the marine part of the Tuna Tekra container terminal in Gujarat. The EPC contract must be completed within 29 months. Earlier, Afcons emerged as the lowest bidder for a ₹4,787.2 crore road project in Maharashtra. Dive deeper
The Centre urged airlines to keep airfares reasonable for Maha Kumbh 2025 after concerns over sharp price hikes. IndiGo reduced fares by 30%-50%, and the DGCA added 81 extra flights to Prayagraj in January, with more expected in February. Dive deeper
Mindspace REIT acquired Sustain Properties for ₹2,038 crore, expanding its rent-yielding portfolio. The deal includes 1.82 million sq. ft. of office space in Hyderabad, fully leased to Qualcomm. The transaction, involving ₹613 crore in equity and ₹1,400 crore in debt, is set to close by March 2025. Dive deeper
IFCI’s board approved a ₹500 crore capital infusion via a preferential share issue to the Government of India, increasing its stake beyond 71.72%, subject to EGM approval on February 28. This aligns with the finance ministry’s plan to consolidate IFCI and its subsidiaries, including StockHolding Corporation of India Ltd. Dive deeper
Whirlpool Corp. plans to reduce its stake in Whirlpool of India from 51% to 20% by late 2025, aiming to raise $550-$600 million. It will remain the largest shareholder while ensuring continued brand licensing and technology agreements to support growth. Dive deeper
Transformers and Rectifiers (India) Limited has completed the acquisition of a 51% stake in Posco-Poggenamp Electrical Steel Private Limited (PPESPL) by purchasing 1,37,70,000 shares. Dive deeper
3M India Limited's Board accepted the resignation of Ms. Vidya Sarathy as Whole-time Director and Chief Financial Officer (Key Managerial Personnel) effective January 29, 2025. Mr. Prasad Balakrishnan has been appointed as interim CFO and KMP effective January 30, 2025. Dive deeper
Authum Investment & Infrastructure Limited has executed a Share Purchase Agreement on January 28, 2025, to acquire 34,802 equity shares (2.01%) of Welspun Michigan Engineers Limited (WMEL) for ₹23.5 crore. This acquisition will increase its stake in WMEL from 10.95% to 12.96%, with completion expected by January 31, 2025. Dive deeper
Allied Blenders and Distillers Limited has approved the acquisition of up to 51% stake in Good Barrel Distillery Private Limited for ₹9 crore, with an option to acquire the entire shareholding. The acquisition aims to leverage revenue and cost synergies through ABD’s distribution and manufacturing network. Completion is expected within 60 days. Dive deeper
Sagility LLC, a step-down subsidiary of Sagility India Limited, has signed a definitive agreement on January 29, 2025, to acquire 100% of BroadPath Healthcare Solutions for ~₹502 crore in cash. This acquisition expands Sagility’s market presence, adds over 30 new clients, and enhances its service offerings in the US healthcare sector. Dive deeper
TCS has acquired a 65% stake in TRIL Bengaluru Real Estate Five and Six Limited under a Share Purchase and Securities Purchase Agreement with Tata Realty, making them its subsidiaries. Dive deeper
What’s happening globally
The Federal Reserve held rates at 4.25%-4.5% in its January 2025 meeting, pausing after three cuts in 2024. Chair Powell emphasized patience on further reductions, citing inflation concerns. The Fed noted solid economic growth, stable unemployment, and an uncertain outlook. Dive deeper
The US 10-year Treasury yield held at 4.54% after the Fed kept rates unchanged, citing solid growth and a strong labor market while acknowledging persistent inflation. Dive deeper
The Central Bank of Brazil raised the Selic rate by 100 bps to 13.25% in January 2025, citing persistent inflation risks. Inflation expectations for 2025 and 2026 have risen, while external and domestic uncertainties remain. Further tightening is possible if inflation pressures persist. Dive deeper
The Bank of Japan raised its key rate by 25 bps to 0.5%, the highest in 17 years, citing wage growth and inflation progress. It signaled further hikes if conditions align. The BoJ lifted its FY 2024 core inflation forecast to 2.7% but lowered GDP growth to 0.5%. Dive deeper
New Zealand's ANZ Business Outlook Index fell to 54.4 in January 2025, the lowest since August, amid a weakening economy. Business activity, export intentions, and profit expectations declined, while cost pressures and inflation expectations rose. Residential and commercial construction showed resilience. Dive deeper
The S&P/ASX 200 rose 0.55% to 8,494, reaching record highs as cooling inflation fueled expectations of an RBA rate cut by February. Consumer, tech, and financial stocks led the gains, while some companies saw sharp declines after weak earnings. Dive deeper
Thailand's car sales dropped 20.94% year-on-year to 54,016 units in December 2024, marking the 19th consecutive monthly decline due to rising household debt and tighter loans. Annual sales fell 26.18% to a 15-year low, while production dropped 19.95% to a four-year low. Dive deeper
Saudi Arabia’s economy grew 4.4% year-on-year in Q4 2024, the fastest since Q4 2022, driven by gains in oil (3.4%) and non-oil activities (4.6%). Annual GDP expanded by 1.3%, as non-oil and government growth offset a 4.5% drop in oil activities. Dive deeper
Coffee prices have surged 13.77% since the start of 2025, rising by 44.12 USd/Lbs. In January 2025, coffee reached an all-time high of 369.40 USd/Lbs. Dive deeper
German import prices rose 2.0% year-on-year in December 2024, the highest since February 2023, driven by rising consumer (4.1%), intermediate (1.4%), and capital goods (0.5%). Energy prices rebounded 0.4%, with sharp increases in natural gas (9.0%) and electricity (62.2%). Monthly import prices climbed 0.4%, marking a third consecutive increase. Dive deeper
Spain's annual inflation rose to 3% in January 2025, the highest since June, driven by rising fuel and electricity costs. Core inflation eased to 2.4%, while monthly CPI increased by 0.2%. The EU-harmonized CPI rose 2.9% year-on-year, exceeding forecasts. Dive deeper
Donald Trump revoked over 70 of Joe Biden’s climate policies in his first week, reinstating offshore drilling, exiting the Paris Agreement, and prioritizing fossil fuels over clean energy. Dive deeper
The Bank of England warned that easing mortgage limits could raise repossessions without aiding first-time buyers. Governor Andrew Bailey stressed the rules have prevented defaults and cautioned that relaxing them may drive up house prices. Dive deeper
Alibaba's Qwen 2.5-Max claims to surpass GPT-4o, Llama-3.1, and DeepSeek-V3, challenging US Big Tech with cost-efficient AI. The rise of Chinese AI models has wiped over $1 trillion from US tech valuations. Dive deeper
Quarterly results
In this section, we'll dive into all the key highlights from today's intriguing results, covering the most impactful performances and standout moments. The numbers are comparable on a year-on-year (YoY) basis.
Voltas (-13.89%)
Financials:
Revenue ₹3,105 crores, up by 18% YoY.
EBITDA ₹165 crores, up by 2,251% YoY.
Net Profit ₹131 crores, up by 574% YoY.
EPS ₹3.99, up by 534% YoY.
Key Highlights:
The Electro-Mechanical Projects segment saw a significant turnaround, returning to profitability with improved domestic and international performance.
Voltas Beko continued its robust growth, expanding market share in the refrigerator and washing machine segments.
Outlook:
The company is well-positioned for sustained growth, leveraging its market leadership, expanding its product portfolio, and strategic leadership transition.
Bajaj Finance (+1.83%)
Financials
Revenue ₹18,035 crores, up by 27% YoY.
EBITDA ₹12,344 crores, up by 24% YoY.
Net Profit ₹4,308 crores, up by 17% YoY.
EPS ₹68.60, up by 17% YoY.
Key Highlights:
The company maintains a robust capital adequacy ratio of 21.57% and holds the highest credit ratings across major agencies.
A strategic partnership with Bharti Airtel was announced to enhance the reach of financial products through digital and offline channels.
Outlook:
The company's strategic digital partnerships and continued growth in core financial metrics have well-positioned it to expand its market and sustain profitability.
Brigade Enterprises (+1.91%)
Financials
Revenue ₹1,464 crores, up by 25% YoY.
EBITDA ₹414 crores, up by 58% YoY.
Net Profit ₹236 crores, up by 322% YoY.
EPS ₹9.67, up by 204% YoY.
Key Highlights:
The company is addressing ongoing legal proceedings related to land advances and property tax litigation, which remain under legal assessment.
Outlook:
The company continues to focus on operational growth while managing legal and financial considerations to ensure long-term stability.
Olectra Greentec (+7.49%)
Financials
Revenue ₹515 crores, up by 51% YoY.
EBITDA ₹78.9 crores, up by 62% YoY.
Net Profit ₹46.6 crores, up by 72% YoY.
EPS ₹5.64, up by 71% YoY.
Key Highlights:
The company’s subsidiaries, joint ventures, and associates contributed positively to the overall financial performance.
Outlook:
The company remains focused on expanding its electric mobility solutions and leveraging strategic partnerships to drive sustainable growth.
GMR Urban (-4.10%)
Financials
Revenue ₹1,612 crores, up by 46% YoY.
EBITDA ₹271 crores, up by 22% YoY.
Net Profit ₹-108 crores, down by 38% YoY.
EPS ₹-1.49, down by 299% YoY.
Key Highlights:
The company's valuation is significantly influenced by the performance of its subsidiaries and joint ventures, which are currently facing legal disputes, impacting transmission charge recoveries and future capacity utilization.
Claims associated with the Dedicated Freight Corridor Corporation (DFCC) project were acknowledged due to a favorable dispute adjudication ruling and legal opinions.
Outlook:
The company remains focused on resolving pending disputes, optimising asset utilisation, and strengthening financial stability while navigating regulatory and operational challenges.
Blue Dart Express (+0.76%)
Financials:
Revenue ₹1,512 crores, up by 9% YoY.
EBITDA ₹239 crores, up by 12% YoY.
Net Profit ₹81.0 crores, down by 9% YoY.
EPS ₹34.14, down by 9% YoY.
Key Highlights:
Blue Dart Express displayed resilience and adaptability across its B2B and B2C logistics solutions, reporting a strong financial performance.
The company continues to invest in sustainability, scalability, and service excellence, reinforcing its leadership in India's logistics sector.
Outlook:
The company aims to enhance its market presence and operational efficiency by leveraging technology and automation, ensuring seamless and reliable logistics solutions for India's evolving trade and distribution needs.
Adani Ports & SEZ (-1.81%)
Financials:
Revenue ₹7,964 crores, up by 15% YoY.
Net Profit ₹2,520 crores, up by 14% YoY.
Key Highlights
Received sustainability recognition as a Top 10 global transport company by S&P Global CSA
Mundra Port Achieved record vessel movements and highest-ever car exports
Outlook
The company's future performance will be driven by Logistics expansion and a focus on operational efficiencies, supported by strong cargo volume growth and infrastructure enhancements.
Dr Lal PathLabs (+4.31%)
Financials:
Revenue ₹597 crores, up by 11% YoY.
Net Profit ₹96.7 crores, up by 19% YoY.
Key Highlights
Continued demand for bundle test offerings boosted revenue.
Expansion into smaller cities driving higher test volumes.
Declared ₹6 per share dividend for FY25.
Outlook
Increased health awareness and the expansion of diagnostic services will drive the company's growth. The company will also focus on bundled testing and expanding its network in tier-2 and tier-3 cities.
Max Healthcare Institute Ltd. (+1.84%)
Financials
Revenue ₹6,974 crores, up by 18% YoY.
Net Profit ₹1,382 crores, up by 9% YoY.
EPS ₹1.42, down by 13% YoY.
Key Highlights
Increased patient volumes and operational efficiencies drive strong revenue growth.
Employee and professional costs remained stable, supporting EBITDA margins.
Finance costs increased significantly due to higher borrowing expenses.
Outlook
The company will continue to focus on expanding its healthcare services and increasing its operational capacity. It will also invest in technology and infrastructure to drive long-term growth and efficiency.
Bharat Electronics Ltd. (+4.32%)
Financials
Revenue ₹5,771 crores, up by 39% YoY.
Net Profit ₹1,316 crores, up by 47% YoY.
Key Highlights
Strong revenue growth driven by higher execution of defense contracts.
9M FY25 Turnover at ₹14,173.68 crores, up from ₹11,484.92 crores YoY.
Outlook
Growth will be driven by continued momentum in defense orders and sustained profitability will be ensured by expansion in R&D and execution of key projects
GAIL India Ltd (+1.14%)
Financials
Revenue ₹36,937 crores, up by 6% YoY.
Net Profit ₹4,084 crores, up by 28% YoY.
Key Highlights
Strong profitability growth driven by higher gas transmission and marketing margins.
Revenue growth is supported by stable domestic demand.
Outlook
Strategic investments in petrochemicals and renewables, along with a continued focus on expanding gas distribution and pipeline infrastructure, will drive long-term growth.
Praj Industries Ltd. (-3.81%)
Financials:
Revenue ₹7,394 crores, up by 3% YoY.
Net Profit ₹557 crores, down by 22% YoY.
EBITDA ₹752 crores.
EPS ₹3.03, down YoY.
Key Highlights
Revenue growth is driven by higher project execution.
Lower net profit due to increased tax expenses and operational costs.
Exchange gains contributed positively to overall earnings.
Outlook
The continued focus on sustainable technology solutions and strong execution pipeline will drive long-term revenue growth.
Waaree Energies Ltd. (-0.47%)
Financials:
Revenue ₹30,825 crores, up by 117% YoY.
Net Profit ₹4,714 crores, up by 467% YoY.
EBITDA ₹6,380 crores.
EPS ₹17.61, up by 435% YoY.
Key Highlights
Exceptional revenue and profit growth driven by strong execution in solar manufacturing.
Lower raw material costs and operational efficiencies supported margin expansion.
Finance costs and depreciation expenses increased due to capacity expansion.
Outlook
Continued expansion in solar module production and increasing global demand to drive future growth.
Dabur India Ltd. (+3.01%)
Financials:
Revenue ₹3,355 crores, up by 3% YoY.
Net Profit ₹516 crores, up by 2% YoY.
EBITDA ₹657 crores.
EPS ₹2.95, up by 2% YoY.
Key Highlights
Revenue growth is driven by strong demand in healthcare and home care segments.
Higher raw material costs impacted margins despite stable operational performance.
Continued expansion into rural markets supporting volume growth.
Outlook
Focus on product innovation and rural market penetration to sustain long-term growth.
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Anchit Nayar, CEO, Beauty E-commerce at Nykaa on growth and expansion
"There is so much growth yet to come. Over the past eight quarters, we have not seen any signs of slowdown."
"India's consumption of beauty and personal care products is among the lowest globally, providing massive opportunity in smaller cities."
"We aim to reach about 400 stores over the next three years, doubling our store count in the last two years." - Link
Vinay Dube, CEO, Akasa Air on growth and future plans
"We hope to add 5-10 new destinations, a combination of domestic and international destinations next year."
"The outlook for the future is incredibly bright. For the next 30 years, India has this amazing economic growth engine that underpins everything."
"Akasa is well on track, if not ahead, of its financial plans and we continue to be a well-capitalized company." - Link
Calendars
In the coming days, we have the following major events, corporate actions, and upcoming earnings releases:
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I like your reports and read every one of them. Thanks for the content. Of late I have noticed that the information on FII and DII flows have been removed . Would it be possible to bring it back ?