Market ends on flat note; Trent surges above 18%

The key equity benchmarks ended near the flat line on Wednesday. The Nifty closed below 21,950 mark. PSU Bank, realty and media shares were in demand. On the other hand, IT, private bank and auto stocks corrected.

As per provisional closing data, the S&P BSE Sensex shed 34.09 points or 0.05% to 72,152. The Nifty 50 index rose 1.11 points or 0.01% to 21,930.50.

In the broader market, the S&P BSE Mid-Cap index gained 1.41% and the S&P BSE Small-Cap index rose 0.32%.

The market breadth was positive. On the BSE, 2,264 shares rose and 1,601 shares fell. A total of 94 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, shed 1.74% to 15.51.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting began on 6 February 2024. Interest rate decision will be announced to 8 February 2024. The RBI will hold its key interest rate steady at 6.50%, as per reports.

IPO Update:

The initial public offer (IPO) of Apeejay Surrendra Park Hotels received bids for 1,95,36,30,336 shares as against 3,47,61,903 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (07 February 2024). The issue was subscribed 56.20 times.

The issue opened for bidding on Monday (5 February 2024) and it will close on Wednesday (07 February 2024). The price band of the IPO is fixed at Rs 147-155 per share. An investor can bid for a minimum of 96 equity shares and in multiples thereof.

The IPO of Capital Small Finance Bank received bids for 25,34,496 shares as against 81,47,373 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (07 February 2024). The issue was subscribed 0.31 times.

The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 445-468 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

The IPO of Jana Small Finance Bank received bids for 63,24,984 shares as against 1,01,16,284 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (07 February 2024). The issue was subscribed 0.63 times.

The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 393-414 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

The IPO of Rashi Peripherals received bids for 97,83,456 shares as against 1,42,37,289 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (07 February 2024). The issue was subscribed 0.69 times.

The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 295-311 per share. An investor can bid for a minimum of 48 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index shed 1.26% to 37,764.25. The index gained 2.88% in the past trading sessions.

Infosys (down 2.17%), Tech Mahindra (down 2.05%), Wipro (down 1.29%), Tata Consultancy Services (down 1.27%), HCL Technologies (down 0.49%), LTIMindtree (down 0.37%), L&T Technology Services (down 0.24%) slipped.

Stocks in Spotlight:

Nestle India added 1.68% after the FMCG major's net profit increased 4.39% to Rs 655.61 crore on 8.07% rise in total revenue from operations to Rs 4,600.42 crore in Q4 CY23 over Q4 CY22.

Britannia Industries added 1.31%. The company reported 40.11% decline in consolidated net profit to Rs 556.39 crore in Q3 FY24 as compared with Rs 932.39 crore posted in Q3 FY23. Revenue from operations rose 2.2% to Rs 4,191.83 crore during the third quarter of FY24 from Rs 4,101.49 crore recorded in the corresponding quarter previous year.

Trent surged 18.94% after the company reported consolidated net profit net profit soared to Rs 370.64 crore in Q3 FY24 as against Rs 154.81 crore posted in Q3 FY23. Revenue from operations jumped 50.5% year on year (YoY) to Rs 3,466.62 crore in the quarter ended 31 December 2023.

Radico Khaitan advanced 1.34% after the liquor makers consolidated net profit rose 22.65% to Rs 75.15 crore on 46.55% increase in net revenue from operations to Rs 1,160.91 crore in Q3 FY24 over Q3 FY23.

Talbros Automotive Components was locked in upper circuit of 5% after the companys net profit jumped 65.58% to Rs 22.75 crore in Q3 FY24 as compared to Rs 13.74 crore in Q3 FY23. Revenue from operations grew 25.36% year on year (YoY) to Rs 198.73 crore in the quarter ended 31 December 2023.

FSN E-Commerce Ventures (Nykaa) declined 2.71%. The company reported consolidated net profit of Rs 17.45 crore in Q3 FY24, steeply higher than Rs 8.48 crore posted in Q3 FY23. Revenue from operations increased 22.28% YoY to Rs 1,788.8 crore.

TRF was locked in 20% upper circuit after the company announced that its board has approved to cancel the scheme of amalgamation with Tata Steel, citing improvement in business performance since the merger talks had taken place.

In an exchange filing made during market hours today, the company said that, over the last few quarters, it has seen improvement in business performance owing to ongoing significant support from Tata Steel in the form of placement of order(s) and infusion of capital coupled with companys efforts on enhanced debtor collections and, cost and asset optimization.

EIH was locked in 20% upper circuit after the companys consolidated net profit jumped 52.2% to Rs 229.94 crore in Q3 FY24 as compared with Rs 151.08 crore in Q3 FY23. Revenue from operations increased 26.41% YoY to Rs 741.26 crore in Q3 FY24.

Global Markets:

European market declined while Asian stocks were traded mixed on Wednesday, amid ongoing uncertainty over the rate cut outlook.

US stocks closed higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.

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