Sensex zooms 1,241 pts, Nifty tops 21,700 as RIL soars 7%, Tata Motors 3.5%

Stock market highlights on Monday, January 29: Tata Motors (up 3.7 per cent), Power Grid, L&T, NTPC, Kotak Bank, Ultratech Cement, Titan, Sun Pharma, Axis Bank, and HDFC Bank were other top gainers

10:57 AM

AU Small Finance Bank hits 9-mth low, tanks 12% on disappointing Q3 results

n Q3FY24, the bank's net interest income (NII) expanded by 15 per cent Y-o-Y to Rs 1,325 crore. However, its net interest margins (NIMs) declined to 5.5 per cent in Q3FY24 from 6.2 per cent in Q3FY23.

The bank said the operating environment during Q3FY24 continued to witness higher interest rates with tight liquidity and persistent competition for deposits. NIM is expected to be at the lower end of the guided range of 5.5-5.7 per cent, the bank said in a statement. READ MORE

10:45 AM

Opinion | Zee: DIIs and unitholders' interests

Despite such a thin sliver of ownership, the promoters have managed to retain management control of the company. Mr Chandra is chairman emeritus and his son Punit Goenka is managing director and chief executive officer. The real ownership of the company was with foreign institutional investors (FIIs), which have been steadily cutting their stake down to 28.19 per cent, and domestic institutional investors (DIIs), which, driven by the hope of a merger with Sony, had increased their stake to 43.42 per cent. READ MORE

10:35 AM

Court orders Evergrande to liquidate after it failed to reach debt deal

Evergrande was granted an earlier reprieve after it said it was attempting to refine a new debt restructuring plan of more than USD 300 billion in liabilities.

Evergrande, the world's most indebted property developer, is one of many property firms that ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. READ MORE

10:20 AM

ALERT :: Zerodha faces tech glitch

10:12 AM

HDFC Bank gains 2% as LIC gets RBI nod to raise stake in lender to 9.99%

Analysts at InCred Equities believe that elevated cost of deposits and pressure on margins would be a common problem for all banks in the coming quarters, but HDFC Bank is better placed due to its improved penetration providing portfolio granularity and a command over loan pricing. READ MORE

10:00 AM

New affordable housing plan likely before 2024 Lok Sabha elections

Officials who attended these interactions said the ministry suggested the subsidy element might not be as large as the last CLSS. The government sought information on the refinancing needs of individual lenders for the scheme, the finance rate for lenders, and the lending rate for borrowers. READ MORE

9:49 AM

Comment :: 'Turbulence in Red Sea is turning out to be a serious issue'

Two important events are due this week: the interim Budget and the Fed meeting on rate decision.

The Budget will be a vote on account without major announcements capable of impacting the market.

Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched.

The turbulence in the Red Sea is turning out to be a serious issue. Brent crude has spiked to $83.

 

Stock specific action in response to Q3 results and news is likely.

LIC getting RBI approval to raise their stake in HDFC Bank is positive for the latter. Since FII selling is sustained and high the bears will use rallies to sell.

Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

9:42 AM

Shriram Finance off highs; posts flat Q3 net

>> Shriram Finance reported a 2.32 per cent rise in its standalone net profit to Rs 1,818.33 crore in Q3FY24. On a sequential basis, net profit rose 3.9 per cent.

>> Net interest income (NII) of the company rose 15.04 per cent on-year to Rs 50,93.93 crore 

9:38 AM

SJVN zooms 6% on order win for 100 MW solar project

>>  It has won an auction by Gujarat Urja Vikas Nigam for 100 MW solar project at Rs 2.54 per unit on a build-own and operate basis through a tariff based competitive bidding process. 

9:36 AM

AU Small Finance Bank crashes nearly 10% on poor Q3 sho

>> AU SFB reported a near five-fold jump in provisions, driving a 4% year-on-year fall in net profit at Rs 375 crore

>> The bank's net interest margin for the quarter squeezed 6 basis points sequentially to 5.5% given a 20 basis points rise in cost of funds to 6.9% amid tight liquidity and intense competition for mobilising deposits.

 

9:32 AM

ONGC jumps 4% as Brent crude tops $84/bbl

>> Oil prices jumped 1% intraday on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks.

>> Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. U.S. West Texas Intermediate crude rose 78 cents to $78.79 a barrel.

9:29 AM

Adani Power leaps 3% on stellar Q3 results

>> Its Q3 net profit jumped to a whopping Rs 2,738 crore from Rs 8.8 crore a year ago, a rise of over 300 times.  Consolidated revenue grew 67.3 per cent YoY to Rs 12,991 crore.

>> Separately, it has entered into a pact to sell two wholly owned subsidiaries to AdaniConnex Pvt for Rs 540 cr. It will sell Aviceda Infra Park Ltd for Rs 190 cr and Innovant Buildwell for Rs 350 cr to AdaniConnex.

9:27 AM

SBI Card sinks 5% on analysts' downgrades post Q3

>> MOFSL as downgraded to 'Neutral', Emkay Global downgrades to 'Reduce'

>> Asset quality remained weak in Q3, slippages rose

9:24 AM

HDFC Bank gains 1% as RBI allows LIC to acquire up to 9.9% stake

>> RBI has given an approval to LIC to increase its stake in the lender to up to 9.99 per cent from the current 5.19 per cent. 

9:22 AM

Broader markets :: Indices rise in tandem, SmallCap index outshines