Shares of Federal Bank, SH Kelkar, ICICI Lombard, RattanIndia Power, Reliance Nippon Life, MCX in focus today
Indian stock markets are likely to open higher on Tuesday following the positive sentiments over better-than-expected third-quarter earnings. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.11% at 10,762 on the Singapore Stock Exchange. Shares of ICICI Lombard General Insurance will be in a close watch as the insurer is scheduled to announce its Q3 results today. Other companies which are also lined up with their third-quarter earnings report card are MCX, Reliance Nippon Life Asset Management, Den Networks, Hatsun Agro Products, Jay Bharat Maruti, Agro Tech Foods, Network 18, and SH Kelkar.
These stocks will be in focus today
Federal Bank: South-based Federal Bank reported a 26 per cent growth in June December quarter net at Rs 260 crore on a healthy rise in core income and a drop in dud assets. On the asset quality side, gross non-performing assets ratio came down 0.25 per cent to 2.52 per cent, despite fresh slippages of Rs 411 crore. Overall provisions marginally rose to Rs 162 crore from Rs 158 crore on an annualized basis.
Propelled by engineering goods and petroleum sectors, India’s exports rose 12.36 per cent to USD 27.03 billion in December even as the trade deficit touched a 3-year high. Imports too surged significantly to USD 41.91 billion, up 21.12 per cent, on increased inbound shipments of crude oil and gold.
RattanIndia Power: RattanIndia Power said the joint lenders forum has submitted a corrective action plan as part S4A scheme to the overseeing committee, set up by the RBI, with regard to Amravati Thermal Power Project.
The Indian rupee on Monday: The rupee strengthened further by 14 paise to end at a fresh one-week high of 63.49 against the US dollar.
Indian stock markets on Monday
A sharp rise in the shares of HDFC twins, ICICI Bank steered Dalal Street to conclude at all-new record highs on Monday with Sensex gaining 251 points at closing. The benchmark Sensex advanced 251.12 points or 0.73% to end at 34,843.51. On the similar lines, the NSE Nifty index surged 60.3 points or 0.56% to finish at a record high of 10,741.55. Other than the headline indices, Nifty Bank, Nifty Financial Service, Nifty Media, Nifty Metal, and Nifty Private Bank sector indices settled at lifetime peaks. The heavyweight shares from the BFSI (Banking, Financial Services and Insurance) sector, HDFC, ICICI Bank and HDFC Bank contributed heavily to the upsurge of key equity indices.
During the day, India’s stock markets extended their record-breaking rally with Sensex hitting a lifetime peak of 34,963 while Nifty just shy off 18 points from hitting 10,800. The benchmark Sensex fired over as much as 371.3 points to hit an all-time high of 34,963.69 whereas the 50-share indicator Nifty index extended gains adding as many as 101.4 points to hit an all-time high of 10,782.65. India’s stock markets started on a positive note on Monday with Sensex and Nifty hitting all-new record highs on the back of third-quarter earnings optimism and positive global cues led by a continuous upsurge in American stock markets.
Shares of HDFC jumped over 7% intraday to hit an all-time high with its market cap crossing Rs 3 lakh crore on Monday. With a huge appreciation in market cap, HDFC became the fifth-largest company on Indian bourses surpassing Maruti Suzuki and HUL. The board of India’s largest housing financier HDFC approved fundraising of up to Rs 13,000 crore primarily to maintain its holding in HDFC Bank and to enter segments like stressed assets and health insurance. Following the development, the shares of HDFC jumped as much as 7.15% to an all-time high of Rs 1,886.8 before settling up 5.8% at Rs 1,863 on NSE.