SECTOR NEWS

  • ECONOMY: The Centre has allowed Rajasthan to borrow an additional 27.31 bln rupees for undertaking reforms related to implementing the ‘One Nation One Ration Card’ system in the state.

India’s GDP growth and inflation outlook for the next financial year starting April points to more than a full recovery of the economy.

Commerce Minister Piyush Goyal said that as economic activity in developed nations picks up, India would hopefully be able to continue with the trend of growth in exports.  

  • FUNDS: Led by heavy outflows from most category of debt and equity funds, the mutual fund industry reported a net outflow of 355.87 bln rupees in the month of January, compared to net inflows of 29.68 bln rupees in December.  
  • HEALTHCARE: The government is set to offer endorsement to stage I preliminary of nasal antibody against COVID-19.

    Multinational pharmaceutical major Johnson & Johnson is interested in manufacturing its COVID-19 vaccine in India, said V.K. Paul, member (health) NITI Aayog and chairman of the National Task Force on COVID-19.  

  • INSURANCE: Fitch Ratings said the government’s move to increase the foreign direct investment limit in insurance companies to 74%, coupled with the listing of Life Insurance Corp of India will help the industry attract foreign capital strengthen solvency and promote competition.
  • TAXATION: The government is targetting overall goods and services tax collections of around 13 trln rupees in the next financial year starting April.

* BALKRISHNA INDUSTRIES: Has planned capital expenditure of around 19 bln rupees over the next two years, in order to scale up its manufacturing capacity by 2022-23 (Apr-Mar).

* BHARAT ELECTRONICS: The company and the Ministry of Defence have signed a contract for procurement of software defined radio tactical system worth over 10 bln rupees for the Indian Navy.

* BHARTI AIRTEL: The three private telecom operators, Reliance Jio Infocomm, the company and VODAFONE IDEA, have put in applications for participation in the spectrum auction, scheduled to start on Mar 1.

* CENTURY PLYBOARDS INDIA: The board has approved a proposal for expansion of the company’s Medium Density Fiber board unit located at Hoshiarpur, Punjab, by making an additional capital expenditure of 2 bln rupees.

* CIPLA: Aims to more than double the contribution from consumer health business to its overall global turnover in five years.

* CROMPTON GREAVES CONSUMER ELECTRICAL: Promoter Amalfiaco has sold 38 mln shares, representing a little over 6% stake, in the company through bulk deals on BSE.

* GLENMARK PHARMACEUTICALS: The board will meet on Friday to consider buyback of any part of its Singapore-listed foreign currency convertible bonds–being its $200 mln (as on date outstanding $113.5 mln) 2% resettable onward starting equity-linked securities due Jun 28, 2022, issued in 2016.

* GODREJ CONSUMER PRODUCTS: Sees a recovery in demand for fast moving consumer goods amid the rollout of vaccines for COVID-19, and the recent growth-oriented Budget announced by the government.

* HINDALCO INDUSTRIES: Has raised the prices of its aluminium ingots, billets, and wire rods for the third time in a row, trade sources said. The company has hiked prices by 1,250 rupees per tn or about 1% with effect from Tuesday. 

* IDFC FIRST BANK: Has cut its marginal cost of funds-based lending rate by 5 basis points across tenures.

* INTERGLOBE AVIATION: The Securities and Exchange Board of India disposed of its ongoing adjudication proceedings against the company, in exchange for a settlement payment of 21.04 mln rupees.

Aditya Pande has resigned as chief financial officer with effect from Feb 21. Jiten Chopra is set to take over as chief financial officer from Feb 22.

* INDIAN ENERGY EXCHANGE: Will sell 5% stake or 3.6 mln equity shares in subsidiary Indian Gas Exchange to GAIL (INDIA) for 36.9 mln rupees.

* JINDAL STEEL & POWER: Reported a 35% on-year rise in sales at 580,000 tn in January, aided by higher production.

* LINDE INDIA: Has sold land and buildings at the site of its erstwhile packaged gases plant in Kolkata to Mindstone Mall Developers Pvt Ltd for 3 bln rupees. 

* MARUTI SUZUKI INDIA: The company, which has seen a surge in demand for CNG (compressed natural gas) models amid a persistent increase in diesel and petrol prices over the past one year, is set to close the financial year with record sales of such variants, according to a top executive.

* PI INDUSTRIES: Is looking to buy out the promoter’s stake in Ind-Swift Laboratories. Promoters own 42% stake in Ind-Swift Labs. 

* TATA STEEL: Has already exceeded its annual debt reduction target of $1 bln by more than double between Apr-Dec, and plans to keep this momentum going in the current quarter.

Will restart work at its pellet plant and cold roll mill in Kalinganagar, which were originally scheduled to be commissioned this year.

The prices of steel in Asia are likely to improve after the Chinese New Year holidays. This, in turn, will support prices in India, the company said.

* VEDANTA: Has raised prices of its aluminium ingots by 1,250 rupees per tn, or around 1%, with effect from Tuesday. This is the third straight hike in prices in a week.

EARNINGS for quarter ended December to be detailed among others by (Oct-Dec) net profit estimate by brokerages in parenthesis)

==NIFTY 50
  + EICHER MOTORS (consol PAT seen 5.4 bln rupees, +8% YoY) 
  + GAIL INDIA (PAT seen 14.90 bln rupees, +19.2% YoY)
  + HINDALCO INDUSTRIES (PAT seen 3.39 bln rupees, +71% QoQ)
  + TITAN CO (PAT seen 5.13 bln rupees, +9.1% YoY)
==NIFTY F&O
  + AUROBINDO PHARMA (consol PAT seen 8.2 bln rupees, +17% YoY)
  + BATA INDIA (PAT seen 467.67 mln rupees, (-)60.1% YoY)
  + INDRAPRASTHA GAS (PAT seen 3.40 bln rupees, +19.7% YoY)
  + PAGE INDUSTRIES (PAT seen 1.24 bln rupees, +42.6% YoY)
==NIFTY 500
  + 3M INDIA
  + ABB INDIA (PAT seen 952.13 mln rupees, +17.9% QoQ)
  + BANK OF INDIA
  + BEML
  + BHARAT RASAYAN
  + ESAB INDIA
  + GREAVES COTTON (PAT seen 170-292 mln rupees)
  + GUJARAT STATE PETRONET (PAT seen 2.43 bln rupees, +9.5% YoY)
  + IOL CHEMICALS & PHARMACEUTICALS
  + JB CHEMICALS & PHARMACEUTICALS
  + MAS FINANCIAL SERVICES
  + METROPOLIS HEALTHCARE
  + NBCC INDIA
  + NLC INDIA
  + PROCTER & GAMBLE HEALTH
  + RITES (PAT seen 1.22-2.65 bln rupees)
  + SCHNEIDER ELECTRIC INFRASTRUCTURE
  + SPICEJET
  + SUPRAJIT ENGINEERING (consol PAT seen 440.75 mln rupees, +41.3% YoY)
  + SUVEN PHARMACEUTICALS
  + TTK PRESTIGE
  + UJJIVAN FINANCIAL SERVICES
  + WABCO INDIA

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