Benchmark equity indices settled higher for the fifth consecutive session on Monday driven by gains in financial and FMCG shares amid mixed trends in the Asian markets. The BSE Sensex rose by 281.52 points or 0.39 per cent to close at 72,708.16. The NSE Nifty settled at its all-time high of 22,122.25 points, up by 81.55 points or 0.37 per cent from the previous close. Among sectoral indices, Telecom, Utilities, Consumer Durables, Services, and FMCG were the gainers, while Metal, Capital Goods, and IT were the losers.
"Despite an unattractive risk-reward, the broader market continued its outperformance in expectation of improvements in private capex and optimism about political stability. Benign input costs and expectations of a pickup in rural demand will aid corporate earnings growth. On the global front, the US FED will unveil its latest minutes this week, which may hint at the direction of rates; however, the higher US 10-year yield and domestic outflows of FIIs are pointing cautiousness of foreign investors," said Vinod Nair, Head of Research, Geojit Financial Services.
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Here Are The Key Stocks To Watch On 20 February:
Coal India
The state-owned mining giant said it will participate in the upcoming auction for critical mineral blocks, signaling its venture beyond coal. "Coal India will bid for three blocks in the critical minerals auction conducted by the mines ministry in February," Chairman P M Prasad said during a post-earnings conference call on Monday. This diversification move signals the company's ambition to enter into the growing demand for resources crucial for renewable energy and other technologies.
Kotak Mahindra Bank
The private lender announced some key leadership changes by elevating KVS Manian as joint managing director and Shanti Ekambaram as the deputy managing director. The bank also appointed Devang Gheewalla as the new Chief Financial Officer (CFO) with effect from 1 April 2024, while Milind Nagnur, currently the Chief Technology Officer (CTO), was named as the chief operating officer.
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Balrampur Chini Mills
The leading integrated sugar mill company announced a Rs 2000 crore forward integration project which will be India’s first-ever "industrial bioplastic" plant. The project aims to propel India towards net zero emissions by 2070 with an estimated investment of Rs 2,000 crore in phases over the next 30 months, Executive Director Avantika Saraogi said.
Finolex Cables
The company signed an agreement with the Maharashtra Industries department to invest Rs 580 crore to more than double its optic fibre cables capacity to 10 million fibre km per year as the 5G rollout is resulting in higher demand for last-mile connectivity. Currently, Finolex has an existing capacity of 4 million fibre km per year which will reach 10 million fibre km per year after the commissioning of the new plant.
CIE Automotive India
The automotive ancillary company reported a consolidated net profit of Rs 177 crore for the October-December quarter, down 9.1 per cent compared to the year-ago period. Revenue from operations fell 0.3 per cent year-on-year to Rs 2,240.4 crore compared to the year-ago period.
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