Benchmark equity indices recovered losses and settled in green for the second consecutive day on Wednesday after buying in the energy, metal, and utility sectors amid positive domestic inflation data.
The BSE Sensex gained 267.64 points or 0.37 per cent to close at 71,822.83 points. The NSE Nifty 50 also gained 96.80 points or 0.45 per cent to settle at 21,840.05 points. All sectors ended in the green except for IT and Pharma.
“On the global front, US inflation came at 0.3 per cent higher than expected, dashing the hopes of rate cuts in the near term. This impacted the sentiments and the market saw a gap-down opening. However, strong buying emerged at lower levels lifting market sentiments. The broader market outperformed with Nifty Mid/small gaining 1.0/1.6 per cent respectively. With result season almost over, the focus will shift to global cues and economic data points. Overall we expect the market to see a gradual up move on back of strong fundamentals,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
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Here Are The Key Stocks To Watch On 15 February:
One97 Communications (Paytm)
Hours after it was reported that the Enforcement Directorate(ED) was investigating if platforms run by One97 Communications were involved in violations of foreign exchange rules, Paytm on Wednesday issued a clarification, saying its banking arm does not undertake outward foreign remittance. The company stated that its subsidiaries and PPBL have been receiving notices and requisitions for information, documents, and explanations from the authorities, including the Enforcement Directorate (ED). Paytm added that its associate firms have continued to provide such information, documents, and explanations to the authorities as is being required by them.
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Hindustan Unilever
The FMCG giant is in talks with the Andhra Pradesh Government to collaborate on palm oil production in the state. HUL aims to partner with over 15,000 farmers in Andhra Pradesh to produce at least 30,000 hectares of oil palm plantations. The proposed plan will require investments of around Rs 300 crore during the project development period.
Glenmark Pharma
The drug maker reported a net loss of Rs 330.8 crore for the December 2023 quarter, compared to a net profit of Rs 290.7 crore in the corresponding quarter last year. The company’s revenue from operations declined 19.1 per cent to Rs 2,506.7 crore as against Rs 3,100 crore in the corresponding period of the previous financial year.
Aditya Birla Fashion & Retail
The Aditya Birla Group company has reported a consolidated net loss of Rs 77.9 crore for the December quarter of FY24, against a profit of Rs 15.8 crore in the year-ago. Revenue from operations jumped 16.1 per cent year-on-year to Rs 4,166.7 crore.
REC
The public sector company on Wednesday signed agreements worth Rs 588 crore with Damodar Valley Corporation for the development of tubed coal mines in the Damodar Valley region. The agreements aim to improve the cooperation between REC and DVC for the development of tubed coal mines and include a term loan agreement, an escrow agreement, and hypothecation deeds.
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