🇮🇳 India Daybook ~ Stocks in News

Positive Buzz

• Lenskart Solutions: The company reported a massive surge in Q3 net profit, which jumped over 70 times to ₹131 crore. Revenue grew by 38% to ₹2,308 crore, driven by aggressive store expansions and increased volumes.
• Kernex Microsystems: The stock is in focus after securing a significant order worth ₹411 crore from Banaras Locomotive Works for the supply of 505 KAVACH safety units.
• Federal Bank: The Reserve Bank of India (RBI) has granted approval to ICICI Prudential AMC to acquire an aggregate holding of up to 9.95% in the bank, sparking M&A buzz in the private banking space.
• Patanjali Foods: The company posted a robust 60% year-on-year growth in Q3 net profit, while revenue for the quarter increased by 16.5% YoY.
• Larsen & Toubro (L&T): The infrastructure giant’s construction arm has secured a major contract for a road project in Dubai, further strengthening its international order book.
• IRCON International: Reported a steady performance with a 16% year-on-year increase in its Q3 net profit.
• SJVN: The stock remains under a positive outlook following recent hydro project wins, with analysts eyeing a long-term target of ₹95.

Neutral Developments

• Q3 Earnings Heavyweight Day: A large number of major companies are scheduled to report their quarterly results today, including Hindustan Unilever (HUL), ONGC, Hindustan Aeronautics (HAL), Coal India, Hindalco, Muthoot Finance, Lupin, Indian Hotels, and IRCTC.
• Macro Data Watch: The Government of India will release the January Consumer Price Index (CPI) data today. This will be the first print under the new 2024 base year series, which includes e-commerce and OTT subscriptions.
• Nifty/Sensex Outlook: Technical indicators remain bullish but suggest consolidation near the 26,000 mark for Nifty. GIFT Nifty was trading near 25,980, indicating a range-bound start.
• FII/DII Activity: On February 11, Foreign Institutional Investors (FIIs) were net buyers of equities worth ₹943.81 crore, while Domestic Institutional Investors (DIIs) were net sellers to the tune of ₹125.36 crore.

Negative News

• LG Electronics India: The consumer electronics major reported a sharp 61.6% crash in Q3 net profit to ₹89.7 crore, as revenue fell by 6.4% due to cooling demand.
• Banking Sector: A nationwide bank strike called by major unions (AIBEA, AIBOA, and BEFI) is scheduled for today, February 12. SBI and Bank of Baroda have warned that operations might be partially impacted.
• Bharat Bandh: A general strike supported by various trade unions and farmer organizations (SKM) is expected to affect several districts, potentially causing localized logistical disruptions.
• IT Stocks: The sector faced selling pressure in the previous session (TCS, Infosys, HCL Tech) following cautious commentary regarding AI deal conversions and US economic outlook.

TAGS: Stocks in News, Stock Market, Buzzing Stocks, Nifty, Sensex

Tags: Stocks in News Stock Market Buzzing Stocks Nifty Sensex