Equity99

Morning Alert..
*Market regulator Sebi looks to boost social stock exchange platform*
The Securities and Exchange Board of India (Sebi) has proposed reducing the minimum investment amount in Zero Coupon Zero Principal (ZCZP) bonds from Rs 10,000 to Rs 5,000 or Rs 1,000. Investors can contribute to non-profit organisations (NPOs) listed on the social stock exchange (SSE) through ZCZP bonds. “Based on the deliberations in the special outreach session, and the fact that the introduction of the UPI mechanism for applications will boost the reach of the SSE platform, SSEAC has recommended that the minimum application size for ZCZP issuance may be reduced to Rs 5,000 or such other smaller amount so as to enable more retail participation in ZCZP issuances by NPOs on the SSE,” said Sebi in a consultation paper floated on Friday. The regulator said there is a line-up of more than Rs 5 crore worth of ZCZP issuances.

*Global market action*
Dow Jones – Down by 0.34% or 146.75 points
FTSE – Down by 0.03% or 2.96 points
CAC – Down by 0.95% or 76.87 points
DAX – Down by 1.78% or 410.54 points
Gift Nifty – Down by 0.21% or 48.00 points

*FII/DII activities*
FII – Sold 2035.10Cr worth of shares
DII – Bought 2320.36Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.0x
Nifty Bank – 12.7x

*Stocks with high delivery percentage*
Metro Brands Ltd – 87.4%
Vinati Organics Ltd – 87.4%
Carborundum Universal Ltd – 85.1%
Rainbow Children Medicare Ltd – 83%
GE Vernova T&D India Ltd – 80.6%

*Primary market activities*
IPO opening today
PDP Shipping & Projects Ltd (BSE SME) – Issue size 12.65Cr

*Commodities updates*
Gold – Rs 85906/10gm, Silver – Rs 97166/kg, Brcrude – Rs 5858/barrel, Copper – Rs 881.7/kg.

*Corporate News*
Hyundai's Rs 31,526 crore related-party transactions under scrutiny.

JSW group to raise Rs 1,487 crore for setting up EV unit in Maharashtra.

Morning Alert..
*OMCs, paint, aviation stocks gain as Brent crude oil slips below $70/bbl*
Oil marketing companies (OMCs), paint manufacturers, tyre producers, and aviation stocks witnessed significant gains as Brent crude oil prices slipped below $70 per barrel. The price drop came after a double blow: The US imposed tariffs on Canada and Mexico, including energy imports, and OPEC+ — the group of major oil-producing nations including Russia — announced an output increase of 138,000 barrels per day, the first such hike since 2022. Consequently, OMC stocks surged by up to 4.8 per cent, with Hindustan Petroleum Corporation (HPCL) climbing 3.86 per cent, Bharat Petroleum Corporation (BPCL) rising 3.6 per cent, and Indian Oil Corporation (IOC) gaining 2.94 per cent. However, JM Financial noted that despite the recent price corrections and falling oil prices, OMCs’ refining and marketing margins are expected to return to historical levels due to potential government actions, like excise duty hikes or fuel price cuts. The brokerage also expressed concerns over OMCs' ambitious capital expenditure plans, which may not always deliver long-term shareholder value.

*Global market action*
Dow Jones – Up by 0.23% or 99.74 points
FTSE – Down by 0.84% or 73.00 points
CAC – Up by 0.29% or 23.92 points
DAX – Up by 1.45% or 338.45 points
Gift Nifty – Down by 0.06% or 12.50 points

*FII/DII activities*
FII – Sold 2377.32Cr worth of shares
DII – Bought 1617.80Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.00x
Nifty Bank – 12.8x

*Stocks with high delivery percentage*
Aavas Financiers Ltd – 85%
PTC Industries Ltd – 83%
Zydus Wellness Ltd – 82.7%
Honasa Consumer Ltd – 80.1%
Endurance Technologies Ltd – 79.4%

*Primary market activities*
Listing today
Balaji Phosphates Ltd (NSE SME) – Subscribed 1.21x

*Commodities updates*
Gold – Rs 86028/10gm, Silver – Rs 98100/kg, Brcrude – Rs 5787/barrel, Copper – Rs 890.40/kg.

*Corporate News*
Britannia CEO Rajneet Singh Kohli resigns to pursue external opportunity.

IndiGo to start direct long-haul flights to Manchester, Amsterdam from July.

Morning Alert..
*No reciprocal tariff reprieve for India, signals Trump in address to Cong*
United States (US) President Donald Trump, in his address to Congress on Tuesday, signaled that there would be no reprieve for India from the reciprocal tariffs set to take effect on April 2. Through reciprocal tariffs, the US aims to match other countries’ tariffs, taxes, and non-tariff barriers. “On average, the European Union, China, Brazil, India, Mexico and Canada, and countless other nations charge us tremendously higher tariffs than we charge them. It’s very unfair. India charges us auto tariffs higher than 100 per cent…On April 2, reciprocal tariffs kick in and whatever they tariff us other countries, we will tariff them. Whatever they tax us, we will tax them,” Trump said addressing a joint session of the Congress. This is not the first time Trump has called India a high-tariff nation. In the past, he has made it clear that Washington would not exempt India from reciprocal tariffs. This development makes things complex for India-US relations, especially since last month. In February, Prime Minister Narendra Modi and Trump had announced their intention to sign a mutually beneficial trade agreement (BTA) within the next seven to eight months.

*Global market action*
Dow Jones – Down by 0.08% or 32.88 points
FTSE – Down by 0.04% or 3.16 points
CAC – Up by 1.54% or 125.83 points
DAX – Up by 3.27% or 754.22 points
Gift Nifty – Up by 0.30% or 66.50 points

*FII/DII activities*
FII – Sold 2895.04Cr worth of shares
DII – Bought 3370.60Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 19.9x
Nifty Bank – 12.7x

*Stocks with high delivery percentage*
JK Cement Ltd – 87.2%
Max Financial Services Ltd – 86.3%
Timken India Ltd – 85.7%
Dr. Lal Pathlabs Ltd – 85.3%
Tata Consumer Products Ltd – 82.2%

*Commodities updates*
Gold – Rs 85849/10gm, Silver – Rs 97537/kg, Brcrude – Rs 5752/barrel, Copper – Rs 880.3/kg.

*Corporate News*
Wipro Limited launched TelcoAl360 to transform operations for telcos by leveraging Al

Zydus Lifesciences Limited received final approval from USFDA for Dasatinib Tablets, 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg.

Morning Alert..
*Economists expect 25 bps rate cut in April meeting to support growth*
There is an expectation among economists that the six-member monetary policy committee (MPC) of Reserve Bank of India will deliver another policy repo rate cut in April meeting to support growth with inflation trajectory trending down. However, with banking system liquidity remaining in deficit, further cuts in policy rate may not get transmitted to lending rates that are not linked to an external benchmark, as resource mobilisation remains challenging. Net liquidity in the banking system was in a deficit of ₹1.09 trillion as of Monday, according to the latest data by RBI. The net liquidity in the banking system has been in deficit mode for the past eleven consecutive weeks. India’s gross domestic product (GDP) grew by 6.2 per cent in Q3FY25, compared to 5.6 per cent in Q2FY25, on the back of an improvement in consumer demand, higher export growth, and a rise in government expenditure. According to economists at HDFC Bank, while Q3 GDP print shows that economic activity has inched up, it is still only a moderate increase and therefore they continue to expect the RBI to deliver another rate cut of 25bps in April 2025 in order to support growth.

*Global market action*
Dow Jones – Up by 0.48% or 205.39 points
FTSE – Down by 1.28% or 112.31 points
CAC – Down by 1.89% or 151.79 points
DAX – Down by 3.67% or 820.21 points
Gift Nifty – Down by 0.16% or 35.00 points

*FII/DII activities*
FII – Sold 3405.82Cr worth of shares
DII – Bought 4851.43Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 19.6x
Nifty Bank – 12.7x

*Stocks with high delivery percentage*
Emami Ltd – 89.2%
Max Financial Services Ltd – 83.4%
Crompton Greaves Consumer Electricals Ltd – 81.6%
Aavas Financiers Ltd – 81.2%
Bharti Airtel Ltd – 80.2%

*Primary market activities*
Listing today
Shreenath Paper Products Ltd (BSE SME) – Subscribed 1.85x

*Commodities updates*
Gold – Rs 86000/10gm, Silver – Rs 94779/kg, Brcrude – Rs 5954/barrel, Copper – Rs 862.10/kg.

*Corporate News*
Bank of India adds 111 new branches to expand urban, semi-urban reach.

Jio Financial to acquire SBI stake in Jio Payments Bank for Rs 104.5 crore.

Coforge signs $1.56 billion IT deal with Sabre to boost AI-driven solutions.

Morning Alert..
*Manufacturing PMI dips to 14-mth low in Feb as new orders, production fall*
After a strong start to 2025, Indian manufacturers saw a loss in new orders and production momentum in February, with the Purchasing Managers’ Index (PMI) plummeting to a 14-month low of 56.3, a private survey showed on Monday. The manufacturing PMI was 57.7 in January. The data was released by HSBC and compiled by S&P Global. However, the survey noted that despite slowing to the weakest since December 2023, rates of expansion in output and sales remained elevated in the context of the survey's 20-year history. Business conditions improved across all three monitored sub-sectors, consumer, intermediate and investment goods. “Favorable domestic and international demand prompted firms to increase purchasing activity and hire extra workers at above-trend rates. However, demand buoyancy kept charge inflation at an elevated level despite softer cost pressures,” the survey noted. A figure above 50 in the index denotes expansion in manufacturing activity during the month and below it signifies contraction.

*Global market action*
Dow Jones – Up by 0.08% or 34.56 points
FTSE – Up by 0.69% or 61.57 points
CAC – Up by 1.07% or 88.08 points
DAX – Up by 2.57% or 595.59 points
Gift Nifty – Down by 0.74% or 164 points

*FII/DII activities*
FII – Sold 4788.29Cr worth of shares
DII – Bought 8790.70Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 19.7x
Nifty Bank – 12.6x

*Stocks with high delivery percentage*
Aavas Financiers Ltd – 83.6%
Max Financial Services Ltd – 78.7%
Tata Consultancy Services Ltd – 78.2%
Bharti Airtel Ltd – 77.8%
360 One Wam Ltd – 76.5%

*Primary market activities*
IPO opening today
NAPS Global India Ltd (BSE SME) – Issue size 11.88Cr

Listing today
Nukleus Office Solutions Ltd (BSE SME) – Subscribed 1.29x

*Commodities updates*
Gold – Rs 85363/10gm, Silver – Rs 94686/kg, Brcrude – Rs 6077/barrel, Copper – Rs 866/kg.

*Corporate News*
Jindal Power to acquire Bhadreshwar Vidyut as lenders approve Rs 500 cr bid.

Metropolis strengthens UP presence with acquisition of Scientific Pathology.

Govt upgrades IRCTC and IRFC to Navratna status from Miniratna-I.

Morning Alert..
*India's GDP growth picks up to 6.2% in Q3; FY25 projection now 6.5%*
India’s economic growth accelerated to 6.2 per cent in the December quarter of FY25, up from a revised 5.6 per cent in the previous quarter, reversing two consecutive quarters of slowdown. However, significant revisions to past data have left economists perplexed. Data released by the Ministry of Statistics and Programme Implementation (Mospi) on Friday showed the economy is expected to grow at 6.5 per cent in FY25, marginally higher than the 6.4 per cent projected in January. The average GDP growth for the first three quarters of FY25 stands at 6.1 per cent, implying that fourth-quarter growth is assumed at 7.6 per cent, a target economists say is challenging but achievable. Alongside the FY25 growth projection, Mospi revised growth estimates for FY23 to 7.6 per cent from 7 per cent and for FY24 to 9.2 per cent from 8.2 per cent. Nominal GDP for FY25 is projected at ~331 trillion, assuming a growth rate of 9.9 per cent, slightly higher than the 9.7 per cent estimated in January’s first advance projections. This is expected to ease the government’s path to achieving the revised fiscal deficit target of 4.8 per cent of GDP for FY25.

* Global market action*
Dow Jones – Down by 0.10% or 44.41 points
FTSE – Up by 0.61% or 53.53 points
CAC – Up by 0.11% or 9.11 points
DAX – Up by 0.00% or 0.54 points
Gift Nifty – Up by 0.43% or 96.50 points

*FII/DII activities*
FII – Sold 11639.02Cr worth of shares
DII – Bought 12308.63Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 19.7x
Nifty Bank – 12.7x

*Stocks with high delivery percentage*
Hatsun Agro Products Ltd – 92.7%
JK Lakshmi Cement Ltd – 89.8%
Aavas Financiers Ltd – 89.3%
LMW Ltd – 79%
Maharashtra Scooters Ltd – 78.7%

*Primary market activities*
Listing today
Beezaasan Explotech Ltd (BSE SME) – Subscribed 5.43x

*Commodities updates*
Gold – Rs 84232/10gm, Silver – Rs 92850/kg, Brcrude – Rs 6124/barrel, Copper – Rs 861.55/kg.

*Corporate News*
ACME Solar plans Rs 17,000 crore capex by 2026 for renewable expansion.

TCS extends partnership with Norway's DNB Bank ASA for five years.

Ola Electric sells 25,000 units in February, retains 28% market share.

Morning Alert..
*Rupee reverses losses, ends flat at 87.2 per dollar on likely RBI support*
The rupee reversed its losses by the end of trade on Thursday to settle almost flat against the greenback at 87.20 per dollar. The Reserve Bank of India (RBI) likely intervened in the foreign exchange market via dollar sales in the latter half of the day, said dealers. The rupee opened six paise weaker against the greenback, tracking the rise in the dollar index. It touched the day’s low of 87.41 per dollar before appreciating up to 87.11 per dollar on the back of aggressive dollar sales by state-owned banks, said dealers. “The rupee was trading weaker before the RBI’s intervention,” said a dealer at a state-owned bank. “This has been the case; RBI has been trying to curb any one-sided movement.

*Reducing fiscal deficit to around 3% of GDP difficult: Govt to IMF*
A fiscal deficit of around 3 per cent of the gross domestic product (GDP) for the central government, as advocated by the International Monetary Fund (IMF), is difficult since a significant amount of capital expenditure previously undertaken by state-owned enterprises (SOEs) has been brought onto the central government budget. In its latest Article IV consultation report on India, the IMF said a combined fiscal deficit (Centre + states) of less than 6 per cent of GDP, as advocated by IMF staff for the medium term—coupled with the need to increase infrastructure spending by the Union and the states—“would imply eliminating the revenue deficit, which the authorities felt was not feasible in the near term and could compromise growth.”

*Global market action*
Dow Jones – Down by 0.03% or 12.11 points
FTSE – Up by 0.28% or 24.75 points
CAC – Down by 0.51% or 41.40 points
DAX – Down by 1.08% or 243.22 points
Gift Nifty – Down by 0.49% or 110.00 points

*FII/DII activities*
FII – Sold 556.56Cr worth of shares
DII – Bought 1727.11Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20x
Nifty Bank – 12.8x

*Stocks with high delivery percentage*
Sundaram fasteners Ltd- 90.1%
Aavas financiers Ltd - 85.4%
Indegene Ltd - 84.4%
Indiamart intermesh Ltd - 82.5%
TCS - 80%

*Primary market activities*
IPOs opening today
Balaji Phosphates Ltd (NSE SME) - Issue size 50.11Cr

Listing today
Swasth Foodtech India Ltd (BSE SME) - Subscribed 7.83x
Hp telecom India Ltd (NSE SME) - Subscribed 1.91x

*Commodities updates*
Gold - Rs 85178/10gm, Silver - Rs 93563/kg, Brcrude - Rs 6133/barrel, Copper - Rs 862.35/kg.

*Corporate news*
Paytm bets on AI-first features to power profitability in the next 2 years.

JSW Infrastructure seeks inorganic growth to expand logistics business.

IT major HCLTech to use AI to improve Children's Minnesota's operations.

Morning Alert..
*India's venture capital funding jumps 70% in January, outpaces China*
India’s venture capital (VC) funding surged 69.7 per cent year-on-year (Y-o-Y) to $883.2 million in January 2025 from $520.5 million, driven by a sharp rise in deal volume, according to data from GlobalData. The number of VC deals also increased by 40.9 per cent to 131 from 93 in the same month last year. “This growth trajectory indicates that Indian startups are not only attracting a greater number of VC deals but are also securing larger amounts of capital, reflecting improved investor confidence in the market,” said Aurojyoti Bose, lead analyst at GlobalData. “India continues to remain among the top five markets globally for VC funding activity, both in terms of deal volume and value,” he added. Notable VC funding deals announced in India during the first month of the year include fundraising by building materials platform Infra.Market at around $121 million, $109.4 million funding in Neuberg Diagnostics, a diagnostic service provider, and $60 million fundraising by Leap Finance, an education financing company. According to an analysis by GlobalData, India accounted for 9.9 per cent of all VC deals announced globally during the month, while its share in terms of deal value stood at 3.6 per cent.

* Global market action*
Dow Jones – Up by 0.04% or 16.05 points
FTSE – Up by 0.72% or 62.79 points
CAC – Up by 1.14% or 92.85 points
DAX – Up by 1.68% or 383.84 points
Gift Nifty – Up by 0.14% or 30.50 points

*FII/DII activities*
FII – Sold 3529.10Cr worth of shares
DII – Bought 3030.78Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20x
Nifty Bank – 12.8x

*Stocks with high delivery percentage*
LMW Ltd – 92.7%
Rainbow Children Medcare Ltd – 89.3%
Chalet Hotel Ltd – 83.5%
Ingersoll Rand India Ltd – 83.5%
Dr. Reddy`s Laboratories Ltd – 80.8%

*Commoditise updates*
Gold – Rs 85850/10gm, Silver – Rs 94621/kg, Brcrude – Rs 6006/barrel, Copper – Rs 859.10/kg.

*Corporate News*
Zydus launches vaccine for protection against new strain of influenza virus.

SpiceJet Q2 loss up; airline turns profitable in Q3 on lower fuel expenses.

Bharti Airtel confirm talks with Tata Group to merge their DTH segments.

Morning Alert..
*India-UK trade talks begin: FTA, BIT, social-security pact on the table*
After a year’s pause in talks, India and the United Kingdom (UK) on Monday formally launched three-track negotiations for a free-trade agreement (FTA), bilateral investment treaty (BIT), and double-contribution convention or social-security agreement. While launching the two-day discussions, Commerce Minister Piyush Goyal and his UK counterpart Jonathan Reynolds, who is visiting India, did not say when the negotiations would conclude. While Goyal said the trade deal would be done with “speed” and not in “haste”, Reynolds pointed out it was a priority for the UK and such agreements were long-term. FTA talks were launched nearly three years ago, under the Conservative government headed by Boris Johnson, with the target of sealing the deal in nine months. However, political instability in the UK, unresolved differences on various issues, and general elections in both countries during April-July further delayed the fruition of the deal. The deal is expected to double or even triple bilateral trade from the current $20 billion in the next 10 years.

*Global market action*
Dow Jones – Up by 0.28% or 119.73 points
FTSE – Up by 0.00% or 0.39 points
CAC – Down by 0.79% or 63.52 points
DAX – Up by 0.62% or 138.37 points
Gift Nifty – Down by 0.03% or 6.00 points

*FII/DII activities*
FII – Sold 6286.70Cr worth of shares
DII – Bought 5185.65Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20x
Nifty Bank – 12.8x

*Stocks with high delivery percentage*
Chalet Hotels Ltd – 81.2%
Godrej Consumer Products Ltd – 78.7%
ICICI Bank Ltd – 78.5%
Apollo Hospitals Enterprise Ltd – 78.3%
Emcure Pharma Ltd – 75.4%

*Primary market activities*
IPO opening today
Shreenath Paper Products Ltd (BSE SME) – Issue size 23.36Cr

*Commodities updates*
Gold – Rs 86165/10gm, Silver – Rs 95099/kg, Brcrude – Rs 6148/barrel, Copper – Rs 861/kg.

*Corporate News*
Honeywell to decarbonise shipping and aviation businesses in India.

Indorama Ventures to buy minority stake of 25% in EPL from Blackstone.

Morning Alert..
*RBI announces mega $10 billion FX swap to infuse rupee liquidity*
The Reserve Bank of India will conduct a massive $10 billion three-year dollar/rupee swap auction next week to infuse durable rupee liquidity into the banking system, which has been reeling under large cash deficits, the central bank said on Friday. The RBI will conduct the buy/sell swap on February 28, it said in a release. The first leg of the transaction would be settled on March 4 and could infuse around 870 billion rupees ($10 billion) into the banking system. Earlier this year, the RBI announced a six-month swap through which it infused $5.1 billion into the system, however, cash conditions have remained tight despite the swap and several open-market bond purchases. The RBI will need to inject at least another 1 trillion rupees into the banking system by March-end, market participants said earlier on Friday. Investors said three-year liquidity infusion is more assuring compared to a six-month, and far better than up to two-month repo infusions.

*Global market action*
Dow Jones – Up by 0.42% or 181.47 points
FTSE – Down by 0.04% or 3.60 points
CAC – Up by 0.39% or 31.93 points
DAX – Down by 0.12% or 27.09 points
Gift Nifty – Down by 0.37% or 85.00 points

*FII/DII activities*
FII – Sold 3449.15 Cr worth of shares
DII – Bought 2884.61 Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.4x
Nifty Bank – 12.9x

*Stocks with high delivery percentage*
Sundaram Fasteners Ltd – 96.2%
CCL Products India Ltd – 88.8%
Dr. Reddy`s Laboratories Ltd – 83%
AIA Engineering Ltd – 81.1%
Aavas Financiers Ltd – 80.6%

*Primary market activities*
IPO opening today
Nukleus Office Solutions Ltd (BSE SME) – Issue size 31.70Cr

Listing today
Tejas Cargo India Ltd (NSE SME) – Subscribed 1.15x
Rotalarc Electrodes Ltd (NSE SME) – Subscribed 1.6x
Quality Power Electrical Equipments Ltd (Main board) – Subscribed 1.29x

*Commodities updates*
Gold – Rs 85987/10gm, Silver – Rs 96240/kg, Brcrude – Rs 6157/barrel, Copper – Rs 866.05/kg.

*Corporate News*
Swiggy to invest Rs 1K crore in Scootsy Logistics in one or more tranches.

Vedanta declared preferred bidder for diamond block in Madhya Pradesh.

Morning Alert..
*Net ECB borrowings up threefold to $15.6 billion in April-December 2024*
Net external commercial borrowing (ECB) by Indian entities, including non-banking finance companies (NBFCs), grew nearly three times to $15.6 billion during April-December 2024, as against the inflows recorded in the same period in 2023, showing gains from soft global interest rates and risk premium. According to Reserve Bank of India (RBI) data, gross disbursements to Indian entities through the ECB route rose to $36.6 billion in April-December 2024, up from $26.1 billion in April-December 2023. The principal repayments stood at $21 billion in the nine months of the current financial year (9MFY25), as against $20.7 billion in 9MFY24. Soumyajit Niyogi, director - Core Analytical Group, Ind-Ratings, said global fundraising grew as Indian firms took advantage of soft rates prevailing in international markets, and at a time when interest rates in the country were relatively higher. Considerable decline in risk premium for Indian companies factoring in growth prospects for the Indian economy also provided a conducive environment. During April-December 2024, the share of effectively hedged ECBs — like explicitly hedged loans, rupee-denominated loans, and loans from foreign parents — increased to 78.1 per cent from 61.6 per cent in the same period of the previous year. This considerably aided in offsetting the interest and exchange rate sensitivity of such exposures.

*Global market action*
Dow Jones – Up by 0.08% or 34.48 points
FTSE – Down by 0.57% or 49.56 points
CAC – Up by 0.15% or 12.04 points
DAX – Down by 0.53% or 118.98 points
Gift Nifty – Down by 0.24% or 55.00 points

*FII/DII activities*
FII – Sold 3311.55 Cr worth of shares
DII – Bought 3907.64 Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.4x
Nifty Bank – 12.9x

*Stocks with high delivery percentage*
Pfizer Ltd – 94.3%
Esab India Ltd – 94.1%
Kama Holdings Ltd – 85.2%
Emami Ltd – 85.1%
Sapphire Foods India Ltd – 84%

*Primary market activities*
IPOs opening today
Beezaasan Explotech Ltd (BSE SME) – Issue size 59.93Cr

Listing today
Shanmuga Hospital Ltd (BSE SME) – Subscribed 2.51x
LK Mehta Polymers Ltd (BSE SME) – Subscribed 44.57x

*Commodities updates*
Gold – Rs 86043/10gm, Silver – Rs 97135/kg, Brcrude – Rs 6318/barrel, Copper – Rs 869.45/kg.

*Corporate News*
Hydropower firm SJVN to expand its lone coal project in Bihar: Chairman.

Demerger gets approval from creditors and shareholders, says Vedanta.

Sun Pharmaceutical seeks shareholder nod for RPTs worth $1 billion.

Morning Alert..
*US tariff hike may hit India's GDP growth by up to 0.6 pp: Goldman Sachs*
The increase in average effective tariff rate imposed by the United States (US) on Indian exports could potentially impact India's gross domestic product (GDP) growth by 0.1-0.3 percentage points, according to Goldman Sachs report on Wednesday. This forecast considers various scenarios, including the US government's planned reciprocal tariffs in early April and the price elasticity of US demand for Indian exports. A potential GDP growth impact can be higher– 0.1-0.6 percentage point– in the case of the US imposing additional tariffs on all countries. This is because India’s domestic activity exposure to US final demand will be roughly twice as high– about 0.4 per cent of GDP– given the exposure to America through exports to other countries, Goldman Sachs said in the report. Under the latest ‘Fair and Reciprocal Plan’, the US government is working on a reciprocal plan to match other countries’ tariffs, taxes and non-tariff barriers. According to the report, there are three ways in which India can get impacted by reciprocal tariffs– country-level, product-level and reciprocity, including non-tariff barriers.

*Global market action*
Dow Jones – Down by 0.15% or 67.97 points
FTSE – Down by 0.62% or 54.20 points
CAC – Down by 1.18% or 96.02 points
DAX – Down by 1.83% or 410.87 points
Gift Nifty – Down by 0.23% or 52.00 points

*FII/DII activities*
FII – Sold 1881.30 Cr worth of shares
DII – Bought 1957.74 Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.4x
Nifty Bank – 13x

*Stocks with high delivery percentage*
TTK Prestige Ltd – 93%
Ingersoll-Rand India Ltd – 86.7%
Zydus Wellness Ltd – 86.3%
Chemplast Sanmar Ltd – 85.7%
Aptus Value Housing Finance India Ltd – 83.5%

*Primary market activities*
IPOs opening today
Swasth Foodtech India Ltd (BSE SME) – Issue size 14.92Cr
HP Telecom India Ltd (NSE SME) – Issue size 34.23Cr

*Commodities updates*
Gold – Rs 85946/10gm, Silver – Rs 96440/kg, Brcrude – Rs 6304/barrel, Copper – Rs 868.35/kg.

*Corporate news*
LTTS eyes $3 bn revenue in near term; to add 2,000 freshers this year.

Burmans' Rs 2,116-crore open offer for Religare gets tepid response.

*Urban unemployment rate unchanged at 6.4% in Q3FY25, shows PLFS data*
Unemployment rate in urban areas during the third quarter (October-December) of FY25 remained unchanged at 6.4 per cent compared to the preceding quarter, according to the latest quarterly Periodic Labour Force Survey (PLFS) data released by the Ministry of Statistics on Tuesday. While the unemployment rate for men worsened marginally to 5.8 per cent in Q3 from 5.7 per cent in Q2, for women, it improved to 8.1 per cent from 8.4 per cent. The survey measures the unemployment rate using the current weekly status (CWS). Here, activity status is determined based on the reference period of the past seven days preceding the date of the survey. The survey further showed that the jobless rate for the youth (15-29 age group) increased to 16.1 per cent in Q3FY25 from 15.8 per cent in the preceding quarter. It was led by a rise in the jobless rate for both young men and women. This figure is important because people belonging to this age group are usually first-timers in the labour markets and this metric reflects their robustness.

*Global market action*
Dow Jones – Up by 0.08% or 35.40 points
FTSE – Down by 0.01% or 1.28 points
CAC – Up by 0.21% or 17.43 points
DAX – Up by 0.20% or 46.41 points
Gift Nifty – Up by 0.09% or 21.00 points

*FII/DII activities*
FII – Bought 4786.56Cr worth of shares
DII – Bought 3072.19Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.4x
Nifty Bank – 12.8x

*Stocks with high delivery percentage*
Torrent Power Ltd – 87.4%
Galaxy Surfactants Ltd – 83.4%
RHI Magnesita India Ltd – 81.3%
Kotak Mahindra Bank Ltd – 78.6%
Maharashtra Scooters Ltd – 78.5%

*Primary market activities*
Listing today
Hexaware Technologies Ltd (Main board) – Subscribed 2.79x
PS Raj Steel Ltd (NSE SME) – Subscribed 9.82x
Voler Car Ltd (NSE SME) – Subscribed 13.62x
Maxvolt Energy Industries Ltd (NSE SME) – Subscribed 3.23x

*Commodities updates*
Gold – Rs 86102/10gm, Silver – Rs 96793/kg, Brcrude – Rs 6211/barrel, Copper – Rs 868.4/kg.

*Corporate News*
Bharti Enterprises may use Airtel stake sale proceeds to fund BT purchase.

Tata Steel's electric arc furnace project in Port Talbot gets approval.

Infosys to establish GCC for Lufthansa to drive digital transformation.

Morning Alert..
*Trade deficit widens to nearly $23 billion in January as exports shrink*
India’s merchandise trade deficit widened to nearly $23 billion in January, compared with $16.5 billion a year earlier, as the value of exports dropped amid subdued demand for petroleum products and global economic uncertainties. Exports contracted by 2.4 per cent year-on-year to $36.43 billion in January, according to data released by the commerce department. In contrast, the value of imports surged 10 per cent to $59.4 billion, raising concerns over the depreciating value of the Indian rupee. The higher value of imports was driven by items such as gold (40.8 per cent), electronic goods (17.8 per cent), chemicals (71.8 per cent), non-ferrous metals (26 per cent), and vegetable oil (11.4 per cent). However, crude oil imports, which account for 22 per cent of India’s total import basket, fell by 13.5 per cent to $13.4 billion in January. The decline in exports was primarily due to a 58.7 per cent year-on-year drop in exports of refined petroleum products, driven by a consistent fall in global petroleum prices and muted demand for petrochemical products.

*Global market action*
Dow Jones – Up by 0.10% or 42.37 points
FTSE – Up by 0.41% or 35.55 points
CAC – Up by 0.13% or 10.59 points
DAX – Up by 1.25% or 284.67 points
Gift Nifty – Down by 0.05% or 10.50 points

*FII/DII activities*
FII – Sold 3937.83Cr worth of shares
DII – Bought 4759.77Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.4x
Nifty Bank – 12.9x

*Stocks with high delivery percentage*
Nuvoco Vistas Corporation Ltd – 89.9%
Aditya Birla Sun Life AMC Ltd – 84.3%
Emami Ltd – 83.3%
GE Vernova T&D India Ltd – 77.8%
Kama holdings Ltd – 76.6%

*Commodities updates*
Gold – Rs 85071/10gm, Silver – Rs 95599/kg, Brcrude – Rs 6195/barrel, Copper – Rs 864.80/kg.

*Corporate News*
NTPC to invest $62 bn in 30 GW nuclear power expansion over 20 years.

ABB India Oct-Dec quarter net profit rises 56% to Rs 528.41 crore.

Airtel lands subsea cable in Chennai to connect India to Singapore, France.

Morning Alert..
*Fresh harvest pulls down WPI inflation to 2.31%, shows govt data*
India’s wholesale price index (WPI)-based inflation declined to 2.31 per cent in January from 2.37 per cent in December as the food prices came down due to the arrival of fresh harvests while fuel rates too remained under check, according to the government data released on Friday. Data released by the Ministry of Commerce and Industry showed that inflation in food items declined sharply to 5.88 per cent in January from 8.47 per cent in December, led by deceleration in the prices of vegetables (8.35 per cent), paddy (6.22 per cent) and protein rich items like eggs, meat & fish (3.56 per cent). While the prices of potato (74.28 per cent) decelerated, it still remained quite high. On the other hand, prices of food items like cereals (7.33 per cent), wheat (9.75 per cent), pulses (5.08 per cent), onion (28.33 per cent) and milk (2.69 per cent) accelerated during the month. Rajani Sinha, chief economist, CARE Ratings said that the arrival of fresh harvests has led to a seasonal correction in food prices and the outlook for agriculture remains positive, with robust kharif output and good progress of rabi sowing.

*Global market action*
Dow Jones – Up by 0.03% or 14.43 points
FTSE – Down by 0.37% or 32.26 points
CAC – Up by 0.18% or 14.43 points
DAX – Down by 0.44% or 98.60 points
Gift Nifty – Up by 0.20% or 45.00 points

*FII/DII activities*
FII – Sold 4294.69Cr worth of shares
DII – Bought 4363.87Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.4x
Nifty Bank – 12.8x

*Stocks with high delivery percentage*
Aavas Financiers Ltd – 87.8%
Motherson Sumi Wiring India Ltd – 81.6%
HDFC Bank Ltd – 78.2%
Kama Holdings Ltd – 78.2%
ICICI Bank Ltd – 76.9%

*Primary market activities*
Listing today
Ajax Engineering Ltd (Main board) – Subscribed 6.06x
Chandan Healthcare Ltd (NSE SME) – Subscribed 7.04x

*Commodities updates*
Gold – Rs 84689/10gm, Silver – Rs 95571/kg, Brcrude – Rs 6151/barrel, Copper – Rs 864/kg.

*Corporate News*
RIL to appeal against Delhi HC order on $1.7 Billion gas dispute in Supreme Court.

Dilip Buildcon's Q3 FY25 results: Profit rises 7.4% to Rs 115.3 crore.

Fortis Healthcare to acquire 228 bed hospital in Punjab for Rs 462 crore.

Morning Alert..
*FPI selloff leads to worst equity market start in nearly 10 years*
Foreign portfolio investors (FPIs) have sold over $10 billion (more than ₹97,000 crore) worth of Indian equities in the first six weeks of 2025 — the highest outflow ever recorded during this period. This massive selloff has led to the worst start for domestic markets in nearly a decade. The selloff has been driven by a combination of slowing corporate earnings and shifts in US policy, which have made US debt securities more attractive and strengthened the dollar. Heightened FPI selling has pushed the benchmark Nifty down by 2.6 per cent, while the Nifty Midcap 100 and Nifty Smallcap 100 have fallen by 11 per cent and 15 per cent, respectively. This marks the steepest six-week decline at the start of a year since 2016 for all three indices. India has recorded the highest FPI equity sales among emerging markets (EMs). Taiwan follows, with FPIs selling $2.5 billion worth of shares in 2025. FPI outflows began in October 2024, triggered by China’s stimulus measures to revive its struggling economy. The election of Donald Trump as US president added to global concerns, as his policy promises were seen as disruptive to the global economy. This dimmed the appeal of EMs and lifted demand for US debt securities.

*Global market action*
Dow Jones – Up by 0.17% or 74.11 points
FTSE – Down by 0.49% or 42.72 points
CAC – Up by 1.49% or 121.92 points
DAX – Up by 2.05% or 463.99 points
Gift Nifty – Up by 0.44% or 101.00 points

*FII/DII activities*
FII – Sold 2789.91Cr worth of shares
DII – Bought 2934.50Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.5x
Nifty Bank – 12.9x

*Stocks with high delivery percentage*
LMW Ltd – 91.1%
Supreme Petrochem Ltd – 82.5%
Sumitomo Chemical India Ltd – 81.5%
Max Healthcare Institute Ltd – 76.6%
Maotherson Sumi Wiring India Ltd – 76.2%

*Primary market activities*
Tejas Cargo India Ltd (NSE SME) – Issue size 105.84Cr
Royalarc Electrodes Ltd (NSE SME) - issue size 36Cr
Quality Power Electrical Equipments Ltd (Main board) - issue size 858.70Cr

Listing today
Eleganz Interiors Ltd (NSE SME) – Subscribed 30.65x

*Commodities updates*
Gold – Rs 85830/10gm, Silver – Rs 95200/kg, Brcrude – Rs 6192/barrel, Copper – Rs 866.95/kg.

*Corporate News*
SJVN Q3FY25 results: Net profit rises at 7% to Rs 149 cr on higher revenue.

Adani Green withdraws from wind energy, transmission projects in Sri Lanka.

Kotak Mahindra Bank's margins to improve after ban removal: Brokerages.

Morning Alert..
*Retail inflation dips to 5-month low in Jan; IIP slows to 3.21% in Dec*
Driven by easing food prices, India's consumer price index (CPI)-based retail inflation fell to a five-month low of 4.31 per cent in January from 5.22 per cent in December, thus raising hopes for another repo rate cut by the Monetary Policy Committee (MPC) during its April meeting. Separately, industrial production growth slid to a four-month low in December. The index of industrial production (IIP) grew by 3.21 per cent in December from 4.96 per cent in November, on account of deceleration in manufacturing growth. Data released by the statistics ministry on Wednesday showed that food inflation on a year-on-year (Y-o-Y) basis moderated to 6.02 per cent in January from 8.39 per cent in December. Vegetable prices, that kept the food rates high, declined further to 11.35 per cent from 26.6 per cent during this period. The prices of other major food items like cereals (6.24 per cent), egg (1.27 per cent), meat (5.25 per cent) and pulses (2.59 per cent) also decelerated. Rajani Sinha, chief economist at CARE Ratings, said that robust kharif production and sound progress of rabi sowing have brightened the outlook of food inflation, along with healthy reservoir levels. These are expected to provide an essential cushion for kharif sowing in FY26, if the monsoon lags.

*Global market action*
Dow Jones – Up by 0.15% or 65.70 points
FTSE – Up by 0.34% or 30.05 points
CAC – Up by 0.17% or 13.29 points
DAX – Up by 0.50% or 110.20 points
Gift Nifty – Up by 0.25% or 57.00 points

*FII/DII activities*
FII – Sold 4486.41Cr worth of shares
DII – Bought 4001.89Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.5x
Nifty Bank – 12.9x

*Stocks with high delivery percentage*
AIA Engineering Ltd – 98%
Supreme Petrochem Ltd – 85.3%
Sundaram Fasteners Ltd – 84.3%
Global Health Ltd – 82.5%
Motherson Sumi Wiring India Ltd – 76.8%

*Primary market activities*
IPOs opening today
Shanmuga Hospital Ltd (BSE SME) – Issue size 20.62Cr
LK Mehta Polymers Ltd (BSE SME) – Issue size 7.38Cr

Listing today
Solarium Green Energy Ltd (BSE SME) – Subscribed 8.83x
Readymix Construction Machinery Ltd (NSE SME) – Subscribed 4.61x

*Commodities updates*
Gold – Rs 85468/10gm, Silver – Rs 95482/kg, Brcrude – Rs 6237/barrel, Copper – Rs 864.25/kg.

*Corporate News*
ONGC-NTPC Green Energy JV acquire Ayana Renewable for Rs 19,500 cr.

Torrent buys 67% stake in IPL franchise Gujarat Titans for Rs 5,000 cr.

Ashok Leyland Q3 profit rises 35% to Rs 820 cr on exports, festive sales.

Morning Alert..
* Net direct tax collection rises 14.7% to Rs 17.8 trillion until Feb 10*
Net direct tax collection grew 14.7 per cent to Rs 17.8 trillion between April 1 and February 10 of FY25, according to the latest data released by the income tax department on Tuesday. Of this, non-corporate tax — which includes taxes paid by individuals, Hindu Undivided Families, firms, bodies of individuals, associations of persons, local authorities, and artificial juridical persons — surged 20.9 per cent year-on-year (Y-o-Y) to Rs 9.4 trillion. Corporate tax during the same period grew at a slower pace of 6.1 per cent to Rs 7.8 trillion while the securities transaction tax (STT) was up 65.05 per cent to Rs 49,201 crore. The government is targeting a total gross tax revenue of Rs 38.53 trillion (revised estimates) for FY25. This includes a goal of Rs 22.37 trillion from direct taxes and Rs 16.16 trillion from indirect taxes. In the previous financial year (2023-24), the Centre’s net direct tax revenue was Rs 19.6 trillion after accounting for refunds, reflecting a growth rate of 17.7 per cent.

* India's thermal coal imports register drop for second straight year*
India's thermal coal imports are expected to fall for the second straight year in 2025 due to decreasing dependence on coal for power generation, slowing economic activity and record high inventories, industry officials said this week. All six Indian and international coal traders Reuters spoke with at the Coaltrans India conference in New Delhi expected shipments of the fuel to decline this year. Three of the traders expected imports to plunge by around 10% to about 155 million metric tons. Two of them expected a fall of 1-2%, while another trader forecast a 7-8% decline. None of the traders wanted to be identified as they were not authorised to speak to the media. The tepid outlook for the world's second largest importer of the polluting fuel behind China comes as traders are worried about a global coal supply glut. Lower Indian appetite for imports could further pressure prices. India's imports of the power generating fuel declined about 2% to 173 million metric tons in 2024, data from consultancy Bigmint showed, due mainly to surging production by the world's largest coal miner Coal India, which pushed stockpiles at power plants to record highs.

*Global market action*
Dow Jones – Up by 0.07% or 30.92 points
FTSE – Up by 0.11% or 9.29 points
CAC – Up by 0.28% or 22.68 points
DAX – Up by 0.57% or 126.09 points
Gift Nifty – Up by 0.29% or 67.50 points

*FII/DII activities*
FII – Sold 4486.41Cr worth of shares
DII – Bought 4001.89Cr worth of shares.

*Major Indian Indices PE*
Nifty 50 – 20.5x
Nifty Bank – 12.9x

*Stocks with high delivery percentage*
Sundaram Fasteners Ltd - 88.9%
Supreme Petrochem Ltd – 88.2%
P&G Hygiene & Healthcare Ltd – 86.3%
Motherson Sumi Wiring India Ltd – 84%
Sapphire Foods India Ltd – 80.5%

*Primary market activities*
IPOs opening today
Maxvolt Energy Industries Ltd (NSE SME) – Issue size 54Cr
Voler Car Ltd (NSE SME) – Issue size 27Cr
Hexaware Technologies Ltd (Main board) – Issue size 8750Cr
PS Raj Steels Ltd (NSE SME) - Issue size 28.28Cr

Listing today
Amwill Healthcare Ltd (BSE SME) – Subscribed 5.73x
Ken Enterprises Ltd (NSE SME) – Subscribed 4.36x

*Commodities Updates*
Gold – Rs 85517/10gm, Silver – Rs 94532/kg, Brcrude – Rs 6362/barrel, Copper – Rs 854/kg.

*Corporate News*
TVS Motor Company to invest Rs 2,000 crore in Karnataka, set up GCC centre.

Honeywell, AM Green sign MoU to advance carbon capture, SAF in India.

Vi Q3 results: Net loss narrows to Rs 6,609 crore, Arpu rises to Rs 173.