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After opening the day on a positive note, Indian share markets remained volatile as the session progressed and ended the day higher.

The equity benchmark indices were volatile in Friday's trade amid lackluster cues from global peers.

At the closing bell, the BSE Sensex stood higher by 167 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 67 points (up 0.3%).

SBI, Grasim Industries, and Sun Pharma were among the top gainers today.

M&M, UPL, and NTPC on the other hand, were among the top losers today.

The GIFT Nifty ended at 21,849 up by 38 points.

Broader markets are trading on a negative note. The BSE Mid Cap ended 0.8% lower and the BSE Small Cap index is trading 1.4% lower.

Sectoral indices are trading mixed, with socks in the banking sector, FMCG sector, and healthcare sector witnessing the most buying. Meanwhile, stocks in the oil & gas sector and the metal sector witnessed selling pressure.

Shares of Info Edge, TCS and BOSCH hit their respective 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.04 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 62,448 per 10 grams.

Meanwhile, silver prices are trading 0.2% higher at Rs 70,960 per 1 kg.
 

Canara Bank & Bank of Baroda to Float Bonds

In news from the banking sector, two state-owned banks, Bank of Baroda and Canara Bank have plan to issue bonds worth Rs 45 bn, according to sources. Canara Bank will raise to Rs 20 bn via Additional Tier-I bonds, while Bank of Baroda to raise to Rs 25 bn through Tier-II bonds.

Canara Bank's bond issue has a base issue of Rs 5 bn and will retain an oversubscription of Rs 15 bn. Whereas, Bank of Baroda's bond issue has a base issue of Rs 10 bn and a greenshoe option of Rs 15 bn.

Greenshoe option is a provision in an underwriting agreement that grants the underwriter the right to sell investors more bonds than initially planned by the issuer if the demand for a security issue proves higher than expected.

Bidding for Canara Bank Bank bonds will take place on 12 February, while bidding for Bank of Baroda's bonds will be held in the third week of February.

Bank of Baroda's Tier-II bonds have a 10-year maturity option with a call option after five years.

Both bond issues have a minimum application size of Rs 10 m and in multiples of Rs 10 m thereafter.

Whereas, the yield on the corporate bonds remained almost steady on 8 February after the Reserve Bank of India (RBI) kept the repo rate unchanged.

Emami Q3 Profit Jumps 12%

Moving on to news from the FMCG sector, consumer products major Emami on 9 February reported a net profit of Rs 2.6 bn for the December quarter of FY24, registering a growth of 11.8% from Rs 2.3 bn posted a year back.

Total revenue of the company stood at Rs 9.9 bn, up 1.4% from Rs 9.8 bn last year.

The company's Earnings before interest, tax, depreciation, and amortization (EBIDTA), amounting to Rs 3.2 bn, experienced a growth of 7%, while margins increased by 1.7% to reach 31.6%.

The company experienced stagnant growth in its Domestic Business, while non-winter products saw a 5% increase. In contrast, the International business achieved an 11% growth in constant currency, largely driven by strong performance in the MENAP region.

Throughout the quarter, the Company introduced Zandu Agni Balm, a potent multi-purpose balm aimed at countering regional competition and expanding its overall balm portfolio market share.

The company holds a positive outlook for future growth, buoyed by favorable economic conditions, a favorable trend in inflation, expected recovery in rural markets, government initiatives, and promising macroeconomic factors.

These elements collectively contribute to a confident expectation of sustained positive performance.
 

Jana Small Finance Bank IPO

Moving on, Jana Small Finance Bank's Rs 5.7 bn initial public offering (IPO) was subscribed 6.63 times by 9 February afternoon, the third and final day of bidding.

Investors submitted bids for 67 m equity shares against an IPO size of 10.1 m shares.

Non-institutional investors, or high-net-worth individuals, took the lead, picking up 12.5 times their allotted quota of shares, followed by qualified institutional buyers (QIBs) who bought 7.6% of their quota of shares.

The retail investor portion was subscribed 3.9 times.

In the Jana Small Finance Bank IPO, employees acquired 1.5 times the shares reserved for them, amounting to Rs 135 m. The IPO includes a fresh issuance of shares worth Rs 4.6 bn and an offer-for-sale (OFS) of 26,08,629 shares valued at Rs 1.1 bn by existing shareholders. The price band for the IPO is set at Rs 393-414 per share.

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