Sensex Today Ends 278 Points Higher; Nifty Above 21,800

After opening the day weak, Indian share markets pared the losses as the session progressed and ended the day higher.

The equity benchmark indices pared most losses in Wednesday's late deals defying a global market selloff due to hotter-than-expected US inflation data. The BSE Sensex turned nearly flat after tanking 600 points during the day.

At the closing bell, the BSE Sensex stood higher by 278 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 96 points (up 0.5%).

BPCL, SBI, and ONGC were among the top gainers today.

Infosys, Cipla, and Sun Pharma on the other hand, were among the top losers today.

The GIFT Nifty ended at 21,916 up by 98 points.

Broader markets are trading mixed. The BSE Mid Cap and the BSE Small Cap index are trading 1.2% higher.

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

Shares of Abbott India, Trent, and BOSCH hit their respective 52-week highs today.

The rupee is trading at 83.04 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 61,378 per 10 grams.

Meanwhile, silver prices are trading 0.4% lower at Rs 69,338 per 1 kg.

M&M Q3 Results

In news from the auto sector, Mahindra & Mahindra's (M&M) standalone net profit surged 60% Year-on-Year (YOY) to Rs 24.5 bn, driven by robust performance of the automotive segment, favorable product mix, and operating leverage benefits.

Its Profit after Tax (PAT) during the same period last year was Rs 15.3 bn.

The Mumbai-based automaker's revenue for the fiscal third quarter grew 16% on-year to Rs 256.4 bn, led by strong growth in volumes in the automotive segment. Its turnover during Q3 FY 2022-23 stood at Rs 216.5 bn.

The homegrown automaker's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 9.7% to Rs 35.9 bn against Rs 32.7 bn reported in Q3 of FY23. Its operating margin expanded from 0.8% to 14% in the third quarter of this fiscal.

The Mumbai-based automaker's volumes went up by 11.1% YoY to 3,13,115 units in Q3FY24.

While auto sales went up by 20.1% YoY to 2,11,443 units, the tractor volumes declined by 4% from the previous year to 1,00,522 units during the last quarter.

Why SpiceJet Share Price is Falling

Moving on to news from the airline sector, SpiceJet's shares fell over 5% on 14 February as a media report revealed that investors are apprehensive about fund infusion into the budget carrier.

Liquidity constraints continue at SpiceJet and it has delayed salaries TDS payments, EPFO deposits to many of its employees due to lack of funds.

The airline had said its Board of Directors, in a meeting on 25 January, approved the allotment of 55.5 m equity shares on a preferential basis to 54 subscribers. Additionally, SpiceJet's Board sanctioned the allotment of 93.3 m warrants to Elara India Opportunities Fund Limited and Silver Stallion Limited.

The warrants offer subscribers the option to apply for an equivalent number of equity shares.

According to the report, the lessors are unwilling to extend aircraft leases due to payment issues. The airline currently operates around 30 aircraft, including eight that are wet-leased from foreign carriers complete with crew and pilots.

Depositing PF dues among top priorities will be up to date in the near future.

Earlier this week, SpiceJet announced plans to trim its workforce. Approximately 1,400 employees, constituting 1-15% of its total staff strength, are in line to be laid off.

IPCA Labs Q3 Profit Jumps 67%

Moving on to news from the pharma sector, IPCA Labs on 14 February reported a 66.8% year-on-year rise in consolidated net profit at Rs 1.8 bn in the October-December quarter.

The pharma company reported a net profit of Rs 1.1 bn in the year-ago period.

Revenue came in at Rs 20.5 bn, up 32% from Rs 15.5 bn year-ago quarter.

Consolidated EBITDA margin came in at 16.1% in Q3 against 15% a year back.

The EBITDA came in at Rs 3.3 bn in the October-December quarter against Rs 2.2 in the same period a year ago.

Indian formulations income was reported to be up 11% at Rs 7.8 bn. Exports income was up 1% at Rs 6.4 bn. Sales of Active Pharmaceutical Ingredients (API) were down 13% in the quarter.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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