After opening the day on a positive note, Indian share markets continued the momentum 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 483 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 113 points (up 0.5%).

Coal India, UPL, and ICICI Bank were among the top gainers today.

Hindalco, Grasim Industries, and BPCL on the other hand were among the top losers today.

The GIFT Nifty ended at 21,823 up by 131 points.

Broader markets are trading mixed. The BSE Mid Cap ended 0.6% higher and the BSE Small Cap index is trading 0.2% higher.

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

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

The rupee is trading at 83.02 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 62,270 per 10 grams.

Meanwhile, silver prices are trading 0.8% higher at Rs 71,551 per 1 kg.
 

Hindalco Q3 Profit Jumps 71%

In news from the aluminium sector, Aditya Birla Group flagship Hindalco Industries has reported a 71% year-on-year rise in consolidated net profit at Rs 23.3 bn in the December 2023 quarter.

The company's net profit was Rs 13.6 bn in the same quarter of the previous year. Consolidated revenue fell 0.6% on-year to Rs 528.1 bn.

The copper business registered a record EBITDA, up 20% YoY on the back of strong volume growth and robust operations. The Aluminium Upstream business EBITDA rose 54% YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve.

Meanwhile, the board has approved extending Pai's term in the company to another four years, ending on 31 December 2027.

The shares slid after its US-based subsidiary Novelis, revised guidance for the project cost of the Bay Minette project.

Revenue from the copper business stood at Rs 119.5 bn, up 16% YoY, driven by higher sales volumes and prices but revenue from aluminum upstream declined 0.9% to Rs 79.7 bn.

Lower input costs, however, helped more than double the EBITDA for the Aluminium Upstream segment. EBITDA stood at Rs 24.4 bn in Q3 FY24, compared to Rs 15.9 bn in the same quarter last year.

Indiabulls Housing Finance Right Issues Subscribed

Moving on, the Indiabulls Housing Finance rights issue was oversubscribed on 13 February, which is also the day when the issue closes for public bidding.

The issue opened for subscription on 7 February. On the first day, it was subscribed to 5%, followed by 22% on 8 February, 38% on 9 February, and 77% on 12 February.

Indiabulls Housing Finance is issuing these shares to existing shareholders at Rs 150 per equity share.

The company plans to raise Rs 36.9 bn from the investors.

An investor holding two shares of the company can bid for one share during the rights issue.

On application, investors will have to pay Rs 50 per rights equity share, which constitutes 33.3% of the issue price, and the balance of Rs 100 per rights equity share which constitutes 66.7% of the issue price, will have to be paid at a later date determined by the board of the company.

These partly paid-up shares (i.e. the rights issue shares which will be allotted to successful bidders) will also be listed on exchanges and will be available for trading.
 

Why Bharat Forge's share price is falling

Moving on to news from the defense sector, Bharat Forge shares extended losses from the previous season to trade 4% lower on 13 February after the management said it expected the growth to moderate in the coming quarter and in the financial year 2024-25.

The comments came after the Pune-based forging firm reported over a 220% year-on-year surge in consolidated net profit for the December quarter on to higher revenue.

Consolidated net profit stood at Rs 2.5 bn, while revenue jumped 15.7% to Rs 39.2 bn.

The defense business significantly boosted revenues, while the oil & gas and agri sectors experienced a decline compared to a year ago.

Its export markets are largely in Europe and the United States, both of which are seeing some amount of cyclical peaking.

At the same time, Europe is under pressure - right from cost increases due to both the geo-political events in their vicinity and a slew of fundamental changes in the overall European marketplace.

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