Sensex Today Trades Higher; Nifty Above 22,000

Asian stocks got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%, after bouncing 2% last week, while Hang Seng was trading 0.4% higher.

US stocks closed lower on Friday after another hotter-than-expected inflation reading undermined the case for interest rate cuts.

Here's a table showing how US stocks performed on Friday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 141.76 -2.18 -1.51% 144.48 141.52 155.2 88.86
Apple 182.31 -1.55 -0.84% 184.85 181.67 199.62 143.9
Meta 473.32 -10.71 -2.21% 478.96 469.21 488.62 167.66
Tesla 199.95 -0.5 -0.25% 203.17 197.4 299.29 152.37
Netflix 583.95 -9.51 -1.60% 597 577.46 597 285.33
Amazon 169.51 -0.29 -0.17% 170.42 167.17 175.39 88.12
Microsoft 404.06 -2.5 -0.61% 408.29 403.44 420.82 245.61
Dow Jones 38627.99 -145.13 -0.37% 38825.03 38583.24 38927.08 31429.82
Nasdaq 17685.98 -159.74 -0.90% 17864.16 17663.4 18041.45 11695.41

Data Source: Equitymaster

At present, the BSE Sensex is trading 51 points higher and NSE Nifty is trading 34 points higher.

Bajaj Auto, Bharti Airtel, and Adani Enterprises are among the top gainers today.

Wipro, TCS, and LTIMindtree on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid is trading 0.5% higher and the BSE Small Cap index is trading 0.9% higher.

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

The rupee is trading at Rs 82.99 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 62,030 per 10 grams today.

Meanwhile, silver prices are trading 0.9% lower at Rs 71,485 per 1 kg.
 

L&T Receives Undue Benefits

Larsen & Toubro Limited, the concessionaire for the Hyderabad Metro Rail, unduly benefited to the tune of Rs 2.3 billion (bn) as per the Comptroller and Auditor General of India on Public Sector Undertakings report that was tabled in the Legislative Assembly on Thursday.

The state government needs to enforce the concession agreement conditions and contractual provisions to realize its dues from the concessionaire.

The concessionaire was allowed to fix higher fares than those envisaged under the concession agreement. The audit observed that by fixing higher fares, the concessionaire had collected excess fares of Rs 2.1 bn from November 2017 to March 2020.

The delays in the finalization of metro corridors and the acquisition of land for the Miyapur depot set back the operationalization of the project and also resulted in cost escalation.

Six stations between MGBS station and Falaknuma station on Corridor-II involving 5.12 km remain incomplete.

Consequently, the project cost was bound to escalate. The stations, parking, and circulation areas were not developed as envisaged. As a result, the Concessionaire was unduly benefited by Rs 2.3 bn.

As per the observations of the compliance audit of the Hyderabad Metro Rail, the project could achieve only 22% of the expected ridership.

The effect of insufficient parking spaces on the ability of the project to operate at full potential in the future cannot be ruled out.

The company could not enforce CA provisions relating to urban rejuvenation works and prohibition of sub-leasing of project assets before the COD of the project.

It stands among the five large-caps that have delivered the highest returns to investors in 2023.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. 
 

Bajaj Auto Set's Record Date for Buyback

Bajaj Auto on Friday (16 February) fixed 29 February as the record date to determine eligible shareholders to participate in share buyback.

Back on 9 January 2024, the company's board approved the proposal for buyback of up to 4 million shares of face value of Rs 10 each for Rs 10,000 per share for a total consideration not exceeding Rs 40 bn.

The issuing company fixes a particular date when the investor must own shares to be eligible to participate in corporate events like receiving dividends, bonus shares, etc. This is called a record date.

Bajaj Auto shares today ended with gains of 2.7% on the NSE at Rs 8,344. It was among the top five gainers in the Nifty pack and jumped over 4% to hit a 52-week high of Rs 8,455.5.

Revenue from operations in the said quarter increased by 30% YoY to Rs 121.1 bn.

The two-wheeler major had reported a 37% year-on-year (YoY) growth in its standalone net profit at Rs 20.4 bn for the third quarter that ended December 2023.

The robust revenue growth was led by acceleration in the domestic business on the back of sharp execution and impactful activation during the festive season.


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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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