Indian benchmark indices ended higher for the second consecutive day on February 9, a day ahead of the RBI MPC meeting outcome. At close, the Sensex was up 657.39 points or 1.14% at 58,465.97, and the Nifty was up 197 points or 1.14% at 17,463.80.
Vedanta | CMP: Rs 376.90 | The scrip added over 2 percent after the company on February 8 said it had scrapped the plan to rejig its corporate structure. It had arrived at a conclusion that its current structure was optimal, it informed the stock exchanges. The filing also noted that Vedanta would be distributing a minimum 30 percent of the attributable profit after tax (excluding profits of Hindustan Zinc) as dividends. Global research and broking firm JP Morgan has upgraded the stock to “overweight” from “neutral” and raised the target price to Rs 465 from Rs 375.
Bharti Airtel | CMP: Rs 719.90 | The share ended in the green on February 9. The telecom major had on the previous day reported a surprise 27 percent sequential decline in consolidated net profit at Rs 829.6 crore for the December quarter. It, however, reported a 5.4 percent on-quarter rise in consolidated revenues at Rs 29,866 crore. Revenue performance percolated to the operating level, as consolidated operating profit rose 6.3 percent on-quarter to Rs 14,905 crore. CLSA kept a “buy” rating on the stock with the target at Rs 915. Jefferies, too, has a “buy” call, with the target at Rs 910.
Bosch | CMP: Rs 16,249 | The stock price ended in the green after the auto ancillary company recorded profit at Rs 234.8 crore for the quarter ended December 2021, up 26 percent from Rs 185.6 crore profit reported in year-ago period despite weak operating performance. Revenue from operations increased by 2.6 percent year-on-year to Rs 3,109 crore in Q3FY22, while EBITDA dropped 0.2 percent to Rs 357.4 crore and margin contracted 30 bps YoY to 11.5 percent for the December 2021 quarter.
DB Realty | CMP: Rs 115.90 | The stock jumped 5 percent after the company informed the stock exchanges that it would issue 50 million convertible warrants to non-promoter investors such as Rakhesh Jhunjhunwala’s RARE Enterprises, Rekha Jhunjhunwala, KIFS Dealers, Aditya Chandak and Abhay Chandak. Each warrant is convertible into one share and the conversion can be exercised within 18 months from the date of allotment, in one or more tranches, DB Realty said.
Glenmark Pharma | CMP: Rs 501.45 | The share price was up over 3 percent after the company announced the launch of nitric oxide nasal spray (NONS) in India for COVID-19 patients. “Glenmark Pharma and Canadian pharmaceutical company SaNOtize Research & Development Corp today announced the launch of its nitric oxide nasal spray under the brand name FabiSpray in India; for the treatment of adult patients with COVID-19 who have a high risk of progression of the disease,” the company said in a press release.
