Moody's revises ratings outlook on 4 Adani Group firm: Daily Market Update -14 Feb 2024 | Globe Capital Market LTD.
Moody’s revises ratings outlook on 4 Adani Group firm: Daily Market Update -14 Feb 2024

Moody’s Investor Group on February 13 said it has changed the outlook on debt papers of four Adani Group companies to stable from negative, and maintained the stable outlook on the other four companies. It affirmed the ratings of all eight companies. Those for which rating outlook have been kept the same are Adani Green Energy Restricted Group (AGEL RG-2), Adani Energy Solutions Limited Restricted Group 1 (AESL RG1), Adani Ports and Special Economic Zone Limited (APSEZ) and Adani International Container Terminal Private Ltd (AICTPL).

Overview and Outlook

Global Stock Market Today

  • Barring Dow, other US equity markets settled lower in range 1.5% to 2%.
  • European equity markets ended lower by nearly 1%.
  • Majority of Asian equity markets are trading in red.
  • GIFT Nifty is down by 200 points, Nifty futures are likely to open around 21650 levels (as on 8:30AM).


News highlights from across the globe

  • Share indices in Asia-Pacific region were trading sharply lower, tracking similar move on Wall Street, as higher-than-expected U.S. CPI data pushed back traders’ expectation of rate cuts by the Federal Reserve anytime soon.
  • Brent crude was trading 0.94% higher at $82.77 a barrel.


Important news updates from the domestic front

  • IRCTC Q3 FY24 (Consolidated, YoY)- Revenue up 21.81% at Rs 1,118.3 crore vs Rs 918.06 crore . Ebitda up 20.92% at Rs 393.97 crore vs Rs 325.8 crore . Margin narrows 25 bps to 35.22% vs 35.48%. Net profit up 17.4% at Rs 299.99 crore vs Rs 255.52 crore.
  • NBCC (India) Q3 FY24 (Consolidated, YoY)- Revenue up 12.96% at Rs 2,412.6 crore vs Rs 2,135.8 crore. Ebitda up 23.22% at Rs 117.32 crore vs Rs 95.21 crore. Margin expands 40 bps to 4.86% vs 4.45%. Net profit up 58.9% at Rs 113.6 crore vs Rs 71.49 crore.
  • Deepak Nitrite Q3 FY24 (Consolidated, YoY)- Revenue up 0.91% at Rs 2,009.23 crore vs Rs 1,991.06 crore. Ebitda down 3.16% at Rs 304.65 crore vs Rs 314.59 crore . Margin narrows 63 bps to 15.16% vs 15.8%. Net profit down 3.34% at Rs 202.05 crore vs Rs 209.05 crore.
  • Adani Group Companies: Global rating agency, Moody’s, has revised the outlook for four Adani group companies to ‘stable’ from ‘negative’ while affirming the ratings of eight companies on Tuesday.
  • Wipro acquired a 60% stake in Aggne Global for $66 million to strengthen consulting capabilities.
  • Bharat Electronics received an order worth of Rs 2,167 crore from the Indian Navy for the indigenously designed and developed EW suite.
  • Lupin launched Bromfenac Ophthalmic Solution in U.S. which is a generic of BromSite Ophthalmic Solution.
  • Infosys  announced a collaboration with Pacific International Lines for digital transformation in the logistics industry.
  • Sonata Software announced the integration of Amazon Bedrock, bringing artificial intelligence adoption to the forefront of businesses. Amazon Bedrock is a fully managed service from Amazon Web Services.


Nifty Overview & Outlook

The benchmark Nifty index witnessed smart recovery from the days low and settled at day’s highs at 21743 levels after adding 127 points to its previous closing values after a highly volatile trading session.

Broader markets slightly underperformed the benchmark as Small cap ended on a positive note while Mid cap index traded in line with benchmark settled higher, up nearly 0.5%.

All the sectoral indices, barring Nifty Metal index, tracked at NSE settled higher. Amongst them, Banking & Financial pack were at the top of the tally, up over 1% each.

Going ahead, we expect Nifty index to trade with sideways to negative bias till it is trading below 21800 levels on closing basis and suggest traders to maintain sell on rise trading strategy till it is trading below the said levels.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Banknifty futures with increase in open interest by 1.4% and 2% respectively. Short covering was seen in Finnifty futures with decrease in open interest by 11%.

On the sectoral front, long buildup was observed in Technology and Automobile shares whereas short buildup was seen in Metals stocks. Short covering was seen in Textile, Power, Reality and Chemicals stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 21000 PE closely followed by 21500 PE and 22000 CE


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 376 Cr in the cash segment, bought stocks futures and index future worth Rs 2508 Cr and Rs 346 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 274 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21890-22040; Supports 21600-21490

Banknifty – Resistances 45950-46250; Supports 45400-45000

Finnifty – Resistances 20300-20430; Supports 20070-19900




Important Results Today



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