BHEL wins order worth Rs 5500 crore from Haryana Power Corp: Daily Market Update - 9 Feb 2024 | Globe Capital Market LTD.
BHEL wins order worth Rs 5500 crore from Haryana Power Corp: Daily Market Update – 9 Feb 2024

Bharat Heavy Electricals Ltd has received an order from the Haryana Power Generation Corp for setting up an 800 megawatt ultra super critical expansion unit. The Rs 5,500 crore project will be developed at Deen Bandhu Chhotu Ram Thermal Power Plant, Yamuna Nagar in Haryana, its exchange filing said on Thursday. The company will supply equipment, which includes boiler, turbine, generator and other associated auxiliaries along with electrical and C&I (commercial and industrial), balance of plant packages, according to the filing.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on a flat note.
  • Barring, FTSE other European equity markets settled on a positive note.
  • Asian markets are trading on a mix note.
  • GIFT Nifty is down by 50 points, Nifty futures are likely to open around 21780 levels (as on 8:30AM).


News highlights from across the globe

  • Markets in Asia were trading mixed in early trade on Friday, as fresh gains on Wall Street boosted stocks, while stronger-than-expected U.S. Jobs data compelled traders to push back expectation of fast rate cuts by Federal Reserve.
  • Markets in mainland China, South Korea, Taiwan are closed for observance of new year. Bourses in Hong Kong and Singapore are closed for half a day on Friday.
  • Brent crude was trading 3.06% higher at $81.63 a barrel.


Important news updates from the domestic front

  • Power Finance Corp Q3 FY24 (Consolidated, YoY) – Total income up 20% at Rs 23,593.4 crore vs Rs 19,662.7 crore. Net profit up 20.1% at Rs 6,294.4 crore vs Rs 5,241.1 crore. Declared interim dividend of Rs 3.5 per share.
  • Rail Vikas Nigam Q3 FY24 (Consolidated, YoY) – Revenue down 6.4% at Rs 4,689.3 crore vs Rs 5,012.1 crore. EBITDA down 9.6% at Rs 249.1 crore vs Rs 275.67crore. Margin down 18 bps at 5.3% vs 5.5%. Net profit down 6.2% at Rs 358.6 crore vs Rs 382.4 crore.
  • LIC Q3 FY24 (Standalone, YOY) – Net premium income up 4.7% at Rs 1,17,016.9 crore vs Rs 1,11,787.6 crore. Net profit up 49.1% at Rs 9,444.4 crore vs Rs 6,334.2 crore. VNB up 14% at Rs 4,636 crore vs Rs 4,081 crore. VNB margin at 17.66% vs 14.96%.
  • One 97 Communications board member Manju Agarwal has resigned from the company, people with knowledge of the matter told NDTV Profit. Agarwal, who served on the board as an independent director, resigned with effect from Feb. 1 this year.
  • Zee Entertainment Enterprise regulator, in an interim order, has asked several guest experts on Zee Business to repay Rs 7.41 crore in alleged unlawful gains made by taking positions opposite to their on-air advice.
  • Bharat Heavy Electricals received an order worth Rs 5,500 crore from Haryana Power Generation Corp. for up to a 1×800 MW ultra-supercritical expansion unit in Haryana.
  • Balmer Lawrie will establish a 200 kilo liters per day first-generation grain-based ethanol plant in Andhra Pradesh.
  • Trident granted a patent for a soft-profiled terry fabric with an improved loop configuration.
  • IRCTC signed a Memorandum of Understanding with the Uttarakhand government to operate tourist trains in the state.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on higher side but failed to hold at the higher levels and kept on sliding throughout the session, settled lower at 21718 levels, down over 200 points from its previous closing values.

The broader markets performed better than the benchmark as Mid & Small cap index settled on a flat note against 1% decline of the frontline index.

Majority of sectoral indices, tracked at NSE settled in red. Amongst them, Nifty FMCG and Pvt Bank were the worst performers tumbled over 2% each followed by Nifty Auto, Bank and Financial services indices that settled down in range 1% to 1.85%. On the other hand, Nifty Media and PSU Bank index witnessed some buying interest, settled higher by 2% each.

Technically, Nifty Index is well placed on multiple chart frames. However, possibility of some profit taking can not be ruled out at this juncture. Going ahead, we reiterate our bullish view with cautious stance on Nifty index till it is trading above 21650 levels on closing basis and expect it to test 21800 and higher levels in near term.


Derivatives Overview & Outlook

Yesterday, short buildup was seen in Nifty and Banknifty futures with increase in open interest by 0.1%  and 4.5% respectively, whereas long unwinding was seen in Finnifty futures with decrease in open interest by 5.2%.

On the sectoral front, long buildup was observed in Power and Telecom stocks, whereas short covering was seen in Media stocks. Short buildup was seen in Chemical and Finance stocks, where as long unwinding was seen in Realty stocks.

On options front, Nifty will start the new weekly contract with maximum positions are at 21000 PE and 22000 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 4934 Cr in the cash segment, sold stocks futures and index future worth Rs 6202 Cr and Rs 1205 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 5512 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21980-22150; Supports 21700-21600

Banknifty – Resistances 46100-46450; Supports 44900-44410

Finnifty – Resistances 20500-20700; Supports 20000-19870






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