Rail Vikas Nigam bags Rs 38.4 crore worth order from Southern Railway

Opening Bell:

SGX Nifty is down by 44.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Asia-Pacific shares traded mixed on Wednesday, taking the lead from Wall Street’s struggle for direction as China and Hong Kong markets remain closed for the Lunar New Year holidays. The Japanese Nikkei is up by 0.08 percent. Hong Kong’s Hang Seng is closed for holiday and South Korea’s Kospi is up by 1.37 percent in early morning deals.

The S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell. The S&P 500 lost 0.07 percent and Nasdaq Composite dropped by 0.27 percent respectively.

Stocks News:

?Bharti Airtel has confirmed that it has raised minimum tariff plans in 7 circles. Airtel has raised minimum tariff plan to Rs 155 from Rs 99-111 earlier. The company’s spokesperson said that they have discontinued metered tariff & introduced an entry-level plan of Rs 155 in 7 circles.

?Triveni Engineering board members have approved further capex of Rs 90 crore for sugar business group and Rs 100 crore capex for power transmission operations. In addition, the company has reported a 13% year-on-year growth in consolidated profit at Rs 147.3 crore for quarter ended December FY23, led by lower tax cost and higher other income.

?Rail Vikas Nigam bags Rs 38.4 crore worth order from Southern Railway. The company has received letter of award for provision of automatic block signalling with dual MSDAC, EI/OC interface and block optimization in Arakkonam Junction-Nagari section of Chennai division in Southern Railway. The cost of the project is Rs 38.4 crore.

?Pidilite Industries has reported a 14.3% year-on-year decline in consolidated profit at Rs 307.7 crore for quarter ended December FY23, impacted by lower operating margin. Revenue grew by 5.2% to Rs 2,998 crore compared to year-ago period with C&B business growing at 7%, as in Q3FY22, it had registered very high growth as a result of trade increasing inventory stocking

?Foreign institutional investors (FII) have net sold shares worth Rs 760.51 crore, whereas domestic institutional investors (DII) have net bought shares worth Rs 1,144.75 crore on January 24, as per provisional data available on the NSE.

Domestic and International Events

• India’s gross domestic product (GDP) growth is seen declining to 5.6 percent in 2023-24, although it will still be one of the best performing large economies in the G-20, said Christian de Guzman – senior vice-president at Moody’s Investors Service and primary analyst for India.
• Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger-than-expected build in US oil inventories.
• The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, while the euro zone business activity made a surprise return to modest growth, as two of the world’s major economies hope to avert recession this year, surveys showed on Tuesday.
• The Bank of England will lift the Bank Rate by 50 basis points on February 2 to 4 percent and then add another 25 basis points in March before pausing, according to a Reuters poll of economists who said the greater risk was that it would do even more.

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