Stock Market LIVE: Sensex Fell By 300 Pts, Nifty Above 23,200

The Sensex sank 329.92 points, or 0.43 percent, to 76,190.46, while the Nifty slid 113.15 points, or 0.49 percent, to 23,092.20. Market breadth was modest, with 1,018 stocks gaining, 2,764 dropping, and 115 staying unchanged.

Castrol India and Gland Pharma are not qualified to enter F&O, and the NSE alters the prior ruling. They did not meet the eligibility criteria as per NSE. 

'India's economy is projected to grow at ~6.8% in FY25, surpassing other major global economies. This is a testament to the country's resilience amidst global uncertainties. With the upcoming union budget, we expect the government to harness the potential of manufacturing, create copious employment opportunities, and expand economic activity that will give further impetus to the current growth momentum. By focusing on self-reliance and resilience in global value chains, India can accelerate its growth trajectory towards being a Global Hub for Manufacturing and Innovation, thereby propelling the nation towards becoming a $7 trillion economy by 2030. Continued emphasis on infrastructure development—including roads, railways, ports, and digital infrastructure—will be crucial to enhancing connectivity while also stimulating economic progress across the country. Additionally, we look forward to initiatives that will bolster the new energy landscape including green hydrogen, solar technologies, microgrids, and electric vehicles. We also expect the budget to introduce policies incentivizing energy-efficient practices among companies. This will not only transform India's energy landscape but also contribute significantly towards achieving the country's net-zero goals and climate targets,' Deepak Sharma, Zone President Greater India, MD & CEO, Schneider Electric India

Cyient, a global engineering and technology firm founded in 1991, witnessed a sharp decline in its share price today, dropping over 20% to touch Rs 1,398.85 on both BSE and NSE.

This decline followed the company's release of its Q3FY25 financial results, which failed to meet market expectations.
 

In Today's trading session, Nifty Media falls by 1.45%, leading loss are ZEEL, DishTV, SareGama, Tips Music and PVR Inox  

Max Estates Limited (Max Estates), a leading real estate developer in the NCR, along with its consortium partners, announces the acquisition of a strategically located 10.33 acre mixed-use land parcel in Sector 105 on Noida-Greater Noida Expressway, for INR 711 Crore.

Marico Limited, one of India’s leading FMCG companies, celebrates the significant strides made in empowering teachers and students nationwide through its flagship initiative - Nihar Shanti Pathshala Funwala (NSPF). Recognizing the challenges faced by teachers in underserved regions, the program focuses on upskilling and empowering them with targeted training and innovative teaching resources.

Gainers - PowerGrid, JSW Steel, Tata Steel, HUL and NTPC 
Losers - Dr Reddy, Apollo Hosp, Trent, TAMO and Cipla 

'With the Union Budget 2025 round the corner, it still goes largely unrecognized how it shall shape the future of the Indian tech industry. With an approach toward addressing these expectations, the government can not only create a solid foundation for the technology ecosystem but also make the country a global innovation hub. The road ahead is all set with promise, and the right kind of policy interventions could set the Indian tech sector back on course to lead the way in the world towards a better and connected future,' Mr Kewal Kishan, Founder of Automate Business 

'The insurance industry is expecting important reforms from Union Budget 2025 that will boost the sector’s growth and support the economy. One of the key expectations from the budget is to offer GST relief on health insurance/other employee insurances to MSMEs which employ many more people at the lower spectrum of income in the society. MSMEs usually rely on employee benefits like Group Health Insurance to attract and retain talent. The existing GST regulations create a further burden because MSMEs cannot claim input credit for the GST paid on employee health/life insurance premiums. Although a total waiver may not be feasible for all businesses, the government could consider providing some relief to MSMEs. This can only benefit the budget and country indirectly over a medium to longer term as in this lower income segment covered by MSMEs in absence of such coverages, the population has to rely completely on government subsidies and schemes for either hospitalization or for upliftment of their strata in case of death/disablement of a breadwinner,'  Mr. Sajja Praveen Chowdary, Director, Policybazaar for Business.

Company has entered into an agreement to disinvest its 33.33% stake in M/s. Mudra Finance Limited, an associate of the Company. Upon completion of the transaction, M/s. Mudra Finance Limited, an associate of the Company will cease to be associate of the Company.

Suzlon Group, and Torrent Power Ltd. have achieved a remarkable milestone  together,  now  powering  1  GW  of  wind  energy  for  India  with  a  new  486  MW  hybrid  order.  This  strategic  collaboration  is  pivotal  in  supporting  India’s  ambitious  target  of  achieving  50%  of  electricity  from  renewable sources and strengthening the Make in India initiative. 

The Board of Directors of the Company will be held on Thursday, 06 February 2025, to consider and approve inter alia, the following: Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended 31 December 2024

In the sectoral outlook, Nifty FMCG and IT  are gaining. In the losing streak, we have Pharma, PSU bank, realty, auto, bank and  metal 

Revenue from operations stood at ₹ 1,386 crores, registering a growth of 60% on Y-O-Y basis. Gross Margin stood at 29.8% for 9M FY25 as compared to 30.3% for 9M FY24. • EBIDTA for 9M FY25 stood at ₹ 200 crores as compared to ₹ 116.4 crores in 9M FY24, registering a growth of 72% on Y-O-Y basis. EBIDTA margin stood at 14.4% for 9M FY25 as compared to 13.4% for 9M FY24. • PAT for the 9M FY25 stood at record ₹ 65.6 crores as compared to ₹ 24 crores in 9M FY24, registering a growth of 172% on Y-O-Y basis.

South West Pinnacle Exploration Ltd. through its’ Joint Venture Company namely M/s Al Hadeetha Mining LLC (AHML), Oman, has been awarded an exploration cum mining block 22B, in IZKI Town, Oman for exploration and mining of Minerals- Copper, Gold, Silver & Chromite and Basalt. The block is spread across 1452 KM 2.

Zydus Wellness Products Limited  a wholly owned subsidiary Company, has received an Assessment Order from the Office of Excise and Taxation Officer Cum Designated Officer, SAS Nagar, Mohali, under Punjab Vat Act, 2005 and CST Act, 1956 alleging short payment of tax and imposed penalty of ₹ 9.35 million along with applicable interest, if any, for FY 2017-2018 on issue of non-submission of statutory forms C, F, CSD and classification of products.

Declaration of Interim Dividend of Rs.5/- per equity share (i.e. 50%) of face value of Rs.10/- each, for the financial year 2024-25. The record date for reckoning eligibility of shareholders for the purpose of payment of interim dividend will be Friday, January 31, 2025. The interim dividend shall be paid on or before February 20, 2025.

Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development company, today announced that it has signed an agreement for a large horizontal multiuse project in Mumbai Metropolitan Region (MMR), with a total estimated area of ~92 acre and a top-line potential of ~Rs. 1,500 crore. This project is located near Khopoli, Mumbai 3.0 and is the company’s first project in the MMR region. The project is signed under joint development model(70.5% Revenue share) enabling low capital intensity and higher returns.

Gainers - PowerGrid, BPCL, JSW Steel, NTPC and Tata Consumer 
Losers - Dr Reddy, Apollo Hosp, SBI Life, Tata Motors and Kotak Bank 

Gainers - PowerGrid, NTPC, Tata Steel, Axis Bank and TCS
Losers - Zomato, TAMO, Sun Pharma, Kotak Bank and M&M

Revenue as per IFRS grew by 26.2% YoY in constant currency to $267.4 million in Q3 FY25 from $214.2
million in Q3 FY24. Adjusted Operating Profit registered growth of 37.6% YoY and reached $46.0 million in Q3 FY25
compared to $33.4 million in Q3 FY24. Profit for Q3 FY25 was $27.1 million, compared to $24.2 million in Q3 FY24

Indian Stock market opened at Flat 

The Indian rupee strengthened by 14 paise, opening at 86.33 per dollar on Friday, compared to Wednesday’s closing rate of 86.47.

The Indian indices are likely to begin the day on a weak note.
 

GIFT Nifty (formerly SGX Nifty) on the NSE IX rose by 39.50 points, or 0.17%, to 23,297, indicating a positive opening for Dalal Street 

Coforge’s Board approved an interim dividend of ₹19 per equity share, with a face value of ₹10.

‘The Board has also declared third interim dividend of Rs. 19/- (Rupees Nineteen only) per Equity Share of the Company having face value of Rs. 10/- each fully paid-up, for the financial year 2024-25,’ as mentioned in the exchange filing.

Shares of midcap IT company Coforge surged 13% on Thursaday following the announcement of its Q3 FY2025 results and a dividend of Rs 19 per share.
 

Reliance Industries Limited (RIL) has announced the sale of its 100% equity stake in M Entertainments Private Limited through its step-down subsidiary,

The Indian Film Combine Private Limited (IFCPL). The deal, finalized on January 22, 2025, was valued at Rs. 12.35 lakh. With this, M Entertainments has ceased to be a subsidiary of Reliance Industries.

On January 23, the Indian equity indices ended on a strong note, with the Nifty closing at 23,200.

The biggest gainers on the Nifty include UltraTech Cement, Grasim Industries, Wipro, Shriram Finance, and M&M, while the top losers are BPCL, Kotak Mahindra Bank, HCL Technologies, Power Grid Corp, and Reliance Industries.

The Nifty Midcap index jumped 2%, while the Smallcap index increased 1%. Automobiles, consumer durables, information technology, media, pharmaceuticals, and real estate are all up 1-2 percent. The oil and gas and PSU bank indices, on the other hand, closed lower.