MarketBuzz
1228: Marketbuzz Podcast with Hormaz Fatakia: Nifty Bank aims for new records; Bandhan Bank, Wipro, in focus
Good morning and welcome to CNBC TV AT&T Market Bus Podcast with me, Hormaz Fattakia. It's been a novel weekend but the amount of news flow over the last two days almost makes it feel like a five-day weekend. So stay tuned, we'll tell you all about it. Well, the good news is that this one is a truncated week and hence the NFTI's weekly options expiry will take place on Wednesday as Thursday is a holiday. Now speaking of the NFTI with the RBI policy out of the way, it will now shift focus towards earnings and a slew of business updates that were reported post Friday's closing and over the weekend. In some more important market developments, the BSC will implement a limit price protection mechanism in its equity derivatives segment from the 16th of April. More details on that can be read on CNBCTV18.com. Now the index will aim to break out of that 250-300 point range with 20-300 in the downside being a key support and that 20-600 level on the upside which it scaled last week but failed to sustain above that. The NFTI bank though has been the out-performer and is just 140 points away from its previous record high of 48-6-36. We'll keep an eye out on that one in today's trading session in particular. Speaking of banks, the one banking stock that may not see a good reaction today is Bunthan Bank and that comes after its founder and CEO Chandrasekhar Ghosh resigned with effect from the 9th of July. The board has already accepted a three-year extension for Ghosh earlier and that application was pending approval at the Reserve Bank of India. Now as a result of this, Jeffries has cut its price target on Bunthan Bank by 40% post this announcement and has also downgraded the stock. However, Bunthan Bank today is in the FNO ban so you cannot create any new positions in the stock. Another high profile exit that has happened over the weekend was that of Vipro CEO Theory Delaport and that comes nearly a year ahead of his five-year term that was supposed to end in July of 2025. Incidentally, this also comes just seven months after Chairman Rajat Premji had publicly backed Delaport during the company's annual general meeting in July. From exits to fundraising now and Vodafone idea finally completed the promoter funding fusion exercise nearly eight months after it first came up. The board approved the issue of 139 crore equity shares to Oriana Investments which is one of the promoter group entities on a preferential basis for 2075 crore rupees. The India Bulls real estate has also approved a fundraising and that is worth 3911 crores and that is also through a preferential issue of shares. Some big names in there who have been issued the stock, Blackstone, embassy group, Uthpal Shait of rare enterprises, Punevala Finance and many others. The name of that company though will also be changed to Equinox India developments limited. The board has also approved assets acquisitions to the tune of 1,853 crore rupees and then there is JSW energy that swiftly raised 5,000 crore rupees through its QIP and some big names in there as well, GQG Partners, Abu Dhabi Investment Authority, Black Rock, Nomura. The shares were issued at 485 rupees a piece which is a discount of nearly 5% from the QIP floor price. All of this is now followed by a whole host of companies who came out with their business updates on Friday and over the weekend. Let's go through a few of them. Titans are revenue growth of 17% during the quarter with the jewelry business growing 18%. The eyewear business though declined 1% from last year. GCPL said or Godres consumer products they said that the operating conditions in India remain challenging but volume growth there was in high single digits. The Indonesia business also saw double digit volume and sales growth. It expects consolidated sales growth in the mid single digits for the quarter. Now Volta sold 2 million air conditioners in FY24 and that's the announcement they made over the weekend. AC sales volumes also grew by 72%. It's home appliances brand Volta's Beko also saw a 52% volume growth during the quarter. Naika, Bank of Baroda, Union Bank, PNB, Bank of India, Tata, Steel, Signature, Global, all of these companies reported their business updates for the quarter and may see some reaction today and you can read all of these details on CNBCTV18.com. Z Entertainment has initiated a process to rationalize 15% of its workforce across the company after MD and CEO Puneet Goenka proposed a lean organizational structure across the board. Z Entertainment is also in the F&O band today mind you. There is a long list of stocks as I mentioned early on and you can read all of that on CNBCTV18.com. Now Wall Street on Friday did see some rebound but still reported its worst week of 2024. Both the US and China will be reporting their inflation data later this week. Asian markets have opened mixed this morning and the gift nifty as we speak is indicating an 80 point gap up to start the trading day. Now that's all for today. It's a long list. Plenty of stocks will be in action and will keep you updated on all of these on CNBCTV18 and CNBCTV18.com. We wish you a happy trading day ahead. [Music] [BLANK_AUDIO]