Business News at 05:30 pm on 23th January, 2024

Let’s begin…Shares of railway-related companies, including IRFC (Indian Railway Finance Corporation) and Rail Vikas Nigam Limited (RVNL), maintained their upward trajectory on Saturday, extending their record-breaking run. The stocks, witnessing remarkable gains ranging from 50% to 70%, have marked an exceptional performance in the month of January alone. On Saturday, IRFC’s shares recorded another 9% increase, propelling its market capitalization to Rs 2.28 lakh crore. This places IRFC ahead of Power Grid and 21 other Nifty companies. Notably, the stock has demonstrated resilience by gaining in nine out of the last 10 trading sessions, escalating from Rs 99 to its current price of Rs 175. Meanwhile, RVNL shares continued their upward trend for the 10th consecutive day.

Additionally…2024 is set to emerge as a powerhouse of growth, reflecting the aspirations and preferences of prospective buyers in the bustling landscape of Delhi-NCR’s real estate market. According to a recent survey report by R&R, a whopping 57% of buyers plan to make real estate investments in the next 3-5 months, indicating a surge in demand, and a significant 44% of buyers in Delhi-NCR are keen on investing in under-construction properties, underlining the optimism in the sector. Residential properties are the primary focus for almost half of the prospective buyers who are seeking high-end living spaces that elevate their lifestyle and offer unparalleled comfort. The trend indicates a shift towards owning a property and embracing a holistic living experience.

Next up….Infibeam Avenues Ltd on Tuesday reported its third quarter profit at Rs 41.44 crore, up 15.7 per cent in comparison to Rs 35.81 crore during corresponding quarter of previous year. It posted revenue from operations at Rs 911.96 crore, up 119.9 per cent as against Rs 414.70 crore during the third quarter of FY23. The company EBITDA was up 42 per cent on-year at Rs 67.5 crore. The company’s performance in PAT further underscores the company’s strong operational capabilities, it said. This notable third-quarter growth, it added, is attributed to the festive season and the increasing adoption of CCAvenue payment solution by the merchants. In Q3 FY23-24, company’s India payment net take rates remained stable at 8.5 basis points.

In other news…Larsen & Toubro on Tuesday said that its Heavy Engineering business vertical has won multiple orders in domestic and international markets. L&T Heavy Engineering (HE)’s Modification, Revamp and Upgrade (MRU) business segment has bagged a major order from a key oil and gas customer in KSA for their important debottlenecking project. For last couple of years, MRU business has concentrated on Middle East opportunities and this order is an important milestone for MRU business in the Middle East, company said in a regulatory filing. Moreover, business has also bagged the DCU Revamp Project from one of the leading refineries in the domestic market. MRU team has also won the Coke Drum critical repair project from IOCL Gujarat Refinery.

In some exiting news…Bengaluru and Delhi Airports have jointly bagged the ‘Best Airport of the Year’ at the Wings India Awards 2024 in the Civil Aviation Sector. Union Civil Aviation Minister Jyotiraditya M Scindia few days back congratulated Delhi and Bengaluru Airport on being recognised as top-performing airports for the year 2022. Both the airports featured in the list of top ten global airports in terms of on-time performance (OTP). The Indira Gandhi International Airport (IGI), Delhi offers range of services and amenities. IGI Airport is well-connected with public transportation, including taxis, buses, and the Delhi Metro. There are lounges available for both domestic and international travelers, providing comfort and facilities such as Wi-Fi, refreshments, and business services.

Moreover…In a recent report, CLSA has maintains ‘Buy’ rating on HDFC Bank, with a target price of Rs 1,536.90 per share. The analysis delves into the nuanced discussion surrounding the equilibrium between deposit growth and Net Interest Margin (NIM). CLSA’s assessment, grounded in interactions with over 20 clients post HDFC Bank’s Tuesday results, reveals a mixed sentiment among domestic and foreign investors. While some domestic clients expressed dissatisfaction with the results, foreign investors, in contrast, indicated a belief that the “EPS cuts” cycle may be nearing its end. The report focuses on a critical concern surrounding deposits and Net Interest Margin (NIM) in the context of HDFC Bank. Regarding deposits, certain clients attribute the challenge to macroeconomic factors..

Lastly…Let’s take a look at how the stocks performed today. The benchmark equity indices closed in the negative territory. The NSE Nifty 50 closed 331 points or 1.53% lower to settle at 21,240.80, while the BSE Sensex lost 1,019.27 points or 1.43% to settle at 70,404.80. The broader indices closed in the red, with loss led by midcap and smallcap stocks. Bank Nifty index closed lower and shed 1,467.70 points or 3.05% to settle at 46,595.10. Zee Entertainment plunged up to 30% and was set for its worst day ever after the cash-strapped broadcaster’s failed $10 billion merger with Sony’s local unit. Cipla and ICICI Bank advanced 7% and 2%, respectively, after beating third-quarter profit estimates.