Coal India, Tata Motors, BPCL, Sun Pharmaceuticals, and Cipla were the top gainers in the Nifty 50. UPL, Bajaj Finance, Bharti Airtel, HDFC Life, and Bajaj Finserv were the major losers.

Shares of IOCL rose 8.8% to hit a fresh 52-week of Rs 177.20.

The shares of Jio Financials jumps over 15% to hit its news 52-week high of Rs 295.70.

JM Financials maintains a positive outlook on State Bank of India (SBI), projecting a return on assets of 0.94% and return on equity of 16% for FY26E. The valuation of the core banking business at 1.2x FY26E Price-to-Book Value leads to a Sum-of-the-Parts based target price of INR 800, prompting JM Financials to uphold a BUY recommendation.

Also Read : Brokerages positive on SBI despite decline in net profit: Find out why?

State Bank of India (SBI) reported a mixed quarter with one-off pension provisions impacting earnings. However, the impact of high wage provisions was partially offset by a decline in loan loss provisions.

The estimated return on assets and return on equity for FY25 are 1.1% and 19.6%, respectively. Motilal Oswal maintains a ‘BUY’ rating with an unchanged target price of Rs 800.

Operating expenses remained high, affecting Pre-Provision Operating Profit (PPoP) growth. The management anticipates lower wage provisions at INR 54 billion in 4Q, leading to an expected improvement in operating profitability in FY25.

Margins contracted 7 basis points (bp) Quarter-over-Quarter (QoQ) to 3.22% in 3Q, but the bank anticipates margins to remain broadly stable, with a potential 1-2 bp decline. SBI has strategic levers such as CD ratio and MCLR repricing to ensure margin stability.

Business growth remains robust, with signs of recovery in the corporate segment. Asset quality is healthy as the gross non-performing asset ratio continues to improve, and the restructured book is well-managed at 0.5% of advances. Additionally, the special mention accounts pool stands at 12 bp of loans.

The NSE Nifty 50 was up by 62 points or 0.28% at 21,908.60. While the BSE Sensex was up 75.56 points or 0.10% at 72,163.43.

Tata Motors, Sun Pharmaceuticals, Eicher Motors, Cipla, and M&M were the top gainers in the Nifty 50. While UPL, ICICI Bank, SBI, Kotak Bank, and Reliance were the major laggards in the Nifty 50 today.

Jefferies notes that a near-term overhang may be expected due to potential capital raising. Despite this, Jefferies maintains a Buy call with a target of `810 per share.

The report acknowledges that Net Interest Margins (NIMs) were managed well, aiding Net Interest Income (NII) growth. Loan growth showed improvement, reaching 14%, particularly driven by an uptick in corporate loans.

Jefferies  indicates that unsecured retail is normalizing down, impacting certain segments. Asset quality, on the other hand, is performing better than estimates, showcasing resilience in the bank’s portfolio.

The report notes that the Common Equity Tier 1 (CET-1) at 10.4% offers a limited buffer. However, the potential for high Return on Equity (RoE) and Mark-to-Market (MTM) gains may provide additional support.

Shares of UCO Bank rose 20% to hi upper circuit of Rs 60.65.

Shares of InterGlobe Aviation rose 5.6% to hit record high of Rs 3,301.40 on the BSE after the company declared its Q3 earnings.

Shares of UPL fell 8.2% to hit a new 52-week low of Rs 490. The stock was the key loser in the Nifty 50.

Tata Motors, Coal India, BPCL, ONGC, and Power Grid Corp were the top gainers in the Nifty 50. While UPL, Bharti Airtel, Kotak Mahindra, HDFC Life Insurance, and HDFC Bank were the key laggards.

L&T Energy Hydrocarbon, L&T’s hydrocarbon vertical, secured an onshore project from IndianOil Adani Ventures Limited, according to a press release. However, the company didn’t disclose the amount.

“The scope of work includes engineering, procurement, construction, and commissioning of Offsite Tankages, Bullets, and other associated facilities on lump sum turnkey basis,” said the exchange filing.

Share of State bank of India gains more than 1% from day’s low to trade in positive territory on the intra-day trade on Monday. The shares are trading at Rs 652.30 up by 0.41% on NSE.

The shares of TCI jumped 3.74% in intra-day trade on Monday as the company posted its Q3FY23 numbers. The company reported total revenue for the quarter, recording a growth of 2.2% over the corresponding quarter last year, while the profit recorded a growth of 0.3% during this period.

“Friday’s rejection trades in the face of record peaks should ideally lead to a full reversal aiming at the 21200s again, or a deeper dive to 20800. However, we would like to draw some inspiration from the successful push above the peaks of 23rd and 30th of January, both of which had seen heavy selling. This allows us to pin our hopes on the support clusters around 21720 or 21600 to allow bulls to regroup and avoid a full reversal that Friday has indicated. This would also encourage us to retain our upside objective of 22450-550 for now,” said Anand James chief market strategist at Geojit Financial Services.

Tata Motors, Sun Pharma, Eicher Motors, Cila, and M&M were the top gainers in the Nifty 50. While UPL, ICICI Bank, SBI, Kotak Bank, and Reliance were the key losers in the Nifty 50.

Senco Gold received an Order from The Principal Commissioner, CGST & CX, Kolkata North Commissionerate bearing a demand of excise duty amounting to Rs 1.59crore and interest at the applicable rate and a penalty of Rs 8.95 crore. According to a press release, the said demand pertains to inappropriate availing of CENVAT credit during the Financial Year 2016-17.

The shares of State Bank of India fell 1.01% to Rs 643.10 in intra-day trade on Monday as the bank recorded a 35% decline in net profit year-on-year. State Bank of India (SBI), the country’s largest bank, has recorded a 35.5% year-on-year decline in standalone net profit, amounting to Rs 9,163 crore for the quarter ending December 31, 2023. The figure accounts for a one-time exceptional item of Rs 7,100 crore, down from Rs 14,205 crore in the same quarter last year.

The NSE Nifty 50 opens higher by 0.31% to settle at 21,921.05, while the BSE Sensex gains 0.25% to 72,269.12 in the opening trade.

Eugia US Manufacturing LLC, a wholly owned step-down subsidiary of Aurobindo Pharma, will dispose of its business assets under an asset purchase agreement as a going concern with related assets, liabilities, and employees since capacities and operations are ramped up in other company units. It shall, upon closing, enter into contract manufacturing arrangements with the buyer, according to a press release.

The NSE has added Hindustan Copper, India Cements, Indus Tower, SAIL, and Zee Entertainment Enterprise February 5, 2024.

According to a press release, VA TECH WABAG secured an order worth $33.5 million for an industrial wastewater treatment plant at Ras Tanura Refinery Project, Kingdom of Saudi Arabia.

Foreign institutional investors (FII) mopped shares worth net Rs 70.7 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,463.2 crore on February 2, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region traded in mixed territory on Monday. The Asia Dow is trading up by 0.14%, where as the Japan’s Nikkei 225 is trading in green, up by 0.55%, Hong Kong’s Hang Seng index is trading down by almost 1% and the benchmark Chinese index Shanghai Composite is dropped by 2..99% on Monday.

WTI crude prices are trading at $72.69 up by 0.57%, while Brent crude prices are trading at $77.81 up by 0.62%, on Monday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.14% at 104.11.

The U.S. stock market extended the week’s gains amid a rally in big tech and as a solid jobs report bolstered the outlook for corporate America, reported Bloomberg. The tech-heavy Nasdaq Composite gained 277.29 points or 1.81% at 15,638.93. The S&P 500 surged by 58.36 points or 1.19% at 4,964.55, while the Dow Jones Industrial Average ended higher by 186.47 points or 0.48% at 38,706.31.