Sebi has fined 5 entities on the guest panel of Zee Business news channel and 10 others for fraudulent and unfair acts in the securities market. These entities have also been restrained from trading and must close out any current positions within 3 months. Sebi found that these entities made unlawful trades based on recommendations given by guest experts on the news channel.

Emami, a consumer products company, reported a 11.8% increase in net profit and a 1.38% rise in total revenue for the December quarter of FY24. Their EBIDTA grew by 7% and margins increased by 170 basis points. While their domestic business saw stagnant growth, their international business experienced an 11% growth. The company launched new products and expects future growth.

State-owned banks, Bank of Baroda and Canara Bank, are planning to issue bonds worth Rs 4,500 crore. Canara Bank will raise up to Rs 2,000 crore through Additional Tier-I bonds, while Bank of Baroda plans to raise Rs 2,500 crore via Tier-II bonds. The bidding for the bonds will take place in February, with a minimum application size of Rs 1 crore.

Muddy Waters, a forensic investment firm, reported accounting manipulations by Quess Corp's promoter, Fairfax Financial Holdings. They allege that Fairfax used Quess as an "accounting lever" to create inflated profits and book value. Muddy Waters estimates that Fairfax could have actually faced a loss of around $205 million in Q1 2018.

The Union Cabinet approves auctions in 8 spectrum bands for mobile phone services with a base price of Rs 96,317.65 crore. Spectrum held by companies under insolvency will also be auctioned. Existing providers can use spectrum by paying interim prices. The cabinet also approves additional allocation for transport systems and sets up a committee to re-farm certain spectrum bands.

Entero Healthcare Solutions, a healthcare products distributor, raised Rs 716.4 crore through its anchor book ahead of its IPO opening on February 9. The public issue will be open until February 13 and features marquee investors such as Smallcap World Fund Inc and Government of Singapore. The company plans to raise Rs 1,600 crore through its mixed IPO.

Reported Consolidated quarterly numbers for 3M India are: Net Sales at Rs 1,005.64 crore in December 2023 up 1.27% from Rs. 993.03 crore in December 2022. Quarterly Net Profit at Rs. 135.24 crore in December 2023 up 8.36% from Rs. 124.81 crore in December 2022. EBITDA stands at Rs. 195.12 crore in December 2023 up 6.86% from Rs. 182.59 crore in December 2022.

Indian billionaire Gautam Adani's conglomerate has signed contracts to buy 1.6 million tons of copper concentrate annually for its new smelter in Mundra, Gujarat. The facility, set to start operations next month, will cater to a doubling of Indian copper demand by 2029. The company is seeking resource security and resuming capital expenditure following a short-seller attack.

Foxconn is planning to construct a plant in Karnataka, India for setting up an iPhone factory with an investment of Rs 1,200 cr. The project will be executed by its subsidiary Foxconn Hon Hai Technology India Mega Development. This bid is separate from their semiconductor JV with HCL. The company has previously proposed to invest Rs 22,000 cr and Rs 13,000 cr for manufacturing mobile phones.

Arcelor Mittal Nippon Steel Limited and Indian Oil Corporation have decided to appoint arbitrators to resolve their dispute regarding their agreement with Essar Steel. This decision came after the Supreme Court reserved judgment on whether the issue was arbitrable. The dispute involves IOCL's claim of over Rs 3,500 crore for the termination of the gas supply agreement with ESIL in 2009.

ABM International reported a decrease in net sales and an increase in net loss for the quarter ending December 2023 compared to the same quarter in 2022. EBITDA was also negative, but showed a slight improvement. Over the last 6 months, ABM International's shares have seen a 44.06% return and a 22.45% return over the last 12 months.

Stocks of oil marketing companies (OMCs) plummeted up to 8% after a spike in crude oil prices in the global market. Indian Oil Corporation (IOC) saw the biggest drop with a 8% fall, followed by Hindustan Petroleum Corporation (HPCL) with a 7% decline. Bharat Petroleum Corporation (BPCL) also saw a 4.5% dip. Rising crude oil prices negatively impact OMCs' margins.

Prime Urban Development India reported its consolidated quarterly financial results for December 2023, showing a significant increase in net sales at Rs. 5.41 crore, up 101.89% from the same period in the previous year. However, the company also experienced a net loss of Rs. 0.57 crore, down 318.3%. EBITDA was negative at Rs. 0.33 crore, a decrease of 1750% compared to the previous year.

The RBI kept the policy repo rate at 6.5% despite inflation being under control. The transmission of previous rate hikes is still ongoing, with an increase of 107-228 basis points on new loans and 107-184 basis points on existing loans. Further transmission will be encouraged while external risks are monitored. Liquidity conditions are expected to improve in the coming weeks.

Jefferies' Chris Wood has made changes to his India long-only portfolio, buying Bharti Airtel and increasing investments in Axis Bank and SBI while decreasing stakes in Reliance and HDFC Bank. He is also adjusting his global long-only portfolio, with a new 3% investment in Bharti Airtel and increased investments in Axis Bank and TSMC. Wood was pleasantly surprised by the recent budget.