Godrej Agrovet, a leading agriculture and animal nutrition services provider, reported its standalone quarterly results for December 2023. While net sales increased by 4.56%, profits decreased by 27.73%, resulting in a decrease in EPS. The company's shares have given positive returns over the last 6 and 12 months, trading at Rs. 566.45 on NSE.

The share price of Gokaldas Exports rose by 4% after the company announced its agreement to acquire the apparel business of Matrix Clothing for an enterprise value of Rs 489 crore. This acquisition will increase the company's foothold in major international markets and is reflected in their quarterly financials, with a 6% increase in revenue and 25% decrease in profit after tax.

Paytm, the popular fintech company which runs Paytm and Paytm Payments Bank, saw its stock crash by 20% for the second day in a row following RBI's ban on offering banking services due to non-compliance. This has resulted in a long queue of sellers and various brokerages have downgraded the stock. Experts suggest that Paytm may face reputational concerns and a decrease in revenues.

Hero MotoCorp stock rose 3% to Rs 4,715.80 on February 2 as the company reported a 21.6% increase in January 2024 sales. Domestic sales were up 18%, while exports surged 74.6%. Despite touching a 52-week high of Rs 4,718.15, the stock ended lower after government reduced budget allocation for FAME schemes. Sharekhan and Prabhudas Lilladher have maintained positive ratings.

Paytm founder, Vijay Shekhar Sharma, thanked app users for their support amidst regulatory issues and assured stakeholders of compliance. Despite RBI's restriction on banking operations, Paytm is working to find solutions & comply with the directive. They are also discussing partnerships with other banks. The fintech community has shown support, but concerns over the impact on the ecosystem.

Top brokerages have varying recommendations for several companies. Goldman Sachs maintains a sell on Dr Lal PathLabs, JPMorgan downgrades Paytm to underweight with a lower target price, Jefferies holds on to Titan Company but reduces the target price, and remains bullish on Indian Hotels with a buy rating and higher target price.

Panacea Biotec's share price remained steady after receiving a notice from the USFDA classifying an inspection at its subsidiary as "Official Action Indicated". The company received 9 observations and will address them. Despite this, PBPL will continue to distribute products for the US market without any major impacts on current business. A meeting is scheduled for Feb 13.

Reported Consolidated quarterly numbers for Advik Capital are: Net Sales at Rs 209.63 crore in December 2023 up 457.76% from Rs. 37.58 crore in December 2022. Quarterly Net Profit at Rs. 0.46 crore in December 2023 down 87.55% from Rs. 3.68 crore in December 2022. EBITDA stands at Rs. 3.10 crore in December 2023 down 47.64% from Rs. 5.92 crore in December 2022.

Reported Consolidated quarterly numbers for Inditrade Capital are: Net Sales at Rs 40.37 crore in December 2023 down 1.48% from Rs. 40.98 crore in December 2022. Quarterly Net Profit at Rs. 0.83 crore in December 2023 down 21.21% from Rs. 1.06 crore in December 2022. EBITDA stands at Rs. 9.88 crore in December 2023 down 11.94% from Rs. 11.22 crore in December 2022.

Reported Consolidated quarterly numbers for Krishna Capital and Securities are:Net Sales at Rs 0.09 crore in December 2023 up 5.99% from Rs. 0.09 crore in December 2022.Quarterly Net Profit at Rs. 0.01 crore in December 2023 down 68.48% from Rs. 0.04 crore in December 2022.EBITDA stands at Rs. 0.04 crore in December 2023 down 20% from Rs. 0.05 crore in December 2022.

VST Tillers Tractors reported consolidated quarterly numbers for December 2023, showing a decrease in Net Sales by 20.46% and Net Profit by 13.18%. EBITDA also decreased by 14.61%, leading to a decrease in EPS from Rs. 22.49 to Rs. 19.53. VST Tillers shares closed at 3,178.80 on February 01, 2024, with a return of 3.97.

Market benchmarks Nifty and Sensex broke record highs on Feb 2 amidst bullish momentum and ended uncertainty over the Budget. The Sensex gained 1,298.04 points, or 1.81 percent at 72,943.34, while the Nifty rose by 382.70 points, or 1.76 percent at 22,080.20. Global cues, broad sector gains, and strong performances by major companies such as RIL and HDFC Bank.

In December 2023, Sterling Tools reported a 11.6% increase in net sales to Rs. 231.95 crore while its quarterly net profit decreased by 2.4% to Rs. 13.58 crore. EBITDA also saw a decrease of 2.09% to Rs. 28.11 crore. The EPS for the company decreased from Rs. 3.86 to Rs. 3.77. Over the last 6 months, Sterling.

This morning's top news includes the ongoing 20% drop in Paytm stock, reactions to the recent Indian budget from investment experts Shankar Sharma, Madhu Kela, Sandeep Tandon, and Prashant Jain, a 1% increase in Nifty and Sensex indices, the anticipation of IndiGo declaring record profits in their upcoming earnings report, Tata Motors' expected strong performance in Q3.

The share prices of HUDCO and NBCC India rose by up to 16% following Finance Minister Nirmala Sitharaman's promise in the Budget 2024 speech to develop 2 crore houses under the PM Awas Yojana (PMAY) Grameen in the next five years. The government has allocated Rs 80,671 crore for PMAY, a 49% increase from last year. HUDCO has seen a 360% rise in its stock price