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IREDA Ltd, IRFC, Maruti Suzuki India Ltd, HUDCO, HDFC Bank Ltd and NBCC Ltd led the turnover chart, data on most-active stocks suggest.
Brokerage firm Goldman Sachs maintained a neutral rating on TVS Motor, Jefferies maintained a hold on IOC, Morgan Stanley recommended an Equal Weight rating on IOC, Jefferies has a buy rating on DLF and ICICI Securities downgraded Indus Towers.
The Nifty Future closed positive with gains of 1.39% at 21488 levels on Wednesday. India VIX was down by 3.21% from 14.85 to 14.38 levels. Volatility spiked to 15.6 zones but later cooled off which made the bulls at ease at crucial support zones.
Indus Towers recorded strong profits in Q3FY24, with a 94.5% sequential increase in other income to Rs 602 crore. This was due to an additional Rs 300 crore interest income from Vi, in addition to the Rs 300 crore collected towards past dues. Analysts believe Indus Towers profits in the December quarter was boosted by Vodafone Idea.
Indus Towers: As per Citi Research, after the latest payments, Vi’s old dues to Indus is now at Rs 5,700 crore. But, industry insiders, said this is most likely excluding the interest component on the past dues. Indus did not immediately respond to ET’s query on the total interest component on Vi’s backlog of past dues.