<ul><li><keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">Budget</keyword> is a non-event for equity markets, say experts, as indices traded flat with negative bias.</li><li>PSU Bank stocks rallied as bond markets cheered FM’s fiscal consolidation path.</li><li>Railway stocks which gained ahead of the speech, closed in the red. </li></ul>India’s Interim Budget 2024 did not enthuse the stock markets on Thursday, even as the finance minister increased FY25’s capital outlay by 11.1% to ₹11.11 lakh crore. The benchmark indices traded flat for the most of the session. Sensex fell by 100 points and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> by 28 points as they did not find any cues for upward march. Almost all the sectoral indices closed in the red except banks, especially PSU banks. Bond markets cheered and their yields came down sharply as FM set the fiscal deficit of FY25 at 5.1% of GDP. It also triggered buying in PSU banks with Punjab Sind Bank going up by 7%. UCO Bank and Indian Overseas Bank also went up around 6% each. "As expected, VIX has cooled off after the budget event which primarily has been a non-event for most of the market except PSU Banks and auto stocks which have seen most of the buying action. Nifty still trades near to its resistance area of 21,750-21,800 along with dominant shorts in index futures from FIIs. Bulls have to clear this area for any further action on the upside,” said <keyword id="19950185" type="General" weightage="20" keywordseo="rahul-sharma" source="keywords">Rahul Sharma</keyword>, head of technical and derivatives research, JM Financial Services. The rest of the market moved on non-Budget cues. Auto stocks were also amongst those closed in the green as they released sales data. Maruti announced its earnings on Wednesday, and was one of the top gainers on Nifty; along with Cipla, Eicher, Power Grid and SBI Life. PayTM was locked in the lower circuit as RBI imposed restrictions on it on Wednesday. Infra &amp; realty flat, rail stocks in the red The FM touched up on most infrastructure projects including rural housing and solar power. She also announced three railway economic corridors — energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors. “The announcement in the Union Budget 2024 regarding the upgrade of 40,000 regular rail bogies to Vande Bharat standards marks a significant milestone in India's railway modernization journey,” said <keyword id="20418142" type="General" weightage="20" keywordseo="vivek-lohia" source="keywords">Vivek Lohia</keyword>, Managing Director, Jupiter Wagons. Experts also see many positive cues in the Budget for sectors relating to infrastructure and construction. "The boost to housing is another important proposal from the market perspective since this will benefit industries like cement, steel and all construction related segments," said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. While companies and experts are impressed with the announcements, infrastructure and real estate stocks traded flat. Rail stocks like Jupiter Wagons, Ircon, IRCTC, IRFC and RVNL which traded in the green ahead of the budget announcement, fell into the red after the speech. The Nifty Midcap Index has also been trading with a negative bias since the morning, closed 0.6% below on Thursday. Most sectors which have been in the overbought range has been profit-booking, say experts. “Nobody was expecting any major announcement in this Budget and hence we saw a range-bound trend with a negative bias. Global markets too were subdued and hence select profit-taking was seen in telecom and realty stocks,” said <keyword id="20226500" type="General" weightage="20" keywordseo="prashanth-tapse" source="keywords">Prashanth Tapse</keyword>, senior VP of research at Mehta Equities. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[<blockquote class="stocktwits-embedded-post" data-origin="https://stocktwits.com" data-id="559946471"> Interim Budget 2024 Highlights: 1} This Budget is dedicated to above sectors Defence (6.2Lac Cr), Road Trans &amp; Highways (2.78 lac Cr), Railway (2.55 Lac Cr) 2} According to this Railway stocks, Infra development stocks &amp; defence stocks will be benefited. But many of the above already gave a good rally so investors can wait for correction and then buy in dips. 3} PMAY scheme for 2Cr Houses, so real estate stocks will be benefited $IRFC.NSE $TEXRAIL.NSE $HAL.NSE $IRB.NSE 4} $NIFTY50.NSE View -) after rally Healthy correction needed for long bull run. Sell (Bearish view) Spot CMP 21750 For 21350-21200-20800 SL 22040. &mdash; (@mundadaram) <a href="https://stocktwits.com/mundadaram/message/559946471"> February 01, 2024</a> </blockquote> <script async src="https://stocktwits.com/min/widgets.js" charset="utf-8"></script>]]></cdata></div>

Nifty, Sensex remain unenthused by Interim Budget 2024 as bonds rally

<keyword id="16043422" type="General" weightage="100" keywordseo="jupiter-electric-mobility" source="Orion">Jupiter Electric Mobility</keyword> on Thursday launched two commercial electric vehicles which will hit the markets by mid of this year. The company is a subsidiary of Jupiter Wagons Ltd (<keyword id="13148082" type="General" weightage="80" keywordseo="jwl" source="Orion">JWL</keyword>), manufacturer of wagons, high-speed brake systems, and railway and engineering equipment. The company has formed a joint venture with EA GreenPower Pvt Ltd, a wholly-owned subsidiary of GreenPower Motor Company Inc, a publicly listed firm in the US and Canada specialising in electric commercial vehicles in the passenger transportation and freight transport markets. The two EVs -- <keyword id="16043423" type="General" weightage="80" keywordseo="jupiter-tez" source="Orion">Jupiter TEZ</keyword> (2.2 ton) and EV STar CC (7 ton) -- will help meet the pressing needs of the country, JWL managing director <keyword id="2964275" type="General" weightage="80" keywordseo="vivek-lohia" source="Orion">Vivek Lohia</keyword> said at the <keyword id="13421246" type="General" weightage="20" keywordseo="auto-expo-2023" source="Orion">Auto Expo 2023</keyword> here. "By the middle of this year, it will be ready to hit the roads," he said. The company did not disclose the prices. While Jupiter TEZ is completely manufactured in India, EV Star CC is coming out from China, he added. The 2.2 ton vehicle can be charged in 20 minutes and it can go up to 100 kilometres in a single charge, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-has-unveiled-the-five-door-jimny-and-the-fronx-crossover-at-the-auto-expo-2023/slidelist/96933646.cms">Auto Expo 2023: Maruti Suzuki unveils Jimny and Fronx – bookings now open</a> <a href="https://www.businessinsider.in/business/auto/news/auto-expo-2023-upcoming-electric-cars-and-bikes-in-india-in-2023/slidelist/96929819.cms">Auto Expo 2023: Upcoming electric cars and bikes in India in 2023</a> <a href="https://www.businessinsider.in/business/auto/news/kia-showcases-concept-ev9-electric-car-with-solar-panels-carnival-ka4-mpv/slidelist/96908322.cms">Kia showcases Concept EV9 electric car with solar panels, Carnival KA4 MPV</a>

Auto Expo 2023: Jupiter Electric Mobility launches two commercial EVs

<ul><li><keyword id="2964277" type="General" weightage="20" keywordseo="jupiter-wagons" source="Orion">Jupiter Wagons</keyword> says that dedicated corridors plans of Indian Railways can bring in an order windfall.</li><li>It also sees a ‘substantial volume upside’ from its electric LCV business.</li><li>The company also kick started its high-margin business of brake disc assemblies. </li></ul>Jupiter Wagons has been on a growth path — thanks to the capacity expansion by the Indian Railways. The small cap stock was on the list of top buys by mutual funds in May, and has since <a href="https://www.businessinsider.in/stock-market/markets/news/jupiter-wagons-this-multibagger-railway-stock-is-gaining-on-its-ev-play-too/articleshow/100986316.cms">given multibagger returns.</a> Business Insider India met with the management of the company to understand if the company’s growth path aligns with heavy market expectations. The Kolkata-based wagon maker is diversifying into new areas like electric vehicles. It sees a “significant value upside” from its new business of manufacturing electric light commercial vehicles. Vivek Lohia, managing director of Jupiter Wagons admits that the auto sector business is not a very high margin business, but eLCVs has a good market size — 400,000-600,000 per annum — and is growing. “There are huge savings that come from operating electric vehicles. With good economics and the growing charging infrastructure, there will be a lot of conversion. Definitely in the long term, the business will become subsidy agnostic,” says Lohia. The company is expected to start rolling out the LCVs in the last quarter of this financial year. The B2B business intends to bridge the gap in terms of ‘last mile connectivity’ which the logistics sector now lacks. <div type="image" title="Vivek Lohia" msid="102611439" hostid="261" sizebytes="299668" caption="&amp;lt;p&amp;gt;Vivek Lohia, Managing Director, Jupiter Wagons&amp;lt;/p&amp;gt;"></div> The push of private capex The company’s first quarter results are also in line with the heavy expectations from the market. Its net profit registered a multifold jump to ₹62.8 crore from ₹12.8 crore in the same quarter last year. Its revenues also went up by 155%. Its margins expanded by 260 basis points YoY on improved product mix and the introduction of value-added products. The company is sitting on an orderbook of ₹6,122 crore as of the end of June 30, and sees a healthy growth ahead. “There is huge capex by the private sector which is a game changer for us,” says Lohia. The steel and cement sectors are looking to double their capacities in the next three to five years, and the logistics around it would be huge, Lohia says. “The Indian Railways is looking to build two dedicated steel and cement corridors. Also, exim business is picking up and new ports are coming up, which also plays a crucial part for us,” he adds. Global ambitions The company has been entering new geographies as well. It has forged joint ventures with mini-ratna company RITES for freight wagons. The PSU company has experience with global tenders and also has offices across the world. The JV participated in global tenders in Zimbabwe and Mozambique, also hopes to gain orders in the African continent and is also eyeing for opportunities in Bangladesh, Sri Lanka and even Australia. “Over time, we see getting 10-15% of our business from exports and international orders,” Lohia says. In addition to more business, the company has also just made its entry into the high margin business of brake disc assemblies for the railways sector. It also partnered with European company Kovis Proizvodna družba for a manufacturing JV to cater to high speed passenger trains and additionally to export to Asia-Pacific region as well as the EU. It has started delivering its products in the Indian market. They are also participating in regional tenders and expect a sizable order book in the next three to four months. Over time however it has widened its interests from being a railway focussed company — with its new ventures providing it with volume and value.

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