The key equity indices ended near the flat line amid volatility after the Budget for 2025-26 was laid down in the Parliament by the finance minister. The Nifty settled below the 23,500 level after hitting the day's high of 23,632.45 in mid-morning trade. Realty, FMCG and consumer durables stocks were in demand. On the other hand, PSU bank, IT and oil & gas shares corrected. As per provisional closing data, the barometer index, the S&P BSE Sensex, added 5.39 points or 0.01% to 77,505.96. The Nifty 50 index lost 26.25 points or 0.11% to 23,482.15. In the broader market, the S&P BSE Mid-Cap index declined 0.49% and the S&P BSE Small-Cap index added 0.28%. The market breadth was positive. On the BSE, 2,085 shares rose and 1,826 shares fell. A total of 126 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 13.24% to 14.10. Union Budget 2025: Tax Relief, Infrastructure Push, and Focus on Key Sectors Finance Minister Nirmala Sitharaman delivered the Union Budget 2025, outlining a comprehensive vision for India's economic growth and inclusive development. The budget emphasizes key sectors like education, technology, manufacturing, healthcare, access to credit, and agriculture, while prioritizing fiscal responsibility. A major highlight is significant tax relief for the middle class. In a move that will likely resonate with taxpayers, Sitharaman announced that individuals with an income of up to Rs 12 lakh will now be exempt from income tax under the new tax regime. This measure aims to provide substantial financial relief to the middle class. The new tax slabs under this regime are as follows: Rs 4 to 8 lakh at 5%, Rs 8 to 12 lakh at 10%, Rs 12 to 16 lakh at 15%, Rs 16 to 20 lakh at 20%, Rs 20 to 24 lakh at 25%, and Rs 24 lakh and above at 30%. The Finance Minister reiterated the government's commitment to fiscal consolidation, aiming to maintain a downward trajectory for the fiscal deficit and reduce central government debt as a percentage of GDP. The budget projects total receipts for 2024-25 at Rs 31.47 lakh crore and total expenditure at Rs 47.16 lakh crore. The fiscal deficit target for FY25 is set at 4.8%, with a further reduction to 4.4% planned for FY26. A new Income Tax bill, focused on trust-based and streamlined compliance, will be introduced next week. To attract foreign investment, the FDI limit in the insurance sector has been increased from 74% to 100%. Several measures aim to streamline tax processes, including faceless assessments, faster tax returns, and five Vivad Se Vishwas schemes for expedited dispute resolution. Mergers and acquisitions will be facilitated through quicker approvals and expanded regulations, improving the ease of doing business. Technology will be a major focus, with the establishment of three Centers of Excellence for Artificial Intelligence (AI) with a Rs 500 crore outlay, focusing on AI in education. A National Manufacturing Mission will support clean technology production, including domestic manufacturing of electric vehicle (EV) batteries and solar panels. Five new national skilling centers will be established, and existing IITs will expand infrastructure to accommodate 6,500 more students. Atal Tinkering Labs will be introduced in government schools to foster innovation. Infrastructure development receives a boost through the PM Gatishakti initiative, which will provide the private sector with access to crucial data and maps for improved logistics and infrastructure planning. Tourism, a significant employment generator, will be promoted through collaboration with states to develop 22 top tourism destinations. Energy security is prioritized, with a plan to develop 100 gigawatts of nuclear energy by 2047. Basic Customs Duty (BCD) exemption on cobalt powder, lithium-ion battery waste, scrap, and 12 other critical minerals will ensure the availability of these materials for manufacturing. Healthcare will be strengthened by establishing daycare cancer centers in all district hospitals within three years. Medical tourism will be promoted through public-private partnerships and easier visa norms. Access to credit for micro, small enterprises, startups, and exporters will be significantly expanded. The credit guarantee cover for micro and small enterprises will double to Rs 10 crore, unlocking substantial additional credit. Startups will see their cover rise to Rs 20 crore. Exporter MSMEs will be eligible for term loans up to Rs 20 crore, and micro-enterprises on the Udyam portal will receive customized credit cards with a Rs 5 lakh limit. Entrepreneurship will be supported by a New Fund of Funds for Startups, with an additional Rs 10,000 crore, doubling the existing allocation. A Food Processing Institute will be established in Bihar, and a new Manufacturing Mission will support Make in India. A special scheme will offer term loans to 5 lakh women-led businesses. Agriculture receives substantial support through the PM Dhan Dhanya Krishi Yojana, aimed at enhancing productivity in 100 districts. The Developing Agri Districts Programme will improve irrigation and credit access for 1.7 crore farmers. NAFED and NCCF will directly procure pulses from farmers to ensure self-reliance. A Makhana Board will be set up in Bihar, and a National Mission on High-Yielding Seeds will boost farm productivity. Sitharaman emphasized investment as the third engine of growth, highlighting transformative reforms across various sectors. The budget prioritizes GYAN (Garib, Youth, Annadata, and Nari), energy security, economic resilience, and export promotion. Agriculture, MSMEs, and exports are positioned as key drivers of India's economic expansion. The 2025-26 budget aims to build household confidence and empower the middle class. Sitharaman highlighted India's rapid economic growth and growing global confidence in its potential, emphasizing the next five years as crucial for achieving Sabka Vikas (inclusive development). Meanwhile, the Budget session of Parliament commenced on January 31 with President Droupadi Murmu's address and will be conducted in two parts. The first part will run until February 13, while the second will be held from March 10 to April 4. Buzzing Index: The Nifty Realty index advanced 3.38% to 952.50. The index jumped 12.78% in five trading sessions. Phoenix Mills (up 6.36%), Prestige Estates Projects (up 5.4%), Macrotech Developers (up 4.94%), Sobha (up 3.34%) and DLF (up 1.94%), Oberoi Realty (up 1.71%) and Godrej Properties (up 1.08%) advanced. On the other hand, Mahindra Lifespace Developers (down 3.4%), Brigade Enterprises (down 1.23%) and Raymond (down 0.03%) edged lower. Economy: India's fiscal deficit for the first nine months of the current fiscal year stood at Rs 9.14 lakh crore, or 56.7% on the annual estimates, data released by the Controllerer General of Accounts (CGA) showed on Friday, according to media reports. The fiscal deficit widened from 55% in the comparable year- earlier period. Total receipts for the period stood at Rs 23.18 lakh crore, while overall government expenditure in April to December was at Rs 32.32 lakh crore. The combined index of Eight Core Industries (ICI) increased by 4 percent (provisional) in December 2024 as compared to the index in December 2023. The production of coal, electricity, steel, cement, refinery products, fertilizers, and crude oil recorded positive growth in December 2024. The final growth rate of Index of Eight Core Industries for September 2024 increased by 2.4 percent. The cumulative growth rate of ICI during April to December 2024'25 is 4.2 percent (provisional) as compared to the corresponding period of last year. Stocks in Spotlight: Maruti Suzuki India advanced 4.71% after the company's total sales increased 6.46% to 212,251 units in January 2024 as against 199,364 units sold in January 2023. Meanwhile, the car manufacturer's total production marginally rose to 206,851 units in January 2024 as against 204,876 units recorded in January 2023. Oil & Natural Gas Corporation (ONGC) fell 1.77% after the company's standalone net profit fell 16.7% to Rs 8,239.92 crore in Q3 FY25 compared with Rs 9,891.71 crore in Q4 FY24. Revenue from operations declined 3.08% YoY to Rs 33,716.80 crore in Q3 FY25. Hero Motocorp slipped 1.23% after the company announced that Niranjan Gupta has stepped down as the CEO of the company effective 30 April 2025, to pursue other opportunities. Quess Corp climbed 3.08% following the announcement of a share purchase by Fairbridge Capital (Mauritius), a promoter of the company. RailTel Corporation of India slipped 7.01%% after the firm said that it has received the work order from Department of Education Samagra Shiksha for supply and service amounting to Rs 15.98 crore. Vinati Organics rallied 2.30% after its net profit gained 21.78% to Rs 93.70 crore in Q3 FY25 as against Rs 76.94 crore in Q2 FY25. Revenue from operations spiked 16.44% to Rs 521.68 crore in Q3 FY25 over Q2 FY25. PBT jumped 22.76% to Rs 126.62 crore in Q3 FY25 over Q2 FY25. Vishal Mega Mart rallied 7.04% to Rs 115.55 after the company's consolidated net profit jumped 27.9% to Rs 262.71 crore in Q3 FY25 compared with Rs 205.36 crore in Q3 FY24. Revenue from operations increased 19.53% YoY to Rs 31,35.93 crore in Q3 FY25. Aster DM Healthcare slipped 3.11% after the company's consolidated net profit tumbled 68.31% to Rs 56.79 crore in Q3 FY25, compared with Rs 179.21 crore posted in Q3 FY24. However, revenue from operations jumped 9.96% year on year (YoY) to Rs 1,049.81 crore during the quarter ended 31 December 2024. Global Markets: The Trump administration announced new tariffs on imports from Mexico, Canada, and China, starting Saturday. These tariffs are partly in response to illegal fentanyl distribution. Potential tariffs include 25% on Mexican and Canadian imports, 10% on Chinese goods, and future tariffs on chips, oil, gas (possibly by February 18th), steel, aluminum, and copper. Trump insists these tariffs are unavoidable and will generate substantial revenue, even hinting at possible European tariffs. He contrasted the US's historical reliance on tariffs with its current dependence on income tax. The news caused US stock market declines. At the close in NYSE, the Dow Jones Industrial Average fell 0.75%, while the S&P 500 index declined 0.5%, and the NASDAQ Composite index declined 0.28%. Apple shares closed lower as the broader market selloff erased earlier gains. The company expects sales growth in the low- to mid-single digits for its fiscal second quarter, easing concerns about flagship handset sales, which slightly missed estimates in the holiday season. CEO Tim Cook remains optimistic, citing Apple Intelligence (AI features) as a driver of future sales. Exxon Mobil stock fell 2.5%, despite exceeding fourth-quarter profit expectations. Higher oil and gas production helped offset lower crude prices and weaker refining margins. Powered by Capital Market - Live

Revenue from operations declined 3.08% YoY to Rs 33,716.80 crore in Q3 FY25. Profit before tax (PBT) dropped 12.77% YoY to Rs 11,000.26 crore. Total expenses slumped 4.11% to Rs 24,527.54 crore during the quarter compared with Rs 25,578.43 crore in Q3 FY24. Cost of material consumed stood at Rs 874.32 crore (up 2.86% YoY), survey cost stood at Rs 458.04 crore (up 44.29% YoY), exploration well cost was at Rs 1,467.05 crore (down 35 YoY) during the period under review. The company's net crude oil realization was $72.57 per barrel (down 10.6% YoY) while gas price realization was $6.50 per mmtbu (flat YoY) during the period under review. The standalone crude oil production (excluding condensate) during Q3 FY25 was 4.653 MMT, registering a growth of 2.2% over corresponding quarter of FY24. The standalone natural gas production during Q3 FY 25 was 4.978 billion cubic metre (BCM) registering a growth of 0.3 % over Q3 FY24. On consolidated basis, the company's net profit declined 6.922% YoY to Rs 9,783.64 crore. Revenue from operations fell marginally 0.75% to Rs 166,096.68 crore in Q3 FY25 over Q3 FY24. Meanwhile, the company's board has declared 2nd interim dividend of Rs 5 per share The Record date for distribution of dividend has been fixed for 7th February, 2025. Further, the board has accorded its approval for acquisition of 1,15,20,000 equity shares of Mangalore SEZ (MSEZ), a joint venture of the company, from Infrastructure Leasing & Financial Services (IL&FS) at Rs 56,11,39,200.00 under its right of first refusal. Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of December 2024.Powered by Capital Market - Live

Oil & Natural Gas Corpn Ltd lost 1.81% today to trade at Rs 257.75. The BSE Oil & Gas index is down 0.33% to quote at 25345.26. The index is down 2.92 % over last one month. Among the other constituents of the index, Bharat Petroleum Corporation Ltd decreased 0.8% and Petronet LNG Ltd lost 0.73% on the day. The BSE Oil & Gas index went down 2.18 % over last one year compared to the 8.29% surge in benchmark SENSEX. Oil & Natural Gas Corpn Ltd has added 8.76% over last one month compared to 2.92% fall in BSE Oil & Gas index and 1.18% drop in the SENSEX. On the BSE, 34222 shares were traded in the counter so far compared with average daily volumes of 4.91 lakh shares in the past one month. The stock hit a record high of Rs 344.6 on 01 Aug 2024. The stock hit a 52-week low of Rs 227 on 04 Jun 2024.Powered by Capital Market - Live

ONGC announced that the Board of Directors of the Company at its meeting held on 31 January 2025, inter alia, have recommended the Second interim dividend of Rs 5 per equity Share (i.e. 100%) , subject to the approval of the shareholders.Powered by Capital Market - Live

Earnings Today: Aarti Industries, Anant Raj, Apex Frozen Foods, G R Infraprojects, Jaiprakash Power Ventures, Neogen Chemicals, Vinati Organics, and Windsor Machines will announce their quarter results later today. Stocks to Watch: Oil & Natural Gas Corporation (ONGC)'s standalone net profit fell 16.7% to Rs 8,239.92 crore in Q3 FY25 compared with Rs 9,891.71 crore in Q4 FY24. Revenue from operations declined 3.08% YoY to Rs 33716.80 crore in Q3 FY25. IndusInd Bank's standalone net profit declined 39.02% to Rs 140,128 crore in Q3 FY25 compared with Rs 229,785 crore. Total income 15,15,101 crore in Q3 FY25 against 13,96,810 crore in Q3 FY24. Sun Pharmaceutical Industries' consolidated net profit jumped 15.04% YoY to Rs 2903.38 crore during the quarter. Revenue from operations increased 10.46% to Rs 13,675.46 crore in Q3 FY25. Bandhan Bank's standalone net profit dropped 41.79% to Rs 4264.85 crore in Q3 FY25 compared with Rs 732707 crore in Q3 FY24. Total income jumped 26.18% to Rs 65745.80 crore in Q3 FY25 against 52105.95 crore in Q3 FY24. Tata Power Company's subsidiary, Tata Power Renewable Energy has signed memorandum of understanding (MoU) with the Discoms of Rajasthan, including Jaipur Vidyut Vitran Nigam (JVVNL), Ajmer Vidyut Vitran Nigam (AVVNL), and Jodhpur Vidyut Vitran Nigam (JDVVNL). This strategic partnership aims to drive the adoption of renewable energy and energy conservation across Rajasthan, particularly through the promotion of the Pradhan Mantri Surya Ghar: Muft Bijali Yogna (PMSG:MBY) in residential sectors.Powered by Capital Market - Live

Net profit of Oil & Natural Gas Corpn declined 19.45% to Rs 8621.69 crore in the quarter ended December 2024 as against Rs 10703.17 crore during the previous quarter ended December 2023. Sales declined 0.75% to Rs 166096.68 crore in the quarter ended December 2024 as against Rs 167356.63 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales166096.68167356.63 -1 OPM %14.6212.17 - PBDT23019.4121455.34 7 PBT13522.1913961.07 -3 NP8621.6910703.17 -19 Powered by Capital Market - Live

Oil & Natural Gas Corpn Ltd fell for a fifth straight session today. The stock is quoting at Rs 253.08, down 1.34% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.96% on the day, quoting at 22871.55. The Sensex is at 75485.37, down 0.93%.Oil & Natural Gas Corpn Ltd has gained around 8.78% in last one month.Meanwhile, Nifty Energy index of which Oil & Natural Gas Corpn Ltd is a constituent, has eased around 6.48% in last one month and is currently quoting at 33263.55, down 2.07% on the day. The volume in the stock stood at 47.82 lakh shares today, compared to the daily average of 177.52 lakh shares in last one month. The benchmark January futures contract for the stock is quoting at Rs 252.31, down 1.67% on the day. Oil & Natural Gas Corpn Ltd jumped 0.23% in last one year as compared to a 5.22% rally in NIFTY and a 12.01% fall in the Nifty Energy index.The PE of the stock is 7.92 based on TTM earnings ending September 24.Powered by Capital Market - Live

Oil & Natural Gas Corpn announced that Dr. Madhav Singh (DIN: 09489194), ceased to be Independent Director of the Company with effect from 24 January 2025. Powered by Capital Market - Live

ONGC will hold a meeting of the Board of Directors of the Company on 31 January 2025.Powered by Capital Market - Live

Bharat Heavy Electricals (BHEL) and  Oil & Natural Gas Corpn (ONGC) have signed an MoU for exploring joint projects and collaboration in the area of New and Renewable Energy business, including Fuel Cell, Electrolyser and Battery Energy Storage System based Projects. This MoU will help in contributing towards the country's National Green Hydrogen Mission, as well as leveraging the combined strengths of both organisations for collaborating in emerging areas within the clean energy ecosystem.Powered by Capital Market - Live