KEY HIGHLIGHTS
Closing Bell: More Consolidation
Indian equity markets ended a rangebound session with modest gains, registering a weekly advance as well.
The S&P BSE Sensex ended 0.3% higher at 40,685 while the NSE Nifty 50 index ended 0.28% higher at 11,930.
Auto stocks were the top performers in today's session. The Nifty Auto index was the top sectoral gainer, ending 3% higher. Three out of the top five gainers on the Nifty 50 index, were auto stocks (Maruti, M&M, Bajaj Auto).
The five-day winning run of the Nifty Realty index came to an end in today's session. The index ended 1.1% lower. All other indices ended flat but with a positive bias.
Broader markets, through ending off the day's high, outperformed the benchmark indices. The Nifty Midcap index ended 0.8% higher while the Smallcap index ended 0.6% higher.
India Volatility Index ended 3.6% lower at 21.82.
1,219 stocks on the NSE ended with gains while 645 posted losses.
How Did The Markets Fare During The Week
Stock Reaction: Jindal Steel & Power
The directorate of mines in Odisha has issued a Show Cause Notice to Sarda mines after an inspection of the mines between October 6 and October 9.
The notice states that Sarda Mines has not maintained a proper stack of the mined out iron ores, thereby not following the provisions of Rule-10 of the OMPTS Rules, 2007.
Sarda mines has also not stacked the royalty paid mineral of iron ores separately, despite being asked by the Deputy Director of Mines, Joda, to do so, according to the notice.
Sarda Mines is also accused of transporting the minerals by road instead of the conveyor belt, which is contrary to the conditions stipulated in the approved Environmental Clearance.
Sarda Mines has been given time period of 15 days to respond to the notice, failing which, action will be initiated for violations, the notice said.
Shares fell as much as 2.4% to Rs 203.2. The stock is down for the second straight day.
Stock Reaction: Asian Granito
The company has informed the exchanges that the board has approved a split of stocks into fully paid-up shares of Rs 2 from fully paid-up shares of Rs 10.
It has also approved raising funds to the tune of Rs 400 crore either through an equity issue like a QIP or any other instruments.
The board has also approved increasing the authorised capital of the company to Rs 45 crore from the earlier Rs 36.25 crore.
Shares gained as much as 6.1% to Rs 280.5, post the announcement.
Buzzing Stock: NCC
- Among the top performers on the Nifty Smallcap index
- Gains as much as 10.7% to Rs 36.7
- Biggest single-day gain in a month
- Has alternated between gains and losses this week
- Today's volumes are 72% higher than its 20-day average
- One-month implied volatility is 77%
- Breaks above 50, 100 and 200-Day Moving Average at 33.7, 32.2 and 33.3 respectively
- Relative Strength Index (RSI) of the stock at 60
- Trading 49% below its 52-week high of Rs 70 on November 21, 2019
- 16 out of the 18 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 33.5%
Earnings Reaction: Heidelberg Cement Q2FY21
- Revenue down 2% to Rs 513.7 crore
- Net profit up 7% to Rs 62.4 crore
- Ebitda up 3% to Rs 125.9 crore
- Ebitda margin at 24.5% from 23.5%
- Sales volumes down 2.3% at 1,108 KT
- Ebitda per tonne up 5% to Rs 1,137
- Total operating cost per tonne remained lower
- Continue to remain net cash positive
- All numbers are compared on a year-on-year basis
Shares fell as much as 3.7% to Rs 190.2, post the announcement, snapping a four-day gaining streak.
Strong Traction In Metal Stocks
Active Stock Options
- Reliance Industries' 2,200 Call: Premium down 38.6% to Rs 9.7. The contract has added 2 lakh shares in Open Interest.
- Maruti's 7,000 Call: Premium up 135.1% to Rs 174.8. The contract has shed 33,000 shares in Open Interest.
- Tata Steel's 420 Call: Premium up 111.4% to Rs 12. The contract has shed 4 lakh shares in OPen Interest.
Earnings Reaction: Mahindra EPC Q2FY21
- Revenue down 15% to Rs 55.4 crore
- Net profit up 13% to Rs 4.25 crore
- Ebitda down 11% to Rs 6.45 crore
- Ebitda margin at 11.6% from 11.1%
- Lower expenses contribute to margin expansion
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much a 7.2% to Rs 152.5, post the announcement.
Buzzing Stock: JK Tyre
- Among top peformers on the Nifty 500 index
- Gains as much as 16.2% to Rs 76.9
- Biggest single-day gain since February 2015
- Trading at the highest level in eight months
- Up for the third straight day
- Has gained 24% in the last three trading sessions
- Today's volumes are 13 times its 20-day average
- Relative Strength Index (RSI) of the stock in overbought territory at 79
- Trading 17% below its 52-week high of Rs 87.5 on January 17, 2020
- Two out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 1.6%
Markets At 2:10 P.M.
- Benchmark indices set to end week of consolidation with gains
- Nifty up 0.4% at 11,941
- Sensex up 0.4% at 40,705
- Nifty Bank unchanged at 24,463
- Nifty Midcap index up 1.1%
- Nifty Smallcap index up 0.8%
- India Volatility Index down 3% to 21.93
- Nifty Auto remains the top sectoral gainer; up 2.4%
- Nifty Media index is the other sectoral gainer; up 1.2%
- Nifty I.T. and Nifty Metal index up 0.7% each
- Tata Motors is the top Nifty gainer; up 3.3%
- Shree Cement remains the top Nifty laggard; down 1.8%
- 1,221 stocks on the NSE are trading with gains while 585 are declining
Money Market Update
The rupee ended little changed in the final trading session of the week, recovering from the day's low it made during the start of trade.
The currency ended at 73.59 against the U.S. Dollar as compared to Thursday's close of 73.54. The intraday high for the currency was 73.46 while 73.67 was the day's low.
For today's session, the rupee was the second worst performing currency in Asia, ahead of the Malaysian Ringgit.
For the week, the rupee fell 0.4%, making it the worst performer among its Emerging Market peers.
“We expect 73.40 to act as an immediate support, only a break will weigh towards 73.20 zone, while, 73.90-74 will act as an immediate resistance,” Rahul Gupta of Emkay Global Financial Services said in a quote.
Earnings Reaction: IDBI Bank Q2FY21
- Net Interest Income up 4% to Rs 1,695.2 crore
- Net profit of Rs 324 crore from net loss of Rs 3,458 crore
- Gross NPA at 25.08% from 26.81% last quarter
- Net NPA at 2.67% from 3.55% last quarter
- Provisions down 35% to Rs 581.1 crore
- Total Covid-19 provisions at Rs 436 crore
- Provision of Rs 270 crore towards expected provisioning requirement for cases to be restructured under the resolution framework.
- Amount for which asset classification benefits extended at Rs 1,373 crore as on September 30, 2020
- All numbers are consolidated and compared year-on-year
Shares rose as much as 4.1% to Rs 40.8, post the announcement.
Brokerage Reaction: Bharat Forge
Shares of the auto ancillary player are rising in today's session after brokerage firm UBS maintained its buy rating but raised its price target on the stock.
UBS' Rationale:
- Raising estimates on faster truck cycle recovery
- India business revenue likely to improve further as the truck cycle improves
- OEM forecast, class 8 orders support strong recovery
- Expect strong sequential recovery in revenue during H2FY21 and 40% year-on-year growth in FY22
- Expect M&HCV Volumes to grow 82% and 30% in FY22/23 after a sharp decline
- Expect margins to recover strongly in FY22
- Reduce industrial growth forecast as oil & gas business remains under pressure
- Top pick in the auto components space.
Shares gained as much as 5.1% to Rs 487.7. The stock is up for the second straight day, trading at the highest level in nearly two months. UBS has raised its price target to Rs 538 from Rs 490 earlier.
F&O Snapshot: Active Options Contracts
- Nifty October futures add 5.3% and 5.5 lakh shares in Open Interest.
- Nifty Bank October futures add 26% and 3.9 lakh shares in Open Interest.
Nifty: October 29 Expiry
- 12,000 Call: Premium up 24.9% to Rs 88.6. The contract has added 11.9 lakh shares in Open Interest.
- 11,900 Put: Premium down 33.4% to Rs 77.8. The contract has added 14.3 lakh shares in Open Interest.
- 11,800 Put: Premium down 37.8% to Rs 48.4. The contract has added 11.5 lakh shares in Open Interest.
Nifty Bank: October 29 Expiry
- 25,000 Call: Premium down 4.5% to Rs 246.5. The contract has added 5.9 lakh shares in Open Interest.
- 24,000 Put: Premium down 12.8% to Rs 199.2. The contract has added 5 lakh shares in Open Interest.
- 24,500 Put: Premium down 7% to Rs 391. The contract has added 4.8 lakh shares in Open Interest.
Earnings Reaction: Coforge
- Revenue up 9.1% to Rs 1,153.7 crore
- Net profit up 51% to Rs 120.7 crore
- Ebitda up 17.2% to Rs 198.6 crore
- Ebitda margin at 17.2% from 16%
- U.S. Dollar revenue growth of 10.7%
- Constant currency growth at 8.1%
- Order book executable over next 12 months expands 21% to $489 million
- Insurance business growth of 13.6% and contributes 34% to overall revenue
- BFS business growth of 8.5% and contributed 17% to overall revenue
- Travel vertical recorded growth of 6% and contributed 19% to overall revenue
- Americas business growth at 11.9% and contributed 48% to the revenue mix
- EMEA business growth of 7.3% and contributed 36% to the revenue mix
- All numbers are consolidated and compared on a quarter-on-quarter basis
Shares fell as much as 3.3% to Rs 2,375, down for the third straight day. This is the longest losing streak for the stock in two months.
European Stocks Open Higher
Benchmark indices in Europe have opened flat and are set for their worst weekly decline in a month.
The Stoxx 600 index has opened 0.2% higher but is down close to 2% for the week. Banks and auto stocks are leading the gains while retail and technology stocks are underperforming.
Asian Markets have ended mixed in today's session while futures on the Dow Jones are little changed.
Brent crude is trading 0.4% lower at $42.28 per barrel while Gold is flat at $1,906/Oz.
Let's take a look at how the European markets are trading:
- Euro Stoxx 50 down 0.1% at 3,168
- DAX unchanged at 12,535
- CAC up 0.1% at 4,856
- FTSE 100 up 0.2% at 5,798
- IBEX 35 up 0.2% at 6,813
How Are The Sectoral Indices Faring
Buzzing Stock: SpiceJet
- Top gainer on the Nifty Smallcap index
- Gains as much as 8.6% to Rs 51.9
- Biggest single-day gain in over four months
- Trading at the highest level in over a month
- Has alternated between gains and losses this week
- Today's volumes are almost 11 times the 20-day average
- Breaks out from its 50 and 100-Day Moving Average of 50.3 and 50 respectively
- Relative Strength Index (RSI) of the stock at 59
- Trading 58% below its 52-week high of Rs 121.5 on November 1, 2019
- Four out of the 10 analysts tracking the stock have a buy recommendation; 3 sell calls
- Return potential of the stock as per Bloomberg data is 8%
Large Deal Alert: HDFC Life Insurance
70.2 lakh shares of the life insurance player exchanged hands in a single large deal on the National Stock Exchange.
The deal took place at Rs 561.5 per share and is d at Rs 394 crore, data available on Bloomberg indicates.
Buyers and sellers in the transaction remain unknown.
Shares are currently trading little changed at Rs 560.95 - the lowest in nearly a month.
Stock Reaction: Bharti Airtel
The telecom player's Africa unit has reported numbers in today's session. Revenue for Airtel Africa rose 14% year-on-year to $965 million, the company said in a statement.
Ebitda rose 17% to $437 million while Ebitda as a percentage of revenue rose to 45.3% from 44.1% last year. Net profit declined 9% to $88 million.
Revenue for the Nigeria business rose 15% to $377 million and grew 22% in Constant Currency terms, while the East African business rose 18% year-on-year to $355 million. The East African business grew 33% in Constant Currency terms.
The stock is also in focus after brokerage firm Bernstein initiated coverage with a buy rating and a price target of Rs 600. Bernstein in its note has said that the recent correction should be used as an opportunity to accumulate a quality stock like Bharti Airtel.
Shares recovered from the day's low to gain as much as 1.6% to Rs 437.6. The stock is up for the fourth straight day.
Markets At Noon
- Benchmark indices continue to remain rangebound
- Nifty up 0.3% at 11,929
- Sensex up 0.3% at 40,667
- Nifty Bank down 0.2% to 24,444
- Nifty Midcap index up 0.7%
- Nifty Smallcap index up 0.5%
- India Volatility Index down 1.3% to 22.34
- Nifty Auto extends gains as the top sectoral gainer; up 1.7%
- Nifty Media and Nifty I.T. index up over 0.6% each
- Maruti Suzuki is the top Nifty gainer; up 2.8%
- GAIL and Shree Cement are the top Nifty laggards; down 1.7% each
- 1,162 stocks on the NSE are trading with gains while 590 are declining
Buzzing Stock: Orient Electric
- Among top performers on the Nifty 500 Index
- Gains as much as 8% to Rs 205
- Biggest single-day gain in over a month
- Trading at the highest level in a month
- Snaps four-day losing streak
- Today's volumes are triple its 20-day average
- Breaks out above 200-Day Moving Average at 196
- Relative Strength Index (RSI) of the stock at 61
- Trading 30% below its 52-week high of Rs 287 on February 20, 2020
- Eight out of the 10 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 6.4%
Stock Reaction: Cadila Healthcare
The drugmaker informed the exchanges that it has received final approval from the U.S. FDA to market Albuterol tablets in strength of 2 mg and 4 mg.
Albuterol is a bronchodilator, helping to open up airways in the lungs, making it easier to breath. It is used to treat and prevent bronchospasm.
The drug will be manufactured at the group's formulations manufacturing facility at the SEZ in Ahmedabad.
Shares gained as much as 2.2% to Rs 434.8, post the announcement.
Stock Reaction: Cochin Shipyard
Shares of the company, although off the day's high are gaining in today's trading session.
Investor and D-Mart promoter Radhakishan Damani acquired 0.5% stake in the company on Thursday.
Damani purchased 6.9 lakh shares of the company at Rs 349.14 per share, according to data available on the exchanges.
Shares have cooled off after gaining as much as 5.1% to Rs 378. The stock had ended 10% higher on Thursday. It is up for the fourth straight day in today's session.
Earnings Reaction: Ambuja Cements
- Revenue up 9% to Rs 2,852.5 crore
- Net profit up 88% to Rs 440.5 crore
- Ebitda up 55% to Rs 680.3 crore
- Ebitda margin at 23.9% from 16.8%
- Volume growth of 8% supported by positive pricing
- Ebitda per tonne up 43% to Rs 1,200
- Power and fuel costs down by Rs 125 per tonne year-on-year
- Re-negotiation of contracts and logistic efficiencies mitigated diesel price rise
- Raw material costs fell due to reduction in rate of fly and gypsum through new usage norms
- Declares interim dividend of Rs 17 per share
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 2.3% to Rs 247.7, snapping a three-day gaining streak. Shares are currently trading 1.6% lower at Rs 249.4. Most brokerages have raised their price targets on the stock.
Auto Index Is The Top Sectoral Gainer
Buzzing Stock: Apollo Tyres
- Among top gainers on the Midcap index
- Gains as much as 5% to Rs 148.2
- Trading at the highest level in eight months
- Up for the sixth straight day
- Has gained 17% in the last six trading sessions
- Today's volumes are nearly quadruple its 20-day average
- One-month implied volatility is 53%
- Took support and bounced from 50-Day Moving Average of 128.3 during Monday's sessions
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 69
- Trading 24.5% below its 52-week high of Rs 196.75 on November 1, 2019
- 14 out of the 24 analysts tracking the stock have a buy recommendation; 3 sell calls
- The stock is trading 6.5% higher than its 12-month consensus price target of Rs 137.6, implying a negative return potential
Earnings Reaction: Alembic Pharma
- Revenue up 17% to Rs 1,457 crore
- Net profit up 35% to Rs 333.4 crore
- Ebitda up 28% to Rs 443.4 crore
- Ebitda margin at 30.4% from 27.8%
- International business formulations sales up 21% to Rs 779 crore
- U.S. generics up 8% to Rs 582 crore
- Ex-U.S. international formulations up 84% to Rs 197 crore
- India formulations business up 6% to Rs 415 crore
- API business growth of 29% to Rs 263 crore
- Six ANDA approvals received during the quarter
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 3.3% to Rs 979, post the announcement, snapping a five-day gaining streak.
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has received an order of nearly 94,000 wheels from the U.S. and EU trailer market.
The order is d at $1.05 million, the company said in an exchange filing. It will be executed in the months of November and December from the company's plants in Chennai and Dappar.
The company expects similar orders to come going forward and has guided for a 35% year-on-year growth in exports.
Shares currently trade little changed after recovering from the day's low.
Stock Reaction: Aditya Birla Fashion & Retail
The company has informed the exchanges that the board has approved issuance of equity shares worth Rs 1,500 crore on a preferential basis to Flipkart Investments.
It has also entered into a commercial agreement in relation to the sale and distribution of various brands of the company, it said in an exchange filing.
The company will issue 7.3 crore fully paid-up equity shares at Rs 205 per share. Post allotment shareholding will stand at 7.8% according to the company's statement.
The investment agreement provides preemption rights and a right of first refusal between 1-5 years from the date of allotment of shares or if the equity shareholding of the investor falls below a certain threshold.
The transaction is subject to shareholder and regulatory approvals, as may be required.
Shares gained as much as 3.5% to Rs 158.9, post the announcement. The stock is up for the third straight day, trading at the highest in seven months.
Stock Reaction: SBI Cards & Payments Services
State Bank of India's credit cards division in its post earnings presentation mentioned that the total ratio of stressed loan accounts on the company's books stands at over 16.5% in the September quarter.
The total loans under the Reserve Bank of India's August 6 restructuring scheme is at 9% of the total receivables, the company said. The total amount under the restructuring scheme stands at Rs 2,158 crore.
It also clarified that these loans are over and above the 7.46% proforma Gross NPA reported.
The company reported its quarterly results during market hours on Thursday, in which impairment losses and bad debt rose 162% compared to last year to Rs 861.7 crore. The company's Gross NPA too rose to 4.29% from 2.33% during the same period last year.
Had the company classified certain accounts as NPA, the proforma Gross and Net NPA would have been 7.46% and 2.7% respectively.
Shares fell as much as 10.5% - the biggest fall in over six months to Rs 762.7. The stock is down for the third straight day, trading at the lowest in two months.
Markets At 10:10 A.M.
- Benchmark indices gain but remain in a range
- Nifty up 0.45% at 11,953
- Sensex up 0.4% at 40,735
- Nifty Bank up 0.4% at 24,590
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 0.6%
- India Volatility Index down 1% to 22.43
- Nifty Realty is the only sectoral laggard; down 0.6%
- Nifty Auto is the top sectoral gainer; up 1.1%
- Nifty Media and Nifty Pharma are the other sectoral gainers; up 0.8% each
- Tata Motors is the top Nifty gainer; up 2.5%
- 39 out of the 50 Nifty constituents trade with gains
- Shree Cement is the top Nifty laggard; down 1%
- 1,200 stocks on the NSE are trading with gains while 468 decline
Money Market Update
The currency has opened weaker on the final trading day of the week, after ending with modest gains on Thursday.
The currency opened at 73.64 against the U.S. Dollar, as compared to Thursday's close of 73.54. It was the best performing currency in Asia on Thursday.
Selling of the greenback by exporters and speculators outweighed the impact of a risk-off sentiment in the other markets, according to Reliance Securities.
Within the bond markets today, traders will await the minutes of the first meeting of the New Monetary Policy committee. The government also plans to sell bonds worth Rs 31,000 crore today.
Quantum Asset Management said that the central bank is likely to continue intervening in the bond market through OMOs on a weekly basis, in order to cap long-term yields.
SSAB Eyes Tata Steel Europe Deal
Swedish Steelmaker SSAB AB is exploring a combination with Tata Steel's European business as a back-up plan to deal with Thyssenkrupp, amid industry consolidation, Bloomberg news reports citing people familiar with the matter.
SSAB is holding preliminary talks with Tata Steel as it seeks merger options, the sources said on the condition of anonymity.
The Swedish company would gain control of Tata Steel's European business if they pursued such a deal.
SSAB is among steelmakers interested in acquiring steel assets from Thyssenkrupp, the German conglomerate that’s restructuring to ensure its survival.
Representatives for SSAB, Tata Steel, and Thyssenkrupp declined to comment when contacted on Thursday.
Shares are up for the third straight day, gaining as much as 2.8% to Rs 421 - the highest level in a month.
Earnings Reaction: Crompton Greaves Consumer Electricals
- Revenue up 13% to Rs 1,213.2 crore
- Net profit up 28% to Rs 141.7 crore
- Ebitda up 48% to Rs 191.3 crore
- Ebitda margin at 15.8% from 12%
- Declares interim dividend of Rs 3 per share
- Record date for the same fixed as November 4
- Continue to leverage strong presence in modern trade and e-commerce
- One-third of the growth in the quarter contributed by alternate channels
- Healthy growth momentum witnessed in all businesses and across product categories
- Cash collection continues to remain buoyant
- Domestic pumps business grew 13% from last year
- Lighting business Ebit margins back to double digits
- All numbers are consolidated and compared on a year-on-year basis
Shares jumped as much as 14.8% - the most on record, to a record high of Rs 329. The stock is up for the second straight day.
Coronavirus India Updates
- Active cases fall below the mark of 7 lakh
- 54,366 new cases reported in the last 24 hours
- Total confirmed cases now at 77,61,312
- Active cases now at 6,95,509
- Patients cured / discharged / migrated at 69,48,497
- Death toll rises to 1,17,306
- 690 deaths reported in the last 24 hours
- 73,979 patients recovered in the last 24 hours
Stock Reaction: Music Broadcast
The company post its second quarter earnings on Thursday, announced the issue of a bonus Non-Convertible, Non-Cumulative, Redeemable preference share for every 10 shares held by non-promoter shareholders.
The issue prices will be Rs 100 per share, including a premium of Rs 90 and face of Rs 10, the company said in an exchange filing.
The total issue size will be worth Rs 90 crore and the coupon rate for the same will be 0.1%. The NCRPS shall be redeemed on the expiry of 36 months from the date of allotment, the company said. The record date for the same will be determined in due course. The redemption price has been fixed at Rs 120.
With regards to its second quarter performance, the company reported a net loss of Rs 6.5 crore this quarter as compared to a profit of Rs 18 crore during the same period last year.
Shares rose as much as 20% - the most on record to Rs 21.35. The stock is up for the second straight day.
Opening Bell: A Steady Start
Indian equity markets have begun the final trading day of the week on a steady note, after snapping a four-day losing streak on Thursday.
The S&P BSE Sensex has opened 0.4% higher at 40,728 while the NSE Nifty 50 index is up 0.5% at the start of trading at 11,957.
All sectoral indices have opened with gains. The Nifty Bank index is up 0.8% while the Nifty Auto index is gaining 0.7%. Nifty Metal and Nifty I.T. are up 0.6% each.
Broader markets have been outperforming the benchmark indices over the last two sessions. They too have opened with gains in today's trade. Both Nifty Midcap and Smallcap indices have opened with gains of 0.6% each.
Market breadth is in favour of the gainers. 1,108 stocks on the NSE are trading with gains while 335 are declining.
Current Market Update
Trading Strategies For The Day
- Nifty: Sell 12,100 Call of the October 29 expiry in the range of Rs 39-41 for target of Rs 25-15 and a stop loss of Rs 55.
- Nifty Bank: Buy in the range of 24,250-24,300 for target of 24,600-24,700 and stop loss of 24,100
- Buy Indian Oil October futures for target of Rs 79.8 and Rs 82.2 and stop loss of Rs 76.7
- Sell GCPL October futures for target of Rs 666.5 and Rs 653 and stop loss of Rs 684.5
- IOC and GCPL are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- Tata Steel: Bloomberg reports that Swedish Steelmaker SSAB AB is exploring a combination with Tata Steel's European business, as a back-up plan to a deal with Thyssenkrupp AG, amid industry consolidation. The Swedish company, which has a market of around 28 billion Swedish kronor ($3.2 billion), would gain control of Tata Steel’s European business if they pursued such a deal, sources said.
- Music Broadcast: Board recommends issuance of 1 bonus non-convertible, non-cumulative redeemable preference share for every 10 equity shares held by non-promoter shareholders. Issue price is Rs 100 per share translating to the total issue size of Rs 89.69 crore.
- Tech Mahindra: Company’s wholly owned subsidiary Tech Mahindra (Americas), Inc. has agreed to acquire 6.03% equity shares in VitalTech Holdings, Inc. The target entity, headquartered in Texas, is engaged in the business of cloud-based Telehealth and remote patient monitoring platform development and services. Turnover for the financial year ended December 31, 2019 was $0.396 million.
- Stocks Reacting To Earnings: Ambuja Cements, Coforge, Biocon, Alembic Pharma, Crompton Greaves Consumer Electricals, Bharti Infratel, Hexaware
- Nifty Earnings Today: JSW Steel, Tech Mahindra, Nestle India
- Non-Nifty Earnings Today: Aarti Drugs, Yes Bank, Atul, Heidelberg Cement, ICICI Lombard, Persistent Systems, Sudarshan Chemicals, IDBI Bank
To know more about earnings reported after market hours, brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On indian ADRs
Another Volatile Day Ahead?
Good Morning!
Indian equity markets snapped a four-day winning streak on Thursday, after a choppy weekly options expiry session.
So far this week, the S&P BSE Sensex and NSE Nifty 50 have gained more than 1%. The benchmarks are in consolidation mode—the Nifty has seen moves of 1% or less over the previous 11 trading sessions, excluding the 2.5% drop seen last Thursday.
Futures are pointing to another flat start to the trading day. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,897 as of 8:05 a.m. on Friday.
A host of non-Nifty 50 names like Ambuja Cements, Coforge and HDFC AMC may react to quarterly earnings reported after market hours on Thursday.
JSW Steel, Tech Mahindra and Nestle India are the three Nifty 50 companies that will report results today. Among non-Nifty companies that are set to announce financials are Yes Bank, Aarti Drugs, Heidelberg Cement, Persistent Systems, and IDBI Bank.
Globally, Asian markets are drifting lower on the final trading day of the week. Benchmark indices in Japan, South Korea and Australia are trading lower, while those in China and Hong Kong are fluctuating.
Futures on the Dow Jones are currently little changed. The index ended 0.5% higher on Thursday.
West Texas Intermediate crude was little changed at $40.65 per barrel, as was gold, which traded at $1,903/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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